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 ...

计算机/软件开发 黑芝麻智能（02533.HK） 2025H1 亏损收窄，出海&机器人领域带来高成长性 2025 年 09 月 02 日 投资评级：增持（维持） | 日期 | 2025/9/1 | | --- | --- | | 当前股价(港元) | 18.520 | | 一年最高最低(港元) | 43.850/14.500 | | 总市值(亿港元) | 117.47 | | 流通市值(亿港元) | 117.47 | | 总股本(亿股) | 6.34 | | 流通港股(亿股) | 6.34 | | 近 3 个月换手率(%) | 97.09 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 2024-09 2025-01 2025-05 黑芝麻智能 恒生指数 相关研究报告 《自动驾驶产品及解决方案龙头，自 动驾驶&跨域计算双轮驱动成长—港 股公司首次覆盖报告》-2025.5.13 张可（分析师） 周勃宇（联系人） 风险提示：消费复苏不及预期、竞争加剧、监管变动、新业务拓展不及预期。 | 财务摘要和估值指标 | | | | | | | --- | --- | --- | --- | ...

机构：光大证券 研究员：付天姿 业绩：公司25H1 营收持续增长，经调整净亏损收窄。1）营收持续增长：25H1公司实现收入2.53 亿 元，同比增长40.4%，营收增长主要系辅助驾驶产品及解决方案销量增加。2）毛利、毛利率下降： 25H1 公司毛利润0.63 亿元，同比下降30.4%；实现毛利率24.8%，同比下降25.2pcts。毛利率下降主要系 辅助驾驶产品及解决方案应用场景拓展，导致硬件组件和人力成本增加。3）经调整净亏损收窄：25H1 经营亏损7.71 亿元，经调整净亏损5.49 亿元，相比24H1 的6.02 亿元略有收窄。净利润下降18.67 亿元， 主要系金融工具公允价值变动收益下降19.32 亿元。 智能影像解决方案：收入持续增长。25H1 公司智能影像解决方案实现收入0.16亿元，同比增长25.1%， 主要系客户规模扩大。公司将AI Depth、PortraitDynamic Fusion 等领先算法集成于产品，积极拓展新客 户。AI 智能眼镜等新型终端影像解决方案已实现商业化落地，推动公司进入AI 新领域业务生态。 全栈解决方案：公司专注研发创新。1）算法：公司持续优化BEV 及E2E 算 ...

机构：中信建投证券 研究员：崔世峰/于伯韬 事件 2025 上半年黑芝麻智能实现营收2.53 亿元，同比增长40.38%，实现毛利润0.63 亿元，对应毛利率 24.79%，实现经调整净利润-5.49 亿元，亏损率同比大幅收窄。 2025 上半年黑芝麻智能实现营收2.53 亿元，同比增长40.38%，实现毛利润0.63 亿元，对应毛利率 24.79%，实现经调整净利润-5.49 亿元，亏损率同比大幅收窄。公司A1000 系列高阶辅助驾驶芯片在上 半年持续量产交付；C1200 系列芯片的商业化稳步推进，公司基于此系列推出了安全智能底座架构，能 够覆盖从入门级到旗舰车型的智能化需求，并已在主机厂进行验证；更前沿的A2000 系列芯片正在进行 辅助驾驶方案的开发验证。此外，公司大力开发机器人"大脑""小脑"方案、L4 智驾系统的无人物流小 车和智能影像解决方案，商业化场景进一步丰富。 简评 营收高速增长，亏损率显著收窄。上半年公司实现营收2.53亿元，同比增长40.38%，其中影像产品和解 决方案收入0.16 亿元，同比增长25%，自动驾驶解决方案及产品收入2.37 亿元，同比增长42%，主要得 益于公司向国内头部 ...

目标成为端侧AI芯片领域领导者。 2025年8月28日，全球领先的自动驾驶计算芯片企业黑芝麻智能发布2025年中期业绩报告。 报告显示，公司上半年实现营业收入2.53亿元，同比增长40.4%，超出市场预期，再度创下同期收入新 高。公司在辅助驾驶规模化落地、机器人创新业务、海外市场拓展等领域实现多项突破，展现出强劲的 发展动能。 业绩逆势增长，全球化战略迈入新阶段 2025年上半年，黑芝麻智能在全球汽车半导体市场承压的背景下，依然实现营业收入同比40.4%的显著增 长，展现出卓越的产品竞争力和战略执行力。 这一成绩不仅得益于国内智能驾驶市场的持续放量，更与公司前瞻性的全球化布局密切相关。 今年以来，黑芝麻智能海外定点车型数量及项目规模创历史新高，覆盖欧洲、东南亚及中东等多个关键 市场，为下半年起大规模交付海外市场奠定坚实基础。 目前公司正稳步推进从"中国领先"到"全球领先"智能驾驶计算芯片企业的战略转型，全球团队扩展、本地 技术支持与合规体系建设也在同步加速。 辅助驾驶全球落地与机器人创新布局双线突破 在辅助驾驶领域，黑芝麻智能推动A1000系列芯片规模化量产加速，通过与吉利、比亚迪、东风、一汽等 头部客户持续 ...

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]

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]

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].

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]

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]