" " 核心观点 智能驾驶 SoC 芯片市场千亿规模，国产芯片厂商崭露头角。技术政策 与需求共振，智能驾驶市场加速渗透。2024 年 L2 及以上乘用车销量 超过 1200 万辆，渗透率 55.8%，预计到 2028 年，中国市场渗透率将 达到 93.5%，全球渗透率也将提升至 87.9%。ADAS 普及与高算力需求 共驱，SoC 市场步入千亿级增长时代。（1）ADAS 功能大规模普及将推 动 SoC 单车价值量显著提升；（2）L2+/L3 级智能驾驶的逐步落地将带 动高算力 SoC 芯片需求持续扩大。 高算力 SoC + 跨域 SoC 双线布局，布局机器人"大小脑"。公司以华 山系列（高算力 SoC）与武当系列（跨域 SoC）为核心，满足 L2 至 L4 级智能驾驶及跨域计算需求。机器人方面，基于 C1200 系列芯片、 A2000 系列布局机器人大小脑芯片，共同推动高性能计算驱动的智能 硬件技术发展。在应用场景上逐步拓展，公司拓展至机器人在工业、 医疗、服务等领域等场景，为智能机器人技术的规模化落地提供坚实 支撑。目前，公司已与傅利叶、武汉大学刘胜院士团队等在灵巧手及 人形机器人领域达成合作。 掌握自研车 ...

" " 核心观点 智能驾驶 SoC 芯片市场千亿规模，国产芯片厂商崭露头角。技术政策 与需求共振，智能驾驶市场加速渗透。2024 年 L2 及以上乘用车销量 超过 1200 万辆，渗透率 55.8%，预计到 2028 年，中国市场渗透率将 达到 93.5%，全球渗透率也将提升至 87.9%。ADAS 普及与高算力需求 共驱，SoC 市场步入千亿级增长时代。（1）ADAS 功能大规模普及将推 动 SoC 单车价值量显著提升；（2）L2+/L3 级智能驾驶的逐步落地将带 动高算力 SoC 芯片需求持续扩大。 高算力 SoC + 跨域 SoC 双线布局，布局机器人"大小脑"。公司以华 山系列（高算力 SoC）与武当系列（跨域 SoC）为核心，满足 L2 至 L4 级智能驾驶及跨域计算需求。机器人方面，基于 C1200 系列芯片、 A2000 系列布局机器人大小脑芯片，共同推动高性能计算驱动的智能 硬件技术发展。在应用场景上逐步拓展，公司拓展至机器人在工业、 医疗、服务等领域等场景，为智能机器人技术的规模化落地提供坚实 支撑。目前，公司已与傅利叶、武汉大学刘胜院士团队等在灵巧手及 人形机器人领域达成合作。 掌握自研车 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][43]. Core Insights - The company is expected to achieve a revenue of 474 million yuan in 2024, representing a year-on-year growth of 52%. The net profit is projected to be 313 million yuan, a significant recovery from a loss of 4.86 billion yuan in 2023, primarily due to a fair value change gain of financial instruments [1][8]. - The revenue from autonomous driving products and solutions is anticipated to reach 438 million yuan in 2024, marking a 58.5% increase, driven by sales to leading domestic car manufacturers and an increase in the number of mass-produced models [10][19]. - The company is actively expanding into the robotics sector, with expectations for chip products and solutions to begin mass shipments in 2025 [3][35]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 41.06%, an increase of 16.4 percentage points year-on-year. The gross margin for autonomous driving products and solutions was 37.4%, up 16.0 percentage points [2][14]. - The company’s total revenue for 2024 is projected at 474 million yuan, with a year-on-year growth of 51.8%. The adjusted operating loss is expected to be 1.304 billion yuan, compared to 1.254 billion yuan in 2023 [8][43]. Product Development and Market Position - The A1000 series chips have been mass-produced and delivered to major car manufacturers such as Geely, Dongfeng, and BYD. The company has achieved nationwide coverage for its high-speed Navigation on Autopilot (NoA) solutions [18][19]. - The company is also focusing on the development of the A2000 chip series, which supports a wide range of autonomous driving scenarios, including urban NoA and fully autonomous Robotaxi applications [31][35]. Future Outlook - The company plans to deepen collaborations with leading automotive manufacturers and explore overseas market opportunities. It aims to enhance its product matrix and application scenarios, particularly in the commercial vehicle sector [29][33]. - The company is expected to continue benefiting from increased demand for intelligent driving chips, with revenue projections for 2025-2027 set at 810 million, 1.27 billion, and 2 billion yuan, respectively [43][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 474.25 million in 2024, representing a year-on-year growth of 51.81%. The gross margin increased by 16 percentage points to 41% [7] - The autonomous driving business saw a significant increase, with revenue growing by 52% to 4.7 billion, driven by a higher proportion of customized autonomous driving algorithms [7] - The company is deepening collaborations with leading automotive manufacturers and expanding its global presence, focusing on both new energy and traditional fuel vehicle sectors [7] - The introduction of new products, such as the C1200 and A2000 chips, is expected to enhance the company's technological moat and drive sales growth [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 312.39 million, 2024A: 474.25 million, 2025E: 883.02 million, 2026E: 1,430.62 million, and 2027E: 1,919.02 million [1][8] - The net profit attributable to the parent company is projected to be (4,855.12) million in 2023A, 313.32 million in 2024A, and (1,271.67) million in 2025E [1][8] - The earnings per share (EPS) are forecasted to be (7.71) in 2023A, 0.50 in 2024A, and (2.02) in 2025E [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 42.19 in 2023A to 27.79 in 2024A, and further down to 14.93 in 2025E [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 474.25 million in 2024, representing a year-on-year growth of 51.81% [1] - The adjusted net profit for 2024 is projected to be a loss of 13.0 billion, which is an improvement of 4% compared to the previous year's loss [7] - The company is focusing on deepening collaborations with leading automotive manufacturers and expanding its global presence [7] Financial Projections - Total revenue is expected to grow significantly from 312.39 million in 2023 to 1,919.02 million by 2027, with a compound annual growth rate (CAGR) of 34.14% [1] - The net profit is projected to improve from a loss of 4,855.12 million in 2023 to a loss of 349.19 million in 2027 [1] - The earnings per share (EPS) is expected to recover from a loss of 7.71 in 2023 to a loss of 0.55 by 2027 [1] Business Development - The company has made significant progress in its autonomous driving business, with a revenue increase of 52% in 2024 [7] - The introduction of new chips, such as the A2000 and C1200, is expected to enhance the company's product offerings and market competitiveness [7] - The company is expanding its application scenarios beyond passenger vehicles, including partnerships for smart city projects and robotics [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Black Sesame International Holding Limited 黑芝麻智能國際控股有限公司* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2533） 截 至2024年12月31日止年度 年度業績公告 董事會欣然宣佈本集團截至2024年12月31日 止 年 度 的 經 審 計 綜 合 財 務 業 績，連 同截至2023年12月31日 止 年 度 的 比 較 數 字。截 至2024年12月31日止年度的綜合 財 務 業 績 已 由 核 數 師 根 據 國 際 審 計 準 則 審 計，並 經 董 事 會 及 審 核 委 員 會 審 閱 及 確 認。 主要摘要 財務摘要 | 截 | 至12月31日止年度 | 2024年 | 2023年 | 同比變動 | | | | | | | | | | | --- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][12] Core Views - The company is expected to achieve a revenue of approximately RMB 4.5-5 billion in 2024, representing a year-on-year growth of 44%-60%. The net profit attributable to equity holders is projected to be no less than RMB 100 million, recovering from a net loss of approximately RMB 4.855 billion in 2023 [2][5][7] - The growth in 2024 is primarily driven by increased revenue from autonomous driving products and solutions, including exports of chips and solutions to leading domestic OEMs such as BYD, Dongfeng, and Geely, as well as improved market penetration in commercial vehicles and revenue growth in integrated vehicle-road-cloud solutions due to supportive government policies [2][3][6] Summary by Sections Company Overview - The company is a leading domestic supplier of intelligent automotive computing chips and solutions, with its products covering various levels of intelligent driving and cross-domain computing scenarios [3][12] Financial Performance - The company forecasts revenues of RMB 4.8 billion, RMB 7.5 billion, and RMB 11.8 billion for 2024, 2025, and 2026 respectively. The projected net profits for the same years are RMB 1.1 billion, -RMB 9.98 billion, and -RMB 7.2 billion [3][12][15] Product Development - The Huashan A1000 chip, launched in June 2020, is a high-performance chip supporting L2 to L3 level autonomous driving, with a computing power of 58 TOPS (INT8). It is currently in mass production and has been adopted by several leading domestic automakers [2][7][10] Market Position - The company is positioned as a high-quality player in the domestic intelligent driving chip market, benefiting from the accelerated penetration of intelligent driving technologies and increasing demand for its Huashan and Wudang series chips [3][12][13]

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [1]. Core Insights - The company focuses on high-performance SoC solutions that support advanced autonomous driving applications, leveraging proprietary IP cores and an open ecosystem for automotive manufacturers [4]. - The penetration rate of advanced driver-assistance systems (ADAS) has exceeded 50% in both global and Chinese passenger car markets as of 2023, with expectations for significant growth in the autonomous driving market, projected to reach RMB 1,017.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 49.2% [5]. - The company’s A1000 series chips are designed to facilitate high-level autonomous driving features in vehicles priced around 100,000 RMB, with partnerships established with major automotive manufacturers [6]. - The upcoming A2000 series chips are expected to enhance the capabilities of advanced driving systems, featuring significant performance improvements and supporting various applications beyond automotive [7]. - The Wudang C1200 series chips are designed for multi-domain integration and safety, meeting the highest automotive safety standards [8]. Financial Projections - The company is projected to achieve revenues of RMB 485 million, RMB 832 million, and RMB 1.359 billion for the years 2024, 2025, and 2026, respectively, with a notable growth rate of 89% in 2023 [9][11]. - The net profit attributable to the parent company is expected to be RMB 133 million in 2024, with losses projected for 2025 and 2026 [9][11]. - Earnings per share (EPS) is forecasted to improve from -68.40 RMB in 2023 to 0.21 RMB by 2026 [11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company is a leading Tier 2 supplier of automotive-grade intelligent driving chips, with rapid growth driven by its Huashan and Wudang series of chips [1][15] - The company has established partnerships with over 49 automotive OEMs and Tier 1 suppliers, including major players like FAW Group and Bosch [1][28] - Revenue has surged from 53 million in 2020 to 312 million in 2023, with a projected revenue of 492 million in 2024 [1][5] - The company is expected to benefit from the increasing penetration of autonomous driving technology, with the market for ADAS SoCs projected to reach 49.6 billion RMB by 2028, growing at a CAGR of 28.6% from 2023 to 2028 [2][36] Summary by Sections Company Overview - The company is recognized as the third-largest global supplier of automotive-grade high-performance SoCs based on 2023 shipment data [1][15] - It focuses on providing integrated solutions that include proprietary ISP and NPU IP cores, middleware, and algorithms for autonomous driving applications [15][19] Market Trends - The penetration rate of autonomous driving vehicles is expected to exceed 93.5% in China by 2028, surpassing the global average [2] - The complexity of automotive electronic architectures is driving the demand for SoCs, which are becoming the mainstream core chips in vehicles [2][36] Financial Performance - The company reported a net profit of 1.105 billion in H1 2024, reflecting a year-on-year increase of 129.63% [1][29] - Revenue is projected to grow significantly, with estimates of 4.92 billion, 10.39 billion, and 17.41 billion for 2024E, 2025E, and 2026E respectively [4][5] Product Development - The company has developed two series of automotive-grade SoCs: the Huashan series for high-performance applications and the Wudang series for cross-domain functionalities [19][25] - The Huashan A1000 Pro, launched in 2021, is noted for its performance, providing over 106 TOPS of computing power, making it one of the highest-performing automotive SoCs in China [24][25] Customer Base and Partnerships - The company has seen a steady increase in its customer base, with a retention rate rising from 18% in 2021 to 35% in 2023 [3] - It has secured 23 model orders from 16 automotive OEMs and Tier 1 suppliers, indicating strong market demand for its products [3][28]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leading player in the automotive-grade SoC market, with a projected compound annual growth rate (CAGR) of nearly 30% from 2022 to 2028, driven by the increasing penetration of new energy and intelligent driving technologies [2][3]. - The company has a strong technological foundation and a forward-looking layout in high-performance SoC and cross-domain computing, with significant R&D investments ensuring its competitive edge [2]. - The company aims to enhance its market share through a self-controlled and open ecosystem, collaborating with major automotive manufacturers to reduce development costs and improve product customization [3]. Summary by Sections 1. Domestic Intelligent Driving Chip Quality Manufacturers - The company has established itself as a key player in the automotive-grade SoC market, with a focus on high-performance and cross-domain SoC solutions [98]. - The management team possesses extensive industry experience, with the CEO having over 20 years in the semiconductor sector [104]. - Revenue has shown rapid growth, with a significant increase in the contribution from the autonomous driving business [108]. 2. Single Vehicle Intelligence and Road Coordination - The report highlights the ongoing trends of automotive intelligence, connectivity, and platformization, which are expected to drive the adoption of autonomous driving technologies [125]. - The penetration rate of autonomous driving is projected to rise significantly, with favorable policies and advancements in sensing technologies [126]. 3. Company: Innovation-Driven Development of Domestic SoC - The company has launched various high-performance SoC products and autonomous driving solutions, establishing partnerships with numerous automotive OEMs [98][99]. - The company plans to utilize IPO proceeds primarily for R&D in intelligent automotive SoCs and software development, aiming to enhance its commercial capabilities and global presence [118][121]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 5.5 billion, 12.1 billion, and 19.2 billion CNY, respectively, with a focus on improving profitability despite initial losses [3]. - The report employs a P/S valuation method, indicating a favorable valuation compared to comparable companies [3].