分析师又给特斯拉泼冷水

科创日报12-18

文|夏军雄得益于在无人出租车（Robotaxi）领域的进展，特斯拉股价近段时间持续上涨，并于本周创下约495美元/股的历史新高。然而，分析师警告称，特斯拉的核心业务电动汽车的价值只占其市值的一小部分。若以数字衡量，特斯拉汽车业务只值30美元/股。William Blair能源研究主管Jed Dorsheimer 表示：“市场越来越多地从自动驾驶和能源的角度看待特斯拉。”Dorsheimer从能源与...

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畜牧教主马斯克
12-18
畜牧教主马斯克
马圣的养殖业你还没算呢，起码价值400美元

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251218080726a458c296&s=b><strong>科创日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文|夏军雄得益于在无人出租车（Robotaxi）领域的进展，特斯拉股价近段时间持续上涨，并于本周创下约495美元/股的历史新高。然而，分析师警告称，特斯拉的核心业务电动汽车的价值只占其市值的一小部分。若以数字衡量，特斯拉汽车业务只值30美元/股。William Blair能源研究主管Jed Dorsheimer 表示：“市场越来越多地从自动驾驶和能源的角度看待特斯拉。”Dorsheimer从能源与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251218080726a458c296&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2462157665.USD","symbol_name":"ALLIANZ GLOBAL INCOME \"A\" (USD) 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7%，创下历史新高。特斯拉的这轮上涨，主要源于其在得州奥斯汀测试无人驾驶Robotaxi的消息，以及市场日益确信该公司正成功转型——从一家举步维艰的电动汽车制造商，转型为自动驾驶巨头。特斯拉股价几乎完全押注未落地的业务Dorsheimer指出，特斯拉当前股价几乎完全是在押注那些尚未真正落地的业务。在他看来，这种“转型”其实已经完成，市场不再以特斯拉交付了多少辆电动车来评判它，而是关注其在机器人和人工智能（AI）领域的进展。根据Dorsheimer的分析，他估计自动驾驶相关业务如今已占特斯拉整体价值的70%以上。这其中包括长期承诺的Robotaxi平台，以及被人形机器人项目Optimus。Dorsheimer还补充道：“你也确实看到能源业务的价值在增长，已经与汽车业务相当，甚至可能略高一些。”这种分部估值法表明，如果剥离特斯拉自动驾驶软件和储能业务的预期，剩余的汽车业务估值将远低于当前股价水平。质疑焦点在于执行力。尽管股价基于对未来的承诺而上涨，但特斯拉短期内的收入和利润，仍在很大程度上依赖于全球电动汽车市场，而该市场正面临日益激烈的竞争和监管阻力。就在本周，加州监管机构对特斯拉“Autopilot（自动驾驶）”的营销表述提出质疑，要求其在90天内澄清或删除相关措辞。这再次提醒人们，实现完全自动驾驶的道路上布满法律和技术障碍。对于在接近每股480美元价位买入特斯拉的投资者而言，容错空间极其有限。如果Robotaxi的时间表再次推迟——这种情况过去已多次发生——市场或将被迫更加严格地审视那“每股30美元”的汽车业务。尽管如此，Dorsheimer仍然看好特斯拉长期的能源故事，认为其能源业务是被市场低估的、推动未来盈利增长的重要动力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":511990943404288,"gmtCreate":1766024747472,"gmtModify":1766024749775,"author":{"id":"3560418186602071","authorId":"3560418186602071","name":"畜牧教主马斯克","avatar":"https://static.tigerbbs.com/58bf1dddf2200bde0bbfcaedaadea959","vip":1,"hat":"https://static.tigerbbs.com/f3e7f6253c885de8bad6403055b76aab","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3560418186602071","idStr":"3560418186602071"},"htmlText":"马圣的养殖业你还没算呢，起码价值400美元","listText":"马圣的养殖业你还没算呢，起码价值400美元","text":"马圣的养殖业你还没算呢，起码价值400美元","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/511990943404288","repostId":2592907944,"repostType":2,"repost":{"id":"2592907944","kind":"news","pubTimestamp":1766015745,"share":"https://www.laohu8.com/m/news/2592907944?lang=zh_CN&edition=full","pubTime":"2025-12-18 07:55","market":"us","language":"zh","title":"分析师又给特斯拉泼冷水","url":"https://stock-news.laohu8.com/highlight/detail?id=2592907944","media":"科创日报","summary":"然而，分析师警告称，特斯拉的核心业务电动汽车的价值只占其市值的一小部分。近期，特斯拉股价一路走高。根据Dorsheimer的分析，他估计自动驾驶相关业务如今已占特斯拉整体价值的70%以上。这种分部估值法表明，如果剥离特斯拉自动驾驶软件和储能业务的预期，剩余的汽车业务估值将远低于当前股价水平。对于在接近每股480美元价位买入特斯拉的投资者而言，容错空间极其有限。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251218080630878v152rxh8eug8hr4\"/><p><strong>文|</strong>夏军雄</p><p>得益于在无人出租车（Robotaxi）领域的进展，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>股价近段时间持续上涨，并于本周创下约495美元/股的历史新高。</p><p>然而，分析师警告称，特斯拉的核心业务电动汽车的价值只占其市值的一小部分。若以数字衡量，特斯拉汽车业务只值30美元/股。</p><p>William Blair能源研究主管Jed Dorsheimer 表示：“市场越来越多地从自动驾驶和能源的角度看待特斯拉。”</p><p>Dorsheimer从能源与基础设施视角对特斯拉进行了评估，并指出，特斯拉市值中存在令人震惊的脱节。</p><p>“汽车业务的权重正在被明显淡化。我们在此前发布的分部估值分析中对这一点进行了评估，”他说。“汽车业务实际上只相当于每股约30至40美元的价值。”</p><p>近期，特斯拉股价一路走高。过去五个交易日，该公司股价累计上涨超过 7%，创下历史新高。</p><p>特斯拉的这轮上涨，主要源于其在得州奥斯汀测试无人驾驶Robotaxi的消息，以及市场日益确信该公司正成功转型——从一家举步维艰的电动汽车制造商，转型为自动驾驶巨头。</p><p><strong>特斯拉股价几乎完全押注未落地的业务</strong></p><p>Dorsheimer指出，特斯拉当前股价几乎完全是在押注那些尚未真正落地的业务。在他看来，这种“转型”其实已经完成，市场不再以特斯拉交付了多少辆电动车来评判它，而是关注其在机器人和人工智能（AI）领域的进展。</p><p>根据Dorsheimer的分析，他估计自动驾驶相关业务如今已占特斯拉整体价值的70%以上。这其中包括长期承诺的Robotaxi平台，以及被人形机器人项目Optimus。</p><p>Dorsheimer还补充道：“你也确实看到能源业务的价值在增长，已经与汽车业务相当，甚至可能略高一些。”</p><p>这种分部估值法表明，如果剥离特斯拉自动驾驶软件和储能业务的预期，剩余的汽车业务估值将远低于当前股价水平。</p><p>质疑焦点在于执行力。尽管股价基于对未来的承诺而上涨，但特斯拉短期内的收入和利润，仍在很大程度上依赖于全球电动汽车市场，而该市场正面临日益激烈的竞争和监管阻力。</p><p>就在本周，加州监管机构对特斯拉“Autopilot（自动驾驶）”的营销表述提出质疑，要求其在90天内澄清或删除相关措辞。这再次提醒人们，实现完全自动驾驶的道路上布满法律和技术障碍。</p><p>对于在接近每股480美元价位买入特斯拉的投资者而言，容错空间极其有限。如果Robotaxi的时间表再次推迟——这种情况过去已多次发生——市场或将被迫更加严格地审视那“每股30美元”的汽车业务。</p><p>尽管如此，Dorsheimer仍然看好特斯拉长期的能源故事，认为其能源业务是被市场低估的、推动未来盈利增长的重要动力。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n分析师又给特斯拉泼冷水\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-18 07:55 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251218080726a458c296&s=b><strong>科创日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文|夏军雄得益于在无人出租车（Robotaxi）领域的进展，特斯拉股价近段时间持续上涨，并于本周创下约495美元/股的历史新高。然而，分析师警告称，特斯拉的核心业务电动汽车的价值只占其市值的一小部分。若以数字衡量，特斯拉汽车业务只值30美元/股。William Blair能源研究主管Jed Dorsheimer 表示：“市场越来越多地从自动驾驶和能源的角度看待特斯拉。”Dorsheimer从能源与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251218080726a458c296&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","TSYW.SI":"TESLA 3xLongSG261006","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World 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7%，创下历史新高。特斯拉的这轮上涨，主要源于其在得州奥斯汀测试无人驾驶Robotaxi的消息，以及市场日益确信该公司正成功转型——从一家举步维艰的电动汽车制造商，转型为自动驾驶巨头。特斯拉股价几乎完全押注未落地的业务Dorsheimer指出，特斯拉当前股价几乎完全是在押注那些尚未真正落地的业务。在他看来，这种“转型”其实已经完成，市场不再以特斯拉交付了多少辆电动车来评判它，而是关注其在机器人和人工智能（AI）领域的进展。根据Dorsheimer的分析，他估计自动驾驶相关业务如今已占特斯拉整体价值的70%以上。这其中包括长期承诺的Robotaxi平台，以及被人形机器人项目Optimus。Dorsheimer还补充道：“你也确实看到能源业务的价值在增长，已经与汽车业务相当，甚至可能略高一些。”这种分部估值法表明，如果剥离特斯拉自动驾驶软件和储能业务的预期，剩余的汽车业务估值将远低于当前股价水平。质疑焦点在于执行力。尽管股价基于对未来的承诺而上涨，但特斯拉短期内的收入和利润，仍在很大程度上依赖于全球电动汽车市场，而该市场正面临日益激烈的竞争和监管阻力。就在本周，加州监管机构对特斯拉“Autopilot（自动驾驶）”的营销表述提出质疑，要求其在90天内澄清或删除相关措辞。这再次提醒人们，实现完全自动驾驶的道路上布满法律和技术障碍。对于在接近每股480美元价位买入特斯拉的投资者而言，容错空间极其有限。如果Robotaxi的时间表再次推迟——这种情况过去已多次发生——市场或将被迫更加严格地审视那“每股30美元”的汽车业务。尽管如此，Dorsheimer仍然看好特斯拉长期的能源故事，认为其能源业务是被市场低估的、推动未来盈利增长的重要动力。","news_type":1,"symbols_score_info":{"TSLA":1.98,"TSYW.SI":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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