公司称，未来将继续深耕核心技术，以创新驱动发展，在功能、网络、数据等多个关键领域持续构筑坚 实可靠的安全边界；同时紧密贴合行业标准与市场需求，不断迭代优化山海AI工具链的性能与安全能 力，为全球客户提供更高效、更可靠的车规级芯片及软硬一体解决方案，以芯片级的技术创新守护智能 出行的安全边界。 在筑牢汽车领域安全根基的同时，黑芝麻智能也加速了在具身智能领域的落子布局。此前，公司在上海 发布SesameX多维具身智能计算平台，包含Kalos、Aura、Liora三款核心产品，构建起全栈"机器人全脑 体系"，可提供专属部署解决方案及自动部署、数据回灌等功能。 华泰证券认为，公司正积极构建机器人领域生态圈，推动技术场景化应用，商业化有望快速落地。今年 8月，公司与云深处科技达成战略合作，围绕具身智能控制平台开发、行业解决方案共建与国际市场拓 展三大方向展开深度合作。生态构建方面，黑芝麻智能已与均胜电子（600699）、湖北华中电力科技签 署战略合作，深化具身智能机器人控制系统及电力行业应用协同；在光通信领域，与中际旭创 （300308）全资子公司智驰致远达成合作，布局光电封装技术，聚焦辅助驾驶、具身智能终端等领域。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched the SesameX multidimensional embodied intelligence computing platform, which aims to transition robots from being "operational" to "evolving" [4] - The platform includes three self-developed computing modules (Kalos, Aura, Liora) that are highly integrated and compatible with mainstream interfaces, providing a production-level hardware foundation [4] - The company is focusing on two core scenarios: advanced driving assistance and embodied intelligence, collaborating with strategic partners to innovate applications in these fields [5] - Revenue projections for the company are estimated at 8.1 billion, 14.0 billion, and 20.1 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.21 billion, -640 million, and -140 million yuan for the same years [6][8] Financial Performance and Forecast - The company is expected to achieve revenues of 805 million yuan in 2025, 1.404 billion yuan in 2026, and 2.007 billion yuan in 2027, reflecting growth rates of 70%, 75%, and 43% respectively [8] - The net profit attributable to the parent company is projected to be -1.214 billion yuan in 2025, -636 million yuan in 2026, and -142 million yuan in 2027, indicating a significant recovery trend [8] - The earnings per share (EPS) is forecasted to be -1.89 yuan in 2025, -0.99 yuan in 2026, and -0.22 yuan in 2027 [11] Relative Valuation - The company is positioned to capture significant growth opportunities in the intelligent driving and embodied intelligence sectors, with a focus on advanced functionalities for smart vehicles [9] - The report compares the company with peers in the industry, indicating a favorable outlook for substantial scale growth [9]

黑芝麻智能创始人兼CEO单记章在发布会演讲现场，图片：企业供图 根据介绍，黑芝麻智能的SesameX平台采取多层架构。底层为计算平台，包含Kalos、Aura、Liora三款自研模组；中间件层负责调度与协同；第三层原子应 用层，分为任务模型和原子模型，让机器人从"程序执行器"升级为"技能学习者"。 三款核心模组对应不同智能层级： 文｜富充 编辑｜苏建勋 36氪获悉，近日，黑芝麻智能正式推出面向机器人产业的SesameX多维智能计算平台，这是业界首个机器人商业化专属部署平台。 目前，SesameX平台已率先与星程智能、深庭记、云深处、灵御智能等伙伴展开合作，实现商业化部署，相关成果已应用于物流车、四足机器人、轮式机器 人等多款产品中。 回顾历史，黑芝麻智能的业务始于智能汽车芯片领域，2020年以来，该公司参与了多款智能驾驶芯片从设计到量产的全过程。 黑芝麻智能创始人兼CEO单记章表示："我们在智能汽车产业积累的研发和量产经验将直接支持在机器人领域的新应用，为具身智能的进化提供动力，打造 机器人的'多维智能引擎'。" 同时，黑芝麻智能还与湖北华中电力科技开发有限责任公司达成战略合作，共同探索具身机器人在电力行业的 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.23 HKD, based on a 12.0x PS for 2026E, reflecting a 10% premium over comparable companies [4][6]. Core Insights - The company is making significant strides in the robotics industry with the launch of the SesameX multi-dimensional intelligent computing platform, which emphasizes safety and intelligence, facilitating rapid product deployment in real-world scenarios [1][2]. - Strategic partnerships with companies like Zhongji Xuchuang and Junsheng Electronics are expected to enhance the integration of chips and optical modules, providing new technological solutions for the smart automotive and robotics sectors [1][3]. - The company is actively building an ecosystem in the robotics field, collaborating with industry partners to promote the application of its technology in smart warehousing, transportation, and industrial automation, with commercialization expected to accelerate [2]. Revenue Forecast and Valuation - The company is projected to achieve revenues of 8.4 billion, 14.2 billion, and 20.4 billion RMB for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][19]. - The report anticipates a comprehensive layout for edge AI, ranging from low-power to high-performance chips, supporting the company's optimistic outlook in the robotics and optical communication sectors [4][19].