Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][12] Core Views - The company is expected to achieve a revenue of approximately RMB 4.5-5 billion in 2024, representing a year-on-year growth of 44%-60%. The net profit attributable to equity holders is projected to be no less than RMB 100 million, recovering from a net loss of approximately RMB 4.855 billion in 2023 [2][5][7] - The growth in 2024 is primarily driven by increased revenue from autonomous driving products and solutions, including exports of chips and solutions to leading domestic OEMs such as BYD, Dongfeng, and Geely, as well as improved market penetration in commercial vehicles and revenue growth in integrated vehicle-road-cloud solutions due to supportive government policies [2][3][6] Summary by Sections Company Overview - The company is a leading domestic supplier of intelligent automotive computing chips and solutions, with its products covering various levels of intelligent driving and cross-domain computing scenarios [3][12] Financial Performance - The company forecasts revenues of RMB 4.8 billion, RMB 7.5 billion, and RMB 11.8 billion for 2024, 2025, and 2026 respectively. The projected net profits for the same years are RMB 1.1 billion, -RMB 9.98 billion, and -RMB 7.2 billion [3][12][15] Product Development - The Huashan A1000 chip, launched in June 2020, is a high-performance chip supporting L2 to L3 level autonomous driving, with a computing power of 58 TOPS (INT8). It is currently in mass production and has been adopted by several leading domestic automakers [2][7][10] Market Position - The company is positioned as a high-quality player in the domestic intelligent driving chip market, benefiting from the accelerated penetration of intelligent driving technologies and increasing demand for its Huashan and Wudang series chips [3][12][13]
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