汽车与零配件行业信息点评：特斯拉发布2024Q3业绩，新车型预计2025年上半年上市

Investment Rating - The report maintains an "Outperform" rating for the automotive and auto parts industry [1][3]. Core Insights - Tesla's Q3 2024 earnings report shows an 8% year-over-year increase in revenue, with automotive sales revenue at $20.016 billion, reflecting a 1.95 percentage point increase. The company achieved a GAAP net profit of $2.167 billion, up 89% year-over-year, and free cash flow reached $33.6 billion, a quarter-over-quarter increase [1]. - Tesla produced 470,000 vehicles in Q3, a 9% year-over-year increase, and delivered 463,000 vehicles, setting a record for Q3 deliveries [1]. - The report highlights that Tesla's single-vehicle sales cost has dropped to a historical low of approximately $35,100, with plans to launch new models in the first half of 2025 [1]. - The company is focusing on making electric vehicles affordable and competitive in total cost of ownership compared to other transportation modes [1]. - Tesla's advancements in artificial intelligence have improved Full Self-Driving (FSD) capabilities, with over 20 billion miles driven cumulatively, more than 50% of which was achieved on the V12 version [1]. Summary by Sections Financial Performance - In Q3 2024, Tesla's revenue reached $25.182 billion, with a gross margin of 19.8%, and operating cash flow of $2.742 billion, a 223% year-over-year increase [1]. - The report notes that Tesla's Model 3/Y production was 444,000 units, with deliveries also showing a 5% year-over-year increase [1]. Market Outlook - The report suggests that Tesla's new models are expected to benefit the supply chain, particularly companies with production capacity in regions like Mexico [1]. - The anticipated launch of new models and advancements in autonomous driving technology are seen as key growth drivers for Tesla [1].