特斯拉研究之业务篇：电动汽车领航，能源生态与人形机器人共筑未来

投资要点    20% 15% 10% 5% 0% -5% -10% -15% -20% -25% 2023/08 2023/09 2023/10 2023/11 2023/12 2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/07 -30% 000300.SH885467.TI    请阅读最后评级说明和重要声明 一、电动汽车先锋，推动全球可持续能源变革4 1.电动汽车与清洁能源领军者，马斯克引领技术创新与可持续发展4 2.宏图三部曲，特斯拉引领能源革命的巅峰之路5 二、电动汽车领航，能源生态与人形机器人共筑未来7 1.汽车业务：打造全系列电动汽车产品矩阵，树立新能源汽车行业先锋形象7 2.能源业务：整合能源产业链，构建太阳能生态闭环11 3.人形机器人业务：AI完美载体，特斯拉潜在的未来增长动力13 三、投资建议15 1.拓普集团17 2.旭升集团18 3.新泉股份19 4.沪光股份19 四、风险提示21 ...................................................................................................................................................4 ...................................................................................................................................................5 ..............................................................................................................................................5 ..............................................................................................................................................6 ..............................................................................................................................................6 ..............................................................................................................................8 ...................................................................................................................................................8 ...................................................................................................................................................8 .........................................................................................................................9 ...................................................................................................................................9 ................................................................................................................................10 ................................................................................................................................10 ...................................................................................................10 ...................................................................................................................................11 ....................................................................................................................................11 ..........................................................................................................12 ...................................................................................................................12 ............................................................................................................12 ............................................................................................................12 ................................................................................................................................13 .....................................................................................................................13 ............................................................................................................................14 ..................................................................................................18 ...............................................................................................18 ..................................................................................................18 ...............................................................................................18 ..................................................................................................19 ...............................................................................................19 ..................................................................................................20 ...............................................................................................20 ..............................................................................................................................15         2018/01 2018/04 2018/07 2018/10 2019/01 2019/04 2019/07 2019/10 2020/01 2020/04 2020/07 2020/10 2021/01 2021/04 2021/07 2021/10 2022/01 2022/04 2022/07 2022/10 2023/01 2023/04 2023/07 2023/10 2024/01 2024/04 2018/01 2018/04 2018/07 2018/10 2019/01 2019/04 2019/07 2019/10 2020/01 2020/04 2020/07 2020/10 2021/01 2021/04 2021/07 2021/10 2022/01 2022/04 2022/07 2022/10 2023/01 2023/04 2023/07 2023/10 2024/01 2024/04 160000 8,000 140000 7,000 120000 6,000 100000 5,000 80000 4,000 60000 3,000 40000 2,000 20000 1,000 0 - ModelY Model3 ModelX ModelS 65.5 60.3 44.6% 70 50% 45% 60 40% 50 35% 36.5 30% 25% 20% 15% 10% 5% 40 30 20 12.1% 7.8% 10 0 0% 中国 美国 欧洲 销量 渗透率 10 16000 14724 14000 12000 10000 8000 6541 6000 3