不太看好财报，主要是_老虎社区_美港股上老虎

不太看好财报，主要是：

1. 汽车毛利率：Q4交付同比降16%，毛利率需守住17%+（不含积分），低于则引发盈利担忧。

2. 现金流与资本开支：2026年自由现金流预期分歧大，资本开支是关键变量。

3. 新业务叙事：FSD迭代、Robotaxi落地、Optimus进展决定估值锚点；无实质突破则高估值难支撑。

特斯拉下周财报！FSD, Robotaxi, Optimus…能否助力股价大涨？

马斯克发文：Robotaxi“无安全员”Austin上路，意味着特斯拉认为系统已达到“可独立运行”阈值，马斯克也放话欧洲+中国FSD可能下个月获批。另外马斯克达沃斯表示明年公开发售Optimus机器人。特斯拉即将于29日公布财报，市场焦点放在了无监督FSD、Robotaxi及Optimus机器人等前沿技术上。【特斯拉绩前是上车好机会吗？】

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Dollydolly
01-23 13:40
Dollydolly
毛利率守不住，估值就崩了。

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