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黑芝麻智能(02533.HK):收入同比高增长 辅助驾驶持续落地
Ge Long Hui· 2025-09-03 18:47
Core Viewpoint - The company reported a revenue of 253 million yuan for the first half of 2025, reflecting a year-on-year increase of 40.4%, but incurred a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the same period last year [1] Financial Performance - Revenue for H1 2025 reached 253 million yuan, up 40.4% year-on-year [1] - The company reported a loss of 762 million yuan, with an adjusted loss of 549 million yuan, compared to an adjusted loss of 602 million yuan in the previous year [1] - Gross margin decreased to 24.8%, down 25.2 percentage points year-on-year [1] - Selling expense ratio decreased to 20.4%, down 8.0 percentage points year-on-year [1] - Management expense ratio decreased to 67.3%, down 34.1 percentage points year-on-year [1] - R&D expense ratio increased to 244.4%, down 137.1 percentage points year-on-year [1] Business Development - The company has made significant progress in assisted driving and robotics solutions, deepening cooperation with major clients such as Geely, Dongfeng, and FAW [1] - The A1000 series chips have been mass-produced in several new models, including Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The company is developing a motion control solution for robots based on the C1200 series chips and a perception computing solution based on the A2000 chips [1] - Strategic partnerships with leading bipedal robot companies are being established to develop multimodal perception computing modules, targeting applications in humanoid robots, bipedal robots, and lawnmowers [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
Soochow Securities· 2025-09-03 03:07
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):收入同比高增长,辅助驾驶持续落地
CAITONG SECURITIES· 2025-09-02 10:52
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 253 million yuan in the first half of 2025, representing a year-on-year increase of 40.4%, but incurred a loss of 762 million yuan [7] - The gross margin decreased to 24.8%, down by 25.2 percentage points year-on-year, while the selling expense ratio decreased by 8.0 percentage points to 20.4% [7] - The company has made significant progress in autonomous driving and robotics solutions, collaborating with major clients like Geely and Dongfeng [7] - The forecast for net profit attributable to shareholders for 2025-2027 is -900 million, -447 million, and 203 million yuan respectively, with a PE ratio of 51.49 for 2027 [7] Financial Performance Summary - Revenue projections for the company are as follows: 312 million yuan in 2023, 474 million yuan in 2024, 888 million yuan in 2025, 1,493 million yuan in 2026, and 3,487 million yuan in 2027, with growth rates of 88.82%, 51.81%, 87.21%, 68.14%, and 133.56% respectively [6] - The company is expected to have a gross margin of 50.27% in 2025, increasing to 60.81% in 2026, before slightly declining to 59.24% in 2027 [8] - The company's net profit margin is projected to improve significantly by 2027, with a return on equity (ROE) of 20.39% [8]
黑芝麻智能(02533):信息更新报告:2025H1亏损收窄,出海、机器人领域带来高成长性
KAIYUAN SECURITIES· 2025-09-02 09:48
Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has narrowed its losses in H1 2025, with significant growth potential driven by overseas expansion and the robotics sector [5] - The sales of advanced driver-assistance products and solutions have increased, benefiting from the production and delivery of multiple models in the passenger vehicle sector [4][5] - The company is making substantial investments in hardware and human resources to expand downstream application scenarios, leading to revised revenue and net profit forecasts for 2025-2027 [4] Financial Summary and Valuation Indicators - For H1 2025, the company achieved revenue of 252 million, a year-on-year increase of 40.4%, but below Bloomberg consensus expectations of 420 million [5] - The revenue from advanced driver-assistance products and solutions was 237 million, up 41.6% year-on-year, driven by increased sales of driver-assistance chips and solutions [5] - The company expects revenues for 2025, 2026, and 2027 to be 765 million, 1.293 billion, and 2.027 billion respectively, with year-on-year growth rates of 61.3%, 69.0%, and 56.8% [7] - The adjusted net profit for 2025 is projected at -1.421 billion, with further losses expected in 2026 and 2027 [4][7] - The current stock price corresponds to price-to-sales ratios of 14.0, 8.3, and 5.3 for 2025, 2026, and 2027 respectively [4][7]
黑芝麻智能(2533.HK):25H1辅助驾驶项目持续落地 创新布局机器人解决方案
Ge Long Hui· 2025-08-31 10:47
Core Insights - The company reported a revenue growth of 40.4% year-on-year in H1 2025, reaching 253 million yuan, primarily driven by increased sales of advanced driver assistance products and solutions [1] - Despite revenue growth, the company's gross profit decreased by 30.4% to 63 million yuan, with a gross margin of 24.8%, down 25.2 percentage points, attributed to rising hardware and labor costs [1] - The adjusted net loss narrowed to 549 million yuan in H1 2025 from 602 million yuan in H1 2024, while the net profit declined by 1.867 billion yuan due to a drop in fair value gains from financial instruments [1] Business Development - The company's advanced driver assistance products and solutions generated 237 million yuan in revenue, a 41.6% increase, supported by the ramp-up of mass production models and enhanced market penetration in commercial vehicles [2] - The A1000 series chips have entered mass production, with applications in key models such as Geely Galaxy E8 and Xingyao 8, expanding the model coverage [2] - The C1200 series chips have completed testing in multiple cities, with upcoming mass deployment for high-speed navigation and memory parking functions [2] - The A2000 series chips are under development for full urban NOA applications, aiming for partnerships with leading automakers by 2025 [2] - The company has established strategic partnerships with leading robotics firms and is co-developing multi-module perception computing modules [3] Revenue Streams - The smart imaging solutions segment achieved 16 million yuan in revenue, growing 25.1% year-on-year, driven by an expanding customer base [3] - The company is integrating advanced algorithms into its products and has commercialized new terminal imaging solutions like AI smart glasses, entering the AI business ecosystem [3] Future Outlook - The company anticipates that the shipment volume of intelligent driving products will benefit from the ongoing growth in demand for smart driving technologies and an increase in the proportion of mid-to-high-end products like the C1200 [4] - The expansion into new business scenarios, such as robotic brain and L4 level unmanned logistics vehicles, is expected to create long-term growth opportunities [4] - Revenue forecasts for 2025-2027 are set at 852 million, 1.461 billion, and 2.217 billion yuan, respectively, with corresponding price-to-sales ratios of 13x, 7x, and 5x based on the stock price of 18.93 HKD as of August 29 [4]
黑芝麻智能2025中报解读:全球营收增长40.4%,海外定点创新高
市值风云· 2025-08-29 10:16
Core Viewpoint - The company aims to become a leader in the edge AI chip sector, showcasing strong growth and strategic advancements in autonomous driving and robotics [1][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4%, exceeding market expectations and setting a new record for the same period [3][4][12]. Global Strategy - Despite challenges in the global automotive semiconductor market, the company demonstrated exceptional product competitiveness and strategic execution, marking a new phase in its globalization strategy [4][5]. - The company has significantly increased its overseas model count and project scale, establishing a solid foundation for large-scale deliveries in key markets such as Europe, Southeast Asia, and the Middle East [5][12]. Autonomous Driving and Robotics Innovations - The company accelerated the mass production of its A1000 series chips for advanced driver-assistance systems (ADAS), collaborating with major clients like Geely and BYD [6][12]. - The C1200 series chips have enabled seamless navigation from parking space to parking space (P2P) across various road scenarios, with plans for mass deployment in multiple new energy vehicle projects [7][12]. - The introduction of the A2000 high-performance chip, which supports full-scene functionality for urban NOA, is set to lead the next generation of autonomous driving [7][12]. - In robotics, the company has developed motion control solutions and perception computing schemes, collaborating with leading bipedal robot firms to create multi-modal perception modules [8][12]. Technological Advancements - The company maintains a leading position in key algorithms and self-developed NPU architecture, enhancing perception accuracy and reducing reliance on high-precision maps [9][12]. - The proprietary "Jiushao" NPU architecture has shown excellent AI computing efficiency and flexibility, supporting mixed-precision training and deployment [9][12]. Commercialization and Strategic Acquisitions - The company has made significant progress in commercializing its L4-level unmanned logistics vehicle systems, demonstrating practicality and reliability in controlled environments [10][12]. - The expansion into AI smart glasses and other emerging terminal products indicates the company's ability to leverage technology across various industries [10][12]. - Plans for acquiring a high-performance, low-power AI chip company are underway, aimed at strengthening the company's position in edge computing and achieving its strategic goal in the edge AI chip market [11][12].
黑芝麻智能2025中报:海外定点创新高,机器人生态启新篇
Guan Cha Zhe Wang· 2025-08-29 08:39
Core Viewpoint - Black Sesame Intelligence reported a record high revenue of 253 million yuan for the first half of 2025, marking a 40.4% year-on-year increase, while adjusted losses narrowed by 8.9%, indicating sustained high growth for three consecutive years [1] Group 1: Business Performance - The company achieved significant results in commercial progress and financial performance, with rapid business expansion and increased mass production delivery scale [1] - The company deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, leading to continuous deliveries and engineering development of related advanced driving platforms [1][2] - The number of overseas designated models reached a historical high, solidifying the foundation for the company's globalization strategy [2] Group 2: Advanced Driving Solutions - The A1000 series chips have been mass-produced and delivered, with advanced driving solutions implemented in popular models from Geely and Dongfeng [2] - The C1200 series chips have achieved seamless navigation capabilities across various road scenarios, with ongoing testing in multiple cities and upcoming mass deployment in new energy projects [3] - The A2000 series chips are under development, supporting comprehensive NOA applications and featuring advanced algorithms for improved perception and decision-making [3] Group 3: Robotics Solutions - The company developed a motion control solution for robots based on the C1200 series chips, enhancing their movement precision and efficiency [4] - Strategic partnerships with leading bipedal robot companies have led to the development of multimodal perception computing modules, expanding applications in various fields [4] Group 4: Technological Leadership - The company maintains a competitive edge through advanced algorithms and NPU architecture, enhancing commercial expansion and providing full-stack solutions [5][6] - Continuous optimization of core perception architectures has improved accuracy and reduced reliance on high-precision maps, increasing system autonomy and reliability [6] Group 5: Market Expansion and Future Plans - The company is expanding into various scenarios, including unmanned logistics vehicles and smart imaging solutions, achieving commercial success in multiple client projects [7] - Plans to strengthen the edge AI layout through acquisitions of cost-effective, low-power AI chip companies are underway, aiming to lead the edge AI chip sector [7] - The company anticipates accelerated mass production of high-performance chips and the implementation of edge AI strategies, driving the globalization of advanced driving solutions and opening new chapters in the robotics industry [7]
黑芝麻智能2025年上半年营收增长40.4% 海外定点车型创新高
Zheng Quan Shi Bao Wang· 2025-08-29 03:31
Core Viewpoint - Black Sesame Intelligence reported a significant revenue growth of 40.4% year-on-year, reaching 253 million yuan in the first half of 2025, supported by its global strategy and record high overseas model deployments [2] Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of 2025, marking a 40.4% increase compared to the previous year [2] Group 2: Autonomous Driving Sector - Black Sesame Intelligence has deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, leading to mass production of the A1000 series chips in several new models [2] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in various new energy projects [2] - The company aims to establish partnerships for the high-performance A2000 series chips by the end of the year, focusing on advanced algorithm solutions [2] Group 3: Robotics Sector - The company is developing a "brain" perception computing solution based on the A2000 chip and a motion control solution based on the C1200 chip for robotics applications [3] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various robotic applications [3] - Black Sesame Intelligence is actively pursuing acquisitions of cost-effective, low-power AI chip companies to enhance its edge AI capabilities [3]
黑芝麻智能上半年营收同比增超40%:海外定点创新高,与云深处达成战略合作
IPO早知道· 2025-08-29 02:30
Core Viewpoint - Black Sesame Intelligence International Holdings Limited reported a 40.4% year-on-year revenue growth to 253 million yuan in the first half of 2023, exceeding market expectations, driven by deepening collaborations with major clients and breakthroughs in new markets and scenarios [4][11]. Revenue Growth and Market Expansion - The company achieved a revenue of 253 million yuan in the first half of 2023, marking a 40.4% increase compared to the previous year [4]. - Black Sesame has strengthened partnerships with leading clients such as Geely, BYD, Dongfeng, and FAW, leading to increased deliveries and engineering development of advanced driver assistance systems [4][6]. - The number of overseas designated models reached a historical high, supporting the company's global strategy [6][11]. Product Development and Technological Advancements - The A1000 series chips for advanced driver assistance systems have been successfully mass-produced and delivered in multiple new models from major automotive manufacturers [6]. - The C1200 series chips are progressing steadily in commercialization, with features like high-speed navigation assistance and memory parking being tested in various cities [6][10]. - The A2000 series chips are under development to support full-scene applications in urban environments, with plans to achieve mass production collaborations with leading automotive clients by the end of the year [7][10]. Full-Stack Solutions and Competitive Edge - Black Sesame focuses on optimizing algorithms like Transformer and BEV to enhance performance in complex urban scenarios, improving environmental perception accuracy and efficiency [9][10]. - The company has developed a more flexible and efficient NPU architecture to enhance computational throughput and processing efficiency, supporting AI applications [10]. - The full-stack solution approach allows for rapid integration and deployment of various algorithm solutions, enhancing market competitiveness [10]. Robotics and New Business Opportunities - The robotics business is advancing rapidly, with strategic partnerships established for developing intelligent control platforms and solutions for various industries [12][13]. - Black Sesame is also exploring opportunities in unmanned logistics vehicles and smart imaging solutions, with ongoing commercial deployments [15]. - The company plans to acquire high-performance, cost-effective AI chip firms to enhance its product offerings and achieve comprehensive AI application coverage [15].
黑芝麻智能2025中报:全球营收增长40.4%,海外定点创新高
3 6 Ke· 2025-08-29 01:21
Core Insights - Black Sesame Intelligence reported a revenue of 253 million yuan for the first half of 2025, marking a year-on-year growth of 40.4% [1] - The company achieved record highs in overseas targeted models and quantities during the reporting period, indicating a continuous expansion of its global business footprint [1][3] - The A1000 series chips have accelerated in mass production, with successful integration into multiple new vehicle models from leading clients such as Geely and BYD [1] Financial Performance - The revenue for the first half of 2025 reached 253 million yuan, reflecting a 40.4% increase compared to the same period last year [1] Product Development - The C1200 and A2000 series chips are pivotal in enhancing advanced driver-assistance systems (ADAS) capabilities, with the C1200 enabling full-line NOA (Navigation on Autopilot) [2] - The A2000 series supports full-scene NOA functions and can be expanded to L3/L4 autonomous driving levels, incorporating advanced algorithms for high-level intelligent driving [2] Market Expansion - Black Sesame Intelligence's market presence has significantly expanded, with record highs in overseas targeted models and quantities [3] - The company aims to achieve mass production targets in collaboration with leading Tier 1 suppliers and algorithm partners, promoting open and technologically advanced intelligent driving solutions [3] Strategic Initiatives - The company is extending its mature mass production experience into emerging fields such as humanoid robotics, aiming for a strategic transition from "vehicle penetration" to "full-scene coverage" [3] - Black Sesame Intelligence has completed technical layouts in the robotics sector, collaborating with Fourier Intelligence on the "Dexterous Hand" product and participating in the development of Wuhan University's "Tianwen" humanoid robot [3] Emerging Fields - The L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments like ports and parks, entering a continuous delivery phase [4] - The company is actively pursuing acquisitions of cost-effective, low-power AI chip firms to strengthen its position in the edge AI chip sector, aiming to become a leader in this field [4]