Core Viewpoint - Black Sesame Technology is positioned as a leading domestic assisted driving SoC chipset designer in China, with strong revenue growth prospects driven by its C1200 and A2000 series chipsets [1][2] Revenue Forecast - Projected revenues for Black Sesame from 2025 to 2027 are RMB736.4 million, RMB1,611.2 million, and RMB2,035.5 million, reflecting year-on-year growth rates of 55.3%, 118.8%, and 26.3% respectively [1] Business Developments - Revenue growth is dependent on three key developments: 1) Success of the C1200 series in the integrated cockpit and ADAS market in the short term [2] 2) Rapid mass production and design wins for the A2000 series, enabling medium-term revenue growth [2] 3) Advancements in process technology to 5-3 nm for next-generation SoCs expected to be mass-produced by 2028 [2] Market Positioning - The C1200 series is expected to capture significant market share in the cockpit domain controller market, projected to grow to between RMB5.4 billion and RMB11.0 billion by 2026, with an 80% sales volume increase in 2025 [3] - Black Sesame is positioned as a geopolitically safe alternative to Qualcomm, which may enhance its market share if pricing strategies are effectively managed [3] Medium-Term Outlook - Achieving vehicle mode designations for the A2000 series in 2025 could lead to increased volume, average selling price (ASP), and gross margin (GM) in 2026 [3] - The company is actively engaging with various OEMs to secure vehicle designations, and the A2000 series boasts high raw INT8 TOPS compared to domestic competitors [3] Investment Catalysts - Key catalysts for investment include the announcement of design wins for the A2000 chipset and performance figures demonstrating the success of the C1200 series [4]

证券研究报告 黑芝麻智能 (2533 HK) 港股通 国产智能驾驶和机器人 AI 芯片先驱 | 华泰研究 | | 首次覆盖 | | --- | --- | --- | | 2025 年 5 月 | 22 日│中国香港 | 半导体 | 我们首次覆盖黑芝麻智能，给予目标价 24.04 港币，基于 16.8 倍 2025 年 P/S（基于可比公司均值），给予"买入"评级。公司是国内领先的智能驾驶 和机器人芯片产品及解决方案供应商，是全球为数不多的拥有从十几 TOPS 到千 TOPS 的端侧 AI 算力产品覆盖能力的公司。我们认为，公司有望受益 于：1）吉利、比亚迪等推动高阶智驾需求增长；2）机器人大模型发展对端 侧 AI 芯片需求潜力。看好公司 25 年车载芯片量产提速，并卡位机器人生态。 公司：黑芝麻智能是中国领先的自动驾驶计算及 AI 芯片企业 公司优势集中在自研核心 IP、高算力架构和车规级芯片量产能力。（1）基 于两大自研车规级 IP——NeuralIQ ISP 图像处理器和 DynamAI NN 神经网 络加速器，构建了高能效、低功耗的芯片平台，并拥有完整算法与工具链支 持。（2）拥有从十几 TOPS 到 ...

计算机软件开发 公 司 黑芝麻智能（02533.HK） 自动驾驶产品及解决方案龙头，自动驾驶&跨域计算 2025 年 05 月 13 日 双轮驱动成长 投资评级：增持（首次） ——港股公司首次覆盖报告 | 日期 | 2025/5/12 | | --- | --- | | 当前股价港元 | 19.940 | | 一年最高最低港元 | 43.850/14.500 | | 总市值亿港元 | 125.90 | | 流通市值亿港元 | 125.90 | | 总股本亿股 | 6.31 | | 流通港股亿股 | 6.31 | | 近 3 个月换手率(%) | 184.17 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 黑芝麻智能 恒生指数 | 吴柳燕（分析师） | 周勃宇（联系人） | | --- | --- | | wuliuyan@kysec.cn | zhouboyu@kysec.cn | | 证书编号：S0790521110001 | 证书编号：S0790124070036 | 自动驾驶产品及解决方案龙头，首次覆盖给予"增 ...

计算机/软件开发 公 司 黑芝麻智能（02533.HK） 自动驾驶产品及解决方案龙头，自动驾驶&跨域计算 2025 年 05 月 13 日 双轮驱动成长 投资评级：增持（首次） ——港股公司首次覆盖报告 | 日期 | 2025/5/12 | | --- | --- | | 当前股价(港元) | 19.940 | | 一年最高最低(港元) | 43.850/14.500 | | 总市值(亿港元) | 125.90 | | 流通市值(亿港元) | 125.90 | | 总股本(亿股) | 6.31 | | 流通港股(亿股) | 6.31 | | 近 3 个月换手率(%) | 184.17 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 黑芝麻智能 恒生指数 吴柳燕（分析师） 周勃宇（联系人） wuliuyan@kysec.cn 证书编号：S0790521110001 zhouboyu@kysec.cn 证书编号：S0790124070036 自动驾驶产品及解决方案龙头，首次覆盖给予"增持"评级 黑芝麻智能是市场领先的车规级 ...

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 僅供識別 2024 年報 * 11.6mm 目錄 192 釋義 2 公司資料 4 主要摘要 5 董事長致辭 7 管理層討論及分析 18 企業管治報告 37 董事會報告 63 環境、社會及管治報告 92 獨立核數師報告 99 綜合全面收益表 101 綜合財務狀況表 103 綜合權益變動表 105 綜合現金流量表 106 綜合財務報表附註 公司資料 董事會 執行董事 單記章先生 （董事長） 劉衛紅先生 曾代兵先生 非執行董事 楊磊博士 獨立非執行董事 李青原教授 龍文懋教授 徐明教授 審核委員會 李青原教授 （主席） 龍文懋教授 徐明教授 薪酬委員會 龍文懋教授 （主席） 徐明教授 單記章先生 提名委員會 單記章先生 （主席） 龍文懋教授 李青原教授 聯席公司秘書 孫曉祥先生 郭兆瑩女士 (ACG, HKACG) 授權代表 單記章先生 孫曉祥先生 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 香港 中環 太子大廈22 樓 註 ...

" " 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]