Lyon: Maintain "outperform" rating on HORIZONROBOT-W (09660) and raise the target price to 11.2 Hong Kong dollars.

Lyon released a research report stating that it maintains its "outperform the market" rating on HORIZONROBOT-W (09660), with a target price increased from 5.5 Hong Kong dollars to 11.2 Hong Kong dollars. The bank also warned investors to pay attention to the potential impact of the end of the lock-up period for institutional shareholders of Horizon Siasun Robot & Automation (which will end on April 24 this year). Lyon pointed out that the stock price of Horizon Siasun Robot & Automation has more than doubled so far this year, and the market's valuation logic has shifted from the price-to-sales ratio (PS) of comparable companies to the company's own long-term potential. The bank conducted scenario analysis on the shipment volume, revenue, and profit of Horizon Siasun Robot & Automation's 2030CL system-on-chip (SoC), and expects short-term catalysts to include more design orders from original equipment manufacturers, completion of the packaging of the J6P chip, the release of Horizon Super Drive, and updates on the latest developments of its "Digua" humanoid Siasun Robot & Automation.