Investment Rating - The report assigns an "Accumulate" rating for Black Sesame Intelligence (02533.HK) as a first-time coverage [1]. Core Views - Black Sesame Intelligence is a leading supplier of automotive-grade intelligent vehicle computing chips and solutions, focusing on autonomous driving products and solutions. The company benefits from the expansion of the autonomous driving solution market driven by the trend of intelligent driving equality. Revenue projections for 2025-2027 are estimated at 792 million, 1.253 billion, and 1.942 billion CNY, with corresponding year-on-year growth rates of 66.9%, 58.3%, and 55.0% [6]. Summary by Sections Company Overview - Black Sesame Intelligence began with high-performance chips for autonomous driving and has expanded into cross-domain computing chips, opening new market opportunities [17]. - The founder holds significant control, and the management team possesses strong technical expertise [19]. Main Products - The company offers the Huashan and Wudang series of SoC hardware, focusing on autonomous driving and intelligent imaging solutions. The Huashan series includes the A1000 and A2000 chips, while the Wudang series targets cross-domain computing [25][27]. Financial Analysis - The autonomous driving products and solutions are the main revenue source, with a projected revenue of 4.38 billion CNY in 2024, accounting for 92.35% of total revenue. The company has seen rapid revenue growth due to the mass production of the Huashan A1000 chip [39][40]. - The overall gross margin is expected to improve due to the continuous enhancement of autonomous driving algorithms and the increasing adoption of SoC-based solutions [41]. Market Growth - The penetration of autonomous driving is expected to drive rapid growth in the autonomous driving SoC market, with global and Chinese ADAS application market sizes projected to grow at CAGRs of 27.5% and 28.6% from 2023 to 2028 [7][61]. - The commercial vehicle autonomous driving SoC market and intelligent road solutions are anticipated to have promising growth prospects due to increasing demand for safety features [63]. Competitive Position - Black Sesame Intelligence holds a 2.2% market share in the Chinese autonomous driving chip and solution market, ranking fifth, indicating significant room for growth compared to competitors like Mobileye and NVIDIA [68].
黑芝麻智能：港股公司首次覆盖报告自动驾驶产品及解决方案龙头，自动驾驶、跨域计算双轮驱动成长-20250514