目前，黑芝麻智能旗下核心产品有两大系列，分别是专注于自动驾驶的华山系列，以及专注于跨域计算的武当系列。杨宇欣表示，黑芝麻智能要基于在 汽车行业的积累，拓展更多领域，例如机器人。他谈到，武当系列和华山系列芯片可以充当机器人"大小脑"，未来机器人的发展需要保证有实时性、可靠 性、运动控制的计算单元，即武当系列可以做"小脑"，同时又需要能够实现全场景通用场景识别的"大脑"，这就需要华山A2000系列。 "今年赶上一个大年，大家讲'智驾平权'，这对过去这些年耕耘的厂商来说是爆发的机会。从我们自己来看，包括客户需求、订单以及下一步技 术的拓展，都有很多进展。一方面，对这个行业来说，2025年是很重要的分水岭；另一方面，智驾在快速发展，我认为未来会变成像空调、座椅一 样的标配。"3月29日，在2025中国电动汽车百人会论坛期间，黑芝麻智能CMO杨宇欣在接受《中国汽车报》等媒体采访时如是说。 当前，智驾竞争非常激烈，不少车企也在自研芯片或算法。对于未来车企与供应商的分工，杨宇欣认为："随着整个产业的成熟，分工边界会越来越清 晰。黑芝麻智能将自身定义为芯片供应商，当然，现在的AI芯片供应商不是只卖芯片，也不是只会卖芯片，我们 ...

综上，黑芝麻智能整体毛利率由2023年度的24.7%增加至2024年度的41.1%。 研发开支由2023年度的13.63亿元增加5.3%至2024年度的14.35亿元，主要是由于同时推进C1200的商业化适配及持续进行更高性能的A2000芯片的研发工作。 2、本集团产品线的扩大及发展导致商用车领域市场渗透率提高； 3、本集团于车路云一体化等领域的收入随着相关政府政策的发布而增加。 3月31日，黑芝麻智能发布2024年度业绩报告称，该年度营业收入为4.74亿元，比上年同期上升51.8%；其中自动驾驶产品及解决方案收入4.38亿元，同比增 长58.5%，主要系： 1、持续向国内头部汽车OEM（包括比亚迪、东风、吉利等）及一级供应商销售芯片及解决方案以及量产车型使用数量稳步增加； 年内利润为3.13亿元，同比扭亏为盈；经调整亏损13.04亿元，上年同期亏损为12.54亿元。 2024年毛利为1.95亿元，同比增长152.4%，自动驾驶产品及解决方案毛利率由上年同期的21.4%提升至2024年的37.4%，主要原因为：销售的集成在需要硬件 组件较少的基于系统芯片（「SoC」）的解决方案中的定制化自动驾驶算法增加。智能 ...

3月31日，黑芝麻智能（02533.HK）披露2024年业绩公告显示，公司2024年营收达4.74亿元，较2023年 的3.12亿元实现51.8%的增长，创历史新高；实现净利润3.13亿元。这也是黑芝麻智能2024年港股上市 以来的首份年报。 黑芝麻智能是领先的车规级智能汽车计算芯片及基于芯片的解决方案供应商。此份年报，意味着公司产 品商业化进程加速推进，智驾方案渗透率提升，在智驾淘汰赛中稳居头部梯队。业绩公告显示，2024年 公司毛利率从2023年的24.7%提升至41.1%，规模化量产与技术降本成效显著。 此外，黑芝麻智能在公告中透露，公司将产品量产向商用车、专用车、车路云一体化、人形机器人等领 域验证和拓展，业务形态和场景更具多元化，不断实现规模效益和商业化突破。其中，在人形机器人领 域，2025年，公司将陆续与多家机器人主体企业合作，预计公司芯片产品和方案将于今年实现机器人领 域的批量出货。 商业化加速 武当A2000系列年内完成实车功能部署 2024年营业收入、毛利率等指标的增长，得益于黑芝麻智能自动驾驶芯片和解决方案不断实现突破性量 产，NOA功能快速升级迭代，公司依托现有量产车型，主攻新能源头部 ...

Group 1 - The core viewpoint of the article highlights the significant growth of Hezhima Intelligent, with a revenue increase of 51.8% in 2024, reaching 474 million yuan, marking a historical high [1] - The gross profit margin improved from 24.69% in 2023 to 41.1% in 2024, indicating successful implementation of large-scale production and cost-reduction strategies [1] - The growth is attributed to the acceleration of global automotive intelligence, particularly in the vehicle-mounted SoC chip market, which is expected to exceed 100 billion yuan in China by 2028 [3] Group 2 - Hezhima Intelligent has established deep partnerships with leading automotive companies, enabling continuous increase in production scale across both new energy and fuel vehicles [3] - The A1000 series chips have been mass-produced and delivered to major automotive manufacturers such as Geely, Dongfeng, and BYD [3] - The Wudang C1200 series chips have completed functional validation for urban NOA and have secured mass production agreements with two mainstream OEMs [3] Group 3 - The company is advancing in both domestic and international markets, forming multi-dimensional collaborations with various overseas automotive companies and Tier 1 suppliers [5] - Hezhima Intelligent's strategy encompasses a "chip + algorithm + ecosystem" approach, expanding from passenger vehicles to commercial vehicles and emerging fields like humanoid robots [5] - The company has seen a rapid increase in clients within the commercial vehicle sector, with successful implementations of its Patronus 2.0 system in sanitation vehicles and heavy trucks [5] Group 4 - The global robotics industry is still in its early stages, but advancements in technology and cost reductions are expected to broaden application scenarios, benefiting chip manufacturers like Hezhima Intelligent [8] - Looking ahead to 2025, Hezhima Intelligent plans to accelerate the acquisition of new customers and models, particularly in the new energy sector, to boost chip shipments and revenue [8]

Industry Insights - The commercial vehicle sector saw a 5.11% increase, while passenger vehicles rose by 1.96% and commercial passenger vehicles by 0.98%. However, automotive parts and services declined by 3.00% and 4.99% respectively. Overall, the A-share automotive sector fell by 1.03%, underperforming the CSI 300 index by 1.05 percentage points [1] - Dongfeng Liuzhou announced the global first mass deployment of humanoid robots in its automotive factory, with 20 units of the UBTECH Walker S1 to enhance manufacturing efficiency and automation [1] - The Jiushi Z2 autonomous vehicle features four Hesai AT128 LiDARs and 13 cameras, capable of carrying approximately 300 packages per trip, reducing operational costs for delivery companies by about 40% compared to traditional logistics methods [1] Company Developments - BYD launched the Yangwang U7 on March 27, featuring the world's first intelligent suspension control system, priced at 628,000 and 708,000 yuan for its luxury and flagship versions respectively [2] - SUTENG Juchuang released the Active Camera product, integrating multiple sensors to provide a comprehensive development solution, significantly enhancing perception capabilities and simplifying the development process for robotics [2] Investment Recommendations - The automotive market showed strong performance in February, with a year-on-year increase of over 26% in passenger car sales, driven by trade-in policies and new model launches, indicating a potential recovery in the market [3] - Companies strategically positioning themselves in the humanoid robotics sector are expected to benefit, as many automotive firms leverage their expertise in mechanical and precision manufacturing [3] - The rise of advanced driving systems priced under 100,000 yuan presents opportunities for both upstream and downstream sectors in the automotive industry, with a focus on companies increasing their market share in smart vehicles and core components [3]

Core Viewpoint - The training session for Hubei enterprises to list in Hong Kong was successfully held, aiming to deepen cooperation between Hubei and Hong Kong capital markets and assist local companies in connecting with international capital markets [3][5]. Group 1: Event Overview - The training event titled "Set Sail for International Cooperation, Win the Future" attracted over 200 participants, including executives from key listed companies and representatives from investment institutions [3]. - The event was co-hosted by the Hubei Provincial Enterprise Listing Development Promotion Association, China Merchants Securities Co., Ltd., China Merchants International Co., Ltd., and the Wuhan branch of China Merchants Bank [3]. Group 2: Market Context - The Hong Kong Stock Exchange (HKEX) has seen increased activity due to ongoing optimization of listing review mechanisms and improved market liquidity [5]. - Recent supportive policies from mainland China encourage leading enterprises to list in Hong Kong, reflecting a deep integration of Chinese companies into global capital markets [5]. Group 3: Expert Insights - Experts provided insights on the advantages of listing in Hong Kong, emphasizing its strategic role as a platform for internationalization and the benefits of its predictable and cost-effective environment [5]. - Various speakers discussed the full lifecycle of IPO services, including initial financing, structure building, underwriting, and cross-border coordination [7]. Group 4: Practical Applications - The training included case studies and practical strategies for companies considering listing in Hong Kong, enhancing their operational capabilities and strategic thinking [8]. - The Hubei Provincial Enterprise Listing Development Promotion Association plans to further integrate cross-border professional services to facilitate the listing process for local enterprises [10].

Core Viewpoint - The 2025 New Energy and Intelligent Vehicle Technology Forum will focus on the electrification and intelligence of the automotive industry, addressing key topics such as electric platform architecture, domestic substitution of automotive-grade chips, and integration of intelligent driving systems [1][2]. Group 1: Industry Trends - The penetration rate of new energy vehicles in China has surpassed 40%, marking a significant turning point in the industry [1]. - The self-sufficiency rate of automotive chips in China is projected to reach 15% by 2024, but challenges remain in high-performance computing chips and other critical areas [2]. Group 2: Forum Highlights - The forum will feature discussions on the progress of domestic automotive chip production, innovations in autonomous driving computing platforms, and breakthroughs in chip technology for new energy power systems [2]. - Key technologies such as SiC/GaN power semiconductors and automotive-grade storage will be analyzed in depth during the forum [2]. Group 3: Participating Companies - Key participants include leading companies such as SemiDrive, Black Sesame Technologies, Southchip Semiconductor, Silan Microelectronics, and Novosense Microelectronics, all of which are focused on developing high-performance automotive-grade chips [3][5][7][8]. - Novosense Microelectronics reported nearly 2 billion yuan in revenue for 2024, with automotive business accounting for 35% of its total revenue [8]. Group 4: Event Schedule - The forum will include presentations from various companies, covering topics such as AI-driven mass production, intelligent automotive platforms, and the construction of a new ecosystem for domestic automotive-grade chip supply chains [12].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry [7]. Core Insights - The humanoid robotics concept index experienced a decline of 1.22% from March 9 to March 14, 2025, underperforming the CSI 300 index by 2.80 percentage points. However, year-to-date, the humanoid robotics index has risen by 48.37%, outperforming the CSI 300 index by 43.50 percentage points [2][12]. - The humanoid robotics industry is witnessing significant strategic opportunities, with various companies launching innovative products and forming strategic partnerships to enhance technological capabilities and market presence [5][20]. Summary by Sections Weekly Market Review - From March 9 to March 14, 2025, the humanoid robotics concept index fell by 1.22%, while the year-to-date performance shows an increase of 48.37% [12]. Weekly Hotspots Review - **Policy Developments**: Hangzhou is enhancing computational power applications in smart manufacturing and humanoid robotics, while Shanghai emphasizes the strategic opportunities in the robotics industry [3][20]. - **Product and Technology Iterations**: Notable advancements include the launch of the world's first humanoid robot with "dexterous manipulation and bipedal walking" by Yujian Technology, and collaborations between various companies to enhance humanoid robot capabilities [3][5][20]. - **Investment and Financing**: Companies like UBTECH and Amio Robotics are securing significant funding to support research and development in humanoid robotics, indicating strong investor interest in the sector [4][26][27]. - **Key Company Announcements**: Companies are actively exploring applications of humanoid robots in various industries, including automotive manufacturing and service sectors [28][29]. Recommendations - The report suggests focusing on companies like Reiser Intelligent, Zhaowei Electromechanical, and Fengli Intelligent, which are positioned to benefit from the ongoing developments in the humanoid robotics industry [5].

Investment Rating - The report rates the humanoid robot industry as "Outperform the Market" [1][5] Core Views - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of related giants (such as Figure, NVIDIA, Huawei, and others), the humanoid robot industry is expected to accelerate its landing, with 2025 likely being the starting point for industry explosion, presenting opportunities for industrial upgrades [3][17] - Investment recommendations include companies in various segments: Top Group and Sanhua Intelligent Control in the assembly segment; Shuanghuan Transmission, Slin, and Precision Forging Technology in the reducer segment; Beite Technology, Best, and Shuanglin in the screw segment; and other related companies such as Silver Wheel Technology and Junsheng Electronics [3][5] Market Performance - From March 10 to March 14, 2025, the constructed Guosen humanoid robot index fell by 3.09%, underperforming the CSI 300 index by 4.68 percentage points and the Shanghai Composite Index by 4.49 percentage points, while year-to-date it has risen by 39.1% [1][10] - Among core companies, Top Group fell by 0.23%, Sanhua Intelligent Control by 0.41%, while Zhongding shares rose by 2.86%, and Meili Technology increased by 15.84% [1][10] Industry Dynamics - Elon Musk predicts that the Starship will carry the Tesla humanoid robot Optimus to Mars by the end of next year [2][17] - Zhiyuan released the GO-1 model, introducing the innovative Vision-Language-Latent-Action (ViLLA) architecture [2][18] - The report highlights various company activities, including product launches and strategic partnerships, indicating a vibrant industry landscape [2][22][35] Key Company Earnings Forecast and Investment Ratings - Top Group (601689.SH): Outperform the Market, last closing price 63.78 CNY, market cap 107.5 billion CNY, EPS 2024E 1.75, PE 2024E 36 [5] - Sanhua Intelligent Control (002050.SZ): Outperform the Market, last closing price 31.57 CNY, market cap 117.8 billion CNY, EPS 2024E 0.90, PE 2024E 35 [5] - Beite Technology (603009.SH): Outperform the Market, last closing price 47.04 CNY, market cap 15.9 billion CNY, EPS 2024E 0.22, PE 2024E 214 [5] - Slin (301550.SZ): Outperform the Market, last closing price 127.01 CNY, market cap 14 billion CNY, EPS 2024E 1.78, PE 2024E 71 [5]

黑芝麻智能系列 车中旭霞 智能驾驶芯片深度 《智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《黑芝麻智能（02533.HK）-黑芝麻智能预计2024年收入同比增长44%-60%，A1000芯片助力吉利千里浩瀚智驾系统》——20250310 事项 公司公告： 根据公司公告，2024年2月17日，黑芝麻智能发布2024年业绩预告，预计2024年实现收入约人民币4.5-5亿 元，同比增长约44%-60%，预计2024年实现权益持有人应占利润净额不低于人民币1亿元，而2023年亏损净额约为人 民币48.55亿元。 公司2024年业绩增长主要原因在于：1）自动驾驶产品及解决方案的收入增加，主要系(a)公司持续向 国内领先的汽车原始设备制造商OEM（包括BYD、东风及吉利等）和一级供应商出口芯片及解决方案等产品，且在量 产车型中的使用数量稳步增加；(b)公司产品线扩张及发展带来的商用车领域市场渗透率的提高；(c)随着相关政府政策 的发布，公司车路云一体化等领域的收入增加；及2)向投资者发行的金融工具的公允价值收益主要由于投资者持有的 附有优先权的股 ...