我们首次覆盖黑芝麻智能，给予目标价 24.04 港币，基于16.8 倍 2025 年P/S（基于可比公司均值），给予“买入”评级。公司是国内领先的智能驾驶和机器人芯片产品及解决方案供应商，是全球为数不多的拥有从十几TOPS到千TOPS 的端侧AI 算力产品覆盖能力的公司。我们认为，公司有望受益于：1）吉利、比亚迪等推动高阶智驾需求增长；2）机器人大模型发展对端侧AI 芯片需求潜力。看好公司25 年...
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