Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leading player in the automotive-grade SoC market, with a projected compound annual growth rate (CAGR) of nearly 30% from 2022 to 2028, driven by the increasing penetration of new energy and intelligent driving technologies [2][3]. - The company has a strong technological foundation and a forward-looking layout in high-performance SoC and cross-domain computing, with significant R&D investments ensuring its competitive edge [2]. - The company aims to enhance its market share through a self-controlled and open ecosystem, collaborating with major automotive manufacturers to reduce development costs and improve product customization [3]. Summary by Sections 1. Domestic Intelligent Driving Chip Quality Manufacturers - The company has established itself as a key player in the automotive-grade SoC market, with a focus on high-performance and cross-domain SoC solutions [98]. - The management team possesses extensive industry experience, with the CEO having over 20 years in the semiconductor sector [104]. - Revenue has shown rapid growth, with a significant increase in the contribution from the autonomous driving business [108]. 2. Single Vehicle Intelligence and Road Coordination - The report highlights the ongoing trends of automotive intelligence, connectivity, and platformization, which are expected to drive the adoption of autonomous driving technologies [125]. - The penetration rate of autonomous driving is projected to rise significantly, with favorable policies and advancements in sensing technologies [126]. 3. Company: Innovation-Driven Development of Domestic SoC - The company has launched various high-performance SoC products and autonomous driving solutions, establishing partnerships with numerous automotive OEMs [98][99]. - The company plans to utilize IPO proceeds primarily for R&D in intelligent automotive SoCs and software development, aiming to enhance its commercial capabilities and global presence [118][121]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 5.5 billion, 12.1 billion, and 19.2 billion CNY, respectively, with a focus on improving profitability despite initial losses [3]. - The report employs a P/S valuation method, indicating a favorable valuation compared to comparable companies [3].
黑芝麻智能：国内智驾芯片新势力，蓄力后起重塑竞争格局