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<Research>SPDB Int'l Initiates Coverage on HORIZONROBOT-W, BLACK SESAME w/ Buy Ratings
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As the development of the new energy vehicle (NEV) industry enters its second half, intelligent assisted driving has become a core function of automotive intelligence, SPDB International wrote in its research report.

The broker specifically highlighted that intelligent driving chips, as the core components for realizing intelligent assisted driving functions, are becoming a high-value area in the industry chain.

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In 2025, Chinese independent car makers are vigorously promoting "intelligent driving equality" by pushing down the price range of models equipped with the high-speed NOA. Meanwhile, NEV leaders are advancing algorithm evolution based on the end-to-end architectures, fueling increases in both the volume and price of intelligent driving chips.

In this context, local intelligent driving chip suppliers are actively expanding their customer base with their cost-effective chip products and mass production experience. Their market share is also expected to expand more quickly on the trend of domestic substitution.

SPDB International initiated coverage on HORIZONROBOT-W (09660.HK) and BLACK SESAME (02533.HK) with a target price of HKD12 for the former and HKD21.4 for the latter. Both of them were rated as Buy.

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