Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: 'Not Yet An Eyes-Off, Unsupervised Product'
Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: 'Not Yet An Eyes-Off, Unsupervised Product'
Tesla Inc's (NASDAQ:TSLA) full self-driving, or FSD, technology "is not yet an eyes-off/unsupervised product," according to Goldman Sachs analyst Mark Delaney.
高盛分析師馬克·德萊尼表示，特斯拉公司（納斯達克股票代碼：TSLA）的完全自動駕駛（FSD）技術 “還不是一個令人眼花繚亂/無人監督的產品”。
The Elon Musk-led company recently partnered with Beijing-based Baidu Inc. (NASDAQ:BIDU) as part of an initiative that is expected to pave the way for FSD service in China.
這家由埃隆·馬斯克領導的公司最近與總部位於北京的百度公司（納斯達克股票代碼：BIDU）合作，這是一項計劃的一部分，該計劃有望爲中國的FSD服務鋪平道路。
"We consider the China news a directional positive," Delaney said in a research note. The anticipated growth in FSD/software revenue over the long term had already been factored into Goldman Sachs' valuation.
德萊尼在一份研究報告中說：“我們認爲中國的新聞是方向性的積極消息。”FSD/軟件收入的長期預期增長已計入高盛的估值。
Tesla's stock soared 15.3% on Monday after the electric vehicle (EV) manufacturer obtained regulatory approval to deploy supervised FSD in China.
特斯拉股價週一飆升15.3％，此前這家電動汽車（EV）製造商獲得監管批准，可以在中國部署受監管的FSD。
This marked the most significant one-day percentage increase since March 2021. Coupled with gains following last week's post-Q1 results, it's the most robust five-day upswing for the Elon Musk-led company since September 2020.
這是自2021年3月以來最顯著的單日漲幅。再加上上週公佈第一季度業績後的漲勢，這是埃隆·馬斯克領導的公司自2020年9月以來最強勁的五天漲幅。
Chart: Tesla Notched Best Session In Three Years, Strongest 5-Day Performance In Nearly Four
圖表：特斯拉創下三年來最佳成績，近四年來5天表現最強
See Also: Jim Cramer Praises Elon Musk's China FSD Deal As 'Perfect Example Of Redefining Narrative'
另請參閱: 吉姆·克萊默稱讚埃隆·馬斯克的中國FSD協議是 “重新定義敘事的完美典範”
Why Goldman Sachs Is Exercising Caution
高盛爲何謹慎行事
Tesla has primarily concentrated its FSD research and development efforts on North America, Delaney notes.
德萊尼指出，特斯拉將FSD的研發工作主要集中在北美。
"While we believe much of Tesla's engineering work would be applicable globally, we think the company would need to make local adjustments to the product. Importantly, Tesla will also need to navigate government regulations on data access, localization, and AI, which could complicate technology sharing within and outside of China," Delaney said.
“儘管我們認爲特斯拉的大部分工程工作將適用於全球，但我們認爲該公司需要對產品進行局部調整。重要的是，特斯拉還需要遵守政府關於數據訪問、本地化和人工智能的法規，這可能會使中國境內外的技術共享複雜化，” 德萊尼說。
Furthermore, the analyst highlighted the competitive landscape of the Advanced Driver Assistance Systems (ADAS) and autonomy markets in China. Both proprietary and third-party ADAS systems, as well as autonomous vehicles (AVs), have already been deployed in several cities.
此外，該分析師還強調了中國高級駕駛輔助系統（ADAS）和自動駕駛市場的競爭格局。專有和第三方的ADAS系統以及自動駕駛汽車（AV）已經在多個城市部署。
Also Read: This Is What 'Serious' Elon Musk Showed To Investors In China, Says Expert
另請閱讀： 專家說，這就是埃隆·馬斯克向中國投資者展示的 “嚴肅”
Delaney asserted that Goldman Sachs' $175 price target over the next 12 months is already indicative of Tesla's growth potential. That's particularly the case in lucrative sectors such as FSD. Software revenue is anticipated to experience an uptick from its current level to tens of billions by 2030.
德萊尼斷言，高盛未來12個月的175美元目標股價已經表明了特斯拉的增長潛力。在FSD等利潤豐厚的行業尤其如此。預計到2030年，軟件收入將從目前的水平增加到數百億美元。
In the more optimistic scenario, Goldman Sachs foresees Tesla reaching a range of $220-$300 over the next 12-24 months. This projection is based on a multiple of 50X-60X applied to estimated earnings per share for 2026.
在更樂觀的情況下，高盛預計特斯拉在未來12-24個月內將達到220-300美元的區間。該預測基於適用於2026年估計每股收益的50X-60倍的倍數。
Conversely, in a downside scenario, the stock could decline to the range of $65-$85. This scenario factors in a potential decrease in investor optimism regarding the software and services opportunity, utilizing a multiple of approximately 30X applied to 2024 EPS.
相反，在下行情景中，該股可能會跌至65-85美元的區間。這種情景是投資者對軟件和服務機會的樂觀情緒可能下降的因素，即2024年每股收益約爲30倍的倍數。
Now Read: Tesla's FSD Nod Win Seen As Move To 'Smooth Over Chinese EV's Entry Into The US Market
現在閱讀： 特斯拉在FSD中獲勝被視爲 “平穩中國電動汽車進入美國市場”
譯文內容由第三人軟體翻譯。