Investment Rating - The report initiates coverage on Hezhima Intelligent, assigning a target price of HKD 24.04 and a "Buy" rating based on a 16.8x 2025 P/S ratio [1][7]. Core Viewpoints - Hezhima Intelligent is a leading domestic supplier of intelligent driving and robotics AI chips, with a comprehensive product range covering from tens of TOPS to thousands of TOPS in edge AI computing capabilities [1][3]. - The company is expected to benefit from the growing demand for advanced intelligent driving solutions driven by automakers like Geely and BYD, as well as the potential demand for edge AI chips from the development of large-scale robotics models [1][2]. - The report highlights the optimistic growth trajectory for the global autonomous driving and robotics industry, with significant advancements expected in high-performance AI chips [2][3]. Company Overview - Hezhima Intelligent focuses on self-developed core IP, high-performance architecture, and the ability to mass-produce automotive-grade chips [3]. - The company has established partnerships with major automakers such as Geely, FAW, and Dongfeng, which are expected to accelerate chip shipment growth in 2025 [3][5]. - The product matrix includes the Huashan A1000 and A2000 series for autonomous driving and the Wudang C1200 series for cockpit applications, with the A2000 and C1200 series also applicable for robotics [17][29]. Market Differentiation - The report contrasts its views with market concerns regarding the company's production timeline compared to competitors, asserting that Hezhima's high-performance products have been validated for three years and are well-positioned to benefit from the increasing regulatory focus on intelligent driving safety [4][23]. - The company’s differentiated approach includes a focus on high-performance chips, bypassing lower-tier products, and establishing a strong foothold in the robotics sector [4][24][25]. Financial Projections - Revenue projections for Hezhima Intelligent are set at RMB 8.4 billion, RMB 14.2 billion, and RMB 20.4 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 76.8%, 69.3%, and 44.0% [5][6]. - The gross margin is expected to improve to 45.8%, 47.0%, and 47.7% over the same period, indicating a positive trend in profitability as the company scales [5][6].
黑芝麻智能（02533）：国产智能驾驶和机器人AI芯片先驱