汽车销量强劲，FSD 升级推动智能化加速 特斯拉(TSLA.O) ——特斯拉 FY25Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | 本报告导读： 汽车销量亮眼，储能业务增长动能强劲。自动驾驶技术迭代加速，FSD 与 AI 芯片 并进。加速推进 Robotaxi 与 Optimus 布局。 投资要点： | 财务摘要(百万美元) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 96,773 | 97,690 | 94,894 | 113,798 | 141,742 | | (+/-)% | 18.8% | 0.9% | -2.9% | 19.9% | 24.6% | | 毛利率 | 18.2% | 17.9% | 17.5% | 18.0% | 18.1% ...

在特斯拉第三季度财报的电话会上，没有什么人要求其对过去的业绩做出解释，九成以上的问题都在追问特斯拉的未来。 10月23日，特斯拉发布2025年第三季度财报。特斯拉第三季度总收入同比增长12% ，为281亿美元，自由现金流达40亿美元，公司在本季度创下了收入和 自由现金流的双纪录。在交付上，电动车和储能业务双双创出新高。特斯拉在该季度全球共生产纯电动车约44.7万辆，交付量达49.7万辆。同期，特斯拉 储能产品装机量达到12.5吉瓦时，上海储能超级工厂产能释放持续助推业务增长。 然而财报发布后第二天，开盘前特斯拉股价跌幅一度超4%。一方面是因为，市场普遍认为特斯拉在三季度汽车业务的成绩是美国补贴政策到期前的反 扑，不具有可持续性；另一方面，特斯拉三季度的利润并未和营收一样大幅增加，反而明显下滑。 特斯拉必须亮出潜力业务的规划和进展挽回市场信心，这也是特斯拉创始人马斯克在三季度电话会上所做的事。 在产品计划方面，马斯克确认，Cyber Cab将于2026年第二季度启动生产。Cyber Cab"完全为自动驾驶设计，没有方向盘和踏板"，以极低的单位里程成本 为目标。"这款车是为了舒适的驾驶体验而优化，不需要追求超过8 ...

行情速递 ① 主 板 领 涨 ， 达 华 智 能 (+10.12%)/ 方 正 科 技 (+10.05%)/ 环 旭 电 子 (+10.02%)/ 格 尔 软 件 (+10.02%)/广合科技 (+10.00%)/ ②创业板领涨，科翔股份(+20.00%)/香农芯创(+20.00%)/航天智装(+19.98%)/ ③科创板领涨，普冉股份(+20.00%)/生益电子(+19.99%)/恒烁股份(+18.08%)/ ②翰博高新，发布2025年第三季度报告/2025年第三季度公司实现营业收入 8.70亿元/同比增长33.34%/归母净利润达1,766万元/同比大增153.33%/ ③可立克，发布2025年第三季度报告/2025前三季度公司实现营收41.05亿 元/同比增长24.86%/归母净利润达2.32亿元/同比增长52.51%/ ④杰创智能，发布2025年第三季度报告/2025前三季度公司营收5.99亿元/ 同比增长30.73%/归母净利润达2277万元/同比由亏转盈/ ④活跃子行业，SW通信网络设备及器件 (+7.49%)/ SW印制电路板 (+7.06%)/ 国内新闻 ① 艾邦ARAI眼镜资讯，理湃光晶完成 ...

Core Viewpoint - Tesla is not just a car manufacturer but is positioning itself as a leader in AI by creating intelligent nodes that will redefine transportation and mobility in the future [2][4]. Group 1: Tesla's Vision and Strategy - Elon Musk has shifted focus from merely selling cars to expanding production capacity for autonomous driving, believing that Full Self-Driving (FSD) will achieve Level 5 autonomy, making each Tesla a mobile AI node [2][4]. - The FSD system has accumulated over 60 billion miles of driving experience, significantly more than any competitor, allowing Tesla to create a realistic simulator for training AI [6][8]. - Once FSD surpasses human safety levels, regulatory environments will loosen, enabling the launch of Robotaxi services, which could drastically reduce operational costs in the ride-sharing industry [8][9]. Group 2: Future Products and Innovations - Tesla plans to mass-produce the Cybercab, a fully autonomous vehicle without a steering wheel or pedals, which will serve as the foundation for its Robotaxi network [9][11]. - The company is developing its AI5 chip, which is 40 times more powerful than its predecessor, designed specifically for autonomous driving, with plans to utilize excess capacity for AI training [11][13]. - Musk envisions a future where a fleet of 100 million Teslas could create a distributed computing network, significantly enhancing AI capabilities [13]. Group 3: Robotics and Energy Storage - Tesla is also focusing on the production of humanoid robots, with plans to launch Optimus, which Musk believes could become one of the largest products in history [14][16]. - The company sees significant growth potential in energy storage, aiming to double the effective power generation capacity in the U.S. by utilizing stored energy [17]. Group 4: Key Milestones and Financial Outlook - The year 2026 is highlighted as a pivotal moment for Tesla, with multiple product launches and expansions in AI capabilities, supported by substantial cash reserves and free cash flow [19][21]. - Musk's influence within the company is crucial for the execution of its AI strategy, with upcoming shareholder meetings determining his control over Tesla's future direction [21][23].

来 源： 内容来自 teslarati 。 特斯拉首席执行官埃隆·马斯克（Elon Musk）近日公布了公司下一代 AI5 芯片 的更多细节，称其 为"一项令人惊叹的设计"，性能相比前代产品将有显著提升。 公众号记得加星标⭐️，第一时间看推送不会错过。 "从某些指标来看，AI5 芯片的性能将比 AI4 提升 40 倍——不是 40%，而是 40 倍。" 马斯克表示，这一突破归功于特斯拉在软硬件垂直一体化设计方面的独特优势，公司同时掌握自动驾 驶系统的软件栈与硬件架构。 为 实 现 架 构 简 化 ， 特 斯 拉 在 AI5 中 移 除 了 多 种 传 统 组 件 ， 包 括 旧 版 GPU 和 图 像 信 号 处 理 器 （ISP），因为这些功能已被整合进新的 AI5 体系。 马斯克解释称，这种删减使芯片得以采用半掩模（half-reticle）设计，在效率与功耗管理方面获得显 著提升。 "这是一颗美丽的芯片，"马斯克说，"我将大量的生命能量都倾注在这颗芯片上，我确信它将成为赢 家。" AI5 的双重制造策略 马斯克确认，AI5 芯片将由三星位于德克萨斯的工厂与台积电位于亚利桑那的工厂联合生产，双方都 将参与 ...

Core Viewpoint - Tesla's Q3 2025 financial results show a revenue of $28.09 billion, a year-on-year increase of 11.6% and a quarter-on-quarter increase of 24.9%, despite a decline in net profit [1] Group 1: Financial Performance - Tesla achieved a gross margin of 18.0%, which is a decrease of 1.9 percentage points year-on-year but an increase of 0.8 percentage points quarter-on-quarter [1] - The net profit attributable to shareholders was $1.37 billion, reflecting a year-on-year decrease of 36.8% but a quarter-on-quarter increase of 17.2% [1] Group 2: Delivery and Production Capacity - In Q3 2025, Tesla delivered 497,000 vehicles, a year-on-year increase of 7.4% and a quarter-on-quarter increase of 29.4%, with strong growth across all global regions [1] - The company aims to achieve an annual production capacity of 3 million vehicles within 24 months, supported by the upcoming mass production of the Cybercab in 2026 [1] Group 3: Product Development and Innovations - The launch of the Optimus Gen3 prototype has been postponed to Q1 2026, with mass production planned for mid-next year, which is seen as a reasonable adjustment given the technical challenges [2] - Tesla's Robotaxi program has made significant progress, achieving operations without a safety driver in Austin and planning to expand service to three states by year-end [3] - The SEMI electric truck project is ahead of schedule, with factory construction completed and production expected to ramp up in 2025 [3] - The AI5 chip shows performance improvements, achieving 40 times the performance of AI4, indicating a strong competitive edge over Nvidia [3] Group 4: Long-term Trends and Market Opportunities - Despite short-term delays in humanoid robot releases, long-term investment opportunities remain, with projected delivery volumes of 50,000 to 100,000 units between 2026 and 2027 [4] - Key components such as motors, reducers, and actuators are expected to see increased opportunities due to the adjustments in the supply chain and technology maturation [4]

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 Tiktok组织架构再调整，周受资官宣提拔92年女高管 10月22日晚间，TikTok CEO周受资在内部群里发通知，宣布TikTok运营部门的汇报关系调整至TikTok产 品部门。这也是继今年8月1日，周受资发全员信宣布支颖接管TikTok平台责任与直播等部门之后的又一 顺延动作。1992年出生的支颖，2014年毕业于天津大学，先后于普华永道、Uber任职。2016年，支颖加 入字节跳动，是抖音早期成员。 京东回应001号国民好车拍出7819万 001号车拍出7819万元"天价"后，京东汽车作出回应。10月23日，京东汽车官方微博账号发布消息称， 没想到京东001号"国民好车"拍卖引发了大家如此热情关注，为感谢关注，将会向每一位参与拍卖出价 的用户届时买车后再单独送出价值399元的"国民好车"新车大礼包等权益，并向竞拍出价最接近车辆最 终发布价格的用户送一辆车。京东汽车还称，消费者可在京东APP参与新品抽签，有机会免费获得"国 民好车"5年使 ...

特斯拉首席执行官埃隆·马斯克宣布，即将推出的人工智能芯片AI5将由三星电子和台积电共 同生产，用于驱动自动驾驶及机器人产品线。 特斯拉首席执行官埃隆·马斯克周三告诉投资者，特斯拉即将推出的人工智能芯片5号（AI5）将由三星 电子（德克萨斯州工厂）和台积电（亚利桑那州工厂）一起生产。 AI5芯片被用来驱动自动驾驶及机器人产品线。此前他曾表示，AI5芯片性能是AI4的40倍， 算力提升8倍，内存增加9倍。他还称，这款芯片将成为"史诗级"产品，且紧随其后的AI6芯 片有望成为迄今为止最出色的AI芯片。 在特斯拉第三季度财报电话会议上，马斯克表示，特斯拉正在努力实现"过剩生产"，任何未用于汽车或 机器人的芯片都可以用于该公司的数据中心。 马斯克还表示，由于特斯拉是AI5的唯一客户，其芯片设计师能够专注于公司的需求，并消除芯片中减 慢速度的旧部件。 "特斯拉只需要满足一个客户的要求。这使得设计工作变得非常容易，意味着我们可以从芯片中删除很 多复杂的东西。"他补充道。 马斯克进一步指出，特斯拉的设计团队已经去掉了芯片的传统GPU、信号处理器和其他部件，并预测该 芯片在人工智能领域的性价比将达到最佳，"可能提高10倍"。 ...

Group 1: Samsung's AI Modem Development - Samsung Electronics is developing an AI modem chip for satellite communication aimed at SpaceX's Starlink network as part of its next-generation non-terrestrial 6G strategy [1][2] - The new Exynos modem, which integrates an AI accelerator (neural processing unit), is designed to improve tracking of fast-moving satellites and optimize signal links in real-time, with beam recognition and channel prediction capabilities enhanced by 55 times and 42 times, respectively [1] - The anticipated market for this technology could reach 740 trillion Korean won (approximately 530 billion USD) by 2040 [1] Group 2: Collaboration with SpaceX - Samsung is negotiating to join SpaceX's non-terrestrial 6G network supply chain, which aims to connect the globe through Starlink satellites [2] - The collaboration highlights Samsung's ambition to expand beyond smartphones and memory chips, with recent partnerships extending to Tesla's internal AI semiconductor projects [2] Group 3: SpaceX's Strategic Moves - SpaceX has invested approximately 17 billion USD to acquire 50 MHz of wireless spectrum and global mobile satellite service (MSS) frequencies to support its non-terrestrial network [2][5] - The company is working with chip manufacturers to embed devices in mobile phones for its emerging Starlink satellite-to-phone service, which aims to provide direct mobile services from space [4][5] - SpaceX plans to launch new satellites in the next two years to support its direct-to-device business and conduct mobile phone testing by late next year [5] Group 4: Elon Musk's Vision for AI Chips - Elon Musk emphasized Samsung's significant role in the development of Tesla's AI chips, particularly the AI5 chip, which will be manufactured in collaboration with both Samsung and TSMC [7][8] - The AI5 chip is designed differently from traditional GPUs, omitting image signal processing to maximize efficiency [7] - Tesla has signed a 16.5 billion USD agreement with Samsung for the production of the next-generation AI6 chip, marking a significant win for Samsung's foundry division [7][8]

Group 1 - JD.com has formed a patrol team to monitor merchant pricing during the Double Eleven shopping festival, prohibiting prices on other platforms from being lower than those on JD.com, with penalties starting at 5 million yuan for violations [3] - Lu Weibing from Xiaomi stated that future smartphone brands will be divided into two categories: those with self-developed chips and those without, emphasizing the importance of self-developed chips for better integration of hardware and software [6] - CEO of Leap Motor, Zhu Jiangming, reflected on his decision to enter the automotive industry, describing it as a choice made without fear due to his lack of prior experience in the sector [7][8] Group 2 - TikTok has undergone organizational adjustments, with the operations department's reporting structure shifting to the product team, enhancing the influence of young executive Zhi Ying [9] - A report from the China Electronic Commerce Association revealed that OPPO had the lowest complaint rate among major smartphone brands over the past five years, with a total of 32,680 complaints recorded [11] - Hesai Technology continues to lead the market in automotive lidar installations, achieving a market share of 46% and planning to produce over 2 million units annually [12] Group 3 - Xiaopeng Motors' CEO, He Xiaopeng, explained the company's strategy to develop range-extended electric vehicles, emphasizing the need to meet diverse global demands [17] - JD.com announced a record auction price of 78.19 million yuan for its "001" vehicle, with plans to reward participants with additional benefits [20] - Alibaba's Quark app has launched an AI dialogue assistant, integrating search and conversational capabilities to enhance user experience [22] Group 4 - Meta has laid off approximately 600 employees from its AI department, focusing on streamlining operations within its "superintelligent laboratory" [32] - Tesla's CEO Elon Musk revealed that TSMC and Samsung will collaborate on the production of the AI5 chip, while maintaining the use of NVIDIA's processors for certain tasks [34] - Reports indicate that Apple may skip the iPhone 19 and directly release the iPhone 20 in 2027 to commemorate the 20th anniversary of the iPhone [36]