Black Sesame Intelligent, the Hong Kong-listed "first autonomous driving chip stock," witnessed its shares soaring by 5.31% in the intraday trading session on Tuesday.
The surge came as the company projected a strong financial performance for the full year of 2024. Black Sesame expects its revenue to grow by a remarkable 44% to 60% year-over-year, reaching between RMB 450 million and RMB 500 million. Moreover, the company forecasts a net profit attributable to equity holders of no less than RMB 100 million, marking a turnaround from the net loss of approximately RMB 4.855 billion reported in 2023.
This anticipated growth is primarily driven by increased revenue from autonomous driving products and solutions. Black Sesame is set to expand its supplies of chips and solutions to leading domestic automotive OEMs and Tier 1 suppliers, coupled with growing adoption in mass-produced vehicle models. Furthermore, enhanced market penetration in commercial vehicles through product line expansion and development, as well as supportive government policies for the vehicle-infrastructure-cloud integration sector, are expected to contribute to the company's revenue growth.
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