Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 250 million yuan in H1 2025, representing a year-on-year increase of 40.4%. The gross margin decreased by 25.2 percentage points to 24.8%, while the adjusted net profit was a loss of 550 million yuan, reducing losses by 8.9% year-on-year [8] - The autonomous driving business is progressing well, with multiple chips advancing rapidly. Revenue from driver assistance products and solutions increased by 41.6% year-on-year to 237 million yuan, driven by an increase in mass-produced models and enhanced customer acquisition capabilities [8] - The company is deepening collaborations with major automotive clients and accelerating overseas deliveries, with a record number of overseas model approvals expected to drive sales starting in H2 2025 [8] - The application scenarios are continuously expanding, with developments in robotics and low-speed L4 non-passenger vehicle scenarios, which are expected to form a second growth curve and enhance business resilience [8] - The report maintains revenue expectations of 880 million yuan, 1.43 billion yuan, and 1.92 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/S ratios of 12.4, 7.7, and 5.7 [8] Financial Summary - The company forecasts total revenue of 312.39 million yuan for 2023, increasing to 883.02 million yuan by 2025, with a year-on-year growth rate of 86.19% [1] - The net profit attributable to the parent company is projected to be a loss of 4.86 billion yuan in 2023, improving to a loss of 1.27 billion yuan in 2025 [1] - The latest diluted EPS is expected to be -7.65 yuan in 2023, improving to -2.00 yuan in 2025 [1]
黑芝麻智能（02533）：2025年中期业绩公告点评：智驾逐渐量产兑现，新场景持续突破