Black Sesame Intelligence (02533.HK) Hong Kong Hot Stock Analysis

Black Sesame Intelligence (02533.HK) is a provider of automotive-grade intelligent driving computing chips and solutions, with products covering Huashan/Wudang series chips and supporting software such as OS and ADSP middleware[2]. The core drivers for its recent popularity as a hot stock include:

1. Business Expansion Actions
   : Plan to acquire Zhuhai Ezhiyi Electronics for RMB 400-500 million to expand its full range of high, medium, and low-end computing chip product lines and strengthen its intelligent automotive full-scenario solution capabilities[2];
2. Cutting-edge Field Layout
   : Established a strategic partnership with Zhichi Zhiyuan to jointly develop optical communication technology, assisted driving, and other cutting-edge fields for automotive and embodied intelligence terminals[3];
3. Domestic Substitution Advantage
   : Its C1200 series cockpit controller chips are designed with a 7nm process, comparable to Qualcomm’s high-end products, making it one of the few domestic enterprises capable of realizing localization substitution for high-end automotive AI chips[4].

In terms of price and trading volume, as of December 12, 2025, the stock price was HK$20.200, a 3.44% decrease from the previous trading day. The intraday volatility was HK$20.020-HK$20.940, with a trading volume of 7.95 million shares (lower than the average of 13.93 million shares)[0][1]. The year-to-date return was 27.36%, slightly higher than the Hang Seng Index’s 27.27%[1].

1. Industrial Layout Upgrade
   : Through acquisitions and strategic partnerships, the company is expanding from automotive AI chips to edge AI and embodied intelligence fields, aligning with the development trends of intelligent driving and AI industries, which may open up new growth space;
2. Domestic Substitution Dividend
   : As one of the few domestic suppliers of high-end automotive AI chips capable of competing with international giants like Qualcomm, it will directly benefit from the localization substitution demand of the domestic automotive industry;
3. Market Sentiment and Valuation
   : The average analyst target price of HK$24.47 is higher than the current price, reflecting the market’s cautious optimism about the company’s future development. However, the 52-week price fluctuation is large (HK$14.500-HK$43.850), so attention should be paid to valuation risks[1].

• Industry Growth Potential
  : Grand View Research predicts that China’s intelligent driving market will grow from 43.6 billion yuan in 2024 to 155 billion yuan in 2030, with broad industry space[4];
• Embodied Intelligence Track
  : The company has laid out in the embodied intelligence field in advance, which is expected to seize industry development opportunities;
• Domestic Substitution Trend
  : The domestic automotive industry’s demand for localization of high-end chips is increasing, and the company’s technical advantages are expected to be converted into market share.

• Loss Pressure
  : The company is in a stage of rapid expansion. Although the loss narrowed to 550 million yuan in the first half of 2025, it still faces profit challenges[4];
• Intense Competition
  : It needs to face competitive pressure from domestic and foreign giants such as NVIDIA, Qualcomm, Huawei, and Horizon Robotics;
• Valuation Risk
  : The expected price-to-sales ratio reaches 9x, which is at a relatively high level in the industry[4];
• Integration Challenge
  : After acquiring Ezhiyi Electronics, it may face technical, team, and cultural integration risks, affecting expected benefits.

Black Sesame Intelligence (02533.HK) has recently become a Hong Kong stock hotspot due to business expansion and technical advantages. It has development opportunities in industrial upgrading and domestic substitution, but attention should be paid to risks such as losses, competition, and acquisition integration. The stock price is currently at a relatively low level in the 52-week range, and the average analyst target price is higher than the current price. Investors should make comprehensive judgments based on industry trends and the company’s fundamentals.