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CMSI Rates BLACK SESAME as Overweight for In-Line Results & High Growth Visibility
2026-04-13 15:50:21
According to a report from CMSI, BLACK SESAME (02533.HK)'s 2025 revenue, driven by volume expansion of intelligent driving products and embodied intelligence, reached RMB8.22 billion last year, in line with the broker's expectations.

The report also highlighted BLACK SESAME's shifting from a hardware supplier to an edge-side AI computing power platform. Its flagship A2000 chip ranks in the first tier in terms of core metrics, and its high cost-performance precisely matches the cost-reduction demands of leading OEMs like BYD COMPANY (01211.HK) and GEELY AUTO (00175.HK). The penetration rate is likely to go even higher.

With the ramp-up of high-end chips and scaling of robotics and commercial vehicle businesses, BLACK SESAME's revenue and gross margin are expected to achieve simultaneous growth over the next 2-3 years. CMSI has kept an Overweight rating for the company, with a target price of HKD26.5.
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