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]

Group 1 - The controller sector has shown significant overselling, and the fundamentals are improving, indicating potential for both performance and valuation recovery [1] - Historical analysis of the controller sector shows that stock price performance is highly sensitive to earnings and raw material price fluctuations, with recent years facing challenges from external factors [2] - The sector is expected to return to stable growth in 2025, with a simultaneous recovery in earnings and valuations [2] Group 2 - Hesai Technology reported a first-quarter delivery of nearly 200,000 units, a year-on-year increase of 231%, with revenue of 530 million yuan, up 46.3% [3] - In the first quarter, Hesai's ADAS product deliveries reached 146,100 units, a year-on-year increase of 178.5%, with strong growth in the Robotaxi and consumer robot markets [3] - Suoteng Juchuang's net losses are narrowing, with laser radar product sales in the robotics sector increasing by 183% year-on-year, driven by E1R and Airy sales [4]

2025年，马斯克登上全球各种热搜的次数恐怕要比特斯拉多很多。 一会到处查账，扮演孤胆英雄；一会对关税阴阳怪气，似乎是怒其不争。今年可是把这位钢铁侠给忙坏了。 但这时候就有朋友要问了，老板这么忙，那特斯拉在干什么呢？ 2025年第一季度，特斯拉全球累计交付33.7万辆汽车，同比下降12.96%。其中跌幅最狠的是在特斯拉的大本营美国加州，特斯拉的注册量已经连续6个季 度下滑，在加州电动车市场份额已经下降到了43.9%。 而在全球市场表现不佳，尤其是核心市场走低的同时，也有一系列不利事件萦绕在特斯拉周围，比如外界盛传已久的低价车型Model 2被传已经流产；特 斯拉FSD进入中国市场之后表现屡遭质疑；自动驾驶和Robotaxi的计划实现似乎遥遥无期。好像对于特斯拉来说，最近就没有什么顺风局可打。 而造成这些情况的原因也出奇一致：特斯拉和马斯克本人，总是想要提出一个异常宏伟的计划，然后奇迹般地完成它。 但事实提醒我们，天冷路滑，小心脚下。 FSD入华的步子很大，但结果有点尴尬 先把目光放到中国汽车市场。今年中国汽车行业最热闹的事情就是智驾。无论是鸿蒙智行带来"最大的豪华是安全"，还是比亚迪推动的"全民智驾"，似乎 ...

Core Viewpoint - RoboSense (速腾聚创) is experiencing explosive growth in its robotics business, driven by high-margin products and strategic advancements in digital lidar technology, positioning itself as a leader in the global lidar market [2][5][9]. Financial Performance - In Q1 2025, RoboSense reported revenue of 328 million RMB, with ADAS lidar revenue at 229 million RMB and robotics lidar revenue at 73 million RMB, marking an 87% year-on-year increase [2]. - The company's gross margin improved by 11.2 percentage points to 23.5%, while net loss narrowed by 24.4% to 98.79 million RMB [5]. Market Position and Orders - As of March 2025, RoboSense secured over 100 mass production orders from 30 automotive manufacturers and suppliers, with 38 models achieving SOP for 12 clients [7]. - The company holds a leading position in the global automotive lidar market, with a 50% share of lidar-equipped models showcased at the Shanghai Auto Show [9]. Product Development and Innovation - RoboSense launched two new solid-state digital lidar products, E1R and Airy, designed specifically for robotics applications, enhancing reliability and coverage [13]. - The company has established partnerships with over 90% of core Robotaxi and Robotruck enterprises globally, with projected sales growth of 41% in the Robotaxi sector by 2026 [11]. Industry Trends and Future Outlook - The global market for robotic lawnmowers is expected to exceed $1.5 billion in 2024, with a compound annual growth rate of 21% projected through 2029 [17]. - RoboSense's self-developed SPAD-SoC chip technology significantly reduces costs by over 70%, solidifying its competitive edge in the lidar market [21][22].

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]

推荐（维持） 高阶智驾渗透率持续提升，商业化进程提速 行业研究 计算机 2025 年 05 月 25 日 证 券 研 究 报 告 政策计算机行业周报（20250519-20250523） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 41,548.90 | 4.19 | | 流通市值(亿元) | 35,628.74 | 4.53 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.7% | -2.5% | 30.2% | | 相对表现 | -4.2% | -3.0% | 23.6% | -16% 11% 39% 66% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-24~2025-05-23 ...

Group 1: Current Challenges Facing Tesla - Tesla is experiencing multiple challenges, including tariffs on imported vehicle parts, declining overseas sales, and backlash from CEO Elon Musk's political activities [1][10] - The company has a reputation for overpromising and underdelivering, which is contributing to a perception of untrustworthiness among investors [2][4] Group 2: Issues with Leasing Policy - Tesla ended a policy that prevented U.S. leasing customers from purchasing their vehicles at lease-end, originally intended to support robotaxi ambitions that have not materialized [3] - The company has been upgrading off-lease vehicles and reselling them at higher prices, which has disappointed customers and affected its brand image [4] Group 3: Cybertruck Performance - The Cybertruck has seen disappointing sales and a significant price drop, with average selling prices for Teslas falling 7.6% over the past year, compared to a 0.8% decline for all brands [6][7] - In March, the Cybertruck registered 2,170 units, falling short of Ford's F-150 Lightning by approximately 400 registrations, indicating a loss of market share [8] - Analysts suggest that Musk's political behavior has negatively impacted the Cybertruck's appeal, moving it away from initial promises of competing with gasoline trucks [9] Group 4: Future Outlook - Tesla faces a range of issues that could affect its future, including political backlash and uncertainty surrounding its robotaxi plans [10] - Despite current challenges, there is a belief that these issues may eventually resolve, which could benefit long-term investors [10]

大家早上壕！ 先看海外要闻： 二十年期美债拍卖结果不佳，长期美债收益率飙升、带崩美股，避险情绪升温，黄金走高。美国股债 汇三杀。 美股创一个月最大跌幅，收盘道指跌1.91%，标普500指数跌1.61%，纳斯达克跌1.41%。 谷歌涨近3%，科技七巨头中独涨。财报后Target跌超5%。Navitas盘后涨超200%。百度财报后跌超 4%，季报及指引亮眼的小鹏汽车大涨13%。 美元连续三日走低。黄金涨超1%。美债标售后，债市抛售加速，十年期美债收益率日内涨幅超10个 基点。 OpenAI史上最大收购：拿下65亿美元"iPhone之父"AI硬件初创。 亚马逊CEO：关税并未影响消费者支出。 国内重大事件汇总： 1、上海印发《上海市提振消费专项行动方案》，促进汽车消费，新增手机、平板、智能手表（手 环）等数码产品购新补贴，加力支持绿色家电家居家装消费。加快构建房地产发展新模式，滚动推进 老旧小区更新改造。 2、国家金融监督管理总局等八部门联合印发《支持小微企业融资的若干措施》，支持符合条件的小 微企业在新三板挂牌，规范成长后到北交所上市。 3、北京首批即买即退集中退付点启用，离境退税政策拉动入境消费。 7、中国算力 ...