明星智驾芯片全球销售获批 黑芝麻智能 亟待释放规模效应

Core Viewpoint - The company Hezhima Intelligent has launched its high-performance all-scenario intelligent driving chip, the Huashan A2000, which has been approved for global sales and application, marking a significant step towards commercialization in the autonomous driving industry [1][2]. Group 1: Financial Performance - Hezhima Intelligent's total R&D expenditure from 2020 to the first half of 2025 amounts to 5.03 billion yuan, with the expectation that previous R&D investments will continue to dilute as chip sales increase [3]. - In 2024, the company achieved a net profit attributable to shareholders of 313 million yuan, primarily due to a 2.047 billion yuan accounting gain from the conversion of redeemable convertible preferred shares into ordinary shares post-IPO [2]. - As of June 30, 2025, Hezhima Intelligent's cash and cash equivalents stood at 1.966 billion yuan, nearly equal to the 1.925 billion yuan in expenses incurred in 2024, indicating a need for the company to achieve self-sustainability [3]. Group 2: Product Development and Market Expansion - The Huashan A2000 chip is now entering the stage of large-scale application, providing essential computing power for advanced intelligent driving solutions [2]. - Hezhima Intelligent has successfully mass-produced its A1000 series chip for various models, including those from Geely and Dongfeng, while the commercialization of the C1200 series is progressing steadily [2]. - The company is expanding its application scenarios beyond vehicles to include robotics and other AI applications, as stated by the CEO [4]. Group 3: Strategic Acquisitions - Hezhima Intelligent announced the acquisition of a 60% stake in Yizhi Electronics for 478 million yuan, which will allow the company to offer a full range of automotive-grade computing chips and expand into broader robotics and AI applications [4]. - Yizhi Electronics has committed to achieving revenues of no less than 300 million yuan, 400 million yuan, and 500 million yuan in 2026, 2027, and 2028, respectively, along with net profits of at least 5 million yuan, 35 million yuan, and 50 million yuan [4]. - However, Yizhi Electronics reported losses of 113 million yuan and 87.982 million yuan in 2023 and 2024, respectively, raising concerns about its ability to meet performance commitments [5].