金吾财讯 | 招银国际研报指，黑芝麻智能(02533)是中国领先的车规级计算SoC芯片及基于SoC的智能汽车解决方案提供商。公司目前拥有两条车规级SoC产品线：华山系列（聚焦自动驾驶应用）和武当系列（面向跨域计算应用）。受益于自动驾驶市场的快速扩张（该行预计2024-2028年行业整体CAGR为41%），该行预测公司收入将从2024年的4.7亿元增长至2027年的21.0亿元，年复合增长率达到64.2%。增长驱动因素包括：1）ADAS/AD渗透率持续提升，2）SoC方案出货量增长，新客户持续导入，以及3）高端产品（如A2000和武当系列）出货占比提升，带动整体ASP上升。随着经营杠杆效应逐步释放，该行预计黑芝麻将在2027年迎来盈利拐点。首次覆盖，给予“买入”评级，目标价28.2港元，基于2030年18倍市盈率估值。
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