计算机行业：黑芝麻智能专题报告：技术实力较强，产品快速迭代，受益于智驾产业浪潮及国产化趋势

Investment Rating - The report provides a positive investment rating for the computer industry, particularly highlighting the strong growth potential in the intelligent driving chip sector [131]. Core Insights - The intelligent driving industry is experiencing rapid growth, with the penetration rate of advanced intelligent driving technologies increasing significantly. In 2023, the sales of intelligent vehicles in China reached 12 million units, with projections of 30 million units by 2030, reflecting a CAGR of 12% over the next eight years [5][18]. - The trend towards self-sufficiency in chip production is becoming clearer, benefiting domestic intelligent driving chip suppliers. The geopolitical landscape is pushing for a higher domestic share in the intelligent driving chip market, which has seen a rise in local players like Horizon Robotics and Black Sesame Technology [5][45]. - Black Sesame Technology is identified as a leading supplier of automotive-grade computing SoCs, with significant revenue growth from 165 million yuan in 2022 to 312 million yuan in 2023, and 180 million yuan in the first half of 2024 [5][65]. Summary by Sections 1. Intelligent Driving Chip Industry Overview - The intelligent driving chip market is expanding rapidly, with significant growth in the penetration of advanced driving features. In 2023, the installation rates for L2, L2+, L2.5, and L2.9 features increased by 37.0%, 71.9%, 124.9%, and 63.1% respectively compared to 2022 [18][20]. - The market size for SoCs in China reached 27 billion yuan in 2023, with projections to grow to 102 billion yuan by 2028, indicating a CAGR of 30.7% [25]. 2. Black Sesame Technology: A Leader in Intelligent Driving Chips - Black Sesame Technology is positioned as a leading supplier of automotive-grade computing SoCs, with a strong focus on high-performance solutions for intelligent driving [53]. - The company has developed multiple SoC products, including the Huashan series, which supports L2+ to L3 autonomous driving capabilities [81][90]. - The company has established partnerships with major automotive OEMs, securing over 20 model designations from leading manufacturers such as FAW Group and Dongfeng Group [118]. 3. Financial Performance - Black Sesame Technology's revenue has shown significant growth, with the automatic driving products and solutions becoming the primary revenue source, accounting for over 85% of total revenue since 2022 [69]. - The gross margin has improved significantly, rising from 18% in the first half of 2023 to 50% in the first half of 2024, driven by the successful commercialization of its SoC solutions [72][74].