研報掘金|招商證券:維持特斯拉“增持”評級及目標價290美元 AI衍生業務前景仍然樂觀
招商證券發表研究報吿指,特斯拉第二季純利為14.8億美元,按年下跌45.3%,按季則升30.9%,表現遜於市場預期,主要是受到公司向被解僱的員工支付6.2億美元一次性補償費用所拖累。招商證券表示,特斯拉的AI衍生業務前景仍然樂觀。在4月降價之後,FSD在北美用户的使用率明顯上升,資料收集與軟體成熟度加快提升。同時,公司預計FSD將在今年底前獲得歐洲與中國的監管批准,料年內可進入相關市場。另外,人形機器人則預計在2025年初開始量產用於內部工廠,並預計2026年開始大規模量產及對外銷售。招商證券小幅下調集團2024財年淨利潤預測2%,但維持2025至2026年預測,以反映因FSD延遲於中國及歐洲落地,智能駕駛對銷量催化效應相應延後到明年,及對小型車銷量更保守的預期。該行認為,集團是全球AI機器人產業首選股,維持“增持”評級及目標價290美元,預計其股價回調空間有限,建議逢低吸納。
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