华鑫证券-计算机行业点评报告：特斯拉（TSLA.O）

Core Viewpoint - Tesla's Master Plan Part IV emphasizes the integration of AI and humanoid robots into its strategic vision, aiming to create products and services that promote "sustainable abundance" for humanity [1] Group 1: Master Plan IV Overview - The release of Master Plan IV marks another expansion of Tesla's business boundaries, building on the achievements of previous plans [2] - The first three Master Plans focused on electric transportation, clean energy integration, and accelerating sustainable energy economies, with the current plan extending to a holistic vision for a better world [1][2] Group 2: Humanoid Robots as a Key Focus - Humanoid robots, particularly the Optimus, are highlighted as a central element of the new plan, with Tesla positioning itself as a leader in this field [2] - CEO Elon Musk stated that 80% of Tesla's value could be derived from Optimus, indicating a strong belief in the potential of AI in physical environments [2] Group 3: Musk's Share Purchase - Musk's recent purchase of 2.57 million shares at a cost exceeding $1 billion demonstrates his confidence in Tesla's future [2] - This marks Musk's first public market purchase since 2020, reinforcing his commitment to the company's growth [2] Group 4: Board's Incentive Plan - The board's new performance award for Musk is larger and more comprehensive than previous plans, aiming to motivate long-term leadership [3][4] - The plan includes ambitious targets such as achieving an $8.5 trillion market cap and delivering 20 million vehicles by 2030 [5] Group 5: Investment Recommendations - Tesla's historical success in achieving the goals of its previous Master Plans suggests a strong potential for future growth, particularly in humanoid robots and autonomous driving [6] - Investors are encouraged to monitor Tesla's advancements in humanoid robot development, autonomous driving, and automotive business iterations [6]