Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company is a leading Tier 2 supplier of automotive-grade intelligent driving chips, with rapid growth driven by its Huashan and Wudang series of chips [1][15] - The company has established partnerships with over 49 automotive OEMs and Tier 1 suppliers, including major players like FAW Group and Bosch [1][28] - Revenue has surged from 53 million in 2020 to 312 million in 2023, with a projected revenue of 492 million in 2024 [1][5] - The company is expected to benefit from the increasing penetration of autonomous driving technology, with the market for ADAS SoCs projected to reach 49.6 billion RMB by 2028, growing at a CAGR of 28.6% from 2023 to 2028 [2][36] Summary by Sections Company Overview - The company is recognized as the third-largest global supplier of automotive-grade high-performance SoCs based on 2023 shipment data [1][15] - It focuses on providing integrated solutions that include proprietary ISP and NPU IP cores, middleware, and algorithms for autonomous driving applications [15][19] Market Trends - The penetration rate of autonomous driving vehicles is expected to exceed 93.5% in China by 2028, surpassing the global average [2] - The complexity of automotive electronic architectures is driving the demand for SoCs, which are becoming the mainstream core chips in vehicles [2][36] Financial Performance - The company reported a net profit of 1.105 billion in H1 2024, reflecting a year-on-year increase of 129.63% [1][29] - Revenue is projected to grow significantly, with estimates of 4.92 billion, 10.39 billion, and 17.41 billion for 2024E, 2025E, and 2026E respectively [4][5] Product Development - The company has developed two series of automotive-grade SoCs: the Huashan series for high-performance applications and the Wudang series for cross-domain functionalities [19][25] - The Huashan A1000 Pro, launched in 2021, is noted for its performance, providing over 106 TOPS of computing power, making it one of the highest-performing automotive SoCs in China [24][25] Customer Base and Partnerships - The company has seen a steady increase in its customer base, with a retention rate rising from 18% in 2021 to 35% in 2023 [3] - It has secured 23 model orders from 16 automotive OEMs and Tier 1 suppliers, indicating strong market demand for its products [3][28]
黑芝麻智能：稀缺的国产智驾芯片领军，量产优势引领快速成长