Industry Overview - The domestic intelligent driving chip industry is experiencing rapid growth, with the penetration rate of intelligent driving expected to drive significant market expansion in the short to medium term. The demand for robots is anticipated to create additional growth opportunities in the long term [1] - Most OEMs are likely to continue relying on third-party neutral intelligent driving chip platforms due to high costs associated with self-developed chips, including time, financial, and human resource investments, as well as high barriers in software ecosystems [1] Product Development - The company has a strong R&D capability in intelligent hardware, with core employees having over 15-20 years of experience. The A1000 series has been successfully mass-produced, enhancing the company's production experience [1] - The new mid-tier intelligent driving computing platform, C1200 family, aligns with the evolution of automotive EE architecture and cost reduction demands, showing considerable commercial potential. The next-generation high-performance platform, A2000, is set to cover various scenarios from NOA to Robotaxi, with mass production planned to start in 2026 [1] Ecosystem Collaboration - The company positions itself as a Tier 2 player, collaborating with leading Tier 1 manufacturers and algorithm firms to advance commercialization efforts [1] Growth Potential - The company is replicating its automotive-grade chip capabilities in the robotics industry, accelerating scale through external acquisitions and has launched the SesameX commercialization deployment platform [2] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 830 million, 1.38 billion, and 2.11 billion yuan respectively, with year-on-year growth rates of 75.8%, 65.5%, and 52.8% [2] - The company is assigned a reasonable valuation multiple of 12x PS for 2026, corresponding to a fair value of 28.46 HKD per share, maintaining a "buy" rating [2]

Core Viewpoint - The ownership of Southern Black Sesame has officially changed hands to Guangxi Travel Health Industry Group, with the actual controller now being the Guangxi State-owned Assets Supervision and Administration Commission, marking a significant shift in the company's future direction [1][2][3]. Group 1: Ownership Change - Southern Black Sesame's controlling shareholder has transitioned from Black Five Categories Group to Guangxi Travel Health, with the share transfer completed at a price of 6.25 yuan per share, totaling approximately 9.42 billion yuan [2][3]. - The transfer of shares was finalized on December 30, 2025, allowing Guangxi Travel Health to acquire about 20% of the company's shares, thus marking a strategic shift for the company [3][4]. Group 2: Financial Performance and Challenges - Southern Black Sesame has faced declining revenues for three consecutive years, with reported revenues of 30.16 billion yuan in 2022, 26.77 billion yuan in 2023, and 24.65 billion yuan in 2024, reflecting year-on-year declines of 25.07%, 11.25%, and 7.92% respectively [6][7]. - The company has signed a profit guarantee agreement requiring net profits to reach 1.15 billion yuan by 2028, with adjusted targets for 2026 and 2027 set at 0.95 billion yuan and 1.05 billion yuan respectively [5][6]. Group 3: Strategic Focus and Future Directions - The company aims to pivot towards a "big health" strategy, focusing on health food products and leveraging local resources to enhance brand competitiveness [9][12]. - Southern Black Sesame has established a diversified product matrix centered around black sesame paste, including health foods and beverages, and is working on product functionality and premiumization [9][12]. - The introduction of Guangxi State-owned assets is expected to provide financial support and enhance the company's operational capabilities, potentially revitalizing its brand and market position [4][10].

2025年8月8日，黑芝麻控股股东黑五类集团与广旅大健康签署了《股份转让协议》，黑五类集团将其持 有的黑芝麻约1.51亿股无限售流通股（占公司总股本20%），以每股6.25元的价格转让给广旅大健康， 转让总价款为9.42亿元。同时，黑五类集团及其关联方承诺，在股份过户完成后，将无条件放弃其剩余 持有的公司合计约1.33亿股股份（占公司总股本17.66%）对应的表决权。 随着股权转让事宜的推进，2025年12月17日，双方签署股份转让补充协议，将业绩承诺期从原本的2025 —2027年延至2026—2028年。调整后，黑五类集团承诺现有业务板块在2026—2028年分别实现合并报表 净利润不低于0.95亿元、1.05亿元和1.15亿元，三年累计承诺合并净利润不低于3.15亿元。 黑芝麻始创于1984年，旗下拥有黑芝麻糊中国第一品牌——"南方黑芝麻"，公司于1997年4月在深交所 上市，产业涵盖黑色健康食品、电子商务、大米加工、养老服务等。作为本次交易的受让方，广旅大健 康隶属于广西区属文旅产业集团体系，主要承担自治区在大健康和康养产业方向的投资、运营任务。 财报数据显示，2021—2024年，黑芝麻实现营收分别 ...

为寻找第二增长曲线，黑芝麻先后跨界物流、电商、医疗、储能等，但都收效甚微。2025年5月，黑芝麻宣布将 专注主业，"2025年公司重点聚焦专注于健康食品产业经营，坚持以黑芝麻为主的黑色健康食品战略定位"。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪表示，黑芝麻当前面临核心产品老化、营收持续下 滑、跨界失败导致的战略摇摆等问题，需聚焦主业优化产品矩阵、提升渠道效率，国资的入主可带来资金支持 缓解融资压力，依托广西国资委背景优化治理结构，降低经营风险，且广旅大健康也可从多方面赋能黑芝麻的 健康食品主业。 随着股权转让事宜的推进，2025年12月17日，双方签署股份转让补充协议，将业绩承诺期从原本的2025—2027 年延至2026—2028年。调整后，黑五类集团承诺现有业务板块在2026—2028年分别实现合并报表净利润不低于 0.95亿元、1.05亿元和1.15亿元，三年累计承诺合并净利润不低于3.15亿元。 黑芝麻始创于1984年，旗下拥有黑芝麻糊中国第一品牌——"南方黑芝麻"，公司于1997年4月在深交所上市，产 业涵盖黑色健康食品、电子商务、大米加工、养老服务等。作为本次交易的受让方，广旅大健康隶 ...

Core Viewpoint - The report from GF Securities highlights the growth potential of the domestic intelligent driving chip industry, emphasizing that only a few OEMs are likely to achieve self-research capabilities in the short to medium term due to high costs and barriers associated with self-developed chips [2] Group 1: Industry Overview - The intelligent driving chip market is expected to grow rapidly, driven by increased penetration rates and future demand from robotics [2] - Most OEMs are anticipated to continue sourcing from neutral third-party intelligent driving chip platforms due to the high costs and challenges of self-development [2] - Geopolitical changes are expected to further boost the market share of domestic manufacturers [2] Group 2: Product Development - Black Sesame's hardware R&D capabilities are strong, with core employees having over 15-20 years of experience, contributing to high team stability [3] - The A1000 series has allowed the company to refine its mass production experience, while the new C1200 family aligns with automotive EE architecture trends and cost reduction needs [3] - The upcoming A2000 platform is designed to meet various scenario demands from NOA to Robotaxi, with mass production planned to start in 2026 [3] Group 3: Ecosystem and Collaboration - The company positions itself as a Tier 2 player, collaborating with leading Tier 1 suppliers and algorithm vendors to advance commercialization [4] - By adhering to traditional automotive industry value boundaries, the company creates significant value for partners and ample differentiation space for OEMs [4] Group 4: Growth Potential - The company aims to replicate its automotive-grade chip capabilities in the robotics sector, accelerating scale through external acquisitions and has launched the SesameX commercialization deployment platform [5] Group 5: Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 830 million, 1.38 billion, and 2.11 billion yuan, representing year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [6] - A reasonable valuation multiple of 12x PS is assigned for 2026, corresponding to a target price of 28.46 HKD per share, maintaining a "buy" rating [6]

Group 1 - The smart driving concept stocks mostly rose, indicating positive market sentiment in this sector [1] - Black Sesame Intelligence (02533.HK) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057.HK) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026.HK) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800.HK) increased by 4.54%, reaching HKD 24.42 [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]

Group 1 - The stock of Hezhizhen Intelligent (02533.HK) opened over 5% higher and is currently up 5.58%, trading at HKD 20.62 [2] - The trading volume reached HKD 4.724 million [2]

此前，黑芝麻智能发布公告称，其附属公司SPV(黑芝麻智能武汉就股权转让事宜及增资事项设立的特 殊目的公司)通过股权转让及增资，收购目标公司珠海亿智电子科技有限公司(亿智电子)合共60%股权， 总现金代价4.578亿人民币，拟以内部资源及/或银行融资拨付。据悉，目标公司专注于高性价比、低功 耗人工智能(AI)系统芯片(SoC)及解决方案的开发与销售。 消息面上，1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山A2000，已顺利通过美国 商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着A2000芯片正式进入规模化应 用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。据悉，华山A2000芯片基于7nm先进工艺 打造，集成高性能CPU、GPU、NPU及多种专用计算单元，实测性能媲美当前全球顶尖的智驾芯片。 黑芝麻（000716）智能(02533)高开逾5%，截至发稿，涨5.58%，报20.62港元，成交额472.4万港元。 ...