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<Research> CICC: Tesla (TSLA.US) Gross Margin Midpoint Continues to Improve, Maintains Outperform Rating
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CICC issued a research report stating that Tesla (TSLA.US) announced its results for 1Q26, with revenue reaching USD22.387 billion, up 16% YoY. GAAP net profit attributable to shareholders amounted to USD477 million, up 17% YoY, while Non-GAAP net profit was USD1.453 billion, up 56% YoY. The broker believes that as key milestones such as the pilot production of Cybercab, the start of mass production of Optimus, and the tape-out of the AI5 chip progress, the companys AI hardware closed-loop ecosystem continues to strengthen. The broker noted that although the companys energy business revenue fell 12% YoY to USD2.408 billion, full-year energy revenue is expected to gradually resume growth. It also believes that the V3 production line for robots is being rolled out steadily and is likely to begin mass production in 3Q26, contributing earnings to related component suppliers. Meanwhile, the AI5 chip, with a semiconductor production line jointly built with SpaceX, is expected to support rapidly growing AI demand going forward. CICC maintained its forecasts for Teslas Non-GAAP net profit at USD8.3 billion and USD10.1 billion for this year and next year, respectively. It kept the target price at USD500 and reiterated the Outperform rating. (hc/j) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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