GLONGHUI, April 25 | CICC released a report saying that Tesla's first-quarter results fell short of market expectations; revenue of US$21.3 billion and non-GAAP net profit of US$1.54 billion; although performance fell short of market expectations due to delivery pressure, the company reiterated during the performance meeting that it could accelerate mass production of new models on low-cost platforms in 2025, and the product pace exceeded market expectations. The bank said that fully automated assisted driving gross profit resilience is expected to maintain positive growth throughout this year, and considering that the company's expenses exceeded expectations, the company's non-GAAP profit forecast for this year and next year was lowered by 20% to US$9.2 billion, and 24% to US$14.5 billion, respectively. At the same time, considering the intense competition in the industry, the bank lowered its target price by 19% to $215, maintaining its rating as “outperforming the industry.”