Tesla(TSLA) 浦银国际·2025-05-16 07:47Investment Rating - The report maintains a "Hold" rating for Tesla (TSLA.US) and raises the target price to 347.68 [1][3]. Core Insights - Short-term automotive sales are under pressure, with a significant decline in revenue and profits expected in 2025 due to global economic conditions and production line adjustments for new models. However, long-term growth potential remains strong due to advancements in autonomous driving and robotics technology [1][9]. - The report highlights Tesla's localized production capabilities in North America, Europe, and China, which position the company well to navigate global tariff changes [1]. - The current price-to-earnings (P/E) ratio for Tesla is noted at 145x, reflecting the market's expectations for future growth despite current challenges [1]. Financial Projections - Revenue projections for Tesla show a decline in 2025 to 5.950 billion, a 16% decrease from the previous year, before rebounding to 12.068 billion in 2027 [2][13]. - The report provides detailed financial metrics, including a projected basic earnings per share (EPS) of 19.335 billion, with automotive sales revenue down 20% [11]. - The gross margin for automotive sales decreased to 15.2%, reflecting increased operational costs and competitive pressures [11]. - The report emphasizes the importance of Tesla's investments in AI and robotics, which are expected to enhance future profitability and operational efficiency [9].