Black Sesame Intelligence (02533.HK): Opportunities and Challenges in Value Reassessment for an Autonomous Driving Chip Pioneer

Black Sesame Intelligence (02533.HK) is a leading domestic supplier of automotive-grade intelligent vehicle computing chips and solutions, focusing on the autonomous driving chip field [4]. In H1 2025, the company achieved operating revenue of RMB 253 million, a year-on-year increase of 40.4%, indicating strong business growth momentum; however, it recorded a net loss of RMB 762 million during the same period, mainly due to increased share-based compensation expenses and R&D investment [1]. The company’s current share price is approximately HK$19.53-19.54, with a market capitalization of about RMB 14.45 billion [2]. Year-to-date, it has accumulated a 32.29% increase, outperforming the Hang Seng Index [0].

In terms of products, the company has a dual-line layout with Huashan and Wudang series, providing high computing power + cross-domain SoC solutions [0]; among them, the Huashan A2000 and Wudang C1236 chips are expected to enter mass production in 2025, with leading technical performance [6]. 2025 is regarded as the first year of volume production for mid-to-high-end intelligent driving SoCs, and the company is facing product and customer inflection points [7].

Market-wise, the global autonomous driving chip market is expected to grow at a compound annual growth rate (CAGR) of 20% from 2025 to 2032, with broad market space [8]; L3 autonomous driving technology is expected to mature in the next 3-5 years, and the industrial chain division of labor will become more orderly [0].

1. Product and Customer Inflection Points
   : In 2025, the company’s core chip products will enter mass production, combined with the volume release of the mid-to-high-end intelligent driving SoC market, which is expected to drive rapid performance growth [6][7].
2. Cross-border Entry into Robotics Track
   : The company has established strategic cooperation with enterprises such as Zhichi Zhiyuan, entering the robotics field cross-border and opening up opportunities for valuation restructuring [3][5].
3. Prominent Industry Position
   : The company is the world’s third-largest supplier of automotive-grade high-computing-power SoCs (based on 2023 shipment statistics) and has cooperated with more than 49 automotive OEMs and tier-1 suppliers (including FAW, Dongfeng, Bosch, etc.) [0].

: Short-term profitability pressure (net loss expanded in H1 2025) [1]; fierce competition in the autonomous driving chip field and rapid technological iteration [0].
: Performance growth driven by core chip mass production (institutions expect a CAGR of over 70% in revenue from 2025 to 2027) [6]; rapid growth of the global autonomous driving chip market [8]; cross-border entry into the robotics track opens up a new growth curve [3].

Black Sesame Intelligence (02533.HK) has technical and mass production advantages in the autonomous driving chip field. The 2025 product mass production and market volume release will be key growth drivers; although it faces short-term profit pressure, institutions generally give a buy rating [7], and high growth is expected in the next three years; at the same time, cross-border entry into the robotics track brings potential opportunities for valuation restructuring [3].