Lyon: Raise the target price of HORIZONROBOT-W (09660) 2026-27 research and development expenses to 11 Hong Kong dollars.

Lyon released a research report stating that it maintains a target price of 11 Hong Kong dollars for HORIZONROBOT-W (09660), and believes that the current stock price has fully reflected negative factors such as issuance, with greater upside potential. The firm expects that the customer certification of J6P will be implemented in the coming months, and the adoption of HSD600 by domestic leading car manufacturers will become a core catalyst, so the "outperform market" rating is maintained. Taking into account the confidence of Horizon Siasun Robot & Automation in its existing technological roadmap, the need for accelerated product iteration, and the fierce competition in the high-end autonomous driving (AD) algorithm field, the group's estimated R&D spending for 2026-2027 is raised by nearly 1 billion yuan.