Company Overview - The report rates the company as "Buy" with a target price of HKD 19.6, based on a 14x price-to-sales (P/S) ratio for 2025 [3] - The company is a leading supplier of automotive-grade intelligent driving chips, benefiting from the wave of intelligent driving chip demand [13][27] - The company has launched the Huashan series (high-performance SoC) and the Wudang series (cross-domain SoC) to meet the needs of L2 to L4 level intelligent driving and cross-domain computing [16][19] Core Insights - The intelligent driving SoC chip market is expected to reach a trillion scale, with domestic chip manufacturers emerging [1] - The penetration rate of L2 and above passenger cars in China is projected to exceed 12 million units in 2024, with a penetration rate of 55.8%, and is expected to reach 93.5% by 2028 [1][42] - The company has developed self-researched automotive-grade IP cores, enhancing technical flexibility and reducing costs associated with external suppliers [2] Financial Performance - The company is set to go public on August 8, 2024, with an issuance price of HKD 28 and total fundraising of HKD 1.036 billion [3] - Revenue is projected to grow from RMB 312 million in 2023 to RMB 2.178 billion by 2027, with a compound annual growth rate (CAGR) of 86.76% from 2025 to 2026 [7][27] - The company achieved a net profit of RMB 313 million in 2024, recovering from a loss of RMB 4.855 billion in 2023 [7][38] Industry Insights - The intelligent driving market is experiencing rapid growth, with a compound annual growth rate of 33.8% in China from 2019 to 2023, outpacing the global growth rate of 28.5% [42] - The ADAS (Advanced Driver Assistance Systems) technology is becoming standard in intelligent vehicles, driving the expansion of the SoC market [49] - The domestic chip manufacturers are accelerating their rise against foreign competitors, with significant market share expected by 2028 [55][60]
黑芝麻智能（02533）：公司深度研究：国产智驾芯片新星，布局机器人“大小脑”