新股报告：黑芝麻智能

Investment Rating - The report assigns a "Neutral" investment rating to the company, with a comprehensive score of 65 out of 100 [2][8]. Core Insights - The company specializes in automotive-grade System on Chip (SoC) and intelligent automotive solutions, focusing on autonomous driving applications and advanced functionalities for smart vehicles [2][4]. - The market for automotive-grade SoC in China is projected to grow from RMB 26.7 billion in 2023 to RMB 102 billion by 2028, with a compound annual growth rate (CAGR) of 30.7% [2][4]. - The company has established partnerships with over 49 automotive OEMs and tier-one suppliers, with a total shipment of over 156,000 units of its flagship SoC series by March 2024 [2][4]. Summary by Sections Company Overview - The majority of the company's revenue comes from SoC-based autonomous driving solutions, with revenue increasing from RMB 1.61 million in 2021 to RMB 190 million in 2023. The total revenue rose from RMB 60 million to RMB 310 million during the same period [4][8]. - The company's gross margin has decreased from 36.1% in 2021 to 24.7% in 2023 due to lower margins in autonomous driving solutions [4]. Market Outlook - The report highlights a growing demand for intelligent driving chips as the penetration rate of smart driving in domestic vehicles increases. The company holds a 2.2% market share in the autonomous driving SoC segment in 2023, ranking third nationally [3][8]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 67.2 to 72.7 times for 2023, which is considered high compared to peers like Mobileye and other domestic competitors [5][6]. Market Sentiment - The report notes a challenging market environment for new listings in Hong Kong, with a 37.5% first-day loss rate among new stocks this year [7][8].