特斯拉- 若埃隆的薪酬方案未获通过会怎样

Summary of Tesla Inc. Conference Call Company Overview - Company: Tesla Inc (TSLA) - Industry: Autos & Shared Mobility - Market Cap: $1,627,284 million as of October 29, 2025 - Current Share Price: $461.51 - Price Target: $410.00 [4][9] Key Points Discussed Shareholder Meeting and Compensation Package - The upcoming shareholder meeting on November 6, 2025, is deemed crucial for Tesla's future, particularly regarding Elon Musk's $1 trillion long-term compensation package [1][3] - There is a possibility that the compensation package may not pass, which could lead to significant implications for the company [1][6] Potential Outcomes if Compensation Package Fails 1. Vote of No Confidence: A failure to pass the compensation package may signal a lack of confidence in Musk's leadership [6] 2. Leadership Concerns: Musk may express concerns about leading Tesla into dual-purpose robotics and AGI without a significant say in the company's future [6] 3. Share Price Impact: An immediate sell-off of shares could occur, potentially exceeding 10%, affecting the company's strategic outlook [6] 4. Key Man Risk: Questions regarding succession and key man risk may arise, impacting investor confidence [6] 5. Recruitment Challenges: The ability to attract top talent in AI, manufacturing, and robotics could be jeopardized if Musk's leadership is questioned [6] Financial Projections - Earnings Per Share (EPS): - 2024: $2.41 - 2025 Estimate: $1.58 - 2026 Estimate: $2.61 - 2027 Estimate: $4.38 [4] - Bear Case Share Price Projections: Could come into play if the compensation package does not pass [6] Valuation Methodology - The price target of $410 is based on several components: 1. Core Tesla Auto business valued at $75/share 2. Network Services valued at $157/share 3. Tesla Mobility at $90/share 4. Energy segment at $70/share 5. Third-party supplier role at $17/share [9] Risks Identified - Upside Risks: Include service revenue disclosures, increased FSD attach rates, and successful new model introductions [12] - Downside Risks: Include execution risks, competition from legacy OEMs and Chinese players, and potential dilution [12] Additional Insights - The industry view for Tesla is currently rated as "In-Line" [4] - The bull case for Tesla's stock remains at $800, indicating a strong potential upside despite current uncertainties [2] This summary encapsulates the critical aspects of Tesla's recent conference call, highlighting the potential implications of the upcoming shareholder meeting and the financial outlook for the company.