Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The report highlights the rapid growth potential of the domestic intelligent driving chip industry, with a significant increase in penetration rates expected in the coming years. The company is well-positioned to benefit from this trend [10][17]. - The company has a strong R&D team with extensive experience, which enhances its product development capabilities and market competitiveness [49]. - The report emphasizes the importance of collaboration with Tier 1 manufacturers and algorithm providers to drive commercialization and expand market presence [61]. Summary by Sections 1. Overall Dimension - The intelligent driving chip market is expected to grow rapidly due to increasing penetration rates driven by technological advancements, policy support, and rising consumer demand. The penetration rates for L2, L2.5, and L2.9 configurations are projected to increase significantly by 2030 [17][20]. - The report notes that only a few OEMs are likely to achieve self-developed chips due to high costs and complexities involved in chip development [29][33]. - Geopolitical factors are expected to drive the domestic market share of intelligent driving chips, with a focus on increasing localization [41][42]. 2. Product Dimension - The company is continuously iterating its products, with a focus on developing a mature ecosystem. The A1000 series has already achieved significant market penetration, and the upcoming C1200 family is expected to meet evolving automotive architecture needs [49][55]. - The C1200 family is designed to support central computing architectures and is expected to be commercially viable soon, with significant advancements in safety and performance [55][57]. 3. Ecosystem Dimension - The company positions itself as a Tier 2 supplier, collaborating with leading Tier 1 manufacturers and algorithm firms to enhance its market offerings. This strategy aims to provide OEMs with substantial value and differentiation in their intelligent driving solutions [61]. - The report discusses the limitations of a tightly integrated hardware-software model, as seen in the case of Mobileye, and suggests that a more flexible approach will be beneficial for OEMs [61]. 4. Growth Potential - The company is expanding its capabilities into the robotics sector, leveraging its automotive-grade chip technology to capture new market opportunities. The SesameX platform is a key initiative in this regard [10][27]. - Revenue forecasts indicate substantial growth, with expected revenues of 834 million in 2025, 1.38 billion in 2026, and 2.11 billion in 2027, reflecting year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [8].
黑芝麻智能（02533）：四个维度，再看黑芝麻智能成长前景