GXSH(SZ:000716)2025-03-12 07:52Summary of Black Sesame Intelligence Conference Call Company Overview - Black Sesame Intelligence is focused on the autonomous driving chip sector, having established a rapid product layout since its inception in 2016. The company has released several chip models, including the A1,000 Pro in 2021 and the Wudang series in 2023, with plans to launch the Huashan 2000 chip by the end of 2024. The company has secured 23 model intent orders from 16 automotive manufacturers and suppliers, with notable shareholders including SAIC and Xiaomi [2][3]. Financial Performance - The company is currently in an early development stage, experiencing rapid revenue growth but still operating at a loss. It is projected that the net profit attributable to the parent company will not be less than 100 million yuan in 2024, marking a turnaround to profitability, primarily due to increased product volume and adjustments in the fair value of financial instruments [2][4]. - Despite ongoing significant R&D investments, the loss is expected to gradually decrease, with projected losses of 974 million yuan and 531 million yuan in 2025 and 2026, respectively [5]. Industry Dynamics - The autonomous driving chip industry is becoming increasingly defined, with domestic suppliers such as Huawei, Horizon Robotics, and Black Sesame leading the market. Key growth drivers include rising penetration rates of support structures and increased investments from major automotive manufacturers like BYD and Geely [2][6]. - The penetration of NOA (Navigation on Autopilot) in urban and highway scenarios is also contributing to industry growth, alongside the expansion of support functions into mid- to low-end vehicle models [6]. Technological Positioning - Black Sesame Intelligence's product range covers L2 to L3 levels of autonomous driving chips, with performance metrics comparable to competitors like Horizon Robotics and NVIDIA. The company is making significant progress in multi-domain integration and has established partnerships with leading players such as Aptiv and Zebra Smart Mobility [2][7]. - The company has formed collaborations with 65 automotive manufacturers and 48 hardware and software ecosystem partners, enhancing its market positioning [7]. Future Outlook - Revenue projections for Black Sesame Intelligence are set to reach 410 million yuan, 750 million yuan, and 1.25 billion yuan in 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 58%, 83%, and 68% [2][8]. - While the company is still heavily investing in R&D, the anticipated reduction in losses suggests a positive trajectory. However, risks related to downstream customer shipment rhythms, product iteration speeds, supply chain stability, and advancements in the domestic support structure industry need to be monitored [8]. - In addition to its core business, Black Sesame is actively expanding into the robotics sector, leveraging its general AI capabilities for perception and decision-making, and has partnered with Fuliye to develop dexterous robotic hands [5][9].