金吾财讯 | 招银国际研报指，黑芝麻智能(02533)公布2025年上半年业绩：公司收入2.53亿元，同比增长40%，主要受辅助驾驶解决方案强劲需求带动（同比+42%）。毛利率为24.8%，较2024年上半年/下半年的50%/35.6%显著下滑，原因在于产品结构不利及新业务探索带来的前期投入。公司录得IFRS净亏损7.62亿元；非IFRS净亏损收窄至5.49亿元（对比2024年上半年/下半年6.02亿元/7.02亿元），主要得益于管理费用控制（同比-7%）及研发效率提升（同比-10%）。展望未来，该机构预计公司收入将在2025/2026年分别增长71%/59%，受益于辅助驾驶技术加速渗透和芯片性能提升。由于ADAS/自动驾驶产业仍处早期阶段，该机构认为公司毛利率压力将持续，预计至2027年底实现盈亏平衡。从长期来看，仍维持正面展望。维持“买入”评级，目标价调整至28港元。
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