Tesla(TSLA) 华兴证券·2025-02-07 10:27Investment Rating - The report maintains a "Buy" rating for Tesla (TSLA US) with a target price of 374.32 [1][8][11]. Core Insights - Tesla's sales are expected to recover due to the introduction of new low-cost models, despite current challenges with Model 3 and Model Y sales [6][11]. - The company is anticipated to see significant advancements in its Optimus, FSD, and Robotaxi businesses by 2025, which could support its valuation [7][11]. - The target price has been raised from 429.00, reflecting a positive outlook on Tesla's operational improvements and market position [2][8][11]. Financial Summary - The projected revenue for 2025 is 7.65 billion and an EPS of 103.07 billion, which is 12% lower than previous estimates, while the EPS is also adjusted downwards [5][13]. - The report compares Tesla's valuation metrics with peers, indicating a P/E ratio of 146.6 for 2025, which reflects the market's high expectations for growth [17][21]. Product and Business Development - The introduction of the new low-cost Model 2 is expected to boost Tesla's delivery numbers significantly in 2025, with projected deliveries of 1.92 million vehicles [6][15]. - The report emphasizes the importance of Tesla's advancements in autonomous driving and robotics, which are seen as key growth areas for the company [7][11].