Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 474.25 million in 2024, representing a year-on-year growth of 51.81%. The gross margin increased by 16 percentage points to 41% [7] - The autonomous driving business saw a significant increase, with revenue growing by 52% to 4.7 billion, driven by a higher proportion of customized autonomous driving algorithms [7] - The company is deepening collaborations with leading automotive manufacturers and expanding its global presence, focusing on both new energy and traditional fuel vehicle sectors [7] - The introduction of new products, such as the C1200 and A2000 chips, is expected to enhance the company's technological moat and drive sales growth [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 312.39 million, 2024A: 474.25 million, 2025E: 883.02 million, 2026E: 1,430.62 million, and 2027E: 1,919.02 million [1][8] - The net profit attributable to the parent company is projected to be (4,855.12) million in 2023A, 313.32 million in 2024A, and (1,271.67) million in 2025E [1][8] - The earnings per share (EPS) are forecasted to be (7.71) in 2023A, 0.50 in 2024A, and (2.02) in 2025E [1][8] - The price-to-earnings (P/E) ratio is expected to decrease from 42.19 in 2023A to 27.79 in 2024A, and further down to 14.93 in 2025E [1][8]
黑芝麻智能：2024年业绩点评：智驾进展顺利，期待新客户、新应用场景突破-20250402