Core Viewpoint - Black Sesame Intelligence and Joyson Electronics have entered into a strategic partnership to advance innovation in robot control systems and smart computing platforms, focusing on collaborative development and industry solutions [1] Group 1: Company Developments - Black Sesame Intelligence's stock rose by 3.78%, reaching HKD 19.2, while Joyson Electronics increased by 3.44%, reaching HKD 16.24 [1] - The strategic cooperation will emphasize joint research and development in robot domain controllers, optimization of smart computing platforms, and co-building industry scenario solutions [1] Group 2: Strategic Goals - The partnership aims to leverage each company's strengths in key areas such as robot controllers, smart computing platforms, and typical industry applications [1] - Both companies are committed to deepening technological collaboration and industrial cooperation under the principles of resource sharing, collaborative innovation, and mutual benefits [1]

Core Viewpoint - Junsheng Electronics (00699) has seen a significant stock increase of over 8% following the announcement of a strategic partnership with Hezhima Intelligent (02533) on November 20, focusing on collaborative development in robotics and intelligent computing solutions [1] Group 1: Strategic Partnership - Junsheng Electronics and Hezhima Intelligent will focus on three core areas: joint research and development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and co-building industry scenario solutions [1] - This partnership aims to advance innovation in robotic control systems and facilitate the demonstration of typical scenarios [1] Group 2: Product Development and Market Expansion - Junsheng Electronics has completed the foundational setup for key components in robotics solutions and has previously released a comprehensive controller assembly solution based on various chip platforms [1] - The collaboration with Hezhima Intelligent will extend to domestic chip platforms, enhancing Junsheng Electronics' capabilities in supporting the research and manufacturing of robotic products across multiple chip platforms, thereby enriching its product matrix and expanding market coverage [1]

Core Viewpoint - Junsheng Electronics (00699) has seen a significant stock increase of over 8% following the announcement of a strategic partnership with Hezhima Intelligent (02533) to focus on collaborative development in robotics and intelligent computing solutions [1] Group 1: Strategic Partnership - On November 20, Junsheng Electronics and Hezhima Intelligent officially established a strategic cooperation [1] - The partnership will concentrate on three main areas: joint research and development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and co-creation of industry scenario solutions [1] Group 2: Product Development and Market Expansion - Junsheng Electronics has completed the foundational setup for key components in robotics solutions [1] - The company has previously released a comprehensive solution for robotic domain controllers based on various chip platforms [1] - The collaboration with Hezhima Intelligent will extend to domestic chip platforms, enhancing Junsheng Electronics' capabilities in supporting the development and manufacturing of robotic products across multiple chip platforms, thereby enriching its product matrix and expanding market coverage [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.23 HKD, based on a 12.0x PS for 2026E, reflecting a 10% premium over comparable companies [4][6]. Core Insights - The company is making significant strides in the robotics industry with the launch of the SesameX multi-dimensional intelligent computing platform, which emphasizes safety and intelligence, facilitating rapid product deployment in real-world scenarios [1][2]. - Strategic partnerships with companies like Zhongji Xuchuang and Junsheng Electronics are expected to enhance the integration of chips and optical modules, providing new technological solutions for the smart automotive and robotics sectors [1][3]. - The company is actively building an ecosystem in the robotics field, collaborating with industry partners to promote the application of its technology in smart warehousing, transportation, and industrial automation, with commercialization expected to accelerate [2]. Revenue Forecast and Valuation - The company is projected to achieve revenues of 8.4 billion, 14.2 billion, and 20.4 billion RMB for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][19]. - The report anticipates a comprehensive layout for edge AI, ranging from low-power to high-performance chips, supporting the company's optimistic outlook in the robotics and optical communication sectors [4][19].

Core Insights - Junsun Electronics and Hezhima Intelligent have officially established a strategic partnership focusing on the joint development of robotic domain controllers, optimization of intelligent computing platforms, and co-creation of industry scenario solutions [1][2][3] Group 1: Company Overview - Junsun Electronics is a leading automotive parts company that has been actively expanding into the robotics components business since 2025, leveraging its extensive experience in automotive parts technology, manufacturing, and supply chain [1] - Hezhima Intelligent is a benchmark enterprise in the intelligent computing field, specializing in high-performance AI SOC chips and edge computing modules, with its products widely used in smart driving, robotics, and intelligent manufacturing [2] Group 2: Strategic Collaboration - The collaboration aims to leverage the core strengths of both companies, with Junsun Electronics providing its engineering and industrialization experience, while Hezhima Intelligent offers high-performance intelligent computing chip and platform technology [3] - The partnership is expected to enhance both companies' competitive advantages in their respective fields and provide innovative solutions to address industry challenges related to core technologies and multi-platform compatibility [3] Group 3: Technological Development - The strategic cooperation will focus on the development of next-generation embodied intelligent robot control systems and industry solutions, emphasizing resource sharing, collaborative innovation, and mutual benefits [3] - Hezhima Intelligent launched the SesameX multi-dimensional intelligent computing platform on the same day the partnership was announced, providing a solid technical foundation for their collaboration [2]

Core Insights - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to focus on the joint development of robot domain controllers, optimization of intelligent computing platforms, and collaborative solutions for industry scenarios [1][3] - The collaboration aims to enhance innovation capabilities and industrial competitiveness in the field of intelligent manufacturing and embodied intelligence technology [1][3] Group 1: Company Collaboration - The partnership will leverage the strengths of both companies in key areas such as robot controllers, intelligent computing platforms, and typical industry applications [3] - Junsheng Electronics has been actively expanding its robot component business since 2025, building on its deep expertise in the automotive parts sector [1] - Hezhima Intelligent specializes in high-performance AI SOC chips and intelligent computing solutions, with its products widely used in intelligent driving and robotics [2] Group 2: Technological Development - Junsheng Electronics has developed a comprehensive solution for robot controllers based on various chip platforms, which will now extend to domestic chip platforms through the partnership with Hezhima Intelligent [1] - Hezhima Intelligent has launched the SesameX multi-dimensional intelligent computing platform aimed at the robotics industry, enhancing its capabilities in robot control and perception decision-making [2] - The collaboration is expected to drive the development, validation, and implementation of next-generation embodied intelligent robot control systems and solutions [3]

Core Viewpoint - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to advance the development of robotic control systems and intelligent computing platforms, aiming to enhance innovation capabilities and industrial competitiveness in smart manufacturing and intelligent computing integration [1][2][3] Group 1: Strategic Collaboration - The collaboration will focus on joint research and development of robotic domain controllers, optimization of intelligent computing platforms, and co-building industry scenario solutions [1][3] - Both companies aim to leverage their strengths to deepen technical collaboration and industrial cooperation in key areas such as robotic controllers and intelligent computing platforms [3] Group 2: Industry Context - The embodied intelligent robotics industry is accelerating, with companies from automotive and semiconductor sectors entering the industry chain, driving upgrades in this emerging sector [1] - Junsheng Electronics plans to expand its robotic components business starting in 2025, relying on its strong foundation in automotive parts to promote the application of core robotic components [1] Group 3: Technological Advancements - Junsheng Electronics has completed the basic setup of its key component solutions and has previously released a robotic all-domain controller assembly solution based on various chip platforms [1] - The strategic partnership will extend to domestic chip platforms, enhancing the capability to support the research and manufacturing of robotic products based on both domestic and international chip platforms [1][2]

Core Viewpoint - Black Sesame Intelligence has officially entered a new phase of "vehicle-machine" technology collaboration, launching the SesameX™ multi-dimensional computing platform aimed at full-brain intelligence [1][9]. Company Overview - Black Sesame Intelligence has developed the SesameX platform as a comprehensive computing solution for robotics, integrating hardware, software, toolchains, and model ecosystems, marking it as the industry's first platform for commercial deployment in robotics [3][8]. - The SesameX platform consists of three major computing platforms: SesameX Kalos for commercial service robots and light autonomous devices, SesameX Aura for multi-task execution and special operation robots, and SesameX Liora for embodied intelligence and advanced self-evolving robots, covering all types of robots [5][6]. Technological Advancements - SesameX Liora is designed for humanoid robots and advanced bionic robots, featuring over 500 TOPS of efficient NPU computing power and a variety of processing capabilities, including multi-channel visual perception [6]. - The platform aims to overcome reliability bottlenecks in computing, enabling real-time, precise, and stable collaboration between decision-making and control systems in complex environments [7]. Market Potential - The humanoid robot market in China is projected to reach 10.471 billion yuan by 2026, with a compound annual growth rate of 83.7% until 2030, and is expected to exceed 300 billion yuan by 2035 [8]. - Black Sesame Intelligence is strategically positioned to benefit from the rapid growth of the robotics industry, leveraging its SesameX platform to address core bottlenecks in large-scale production and establishing unique competitive barriers [8]. Strategic Direction - The launch of the SesameX platform represents a critical step in Black Sesame Intelligence's strategy to transition from "empowering smart vehicles" to "empowering intelligent terminals," aiming to define the next generation of robotic "intelligence hubs" [9]. - The company is expected to accelerate its market share in the burgeoning embodied intelligence market, driven by the high degree of technological and supply chain overlap between smart vehicles and robotics [9].

Core Viewpoint - The strategic cooperation agreement between Hezhima Intelligent and Jiangsu Zhichi Zhiyuan focuses on advancing optical communication technology applications in automotive and intelligent terminal sectors, enhancing autonomous driving capabilities, and developing AI industrial robot solutions [1][2]. Group 1: Strategic Cooperation Details - The cooperation will emphasize the joint development of optical communication modules for automotive and intelligent terminals, targeting next-generation vehicle central computing platforms [1]. - Both companies will collaborate on developing advanced driver assistance system (ADAS) controllers for passenger and commercial vehicles, covering multiple applications from Level 2 and above [1][2]. - The partnership aims to create AI industrial robot solutions by integrating existing chip products with Zhichi Zhiyuan's diverse industrial production capabilities [1][2]. Group 2: Market and Growth Potential - The collaboration is expected to enhance market share in the Level 2 and above autonomous driving market by launching high-performance product solutions [2]. - The joint efforts will focus on meeting future demands for lower latency and higher data transmission rates in various applications, thereby improving transmission speed and timeliness [2]. - This strategic partnership is anticipated to accelerate the commercialization of core technologies, opening new growth opportunities for the company [2].

Core Viewpoint - The strategic cooperation agreement between Hezhima Intelligent and Jiangsu Zhichi Zhiyuan focuses on advancing optical communication technology applications in automotive and intelligent terminal sectors, enhancing autonomous driving capabilities, and developing AI industrial robot solutions [1][2]. Group 1: Strategic Cooperation Details - The agreement involves collaboration in four key areas: 1. Promoting the application of optical communication modules in automotive and intelligent terminal fields, and jointly developing optical-electrical co-packaging applications for next-generation vehicle central computing platforms [1]. 2. Developing auxiliary driving domain controller products based on existing automotive-grade auxiliary driving chips, targeting both passenger and commercial vehicles, covering multiple application scenarios from Level 2 and above [1]. 3. Creating AI industrial robot solutions suitable for various industrial production scenarios by combining the group's chip products with Zhichi Zhiyuan's diverse industrial production capabilities [1]. 4. Facilitating capital-level cooperation around automotive and intelligent terminal application scenarios and the upstream and downstream industrial chain to enhance industry application standards [1]. Group 2: Market and Growth Potential - The partnership aims to capture higher market share in the Level 2 and above auxiliary driving market by launching high-performance product solutions [2]. - The collaboration will accelerate the productization and commercialization of core technologies, opening new growth opportunities for the company [2]. - By working with a leader in optical communication modules, the partnership seeks to meet future demands for lower latency and higher data transmission rates in various scenarios [2].