Robotaxi系列报告：智驾新革命：特斯拉Robotaxi前瞻宝典

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - Tesla's Robotaxi strategy has been significantly elevated in 2024, with an accelerated rollout expected [3] - The Robotaxi model is anticipated to have a higher profitability per vehicle compared to Full Self-Driving (FSD) software subscriptions and traditional car sales, potentially leading to a third leap in Tesla's valuation system [4] - The upcoming Robotaxi is expected to be based on the "Model 2" prototype, with significant advancements in software algorithms and potential use of lidar technology [4][34] - The profitability of the Robotaxi model could reach 809 billion yuan annually with a fleet of 200,000 vehicles, which is equivalent to selling 2 million cars [24] Summary by Sections Tesla Robotaxi Strategy - The priority of the Robotaxi project was raised in February 2024, with a new expected announcement date of October 10, 2024 [3][19] - Previous timelines set by Elon Musk in 2019 and 2022 did not materialize, but the current focus indicates a shift towards imminent deployment [19][22] Profitability and Business Model - The single-vehicle profitability of Robotaxi is projected to exceed that of FSD software subscriptions and traditional car sales, with a potential profit increase of 129% when comparing FSD software sales to car sales alone [24] - The Robotaxi operational model could yield annual profits of 809 billion yuan with a fleet of 200,000 vehicles, and up to 8,091 billion yuan with a fleet of 2 million vehicles, significantly surpassing the profits from the "sell cars + FSD software" model [24][38] Technological Advancements - The Robotaxi is expected to utilize the same platform for mass-produced vehicles and Robotaxi, facilitating the scaling of autonomous driving [24] - The anticipated FSD V13 software version is expected to enhance the autonomous driving capabilities significantly, potentially achieving six times the mileage without human intervention [34] - There is speculation regarding the inclusion of lidar technology in the Robotaxi, which could impact Tesla's long-term autonomous driving development [4][36] Market Outlook - The autonomous driving sector is viewed as a high-growth area, with expectations for continued strong performance in the upcoming quarters [5][47] - The report suggests a focus on companies such as Desay SV, Zhongke Chuangda, and others within the autonomous driving space as potential investment opportunities [5][47]