Tesla(US:TSLA) Huaxin Securities·2025-10-26 14:35Investment Rating - The report maintains a "Recommended" rating for the automotive industry, particularly focusing on humanoid robots and intelligent driving technologies [2][8]. Core Insights - The Optimus Gen3 is expected to be showcased in Q1 of next year, with mass production of 1 million units starting by the end of 2026, exceeding previous expectations [3][4]. - The automotive industry is shifting from "electrification" to "intelligentization and embodiment," with significant investments in autonomous driving and humanoid robotics [5][6]. - Key players in the industry are accelerating their investments in intelligent electric vehicle technologies, with notable collaborations and product launches [5][62]. Summary by Sections Market Performance and Valuation Levels - The CITIC Automotive Index rose by 3.0%, lagging behind the broader market by 0.3% [16]. - The automotive sector's PE ratio is at 33.8, positioned at the 45.8% percentile over the past four years, while the PB ratio is at 3.0, at the 93.8% percentile [34]. Industry Data Tracking - In October, the average daily retail of passenger cars decreased by 3% year-on-year, with total retail sales of 1.128 million units, a 6% decline compared to the same period last year [46]. - The wholesale of passenger cars saw a 1% increase year-on-year, totaling 1.155 million units in the same timeframe [50]. Company Announcements and Industry News - Tesla's Q3 2025 revenue reached $28.1 billion, a 12% year-on-year increase, with plans to launch the Optimus V3 humanoid robot in Q1 next year [62][63]. - New product launches from BYD include the 2026 models of Song L, Song Pro, and Qin L DM-i, with prices starting from 92,800 yuan [62]. Recommended Stocks - The report highlights several companies for investment, including: - New Spring Co., Ltd. and Shuanglin Co., Ltd. for their high-value joint assembly components [8]. - Recommendations for precision screw manufacturers like Shuanglin Co., Ltd. and Rongtai Co., Ltd. due to their relevance in humanoid robotics [8].