纵横研报
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#Edge AI

02Reports
·半导体 ·内部研究

Black Sesame International: Credible Challenger, Unproven Cash Conversion

Black Sesame is a fabless designer of automotive compute SoCs, selling ADAS chips and bundled solutions; 2025 revenue rose 73% to RMB822 million, yet it stays deeply loss-making with R&D near 1.7x sales. It has crossed the technical-credibility threshold (A1000 shipping in Geely, BYD and FAW models) but not the cash-conversion one, leaning on repeated 2025-2026 equity raises. Rating Hold: real commercialization exists, but recurring dilution and negative owner earnings cap valuation support, with a true margin of safety only below about HK$6.

2533.HK Black Sesame International Holding Limited #Automotive SoC#ADAS#Autonomous driving#Edge AI#China semiconductors#Valuation
Hold
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·半导体设计 ·内部研究

莱迪思半导体（Lattice Semiconductor, LSCC.US）横纵研报

莱迪思半导体（Lattice Semiconductor, LSCC.US）是 2022 年 AMD 收购 Xilinx + 2025 年 Intel 分拆 Altera 后**全球唯一独立 FPGA 大龙头**，专注低功耗 FPGA 用于 Edge AI、通信计算、工业、汽车安全。FY2025 营收 $523.3M（库存周期底）、非 GAAP EPS $1.05、Q1 2026 营收 $170.9M（+42% YoY）已突破历史新高。新 CEO Ford Tamer（前 Inphi CEO 9 年）于 2024-09 上任，专注 Edge AI 与数据中心增量。当前 $142.15 / 市值 $19.5B / 前瞻 PE 74x、52 周涨 +198%——估值已透支完美剧本。

LSCC.US Lattice Semiconductor Corporation #FPGA#半导体#Edge AI#数据中心#估值透支#周期复苏
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