Citigroup: Initiates "buy" rating on HORIZONROBOT-W (09660) with a target price of 4.6 Hong Kong dollars.

Citi released a research report stating that it has initiated coverage on HORIZONROBOT-W (09660) with a "Buy" rating for the first time. The report points out that the company has strong technological advantages and local expertise, and can benefit from the industry's strong growth, its stable customer base, and the increasing penetration rate of domestic ADAS+AD chips. It is expected that 2026 will be a turning point in the development of Horizon Siasun Robot & Automation. The company plans to mass-produce flagship J6 series products starting in 2026. The target price is currently set at 4.6 Hong Kong dollars, and the EBIT compound annual growth rate is expected to reach 32% from 2028 to 2030.