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]
BLACK SESAME(02533.HK)：BLACK SESAME TO BREAK INTO QUALCOMM’S MONOPOLY ON CDC CHIPS