Tesla(US:TSLA) Huafu Securities·2025-10-26 11:51Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" was officially released on October 22, outlining six major goals for China's automotive industry by 2040, including a 60% reduction in carbon emissions from peak levels by 2040 and achieving over 80% penetration of new energy vehicles [3][15] - Tesla's Q3 financial report showed revenue of $28.1 billion, a 12% year-on-year increase, but net profit decreased by 29% to $1.77 billion, primarily due to rising operational costs and a decline in full self-driving revenue [4][16] - The automotive sector's performance from October 20 to October 24 showed a 2.9% increase, underperforming the CSI 300 index by 0.3 percentage points, with the automotive sector ranking 10th among 31 sectors [20][23] Summary by Sections Industry Research - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" emphasizes low-carbon, electric, and intelligent development directions for the automotive industry, structured around one overall industry goal, five technology groups, and 26 specialized areas [14] - The roadmap aims for a mature ecosystem for intelligent connected vehicles and significant advancements in original innovation capabilities in China [15] Market Performance - The automotive sector's performance from October 20 to October 24 was 2.9%, while the CSI 300 index was at 3.2%, indicating a slight underperformance [20] - Year-to-date, the automotive sector has increased by 22.7%, ranking 10th among 31 sectors [20] Key Data - From October 1 to 19, retail sales of passenger vehicles were 1.128 million units, a 6% year-on-year decrease, while new energy passenger vehicle retail sales were 632,000 units, a 5% year-on-year increase [6][38] - In September, total automotive sales reached 3.226 million units, with a year-on-year increase of 14.9% [43] Company Highlights - Tesla's Q3 delivery reached a record 497,000 vehicles, driven by consumer demand ahead of the expiration of federal EV tax credits [16] - Tesla plans to release its third-generation humanoid robot, Optimus, in Q1 2026, with an expected annual production of 1 million units [17]