Tesla(US:TSLA) Guoxin Securities·2026-01-29 01:43Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [5][11]. Core Insights - The report highlights significant advancements in commercial aerospace, humanoid robots, and AI infrastructure, with a focus on the potential for cost reductions and market growth in these sectors [2][3][4]. - SpaceX aims to achieve full reusability of its Starship rockets this year, which could reduce the cost of space access by 99%, bringing it down to below $100 per pound [2][18]. - Tesla plans to launch its humanoid robot, Optimus, to the public by the end of 2027, with expectations for significant improvements in its capabilities over the next two years [3][18]. Summary by Sections Commercial Aerospace - The report emphasizes the long-term investment opportunities in commercial aerospace, particularly focusing on the rocket segment where capacity constraints exist. Key players include SpaceX and domestic companies like Blue Arrow Aerospace and CASIC [2]. - Specific areas of interest include critical structural components and new applications of 3D printing, with companies such as Huashu High-Tech and Jiangshun Technology highlighted [2]. Humanoid Robots - The humanoid robot sector is viewed positively, with a focus on companies that are core suppliers to Tesla or have strong market positions. Companies like Hengli Hydraulic and Wuzhou New Spring are recommended for their potential [3][9]. - The report suggests looking for growth in the value chain and identifying companies with high elasticity in their stock performance, such as Weiman Sealing and Longxi Co. [3][9]. AI Infrastructure - The report expresses optimism for AI infrastructure, particularly in gas turbine and liquid cooling sectors. Companies like Yingliu Co. and Wanze Co. are noted for their roles in the gas turbine supply chain [4]. - Emphasis is placed on the importance of energy supply for AI data centers, with recommendations for companies involved in cooling systems and integrated solutions [4][9]. Key Company Earnings Forecasts - The report provides earnings forecasts for several companies, all rated "Outperform," including: - Green's Harmony (688017.SH) with an EPS forecast of 0.66 in 2025 and a PE ratio of 328 [11][25]. - Huichuan Technology (300124.SZ) with an EPS forecast of 2.06 in 2025 and a PE ratio of 39 [11][25]. - Hengli Hydraulic (601100.SH) with an EPS forecast of 0.79 in 2025 and a PE ratio of 56 [11][25].