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The worst for Horizon Robotics may be over, and customer orders in the second half of the year are a key catalyst (Morgan Stanley)

2026-07-23·ima-daily5min-0723-02-4ded26913b

Street Signal | The worst for Horizon Robotics may be over, and customer orders in the second half of the year are a key catalyst (Morgan Stanley)

Morgan Stanley issued a 1H26 performance warning for Horizon Robotics (9660.HK). The company's preliminary net profit for 1H26 was 350-400 million yuan, but after excluding non-core projects, the net loss expanded by 5-28% year-on-year. Revenue increased by 25-35% year-on-year to 1.93-2.08 billion yuan, with a gross profit margin of 60-66%.

The report believes that these negative data have basically been priced in by the market and the worst has passed. The future rise in the stock price depends on whether it can obtain a share of large orders from core customers such as BYD, and whether the high-end intelligent driving solution HSD 2.0 can achieve a breakthrough.

The market's pessimistic expectations for 1H26 performance have been reflected by the decline in stock prices, but expectations for orders in the second half of the year may still be insufficient. One-sentence conclusion: Horizon Robotics' 1H26 performance warning has been digested by the market.

The key to revaluation of the company's value lies in whether it can convert customer orders into actual revenue in 2H26. The breakthrough of HSD 2.0 is the core focus. Positive/negative: Positive for Horizon Robotics (9660.HK). The negatives have been priced in, but a reversal requires a clear catalyst.

It is highlights to pay attention to subsequent orders and product progress. Catalysts:

1) Confirmation of order share from core customers such as BYD;

2) Release of HSD 2.0 solution and technological breakthrough;

3) ADAS/AD penetration rate and customer self-research progress.

Full text

The worst for Horizon Robotics may be over, and customer orders in the second half of the year are a key catalyst (Morgan Stanley)

Morgan Stanley issued a 1H26 performance warning for Horizon Robotics (9660.HK).

Morgan Stanley issued a 1H26 performance warning for Horizon Robotics (9660.HK). The company's preliminary net profit for 1H26 was 350-400 million yuan, but after excluding non-core projects, the net loss expanded by 5-28% year-on-year. Revenue increased by 25-35% year-on-year to 1.93-2.08 billion yuan, with a gross profit margin of 60-66%. The report believes that these negative data have basically been priced in by the market and the worst has passed. The future rise in the stock price depends on whether it can obtain a share of large orders from core customers such as BYD, and whether the high-end intelligent driving solution HSD 2.0 can achieve a breakthrough. The market's pessimistic expectations for 1H26 performance have been reflected by the decline in stock prices, but expectations for orders in the second half of the year may still be insufficient. One-sentence conclusion: Horizon Robotics' 1H26 performance warning has been digested by the market. The key to revaluation of the company's value lies in whether it can convert customer orders into actual revenue in 2H26. The breakthrough of HSD 2.0 is the core focus. Positive/negative: Positive for Horizon Robotics (9660.HK). The negatives have been priced in, but a reversal requires a clear catalyst. It is highlights to pay attention to subsequent orders and product progress. Catalysts: 1) Confirmation of order share from core customers such as BYD; 2) Release of HSD 2.0 solution and technological breakthrough; 3) ADAS/AD penetration rate and customer self-research progress.

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