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<Research>G Sachs Trims HORIZONROBOT-W (09660.HK) TP to $13.13, Expects 2025 Loss to Be RMB2.7B
Recommend 27 Positive 57 Negative 28 |
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Goldman Sachs released a research report predicting that HORIZONROBOT-W (09660.HK)'s 1H25 revenue will hike 58% YoY to RMB1.5 billion, mainly driven by increased deliveries of its J6 series chips. Due to the rising proportion of the chip business, the broker estimated that the gross profit margin will decrease from 79% in the same period of 2024 to 65%, but gross profit can still maintain a 30% YoY growth. Taking into account the growth in R&D expenses, Goldman Sachs expected HORIZONROBOT-W's 1H25 operating loss to reach RMB1.4 billion. Considering the development of the chip business may dilute the gross profit margin, Goldman Sachs lowered its 2025-2030 EPS forecasts for HORIZONROBOT-W, and projected 2025/ 2026 net losses to be RMB2.7 billion/ RMB356 million each. The broker also trimmed its target price by 1.5% to $13.13, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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