GTHT Securities has issued a research report initiating coverage on BLACK SESAME (02533), assigning an 'Add' rating with a target price of HK$22.58.
The firm forecasts the company's sales per share (SPS) for 2026-2028 to be RMB 1.97, 2.92, and 4.16, respectively. Based on a comparative analysis showing an average 2026 forward price-to-sales (P/S) ratio of 14.53x for peers, and given the expected favorable returns from the successful tape-out of the A2000 chip, alongside new growth potential from its foray into embodied AI, GTHT Securities values the company at a 2026 P/S multiple of 10x, leading to the stated target price.
Key Investment Thesis
The report highlights that vehicles equipped with the A1000 family of chips are continuously rolling off production lines, spanning models from Geely Galaxy to Dongfeng Yipai and Hongqi. The successful tape-out of the A2000 chip by the end of 2025 is seen as a key milestone. The A2000 chip family is designed to fully support automakers in implementing their proprietary core advanced driving solutions and to foster technological innovation among third-party ecosystem partners.
The Huashan A2000 family comprises four chip models: A2000N, A2000L, A2000U, and the flagship A2000X. The A2000N offers 200 TOPS of equivalent computing power, targeting in-cabin AI Box and lightweight assisted driving applications. The A2000L reaches 400 TOPS, positioned as a cost-effective chip for urban Navigate on Autopilot (NOA). The A2000U scales up to 700 TOPS, aimed at 'intelligent' assisted driving systems based on new AI paradigms, serving as a full-scenario general-purpose intelligent driving chip. The flagship A2000X provides 1000 TOPS of equivalent computing power, targeting human-like AI drivers, L3 autonomous driving, and Robotaxi scenarios to achieve high-level, full-scenario general-purpose intelligent driving.
The chips have already secured design wins from leading automakers, with more expected to follow. Mass production is anticipated to commence in 2026. As one of the industry's mainstream high-end intelligent driving computing platforms, the A2000 is poised to become a significant growth engine for the company's future.
Expansion into Embodied AI
In November 2025, the company officially launched the SesameX multi-dimensional embodied AI platform. In the wave of commercialization for embodied AI driven by large language models, SesameX is described as the industry's first dedicated computing platform focused on the commercial deployment of embodied intelligence. This move signifies the company's strategic shift from 'building the brain for cars' to 'building the brain for the intelligent world.'
The company is collaborating with partners such as Lenovo, CloudWalk, and Fourier Intelligence to apply its chip capabilities in the robotics field.
Potential Risks
The report notes several risks, including potential delays in product expansion, weaker-than-expected downstream demand, and intensifying market competition.
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