Group 1: Market Overview - The Hong Kong stock market has shown strong performance since April, with the Hang Seng Index increasing by over 30% in less than four months, reaching a peak of 25,735 points on July 24, the highest in nearly four years [1] - The strong performance is attributed to three main drivers: valuation recovery, policy benefits, and significant inflow of southbound funds, which have become a major force in driving up Hong Kong stocks [1] - As of July 25, 2025, southbound funds have seen a cumulative net inflow of HKD 820 billion this year, surpassing the total for 2024, with expectations of exceeding HKD 1 trillion for the entire year of 2025 [1] Group 2: Investment Trends - Investors are favoring high-dividend assets while showing strong interest in leading internet companies, pharmaceuticals, and hard tech sectors, particularly those involved in AI [2] - There is a growing trend of investors seeking out high-quality stocks that are currently undervalued, with companies like Black Sesame Intelligence gaining attention [2] Group 3: Company Performance - Black Sesame Intelligence has experienced rapid growth in the autonomous driving chip sector, with revenue increasing from CNY 60.5 million in 2021 to CNY 474 million in 2024, reflecting a compound annual growth rate (CAGR) of nearly 100% [3] - The company's gross profit rose from CNY 21.87 million to CNY 195 million during the same period, with a CAGR of 107% [3] Group 4: Industry Developments - The commercialization of L2+ autonomous driving technology is expected to see significant growth in 2025, with penetration rates projected to rise from 14% in 2024 to 30% [5] - The rapid penetration of L2+ technology is driven by the increasing availability of high-level autonomous driving features in new vehicles, with over 50% of new cars expected to be equipped with L2 technology [4] Group 5: Product Innovations - Black Sesame Intelligence has launched the A1000 series chips, which have been successfully integrated into multiple models from leading domestic automakers, ranking third in the market for high-performance driving chips [8] - The company has also introduced the Wudang C1200 series, the first integrated chip platform for autonomous driving and smart cockpit applications, expected to achieve mass production by 2025 [8][12] Group 6: Future Growth Potential - The company plans to expand its product line through the acquisition of an AI chip company, which focuses on cost-effective, low-power AI system chips, enhancing its competitive edge in the AI SoC market [17][20] - Black Sesame Intelligence's strategic shift from a dedicated chip manufacturer to a comprehensive intelligent computing platform provider is expected to lead to a revaluation of its intrinsic value, potentially resulting in higher valuation premiums [21]

从底层芯片技术到行业生态协同的全方位展示。 在车展首日， 黑芝麻智能创始人兼 CEO单记章在 发布会 开场演讲中回顾了公司成立八年发展历 程：凭借自研 ISP、NPU两大核心IP，构建了华山系列（辅助驾驶芯片）与武当系列（跨域融合芯 片）两大产品线，并成功登陆港交所成为"智能汽车AI芯片第一股"。过去几年，公司通过A1000 （本土首款车规级高算力芯片）、C1236（全球首款跨域融合芯片）等产品持续突破，2025年推出 的A2000系列更以全景通识高算力设计，率先支持大模型端侧推理，推动AI计算效率再升级。 面向未来，黑芝麻智能将以 "技术创新+开放生态"双轮驱动，聚焦芯片研发，赋能汽车智能化转型。 单记章指出，大模型进入端侧推理时代，计算效率与算法架构成为关键挑战。黑芝麻智能通过优化带 宽性能、探索混合模型架构，致力于突破"算法决定上限"的行业瓶颈。同时，公司立足汽车领域， 向机器人、边缘计算等场景延伸，以全栈技术能力开启智能时代的"计算革命"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息，黑芝麻智能（2533. HK ）携 旗下明星产品华 ...

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of HKD 19.6, based on a 14x price-to-sales (P/S) ratio for 2025 [3]. Core Insights - The smart driving SoC chip market is expected to reach a trillion scale, with domestic chip manufacturers emerging prominently. The market penetration for L2 and above passenger vehicles is projected to exceed 12 million units in 2024, with a penetration rate of 55.8%, and is expected to reach 93.5% in China by 2028 [1][42]. - The company is positioned with a dual-line layout of high-performance SoC and cross-domain SoC, focusing on both smart driving and robotics applications [1][16]. - The company has developed proprietary automotive-grade IP cores, enhancing technical flexibility and reducing costs associated with external suppliers [2]. Company Overview - The company is a leading supplier of automotive-grade smart driving chips, benefiting from the smart driving chip wave. It was established in 2016 and is set to be listed on the Hong Kong Stock Exchange on August 8, 2024, with an issue price of HKD 28 [13]. - The business structure includes high-performance SoC and cross-domain SoC, with the Huashan and Wudang series chips catering to L2 to L4 level smart driving and cross-domain computing needs [16][17]. Financial Analysis - The company forecasts revenues of RMB 8.86 billion, RMB 14.84 billion, and RMB 21.78 billion for 2025, 2026, and 2027, respectively, with a significant increase in revenue driven by the smart driving solutions [3][27]. - The revenue growth rate is expected to be 88.82% in 2023, 51.81% in 2024, and 86.76% in 2025, indicating a strong upward trend [7]. - The gross margin for smart driving solutions is projected to improve significantly, reaching 37.4% in 2024, up from 21.4% in 2023 [33]. Industry Insights - The smart driving SoC and humanoid robot markets are projected to reach a trillion scale, with domestic manufacturers gaining traction [1][51]. - The penetration rate of smart driving in China is expected to grow rapidly, with a compound annual growth rate (CAGR) of 33.8% from 2019 to 2023, outpacing the global growth rate of 28.5% [42][45]. - The ADAS technology is becoming standard in smart vehicles, with the SoC market expected to expand significantly as L2+ and higher-level smart driving technologies become more prevalent [49][50].

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 ...