汽车行业事项点评：特斯拉24Q1点评：Q1交付端承压，新车型有望提前发布

信达证券04-25

（以下内容从信达证券《汽车行业事项点评：特斯拉24Q1点评：Q1交付端承压，新车型有望提前发布》研报附件原文摘录）事件：特斯拉发布2024年一季报，特斯拉全球24年一季度实现营收213.0亿美元，同比-8.7%；实现归母净利润11.3亿美元，同比-55.1%。Q1交付端承压，单车毛利维持稳定。特斯拉全球24年一季度实现营收213.0亿美元，同比-8.7%；实现归母净利润11.3亿美元，同比-...

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Y、Cybertruck实现成本的持续改善，4月份德州工厂Cybertruck一周生产超1000台。机器人层面，马斯克表示可能会在2025年年底之前销售人形机器人Optimus，在2024年年底前，Optimus人形机器人将拥有完成简单的工厂任务的能力。FSD V12升级受监管版（Supervisor），买断价格降低。归功于一体化端到端的神经网络模型，FSDV12Beta实现了输入（摄像头等传感器信号）到输出（车辆控制信息）的直接映射，通过大量驾驶员各种场景的视频训练，FSD在高难度驾驶场景与操作平顺程度方面有望实现质的飞跃，特斯拉一季报显示FSD用户累计行驶里程已突破12亿英里。在特斯拉OTA2024.3.10版本中，FSD（Supervised）v12.3.3上车，FSD从测试版（Beta）升级为受监管版（Supervised）。在订阅价格方面，特斯拉将FSD（Supervised）的包月价格从之前的199美元降至99美元；买断价格从12000美元降至8000美元。我们认为随着FSD的持续迭代与降价措施，有望推动FSD搭载率持续提升，进一步加速落地进程。投资建议：新车型发布渐行渐近，同时原有车型降本措施正不断推进，叠加FSD迭代进程加速，我们看好特斯拉及其产业链预期修复。建议关注相关产业链标的【拓普集团】、【银轮股份】、【爱柯迪】、【多利科技】、【美利信】、【旭升集团】、【新泉股份】、【常熟汽饰】、【香山股份】、【卡倍亿】等。风险因素：外部宏观环境的不确定性；原材料涨价风险；中国市场竞争不断加剧；新车型推出速度低于预期等。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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