Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.46 [5][4]. Core Insights - The company, Hezhima Intelligent, is a pioneer in smart driving solutions in China, focusing on mid/high computing power chips for passenger vehicles and gradually expanding into low-power product lines and multi-domain applications [1]. - In the first half of 2025, the company achieved revenue of HKD 253 million, representing a year-on-year growth of 40.4%, with the driver assistance solutions segment contributing HKD 234 million, up 41.6% year-on-year [1]. - The gross margin decreased by 25.2 percentage points to 24.8% due to increased hardware component and labor costs associated with the expansion of driver assistance products [1]. - The company is expected to enhance its AI low-power chip product line through acquisitions and improve software algorithms, which may lead to more breakthroughs in passenger vehicles, L4, and robotics clients [1]. Revenue and Profitability Forecast - The company is projected to achieve revenues of HKD 840 million, HKD 1.42 billion, and HKD 2.04 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][8]. - The report anticipates a recovery in gross margin in the second half of the year as software revenue is recognized and scaled deliveries increase [4]. Product Development and Market Position - The company has established partnerships with leading automakers such as Geely, BYD, Dongfeng, and FAW, and is set to expand its overseas sales in the second half of 2025 [2]. - The A2000 chip is expected to enter mass production by the end of the year, supporting advanced algorithms for urban navigation [2]. - The company is also collaborating with various robotics firms, leveraging its C1200 and A2000 chips for motion control and intelligent perception [3]. Valuation Metrics - The target price of HKD 24.46 is based on a 17.0X price-to-sales ratio for 2025, aligned with comparable companies' averages [4][11]. - The company's market capitalization is approximately HKD 11.335 billion, with a closing price of HKD 17.87 as of September 3, 2025 [6].
黑芝麻智能（02533）：1H25收入高速增长，毛利率下半年有望回升