Group 1 - The core focus of the article is on Hezhima Intelligent's innovative "Safety Intelligent Base" solution showcased at the 2025 Shanghai Auto Show, highlighting its leadership in automotive computing chips and addressing key issues in safety, computing power, and functionality expansion for smart vehicles [2] - Hezhima Intelligent's Wudang C1200 series chips are designed to meet the highest safety level of ASIL-D, eliminating data security risks through hardware isolation, and supporting flexible modular computing power expansion to help automakers reduce costs and accelerate market entry [2] - The collaboration with Intel on the "Intel & Hezhima Intelligent Cabin Driving Integration Platform" enhances openness and ecosystem synergy, attracting participation from multiple OEMs and Tier 1 suppliers [2] Group 2 - The Huashan A1000 series chips have successfully empowered several popular market models, particularly the Geely Yinhe E8, Lynk & Co 07, and Lynk & Co 08, which have received high consumer praise for their advanced smart driving features [3] - Geely Galaxy, as Geely's core brand in new energy, achieved a sales volume of 494,000 units in 2024, representing an 80% year-on-year increase, with a sales target of 1 million units for 2025, indicating Hezhima Intelligent's continued critical role in this growth [3] - The Wudang C1200 series excels in cross-domain integration for smart vehicles, particularly in high-speed assisted driving and multi-domain fusion, with chips C1236 and C1296 already applied in mass production projects by various OEMs and Tier 1 suppliers [3] Group 3 - At the auto show, Hezhima Intelligent collaborated with leading Tier 1 companies such as Yikaton, Desay SV, and Baolong Technology to showcase over 30 intelligent automotive domain controllers based on the Huashan A1000 and Wudang C1200 series, reflecting extensive ecosystem collaboration achievements [5] - The 2025 Shanghai Auto Show serves as a significant platform for the global automotive industry's smart transformation, with Hezhima Intelligent demonstrating China's "chip" strength through technological innovation and successful applications in mass-produced vehicles [5]

Core Insights - 2024 is a breakthrough year for Hezhima Intelligent, achieving revenue of 474 million yuan, a 51.8% increase from 312 million yuan in 2023, and successfully turning a profit with a gross margin of 41.1%, up 16.4 percentage points year-on-year [1][2]. Group 1: Performance Review - Hezhima Intelligent has focused on continuous innovation in smart driving technology, solidifying its competitive edge and accelerating the commercialization and mass production of smart driving chips [3]. - The company has upgraded its core IP and overcome performance bottlenecks in computing chips, enhancing the efficiency of smart driving systems through new ISP technology and high-performance NPU [5]. - The company has expanded its market share by deepening partnerships with leading automotive manufacturers and accelerating the commercialization of smart driving technology [5][7]. Group 2: Product and Market Expansion - The Huashan A1000 family of chips has entered full-scale production and is being used in popular models such as Lynk & Co 07EM-P and 08EM-P, while the Wudang C1200 series has secured mass production contracts with major OEMs [7]. - In 2024, Hezhima Intelligent has successfully expanded its business into commercial vehicles and specialized vehicles, focusing on high-speed logistics and enhancing safety systems [7]. - The company has responded to the growing demand for smart driving in commercial vehicles, completing layouts for specialized models and increasing its customer base in this sector [7][8]. Group 3: Future Outlook - 2025 is expected to be a pivotal year for Hezhima Intelligent, with anticipated product upgrades and more project contracts to solidify its market position [9][10]. - The company plans to launch the A2000 series chip, designed for large models, which will significantly enhance the computational efficiency of autonomous driving systems [10]. - The trend of "smart driving equality" is expected to accelerate, with advanced features becoming standard in lower-priced vehicles, providing substantial market opportunities for Hezhima Intelligent [13][14]. Group 4: Technological Integration - Hezhima Intelligent is poised to enter the robotics sector, leveraging the technological similarities between smart vehicles and robotics to expand its market reach [15][17]. - The company is collaborating with various robotics firms to support their products with its chip technology, aiming for mass shipments in the robotics field [17]. - The flexible design of chip architecture and standardized algorithm modules will enable Hezhima Intelligent to penetrate various sectors, including smart transportation and smart industry, creating a "technology leverage effect" [17].

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）- 2024年收入同比增长52%，智能驾驶芯片量产加速》——20250409 《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 核心观点 2024年公司实现营业收入4.74亿元，同比增长52% 2024年，公司实现总收入4.7亿元，同比增长52%；净利润3.1亿元，2023年为-48.6亿元，主要系金融工具公允价值变动 收益20.5亿元影响（2023年为-31.8亿元），经调整经营亏损13亿（2023年为-12.5亿元）。2024年，自动驾驶产品及解 决方案收入为4.4亿元，同比增长58.5%，主要是由于1)向国内头部车厂（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数量稳步增加；2)产品线的扩大及发展导致商用车市场渗透率提高；3)车路云一体 化等领域的收入随随着相关政府政策的发布而增加；智能 ...