Group 1 - The 2025 IAA Mobility exhibition in Munich showcased Black Sesame Intelligence's various chips and solutions, focusing on AI-driven smart vehicles [1] - Black Sesame introduced the "Safe Intelligent Foundation" solution, which utilizes the Wudang C1200 family of cross-domain integration chips to address safety and cost challenges in automotive cross-domain integration [1][2] - The Wudang C1200 family includes the C1236, the first domestic SoC chip supporting navigation-assisted driving, and the C1296, the industry's first multi-domain integration computing chip [2] Group 2 - The Huashan A2000 chip sample was a highlight, integrating CPU and NPU functionalities, and is designed to support advanced driver assistance systems and robotics [1][2] - The production results of the Huashan A1000 family have been successfully implemented in multiple vehicle models, including Geely Galaxy E8 and Dongfeng Yipai eπ007 [2] - Black Sesame aims to drive innovation and global collaboration in the automotive industry by providing cost-effective and reliable advanced driving assistance technology [2]

Core Viewpoint - The report from浦银国际 highlights the growing importance of intelligent driving chips in the automotive industry, particularly as the sector transitions into a new phase of development, with a focus on smart assisted driving as a core feature [1] Industry Summary - The intelligent driving chip industry is positioned as a high-value segment within the automotive supply chain, driven by advancements in smart driving technologies [1] - By 2025, Chinese automakers are expected to push for "intelligent driving equality," leading to a decrease in the price range of models equipped with high-speed NOA [1] - Leading new energy vehicle companies are advancing algorithm evolution based on end-to-end architecture, which will promote both volume and price increases for intelligent driving chips [1] Company Summary - The report initiates coverage on Horizon Robotics (09660) and Hezhima (000716), both receiving "Buy" ratings with target prices set at HKD 12 and HKD 21.4 respectively [1] - Local intelligent driving chip suppliers are expected to gain market share due to their cost-effective products and production experience, benefiting from the trend of domestic substitution [1] Market Data - According to Frost & Sullivan, the global automotive-grade SoC market reached RMB 57.9 billion in 2023 and is projected to grow to RMB 205.3 billion by 2028, with a compound annual growth rate (CAGR) of 29% [1] - In China, the automotive-grade SoC market size was RMB 26.7 billion in 2023, expected to increase to RMB 102 billion by 2028, capturing 50% of the global market share [1]

Core Viewpoint - The report from浦银国际 highlights the growing importance of intelligent driving chips in the automotive industry, particularly as the sector transitions into the second half of the new energy vehicle (NEV) development phase [1] Industry Summary - The intelligent driving chip industry is receiving an "overweight" rating, indicating strong growth potential as it becomes a core component of intelligent driving functions in vehicles [1] - The global automotive-grade SoC market is projected to grow from 57.9 billion RMB in 2023 to 205.3 billion RMB by 2028, with a compound annual growth rate (CAGR) of 29% [1] - China's automotive-grade SoC market is expected to increase from 26.7 billion RMB in 2023 to 102 billion RMB by 2028, capturing 50% of the global market share [1] Company Summary - The report initiates coverage on Horizon Robotics (09660) and Black Sesame Technologies (02533), both receiving "buy" ratings with target prices set at 12 HKD and 21.4 HKD respectively [1] - Domestic intelligent driving chip suppliers are anticipated to expand their market share rapidly, benefiting from competitive pricing and production experience, alongside the trend of domestic substitution [1] - The report emphasizes that both independent Chinese automakers and leading NEV companies are driving advancements in intelligent driving technology, which will enhance the demand for intelligent driving chips [1]

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 253 million yuan, a year-on-year increase of 40.4%, while net profit was -762 million yuan, compared to 1.105 billion yuan in the first half of 2024, primarily due to fluctuations in the fair value changes of financial instruments issued to investors [1] Revenue Breakdown - In the first half of 2025, revenue from autonomous driving products and solutions was 237 million yuan, a year-on-year increase of 41.5%, driven by increased sales of assisted driving chips and solutions alongside the growth of mass-produced vehicles, with improved market penetration in the commercial vehicle sector [1] - Revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8% [1] Profitability Metrics - In the first half of 2025, the company's gross margin was 24.79%, a decrease of 25.21 percentage points year-on-year, and the net profit margin was -301.47%, a decrease of 914.76 percentage points year-on-year [2] - The gross margin for autonomous driving products and solutions was 20.9%, down 26 percentage points year-on-year, while the gross margin for intelligent imaging solutions was 82.4%, down 4 percentage points year-on-year [2] Cost Structure - The company's expense ratio was 332.07%, an increase of 179.2 percentage points year-on-year [2] Product Development and Market Expansion - The company is accelerating the mass production of its A1000 chip in various new vehicle models and is also targeting overseas markets with multiple new clients [2] - The C1200 chip is set to be deployed in several new energy customer projects, while the A2000 series chips support urban NoA and can be expanded to L3 and L4 scenarios [2] - The company aims to complete mass production and project alignment with leading automotive clients within the year [2] Commercialization Efforts - The company is actively expanding in robotics, unmanned logistics vehicles, and intelligent imaging solutions [3] - In the robotics sector, the company is developing a "brain" for robots based on the C1200 chip and has partnered with leading bipedal robot companies [3] - In the unmanned logistics vehicle sector, the company is collaborating with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments [3] - The company is also advancing AI smart glasses and other intelligent imaging solutions with several clients [3] - Plans are in place to pursue acquisitions of cost-effective, low-power AI chip companies to strengthen its position in the edge AI chip market [3]

Core Viewpoint - The report from浦银国际 indicates that as the electric vehicle (EV) industry enters its second phase, intelligent assisted driving has become a core function of automotive intelligence, with smart driving chips emerging as a key component in the value chain [1] Industry Summary - The development of intelligent driving chips is expected to see a rise in both volume and price by 2025, driven by domestic automakers pushing for equal access to intelligent driving features and leading EV companies advancing algorithm evolution [1] - Local smart driving chip suppliers are gaining prominence, leveraging cost-effective chip products and production experience to expand their customer base, benefiting from the trend of domestic substitution [1] Company Summary - The report initiates coverage of the smart driving chip industry with an "overweight" rating and also covers companies Horizon Robotics and Black Sesame Technologies, assigning "buy" ratings with target prices of HKD 12 and HKD 21.4 respectively [1]

Core Viewpoint - Black Sesame Intelligence, known as the "first stock of smart driving chips" in China, continues to face significant losses despite reporting a revenue increase for the first half of 2025, raising concerns about its financial health and strategic direction [2][4]. Financial Performance - In the first half of 2025, Black Sesame Intelligence reported revenue of 253 million yuan, a year-on-year increase of 40.38%, while its net profit plummeted to -762 million yuan, a decline of 169.01% compared to a profit of 1.105 billion yuan in the same period of 2024 [4][5]. - The company's gross margin for the first half of 2025 was 24.79%, down from 50.00% in the same period of 2024, indicating a significant decline in profitability [7][8]. Product and Market Development - The revenue growth in the first half of 2025 was attributed to increased sales of advanced driver assistance products and solutions, with successful mass production deliveries based on the A1000 series chips to several major automotive manufacturers [5][6]. - Despite the losses, Black Sesame Intelligence is expanding into new sectors, including robotics and rail transit safety, with a recent announcement of entering the rail transit proactive safety market [10][11]. R&D and Investment - The company reported R&D expenditures of 618.1 million yuan in the first half of 2025, a decrease of 10.1% from the previous year, with R&D spending accounting for 244% of its revenue [9]. - Black Sesame Intelligence is actively pursuing partnerships and investments in the robotics sector, indicating a strategic move to diversify its business and enhance its market presence [10][11]. Competitive Landscape - The company faces increasing competition in the smart driving chip market, with its revenue growth rate slowing down compared to peers like Horizon Robotics, which reported a revenue increase of 67.6% in the same period [6][8]. - The decline in gross margin is attributed to increased costs associated with expanding application scenarios for its driver assistance products, as well as competitive pricing pressures in the industry [8][9].

Core Viewpoint - The stock of Black Sesame has experienced a decline in price and trading activity, with significant net outflows of capital, indicating potential concerns among investors [1][2]. Group 1: Stock Performance - As of September 11, Black Sesame's stock price decreased by 2.25%, trading at 6.53 CNY per share, with a total market capitalization of 4.92 billion CNY [1]. - Year-to-date, Black Sesame's stock has dropped by 4.39%, with a slight increase of 0.77% over the past 20 days and a 3.16% increase over the past 60 days [2]. Group 2: Trading Activity - The net outflow of main funds was 23.30 million CNY, with large orders showing a buy of 12.04% and a sell of 19.96% [1]. - Black Sesame has appeared on the trading leaderboard twice this year, with the most recent net buy of 5.89 million CNY on January 7 [2]. Group 3: Financial Performance - For the first half of 2025, Black Sesame reported a revenue of 928 million CNY, a year-on-year decrease of 4.65%, and a net profit of 7.77 million CNY, down 29.26% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 211 million CNY, with 75.35 million CNY distributed over the past three years [4]. Group 4: Shareholder Information - As of August 29, the number of shareholders decreased to 102,000, while the average circulating shares per person increased by 4.90% to 7,213 shares [3]. - The top ten circulating shareholders include Tianhong Zhongzheng Food and Beverage ETF, which reduced its holdings by 249,500 shares [4].

经观感知 对欧洲客户而言，这种"量产即证明"的方式，比任何 PPT 宣传更具说服力。 在慕尼黑的展馆里，IAA Mobility 的聚光灯不仅照在奔驰、宝马的新车型上，也投向了来自中国武汉的一家芯片公司。 黑芝麻智能携"安全智能底座"、武当 C1200、华山 A1000 与 A2000 等全系芯片亮相，试图把自己定义为智能驾驶的"底层算力平台"。在欧洲观众眼中，这 家中国企业的出现，已经不仅是产品展示，更像是一份递交给欧洲产业与监管的"答卷"。 这一时点颇有意味。2024年7月起，欧盟《通用安全法规 II》（GSR2，EU 2019/2144）已要求所有新注册车型必须配备一揽子 ADAS 功能，包括自动紧急制 动（AEB）、智能限速辅助（ISA）、车道保持系统（ELKS）、驾驶员疲劳提醒（DDAW）等；而 UNECE R155 和 R156 对网络安全与软件更新管理的约 束，也从 2022 年逐步过渡到 2024 年的全量覆盖。 这意味着，任何想要在欧洲量产的新车型，必须在短期内完成 ADAS 标配化和网络安全、软件更新的体系化布局，否则无法获得型式认证。这些硬性门 槛，正成为欧洲车企乃至整个产业链的共同痛点 ...

Core Insights - The 2025 IAA Mobility in Munich showcased the advancements in smart automotive technology, with Hezhima Intelligent presenting its capabilities in AI-driven smart vehicles [1] Group 1: Product Innovations - Hezhima Intelligent introduced its "Safe Intelligent Base" solution, addressing safety and cost challenges in cross-domain integration for automotive companies [3] - The Wudang C1200 family of chips serves as the core of the "Safe Intelligent Base," enabling seamless upgrades from entry-level to flagship models [3] - The Huashan A2000 chip family was highlighted for its high performance and efficiency, integrating multiple processing units for advanced driving assistance [4] Group 2: Market Collaborations - Hezhima Intelligent is collaborating with various partners, including the team led by Liu Sheng from Wuhan University, to develop humanoid robots and dexterous hands [4] - The Wudang C1200 family, particularly the C1236 and C1296 chips, has gained market recognition, with multiple automotive companies developing cross-domain solutions based on these chips [5] - The C1296 chip is set to be the first mass-produced chip platform for integrated cockpit and driving assistance solutions, with plans for production by the end of 2025 [5] Group 3: Commercialization and Ecosystem - The Huashan A1000 family has demonstrated successful commercialization, with chips already integrated into several vehicle models, including those from Geely and Dongfeng [6] - Hezhima Intelligent's dual approach of "chips + solutions" aims to provide cost-effective and reliable driving assistance technologies [6] - The company emphasizes innovation and open collaboration to enhance the automotive industry's auxiliary driving technology [6]

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for Hezhima Intelligent (02533), projecting revenues of 810 million, 1.27 billion, and 2 billion yuan for 2025-2027 [1] - In H1 2025, the company achieved total revenue of 253 million yuan, representing a year-on-year growth of 40.4% [1] - Revenue from autonomous driving products and solutions in H1 2025 was 237 million yuan, up 41.5% year-on-year, driven by increased sales of assisted driving chips and solutions alongside the rise in mass-produced vehicles [1] - The market penetration of the company's assisted driving solutions in the commercial vehicle sector has improved, aided by enhanced marketing capabilities and attracting large-scale clients [1] - Revenue from intelligent imaging solutions in H1 2025 was 16 million yuan, reflecting a year-on-year increase of 24.8% [1] Group 2 - The A1000 chip has been mass-produced in several new models, including Geely Galaxy E8 and Dongfeng Yipai 007, with new clients in overseas markets [2] - The C1200 chip is set to be mass-deployed in multiple projects with new energy vehicle clients [2] - The A2000 series chip supports urban NOA and can be expanded to L3 and L4 scenarios, with the company aiming to complete model designation and mass production with leading automotive clients within the year [2] Group 3 - In the robotics sector, the company is developing a robot "brain" based on the C1200 chip and a "body" based on the A2000 chip, collaborating with leading bipedal robot enterprises [2] - In the field of unmanned logistics vehicles, the company is working with ecosystem partners to create an L4 autonomous driving system for low-speed functions in closed environments like ports and parks, with ongoing shipments [2] - The company is actively pursuing acquisitions of high-cost-performance, low-power AI chip enterprises to become a leader in edge AI chip technology [2]