全文可编辑-汽车行业市场前景及投资研究报告：智能驾驶拐点，T链边际变化，深蹲蓄力，静待花开.pptVIP

/JR

2024410^250

HUAXISECURITIES

1)

{rHXWM4i2023Q37A$f:fc,2024Q3Cybertruck^i^’J,Cybercab^2026-^^«

i^2025-2026£«fO)J

2)FSD#-fpM,RobotaxiJLi£—:

HW4.0d4.FSD

OccupancyNetwork)Mt)A/iiOJF5]X?;AAfij^Xz;

FSDOAt^£]^MV12jfc^jk^,FSDV12^^#

«,UW$.#4UiWW^M-O,W«lW,teWWi,Si*)

rWWiMi.

3)Optimusiil^

#M#0ptimusWttWo

@WKAi’0]kM#^U£Wmto

1)WW4W£aK[#M4aSW;2)WKWflWJo

£W£WO$;£WMW7O$;ORobotaxiWJkKM

1

HUAXISECURITIES

FSD#^^,RobotaxiJUi—

=-«A:

2

HUAXISECURITIES

1.#M4i2024Q3M^X4^iWt^,WiUW;

2.2024Q3Cybertruck^^jLJL^J,Cybercab^jE2026-M^MirM3tit;

3.4^2025-20264^»,£WWiUO-

3

1.1

HUAXISECURITIES

2024Q3#M#^@MilW4,^3HEJMF£4to77I£,J*51%o2024

4771,#M-Ml*)W4.6^XRj^tiU7%;2024-^87)HII*)3^4,£J20244,^4^37%,4T7,

±4^AXT6744#OJT8669744^tt^^17%;2024497),l*J^«it7.2^44Rtt^^66%,4T7ModelY7)fW

4.8444lt«xr^#t8.8444j5Wt4^20%o04X4,#M42024Q34M4-47IT4IX44XXXXft

iWModel3/Y307^1071313,£W0#O4

S:#M4i2023-2024M9WWXW*t(4ft,%)

ffl:#XJr#2023-2024M9ModeIY(44ft,%)

#MM+ffl2023-4^WtS2024-+$)*

2024|a]ttyoy 2024SOL.

^■#MUModelY2023+08.#M44-ModeIY2024+08#«

20240tLyoy 2024^fct

4

1.2Cybertruck^$LjE.JHJ,Cybercab###)^

HUAXISECURITIES

■2024Q3Cybertruck^^jE^Jo2024Q3M^i5l±,Wbertrucke,WW202449

#o4AitAiSj,Cybertruck2024034^^:0|L,166924$,4RM4282504$,44445/44^4^4,i£44T4i4F-150Lightning,

RivianR1T^4SiIveradoEV^4^444RWft44#M4-i^202444^^44±^4(2024.06),

M3004$Cybertruck,^^^20244«Cybertruck^R4^t^^25004$,RHt,#M^#^^4«it12.544$6$j£44:to

■Cybercab^20264£«7to42024Q3444i£447,4M44«,Cybercab#T20264£«4,0#^44200^4$R4,j££30^FSD4tiO,

S:#M4iCybertruck^bXSL!5

®:#$r4iCybercab

5

1.32024AW$

HUAXISECURITIES

2024^-6^149;t,2024#M«

$r4-eL4^T4^Robtaxi—“Model2”),£A—4$MPVO4-^jModel3^SHs,Model26\/^-^#^t

M^15%

fMf^£2.5Wtc,7+^]f-20254th,

^TV#M4ipt#o

2024|W^4-MWWO,2024H2^r«^^tbM^-,-€

24Q3#M4i;HW^21.7fc7c,|5Wt^17%,^^-€^^^16.4%,i£2024Q3^13.9%,

^2024Q3M^^^^fc^^i3l±,2025WM#