Tesla(US:TSLA) Zhi Tong Cai Jing·2026-01-26 08:35Core Viewpoint - Tesla continues to be a highly controversial and closely watched stock, with polarized investor opinions regarding its future performance and valuation [1] Group 1: Financial Performance - In Q3, Tesla achieved record revenue of $28.1 billion, a 12% year-over-year increase, with deliveries reaching 497,099 vehicles [2] - Operating expenses surged by 50% year-over-year to $3.4 billion, leading to a contraction in operating margin to 5.8% [2] - Earnings per share (EPS) fell by 31% year-over-year to $0.50, below market expectations [2] Group 2: Future Projections - Q4 delivery volume is projected to decline by 15.6% year-over-year to 418,227 vehicles, indicating a slowdown in growth [3] - Analysts predict a 3.6% year-over-year revenue decline for Q4 2025, with total revenue for the fiscal year expected to decrease by 2.8% [5] - The automotive sales revenue is forecasted to reach $17.97 billion, reflecting a 3.7% year-over-year decline [5] Group 3: Business Segments - Tesla's energy storage segment showed significant growth, with a record deployment of 14.2 GWh in Q4 and a total of 46.7 GWh for the year, a 49% increase [3] - The energy business is becoming an increasingly important profit driver, with expected revenue of $3.66 billion, a 19.7% year-over-year increase [3] Group 4: Strategic Initiatives - Full Self-Driving (FSD) technology is transitioning to a subscription model, with a target of 10 million active subscribers, although current adoption is only at 12% [7] - The Optimus humanoid robot is a key part of Tesla's future strategy, with production timelines pushed to late 2026 [9] Group 5: Market Challenges - Tesla faces significant competition, particularly in Europe and China, where it is losing market share to local manufacturers [5] - The company's stock is currently valued at a high P/E ratio of 201, with analysts expressing caution regarding its valuation [12]