Tesla(US:TSLA) KAIYUAN SECURITIES·2025-07-14 07:43Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that Tesla's Optimus project is entering a critical adjustment phase, with a leadership change aimed at enhancing the robot's mass production capabilities [13][15] - The new head of the project, Ashok Elluswamy, is expected to accelerate the integration of hardware and software, leveraging his experience from the Autopilot team [27][28] - The report emphasizes the importance of AI capabilities, particularly through the integration of the Grok AI model and the establishment of a powerful data center to support the training of the Optimus robot [40][45] Summary by Sections Section 1: Tesla Robot's Technical Adjustment Phase - On June 7, the original head of the Optimus project, Milan Kovac, announced his departure, and Ashok Elluswamy took over the project [13] - The Optimus V3 is expected to significantly improve performance and integrate the Grok voice assistant, enhancing interaction capabilities [14][41] - Current hardware issues include overheating of joint motors and insufficient load capacity of the dexterous hand, which are being addressed [26][27] Section 2: Leadership Transition - Milan established the foundational architecture and supply chain for the Optimus robot, while Ashok aims to enhance software-hardware synergy and push for mass production [15][17] - The leadership change signals a strategic elevation of the robot project within Tesla, aligning it with the importance of the Robotaxi initiative [27][28] Section 3: AI Financing and Infrastructure - xAI has completed a new round of financing totaling $10 billion, focusing on expanding the Grok AI chatbot and building a large-scale data center [40][44] - The Colossus data center, equipped with 200,000 GPUs, will serve as a core infrastructure for AI training, enhancing the capabilities of the Optimus robot [45][46] Section 4: Investment Recommendations and Beneficiaries - The humanoid robot sector is viewed as being at a bottoming phase, with potential catalysts expected in the near future [50] - Beneficiary companies include those involved in components such as assembly, lead screws, dexterous hands, lightweight materials, reducers, sensors, and motors [51]