Investment Rating - The investment rating for the company is "Outperform the Market" [5][43]. Core Insights - The company is expected to achieve a revenue of 474 million yuan in 2024, representing a year-on-year growth of 52%. The net profit is projected to be 313 million yuan, a significant recovery from a loss of 4.86 billion yuan in 2023, primarily due to a fair value change gain of financial instruments [1][8]. - The revenue from autonomous driving products and solutions is anticipated to reach 438 million yuan in 2024, marking a 58.5% increase, driven by sales to leading domestic car manufacturers and an increase in the number of mass-produced models [10][19]. - The company is actively expanding into the robotics sector, with expectations for chip products and solutions to begin mass shipments in 2025 [3][35]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 41.06%, an increase of 16.4 percentage points year-on-year. The gross margin for autonomous driving products and solutions was 37.4%, up 16.0 percentage points [2][14]. - The company’s total revenue for 2024 is projected at 474 million yuan, with a year-on-year growth of 51.8%. The adjusted operating loss is expected to be 1.304 billion yuan, compared to 1.254 billion yuan in 2023 [8][43]. Product Development and Market Position - The A1000 series chips have been mass-produced and delivered to major car manufacturers such as Geely, Dongfeng, and BYD. The company has achieved nationwide coverage for its high-speed Navigation on Autopilot (NoA) solutions [18][19]. - The company is also focusing on the development of the A2000 chip series, which supports a wide range of autonomous driving scenarios, including urban NoA and fully autonomous Robotaxi applications [31][35]. Future Outlook - The company plans to deepen collaborations with leading automotive manufacturers and explore overseas market opportunities. It aims to enhance its product matrix and application scenarios, particularly in the commercial vehicle sector [29][33]. - The company is expected to continue benefiting from increased demand for intelligent driving chips, with revenue projections for 2025-2027 set at 810 million, 1.27 billion, and 2 billion yuan, respectively [43][44].
黑芝麻智能（02533）：024年收入同比增长52%，智能驾驶芯片量产加速