01 主题： 万马科技公司汇报 时间：6月9日（周一）18:00 主讲： 曹佩 计算机首席分析师 参会密码： 238190 02 主 题： 稳定币监管落地，确立产业趋势 时间： 6月9日（周一）20 : 00 主讲： 郑磊 传媒首席分析师 参会密码： 361758 03 主 题： 宁沪高速报告解读 时间： 6月10日（周二）21 : 00 主讲： 程志峰 交运分析师 参会密码： 839740 04 主题： 毕得医药深度报告汇报 时间： 6月11日（周三）15 : 00 主讲： 周豫 医药首席分析师 张崴 医药分析师 参会密码： 733126 05 主题： 东华测试经营状况交流 时间： 6月11日（周三）15 : 30 嘉宾： 董秘 何总 传感器业务负责人 焦总 主持： 崔文娟 机械首席分析师 参会密码： 494081 06 主题： 特斯拉Robotaxi 的商业化时刻 时间： 6月12日（周四）20 : 00 主讲： 刘虹辰 汽车首席分析师 参会密码： 803369 07 主题： 行业配置模型回顾与更新系列（六） 时间： 6月13日（周五）21 : 00 主讲： 刘晓锋 金工首席分析师 参会密码： 10499 ...

Core Insights - Uber Technologies has partnered with Five Below to allow customers to use the Uber Eats app for delivery from over 1,500 stores, enhancing customer convenience and expanding Uber Eats' offerings beyond food [1][3]. Group 1: Partnership and Strategy - The partnership enables customers to access a variety of budget-friendly items, including toys, games, and beauty products, with no delivery fee for Uber One loyalty program members [2]. - This collaboration aligns with Uber Eats' strategy to diversify its non-food retail offerings and enhance digital commerce for retailers [3]. Group 2: Financial Performance - Uber has shown impressive stock performance, with a year-to-date gain of 40.4%, outperforming the S&P 500 index and rival Lyft [4][8]. - The company has consistently surpassed earnings estimates, with an average beat of 212.3% over the last four quarters [7]. Group 3: Market Opportunities - Uber is focusing on the robotaxi market, which is projected to grow from $0.4 billion in 2023 to $45.7 billion by 2030, indicating a compound annual growth rate (CAGR) of 91.8% from 2025 to 2030 [9]. - The company has diversified its business model beyond ridesharing into food delivery and freight, which is crucial for risk reduction [10]. Group 4: Financial Strategy - In 2024, Uber generated a record $6.9 billion in free cash flow and announced a $1.5 billion accelerated stock buyback program, reflecting confidence in its business strategy [11]. - However, Uber's long-term debt has increased by 45.6% to $8.3 billion at the end of 2024 compared to 2019, raising concerns about its financial leverage [12]. Group 5: Valuation Concerns - Uber's current valuation is considered stretched, with a price-to-earnings ratio of 26.92X, significantly higher than the industry average of 17.97X [14].

Core Insights - Tesla is set to launch its first robotaxi service in Austin, TX, with a tentative start date of June 12, marking a significant step into the autonomous vehicle market [1][2] - The robotaxi service will utilize Tesla's Full Self-Driving (FSD) software, with CEO Elon Musk stating that Model Y vehicles are already being tested on public roads without a driver [2] - Despite the excitement, there are concerns regarding the lack of detailed information about the service's operational aspects, including vehicle deployment and safety measures [3][11] Tesla's Competitive Position - Tesla faces stiff competition from Waymo, which currently leads the U.S. robotaxi market, operating commercial services in four cities and providing over 250,000 paid rides weekly [6] - Waymo has adopted a cautious approach, focusing on data collection and safety studies, while Tesla has relied on bold claims from its CEO without substantial public data [7][20] - Tesla's robotaxis are expected to have a cost advantage, with production costs estimated at $50,000 compared to Waymo's $180,000 due to Tesla's reliance on cameras instead of high-end sensors [9] Market Challenges - Tesla is experiencing declining deliveries and increased competition from both legacy automakers and new entrants like BYD, which has surpassed Tesla in EV deliveries for two consecutive quarters [12][13] - The company has been offering deep discounts to boost demand, which is negatively impacting profit margins, leading to a reduction in growth targets for 2025 [14] - Tesla's stock has seen a 23% increase recently, likely due to optimism surrounding the robotaxi launch, but much of this may already be priced into the stock [4][22] Valuation Concerns - Tesla's forward price/sales ratio stands at 10.69, significantly higher than the industry average of 2.77, raising concerns about overvaluation [16] - The market appears to be pricing in expectations for breakthroughs in high-risk areas like autonomous driving, which remain unproven [18][21] - Given the current challenges in Tesla's core EV business and the uncertainties surrounding the robotaxi launch, the investment case appears weaker [21][22]

本期投资提示： （一）禾赛科技：一季度交付量近20 万台，同比高增231%。禾赛科技公布2025 年第一季度财务数据， 数据显示第一季度实现营收5.3 亿元，同比增长46.3%。2025 年第一季度，禾赛激光雷达总交付量为 19.58 万台，同比增长231.3%。其中，ADAS 产品交付量为14.61 万台同比增长178.5%。机器人领域交 付量增长迅猛，在Robotaxi 领域和消费级机器人领域均加速市场渗透进程。在Robotaxi 市场，禾赛作为 百度ApolloGo、滴滴自动驾驶、小马智行和文远知行等头部Robotaxi 企业下一代车队的主激光雷达供应 商。在消费级机器人市场，公司将交付30 万颗JT 系列激光雷达加速渗透。 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。就控制器 板块代表公司和而泰和拓邦股份来看，2025Q1 业绩已呈现修复态势，可乐观展望后续季度业绩表现。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现，我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。在18年、 21-23 年期 间，控制器部分原材料（包 ...

Core Viewpoint - Tesla's stock has experienced significant volatility in 2025, with shares fluctuating between $220 and $430, yet the company's growth narrative remains strong, supported by two key factors that suggest potential investment before the upcoming earnings call in late July [1] Group 1: Capital Advantage - Tesla possesses a substantial capital advantage, which is critical in the electric vehicle (EV) sector where many competitors have failed due to financial constraints [2] - The capital and time required to bring an EV to market are often underestimated; Tesla's journey from inception to market was relatively swift compared to competitors like Rivian and Lucid Motors [3] - Currently, Tesla is the largest pure-play EV company in North America, with a market capitalization of approximately $1 trillion, while Rivian and Lucid Group together are valued at only $30 billion [4] - Tesla's ability to raise $30 billion in new cash by diluting shareholders by just 2.5% enhances its financial stability and lowers its cost of debt, providing a significant competitive edge [4][5] Group 2: Robotaxi Growth Opportunity - The introduction of Tesla's robotaxi service, starting with the Cybercab and initially utilizing Model Ys, is seen as a major growth opportunity, with expectations of dominating the U.S. ride-hailing market [7] - Investor Cathie Wood predicts that the robotaxi service could significantly increase Tesla's stock price and contribute over 90% of the company's revenues in the long term, potentially reaching $1.7 trillion by 2040 [7][9] - Despite skepticism regarding the timelines for the robotaxi service's rollout, Tesla's capital advantages provide the necessary resources to develop and scale this initiative over the coming years [8][9]

正是 得益于高毛利的机器人产品销量翻倍 以及 自研芯片带来的成本优势 和 产品组合优化 ， 速腾 聚创 一季度的毛利率同比 提升 11.2个百分点 至 23.5% 。同时， 速腾聚创一季度 的 净亏损显著 收窄至 9878.6万元，同比改善24.4% 。 机器人业务爆发成新引擎，数字化激光雷达引领全场景落地。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， RoboSense速腾聚创（2498.HK） 于 5月30日 发布 了 2025年第一季度未 经审核的财务业绩公告。 财报显示， 速腾聚创 今年 一季度实现营收 3.28亿元 （人民币，下同） 。其中， ADAS激光雷达 收入2.29亿元；泛机器人激光雷达收入0.73亿元，同比 增长 87%；解决方案及其他收入0.26亿 元，同比增长61%。 值得注意的是， 速腾聚创 一季度 机器人产品销量 为 11,900台，同比 大幅增长 183.3% 。 这里 需要指出的一点是， 速腾聚创 的 E1R 、 Airy激光雷达产品毛利率 高于 Ruby、Helios 、 Bpearl 系列等机械式激光雷达产 ...

导读 ： 荣耀进军机器人赛道；多家公司加速布局Robotaxi ； 解锁【第一财经智享会员】实时解读 市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1 .荣耀进军机器人赛道，关注产业链带来的增量机遇 5月2 8日晚间，荣耀CEO李健在回应进军机器人赛道时表示，机器人无疑是公司重点关注的核心赛 道。"我们的核心思路围绕不同场景与用户需求展开，若特定场景需要与相关厂商合作，我们会以 开放姿态推进，同时，荣耀具备自主技术实力，包括长期积累的硬件研发能力与算法优势，这些自 主可控的技术足以支撑新产业的自主开发。" 2025.05.30 点击一键解锁 2. 国内外公司纷纷加码，Robotaxi商业化有望提速 近期，特斯拉、小马智行等多家国内外公司纷纷发布有关Ro b o t a x i的计划。 在当晚的荣耀4 0 0系列发布会上，荣耀展示了一款机器人，跑步速度已经达到4m/s，打破了之前的 机器人行业记录。 万联证券表示，人形机器人产业正处于技术突破与商业化落地的关键节点，政策支持、入局者不断 增加及AI大模型赋能共同推动行业加速发展，2 0 ...

ToplineTesla stock has soared 58% after CEO Elon Musk announced plans to leave DOGE. Can he restore the company’s brand value? If not, company shares are too high.WALNUT CREEK, CA - MAY 14: Matthew LeBrot is photographed with his Tesla cybertruck, bearing anti ... More Musk slogans, in a park near his home in Walnut Creek, California on May 14, 2025. Lebrot lost his job as a Tesla sales manager after calling for Elon Musk to step down from the company after Tesla posted huge losses. (Photo by Martin Klimek ...

来源|华尔街见闻 全球消费者对特斯拉品牌的兴趣持续下滑，华尔街投行瑞银维持"卖出"评级，特斯拉或正面临前所 未有的挑战。 据追风交易台消息，瑞银5月27日发布的2025年全球电动车消费者调查报告显示，全球消费者对特 斯拉品牌的兴趣持续下滑，在中国、美国和欧洲三大核心市场，特斯拉都面临品牌吸引力下降的困 境。 调查报告还指出，更令人担忧的是，特斯拉自动驾驶业务前景堪忧，盈利模式面临考验。 消费者对 自动驾驶功能的付费意愿有限，仅12%的受访者愿意为自动驾驶功能支付超过7600美元，而特斯拉 FSD目前售价8000美元。 瑞银调查显示，全球考虑购买特斯拉的消费者比例从去年的39%降至36%，作为消费者首选纯电品 牌比例从22%下滑至18%。深究背后原因，特斯拉在主要市场都面临本土化或传统豪华品牌的有力 挑战，马斯克的政治身份对品牌形象造成冲击。瑞银维持特斯拉目标价190美元，较当前股价存在 44%的下跌空间。 作为消费者首选纯电动车品牌的比例更是从22%大幅下滑至18%。 基于这一趋势，瑞银维持对特斯拉股票的"卖出"评级， 目标价190美元 ，较当前339.34美元的股价 存在44%的下跌空间 。今年以来，瑞银已 ...

Core Viewpoint - Global consumer interest in Tesla is declining, leading UBS to maintain a "sell" rating with a target price of $190, indicating a potential 44% downside from the current price of $339.34 [1][2] Group 1: Consumer Interest Decline - The proportion of consumers considering purchasing a Tesla globally has decreased from 39% last year to 36% [3] - Tesla's status as the preferred electric vehicle brand has dropped significantly from 22% to 18% [6] - In the U.S., Tesla retains about 48% of the electric vehicle market share, but its preferred brand status has plummeted from 38% to 29%, a decline of 9 percentage points [9] Group 2: Challenges in Key Markets - In China, Tesla's preferred brand status has fallen from 18% to 14%, being surpassed by BYD and emerging brand Xiaomi [11] - Tesla's technological leadership perception in China is eroding, with BYD now viewed as the technology leader [12] - In Europe, Tesla's brand consideration has dropped to 33%, being overtaken by Audi and BMW, with its preferred brand status declining from 20% to 15%, a drop of 4.6 percentage points [17][19] Group 3: Autonomous Driving Concerns - Only about 12% of consumers are willing to pay over $7,600 for Tesla's autonomous driving feature, while the current price for FSD is $8,000 [20] - The mismatch between pricing and consumer willingness to pay may hinder Tesla's software service revenue growth potential [24] Group 4: Market Pricing and Affordability - The starting price for Model Y is approximately $45,000 in the U.S., aligning with about 50% of consumers' budgets; in China, it is 263,500 RMB, fitting about 58% of consumers; while in Germany, the €45,000 starting price aligns with less than 37% of consumers' budgets [24]