Investment Rating - The report assigns an "Overweight" rating to the company with a target price of HKD 19.6, based on a 14x price-to-sales (P/S) ratio for 2025 [3]. Core Insights - The smart driving SoC chip market is expected to reach a trillion scale, with domestic chip manufacturers emerging prominently. The market penetration for L2 and above passenger vehicles is projected to exceed 12 million units in 2024, with a penetration rate of 55.8%, and is expected to reach 93.5% in China by 2028 [1][42]. - The company is positioned with a dual-line layout of high-performance SoC and cross-domain SoC, focusing on both smart driving and robotics applications [1][16]. - The company has developed proprietary automotive-grade IP cores, enhancing technical flexibility and reducing costs associated with external suppliers [2]. Company Overview - The company is a leading supplier of automotive-grade smart driving chips, benefiting from the smart driving chip wave. It was established in 2016 and is set to be listed on the Hong Kong Stock Exchange on August 8, 2024, with an issue price of HKD 28 [13]. - The business structure includes high-performance SoC and cross-domain SoC, with the Huashan and Wudang series chips catering to L2 to L4 level smart driving and cross-domain computing needs [16][17]. Financial Analysis - The company forecasts revenues of RMB 8.86 billion, RMB 14.84 billion, and RMB 21.78 billion for 2025, 2026, and 2027, respectively, with a significant increase in revenue driven by the smart driving solutions [3][27]. - The revenue growth rate is expected to be 88.82% in 2023, 51.81% in 2024, and 86.76% in 2025, indicating a strong upward trend [7]. - The gross margin for smart driving solutions is projected to improve significantly, reaching 37.4% in 2024, up from 21.4% in 2023 [33]. Industry Insights - The smart driving SoC and humanoid robot markets are projected to reach a trillion scale, with domestic manufacturers gaining traction [1][51]. - The penetration rate of smart driving in China is expected to grow rapidly, with a compound annual growth rate (CAGR) of 33.8% from 2019 to 2023, outpacing the global growth rate of 28.5% [42][45]. - The ADAS technology is becoming standard in smart vehicles, with the SoC market expected to expand significantly as L2+ and higher-level smart driving technologies become more prevalent [49][50].
黑芝麻智能：国产智驾芯片新星，布局机器人“大小脑”-20250414