Citigroup: Upgrades HORIZONROBOT-W (09660) to "Buy" rating, raises target price to HK$12.3.

Citibank released a research report stating that it has upgraded HORIZONROBOT-W (09660) to a "buy" rating, with the target price raised from 6 Hong Kong dollars to 12.3 Hong Kong dollars, and initiating a 90-day upward catalyst observation. The bank raised Horizon's sales volume forecast for the next two years by 25%, reaching 5.24 million and 8.38 million respectively, and also raised the group's revenue forecast by 29% and 30%. The bank expects a net loss of 696 million yuan for this year (previously expected a net loss of 1.11 billion yuan), and a net profit of 1.47 billion yuan for next year (previously expected a net profit of 607 million yuan).