Black Sesame International Holding Limited (2533) AI Stock Analysis

• Market Cap: HK$14.64B
• Dividend Yield: N/A
• Average Volume (3M): 13.69M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 973
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): N/A
• Shares Outstanding: 640,914,860
• 10 Day Avg. Volume: 14,554,165
• 30 Day Avg. Volume: 13,692,251
• PEG Ratio: -0.76
• Price to Book (P/B): 14.08
• Price to Sales (P/S): 32.46
• P/FCF Ratio: -12.36
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$24.86
• Price Target Upside: 8.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: HK$22.50 ▼(-1.49% Downside)

The overall stock score is primarily influenced by financial performance challenges, including negative profitability and cash flow issues. Technical analysis indicates bearish momentum, further impacting the score. The absence of valuation metrics adds uncertainty to the stock's assessment.

Positive Factors

Strong revenue growth

Sustained multi-year revenue expansion indicates successful product adoption and growing OEM partnerships. This scale strengthens bargaining power, spreads R&D and fixed costs over larger sales, and creates a foundation for durable margin improvement if operational efficiencies follow.

Improved shareholders' equity

Turning negative equity to a sizable positive balance provides a structural solvency improvement. It increases resilience to shocks, enhances access to capital markets, and gives management room to fund strategic investments without immediate dilution or crisis-driven financings.

Exposure to structural AI and smart-vehicle demand

Core products (AI perception, vehicle control, software) align with long-term secular trends toward automation and electrification. Deep OEM partnerships and licensing create recurring, sticky revenue potential and position the company to benefit from multi-year industry adoption cycles.

Negative Factors

Negative profitability

Persistent net losses signal the business has yet to convert revenue scale into sustainable profits. Continued unprofitability limits retained earnings for reinvestment, risks investor confidence, and requires management to demonstrate a credible path to positive operating margins.

Consistent negative free cash flow

Ongoing negative free cash flow undermines financial flexibility and forces reliance on external financing to fund operations and capex. Over time this raises refinancing and dilution risk, and constrains the company's ability to scale R&D or weather industry slowdowns without raising capital.

Elevated leverage risk

Higher leverage increases fixed interest obligations and reduces strategic optionality, especially given negative cash generation. If macro conditions tighten or revenue growth slows, refinancing costs and covenant pressure could strain operations and limit long-term investment capacity.

Black Sesame International Holding Limited Business Overview & Revenue Model

Company Description

Black Sesame International Holding Limited, an investment holding company, provides autonomous driving system on chip (SoC) and SoC based solutions. The company's automotive-grade SoCs includes the Huashan series high-computing power SoCs for autonomous driving applications; and the Wudang series cross-domain SoCs for functionalities of intelligent vehicles, such as smart cockpit and automotive gateway. It also offers autonomous driving support software solutions; and engages in the IP holding and licensing, sales and marketing, and investment activities. The company was incorporated in 2016 and is headquartered in Wuhan, China.

How the Company Makes Money

Black Sesame International generates revenue primarily through the sale of its AI and smart driving technologies, which include licensing agreements for its software and proprietary algorithms. The company has key revenue streams from partnerships with automotive manufacturers, which integrate its technologies into their vehicles. Additionally, revenue is derived from research and development collaborations with other tech firms and government entities, as well as from providing consulting services related to AI deployment in automotive applications. The growth of the smart vehicle market and increasing demand for automation solutions significantly contribute to the company's earnings.

Black Sesame International Holding Limited Financial Statement Overview

Summary

The company has shown significant revenue growth, but profitability remains a challenge with negative net profit, EBIT, and EBITDA margins. The balance sheet shows improved equity but high leverage risks, and cash flow issues persist with negative free cash flow.

Income Statement

The company has shown significant revenue growth over the past years, with a revenue increase from $60.5M in 2021 to $474.3M in 2024. However, the net profit margin remains negative due to substantial net losses, indicating challenges in achieving profitability. The EBIT and EBITDA margins are also negative, reflecting ongoing operational inefficiencies.

Balance Sheet

The company's balance sheet shows improvement in stockholders' equity, moving from negative equity to a positive $1.09B in 2024. However, the debt-to-equity ratio is relatively high, suggesting potential leverage risks. The equity ratio has improved, indicating better financial stability, but the company still faces challenges in managing liabilities.

Cash Flow

The company has consistently reported negative free cash flow, indicating cash outflows exceeding inflows. The operating cash flow to net income ratio is negative, highlighting difficulties in converting income into cash. Despite improvements in financing cash flow, the overall cash flow position remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	547.00M	474.25M	312.39M	165.44M	60.50M
Gross Profit	167.33M	194.71M	77.14M	48.63M	21.87M
EBITDA	-1.61B	441.35M	-4.77B	-2.70B	-2.33B
Net Income	-1.55B	313.31M	-4.86B	-2.75B	-2.36B
Balance Sheet
Total Assets	2.83B	2.32B	1.92B	2.15B	1.76B
Cash, Cash Equivalents and Short-Term Investments	2.11B	1.62B	1.31B	1.69B	1.55B
Total Debt	679.18M	722.40M	12.64B	82.63M	163.72M
Total Liabilities	1.13B	1.22B	13.01B	8.66B	5.43B
Stockholders Equity	1.70B	1.09B	-11.09B	-6.51B	-3.66B
Cash Flow
Free Cash Flow	-1.21B	-1.25B	-1.19B	-825.75M	-673.13M
Operating Cash Flow	-1.17B	-1.19B	-1.06B	-754.67M	-639.32M
Investing Cash Flow	-237.24M	-223.01M	546.70M	-732.80M	-31.82M
Financing Cash Flow	2.45B	1.55B	809.13M	804.17M	2.00B

Black Sesame International Holding Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 22.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2533, the sentiment is Positive. The current price of 22.84 is above the 20-day moving average (MA) of 20.79, above the 50-day MA of 20.82, and above the 200-day MA of 19.51, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 63.89 is Neutral, neither overbought nor oversold. The STOCH value of 73.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2533.

Black Sesame International Holding Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1385	66 Neutral	HK$64.19B	76.56	7.85%	0.20%	12.62%	-4.75%
0085	64 Neutral	HK$2.94B	7.07	17.96%	6.98%	-18.35%	-6.00%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
2878	56 Neutral	HK$1.17B	22.71	4.98%	―	-25.16%	-51.97%
1347	54 Neutral	HK$205.92B	3,560.00	0.12%	0.23%	19.15%	-94.32%
1912	46 Neutral	HK$79.06M	-0.72	―	―	―	―
2533	45 Neutral	HK$14.64B	―	―	―	―	―

Black Sesame International Holding Limited Corporate Events

Black Sesame International to Raise HK$568 Million via Discounted Share Subscription

Black Sesame International Holding Limited has entered into subscription agreements with certain investors for the conditional issuance of 30,131,900 new shares under its existing general mandate at HK$18.88 per share. The new shares represent about 4.70% of the company’s existing issued share capital (4.49% on an enlarged basis) and are being offered at a discount of roughly 13.24% to the latest closing price and 8.55% to the recent five-day average, raising expected gross proceeds of approximately HK$568.9 million (net HK$568.1 million), subject to Stock Exchange approval for listing and completion of conditions, which could modestly dilute existing shareholders while strengthening the company’s capital base.

The most recent analyst rating on (HK:2533) stock is a Sell with a HK$16.00 price target. To see the full list of analyst forecasts on Black Sesame International Holding Limited stock, see the HK:2533 Stock Forecast page.

Black Sesame International to Acquire 60% Stake in Target Firm in Major HKEX-Listed Transaction

Black Sesame International Holding Limited has agreed, through its indirectly wholly owned subsidiaries Black Sesame Wuhan and an SPV, to acquire a 60% equity interest in a target company via a combination of equity transfer and capital increase. Under the equity transfer agreement, the group will purchase 32.8435% equity interest (19.5623% of the enlarged equity) for RMB457.8 million and assume unpaid registered capital of RMB133,088, while under the capital increase agreement the SPV will subscribe for new registered capital of RMB20,218,838, representing 40.4377% of the enlarged equity, making the target a non-wholly owned subsidiary whose results will be consolidated into the group’s accounts. The company has also entered into a management agreement with management shareholders and employee partnerships governing the target’s business and performance commitments, and, because the aggregated deal size exceeds the 25% threshold under Hong Kong Listing Rules, the transaction is classified as a major transaction requiring shareholder approval at an extraordinary general meeting, with a circular to be dispatched by March 10, 2026. Completion remains conditional on satisfaction or waiver of conditions in the agreements, and shareholders and investors are cautioned that the transaction may or may not proceed.

The most recent analyst rating on (HK:2533) stock is a Sell with a HK$16.00 price target. To see the full list of analyst forecasts on Black Sesame International Holding Limited stock, see the HK:2533 Stock Forecast page.

Black Sesame Updates on Potential Acquisition of Zhuhai Eeasy Technology

Black Sesame International Holding Limited has announced an update regarding its potential acquisition of Zhuhai Eeasy Technology Co., Ltd. The acquisition, valued between RMB400 million and RMB550 million, aims to secure a majority stake in the target company, which will become a non-wholly owned subsidiary of Black Sesame. The transaction is expected to be completed by the first quarter of 2026, although no binding agreement has been signed yet. Stakeholders are advised to exercise caution as the acquisition may not proceed.

The most recent analyst rating on (HK:2533) stock is a Sell with a HK$16.00 price target. To see the full list of analyst forecasts on Black Sesame International Holding Limited stock, see the HK:2533 Stock Forecast page.

Black Sesame Partners with Zhichi Zhiyuan for Strategic Technological Advancements

Black Sesame International Holding Limited has entered a strategic cooperation agreement with Jiangsu Zhichi Zhiyuan Holding Co., Ltd. to enhance their capabilities in optical communication technology for automobiles and smart terminals. This partnership aims to accelerate the commercialization of Black Sesame’s core technologies, expand market share in the assisted driving sector, and develop cutting-edge solutions for future automotive and industrial applications. The collaboration is expected to create sustainable value for investors by building a leading industrial chain ecosystem.

The most recent analyst rating on (HK:2533) stock is a Sell with a HK$16.00 price target. To see the full list of analyst forecasts on Black Sesame International Holding Limited stock, see the HK:2533 Stock Forecast page.

Black Sesame International Grants 659,000 Awards to Employees

Black Sesame International Holding Limited announced the grant of 659,000 awards to 18 employees under its Post-IPO Share Plan on October 21, 2025. The awards are structured with a time-based vesting schedule and include a clawback mechanism, ensuring the company’s control over the awards in cases of resignation or misconduct. This move is part of the company’s strategy to incentivize and retain its workforce, potentially impacting its operational efficiency and market positioning positively.

The most recent analyst rating on (HK:2533) stock is a Hold with a HK$20.00 price target. To see the full list of analyst forecasts on Black Sesame International Holding Limited stock, see the HK:2533 Stock Forecast page.