收入同比高增长，辅助驾驶持续落地 黑芝麻智能(02533) 证券研究报告 软件开发 / 公司点评 / 2025.09.02 投资评级:增持(维持) 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | 312 | 474 | 888 | 1,493 | 3,487 | | 收入增长率(%) | 88.82 | 51.81 | 87.21 | 68.14 | 133.56 | | 归母净利润(百万) | -4,855 | 313 | -900 | -447 | 203 | | 净利润增长率(%) | — | — | -387.35 | — | — | | EPS(元) | -68.40 | 1.20 | -1.42 | -0.70 | 0.32 | | PE | 0.00 | 21.92 | — | — | 51.49 | | ROE(%) | 43.76 | 28.66 | -91.08 | -43.05 ...

Core Insights - Black Sesame Intelligence reported a 40.4% year-on-year increase in revenue, reaching 253 million yuan in the first half of 2025, driven by successful overseas expansion in assisted driving and robotics [1] - The company has established deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW, achieving mass production of its A1000 series chips in several vehicle models [1] - Black Sesame is actively developing its robotics business, leveraging its C1200 and A2000 series chips for various applications, including humanoid and wheeled robots [1][2] Revenue Growth - 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 [1] Assisted Driving Business - Black Sesame has strengthened partnerships with leading automotive manufacturers, with its A1000 series chips being mass-produced in models like Geely Galaxy E8 and Dongfeng Yipai 007 [1] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in several new energy vehicle projects [1] Robotics Development - The company is developing a motion control solution for robots based on the C1200 series chip and a perception computing solution for embodied intelligence using the A2000 chip [1] - Strategic collaborations with leading bipedal robot companies are underway to develop multimodal perception computing modules for various applications, including humanoid robots and lawnmowers [1][2] Technological Innovation - Black Sesame has built a core competitive advantage through continuous technological innovation, utilizing BEV+E2E algorithms to enhance perception accuracy and reduce reliance on high-definition maps [2] - The self-developed "Jiushao" NPU architecture and toolchain optimizations support mixed training, improving AI computing efficiency and compatibility [2] Commercial Applications - The company's L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments like ports and parks, with ongoing shipments [2] - Smart imaging solutions have expanded into new product forms such as AI smart glasses, achieving commercial deployment with multiple clients [2] Future Strategy - Black Sesame is actively pursuing acquisitions of cost-effective, low-power AI chip companies to strengthen its edge in edge AI deployment and create comprehensive AI inference solutions [2] - The company aims to accelerate the mass production of high-performance chips and implement its edge AI strategy, leading the global trend in assisted driving and opening new chapters in the robotics industry [2]

Core Viewpoint - Black Sesame Technology reported a significant increase in revenue and successful advancements in both the autonomous driving and robotics sectors, laying a solid foundation for its global strategy [1][2]. Group 1: Financial Performance - The company achieved a revenue of 253 million yuan in the first half of the year, representing a year-on-year increase of 40.4% [1]. - The overseas targeted models and quantities reached a historical high, with deliveries to international markets set to commence in the second half of the year [1]. Group 2: Autonomous Driving Sector - Black Sesame Technology deepened collaborations with major clients such as Geely, BYD, Dongfeng, and FAW in the autonomous driving field [1]. - The A1000 series chips have been mass-produced in models like Geely Galaxy E8 and Dongfeng Yipai 007 [1]. - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in several new energy client projects [1]. Group 3: Robotics Sector - The company developed a motion control solution for robots based on the C1200 series chip and a perception computing solution for embodied intelligence based on the A2000 chip [1]. - Strategic partnerships with leading bipedal robot companies are underway to develop multimodal perception computing modules, targeting applications in humanoid robots, bipedal robots, and lawnmowers [1]. - The company is expanding its robotics scenarios through capital operations and is developing chip solutions for both domestic and international markets [1]. Group 4: Technological Innovation - Continuous technological innovation has established a core competitive advantage for the company [2]. - The use of BEV+E2E algorithms has significantly improved perception accuracy and generalization capabilities while reducing reliance on high-precision maps [2]. - The self-developed "Jiushao" NPU architecture and toolchain optimization support mixed training, enhancing AI computing efficiency and compatibility [2]. Group 5: Commercial Applications - The company's L4 unmanned logistics system has achieved low-speed autonomous driving in closed environments such as ports and parks, with ongoing shipments [2]. - Smart imaging solutions have expanded to new product forms like AI smart glasses, achieving commercial deployment with multiple clients [2]. Group 6: Future Strategy - The company is actively pursuing acquisitions of cost-effective, low-power AI chip enterprises to strengthen its edge in edge AI deployment [2]. - The goal is to become a leader in the edge AI chip sector and accelerate the mass production of high-performance chips, driving the globalization of autonomous driving and opening new chapters in the robotics industry [2].

Core Viewpoint - The company reported a significant revenue growth of 40.4% year-on-year, achieving 253 million yuan in the first half of 2025, driven by its global strategy and record high overseas model specifications and quantities [1][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 [1] - The growth is attributed to the successful implementation of its global strategy, with record high overseas specifications and quantities for its models [1] Group 2: Product Development and Partnerships - The A1000 series chips are accelerating in mass production, with collaborations deepening with major clients such as Geely, BYD, Dongfeng, and FAW [1] - The A1000 series chips have been successfully mass-produced in several new models, including Geely's Galaxy E8 and Dongfeng's Yipai 007 and 008 [1] - The C1200 series chip solutions have completed testing in multiple cities and are set for mass deployment in various new energy projects [1] Group 3: Robotics Solutions - The company has achieved a global breakthrough in its robotics solutions, developing a motion control solution called "Little Brain" based on the C1200 series chip [1] - The "Big Brain" perception computing solution is being developed using the A2000 chip, with strategic partnerships established with leading bipedal robot companies [1] - The company is expanding its robotics applications across multiple fields, including humanoid robots, bipedal robots, and lawnmowers, while simultaneously advancing its business in domestic and international markets [1]

Group 1 - The automotive industry is rapidly transitioning towards intelligence, with chips being a core driving force, making technological breakthroughs and industrial layout crucial for local chip companies [1] - The expert from Hezhima Intelligent highlighted the challenge of balancing innovation, practicality, and cost-effectiveness in the automotive supply chain, which presents both challenges and opportunities for the industry [3] - Hezhima's A1000 chip, manufactured using 16nm technology, has been adopted by several domestic automakers, showcasing its high performance in mass production [3] Group 2 - Hezhima Intelligent is also focusing on the field of embodied intelligence, with strategic collaborations to develop intelligent systems for robotics, addressing safety and reliability standards in automotive-grade chips [5] - The company has partnered with a team from Wuhan University to create a platform for humanoid robots, utilizing A2000 and C1200 chips to develop the "brain" and "small brain" of robots [5] - The collaboration model between chip companies and automakers is evolving from product recommendations to joint product definition and technology development, fostering closer partnerships [6]

Group 1 - The core focus of the article is on the advancements in AI computing capabilities for intelligent driving, emphasizing the shift from data-driven to knowledge-driven algorithms [2] - The founder and CEO of Black Sesame Technology, Shan Jizhang, highlighted that the year 2023 is seen as the year of large-scale mass production for intelligent driving, driven by end-to-end algorithms and high-performance AI chips [2] - A significant challenge identified is the bandwidth limitation following breakthroughs in computing power, with future advancements expected to focus on improving bandwidth [2] Group 2 - Black Sesame Technology has strategically developed foundational chips, including the A1000 chip launched in 2020 and the C1296 chip introduced in 2023, which is crucial for central computing in electronic and electrical architecture [3] - The company has upgraded its intelligent driving capabilities with the C1236 chip, based on 7nm technology, enabling comprehensive urban Navigation on Autopilot (NOA) functions [3] - The latest A2000 chip, which has been delivered to clients, represents a significant breakthrough in AI computing efficiency and supports data closed-loop and multi-chip high-speed interconnection [4]