【中泰电子】AI全视角-科技大厂财报专题｜特斯拉24Q3点评：盈利超预期，关注新车&Robotaxi等进展

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Tesla's Q3 2024 performance exceeded expectations with a revenue of $25.2 billion, a year-over-year increase of 7.8% but a quarter-over-quarter decrease of 1.2% [3][7] - The automotive business generated $20.02 billion in revenue, up 2.0% year-over-year and 0.7% quarter-over-quarter, accounting for 79.5% of total revenue [3][7] - The gross margin for Q3 2024 was 19.8%, up 2.0 percentage points year-over-year and 1.9 percentage points quarter-over-quarter, surpassing market expectations by 3.0 percentage points [7][10] - Net profit (GAAP) reached $2.17 billion, a 16.9% increase year-over-year and a 46.6% increase quarter-over-quarter, with a net profit margin of 8.6% [10][15] Summary by Sections Q3 2024 Performance: Gross Margin & Net Profit Exceeded Expectations - Revenue for Q3 2024 was $25.2 billion, with a year-over-year growth of 7.8% and a quarter-over-quarter decline of 1.2%, slightly below market expectations [3][7] - Automotive revenue was $20.02 billion, representing a 2.0% year-over-year increase and a 0.7% quarter-over-quarter increase [3][7] - The gross margin was 19.8%, with significant contributions from the automotive and energy sectors [7][10] - Net profit (GAAP) was $2.17 billion, exceeding market expectations, with a notable increase in net profit margin [10][15] Automotive Business: FSD V13 Launch and Robotaxi Service Expected in 2025 - Total revenue from the automotive business was $20.02 billion, with a year-over-year increase of 2.0% [19] - Global sales reached 462,900 units, a 6.4% year-over-year increase [19] - The gross margin for the automotive business was 20.1%, benefiting from reduced sales costs and the promotion of FSD [19][21] - Tesla plans to launch the Robotaxi service in 2025, with significant advancements in FSD technology [22][23] Other: Record High Energy Storage Margin and Optimus Performance Improvements - The gross margin for the energy and storage business reached a record high of 30.5%, with a significant year-over-year increase [24] - Tesla's energy storage capacity is expected to double in 2024, with new production facilities coming online [24] - The Optimus robot demonstrated improved flexibility and performance, with plans for limited production in early 2025 [24][25]