Horizon Robotics-W(09660.HK) the joint sponsor Morgan Stanley's report stated that Horizon Robotics has a robust project pipeline, with good prospects for market share growth in the mainland's advanced driver assistance systems (ADAS) and advanced autonomous driving (AD) fields. The bank believes that as a third-party autonomous driving solution provider, the company is in a favorable position as the penetration rate of autonomous driving in the mainland increases. It first rated the company as "shareholding", with a target price of 5.5 yuan, which is equivalent to a forecasted 2026 fiscal year p/s ratio of 12 times, and expects the company to break even in 2027.

The bank pointed out that Horizon Robotics has a mature and extensive customer base. Its flexible product portfolio generates a scalable business model, allowing it to expand its products or services and help boost customers' automobile sales. Horizon Robotics also has a relatively healthy balance sheet, coupled with stable profitability and sales growth, which will help it address potential industry challenges and increase market share.