CICC issued a report statinghouseoffunfreecoinsandspins2021Tesla's first-quarter results fell short of market expectations; revenue was US$21.3 billion, and non-GAAP net income was 15houseoffunfreecoinsandspins2021US$..40 million; although delivery pressure caused performance to be lower than market expectations, the company reiterated at the performance meeting that it is expected to accelerate the mass production of new models on low-cost platforms in 2025, and the product rhythm exceeds market expectations. The bank said that fully autonomous assisted driving drives gross profit resilience and expects sales to maintain positive growth throughout the year. Taking into account that the company's expenses exceed expectations, it will cut the company's non-GAAP profit forecast for this year and next year by 20% to US$9.2 billion respectively, and 24% to US$14.5 billion; at the same time, considering the fierce competition in the industry, the bank lowered its target price by 19% to US$215, maintaining its rating of "outperform the industry."
