海外科技行业周报：特斯拉盈利能力反弹；ServiceNow验证B端AI应用需求加速

Investment Rating - The report maintains a positive outlook on Tesla and ServiceNow, indicating strong performance and growth potential in their respective sectors [2][3]. Core Insights - Tesla's Q3 2024 shows a rebound in profitability, driven by reduced vehicle costs, increased energy storage margins, and higher FSD (Full Self-Driving) revenue. The company expects a 20%-30% growth in vehicle deliveries for 2025, supported by the launch of a lower-cost model [5][7]. - ServiceNow's Q3 2024 performance exceeded expectations, with a revenue of $2.792 billion, driven by strong demand for its AI applications and subscription services. The company is positioned as a potential leader in the B2B AI application market [12][15]. Summary by Sections Tesla Q3 2024 Performance - Revenue reached $25.2 billion, a year-over-year increase of 7.8%, with a gross margin of 19.8% [5][6]. - Operating profit was $2.7 billion, reflecting a 54% year-over-year increase, and an operating margin of 10.8% [5][6]. - Vehicle deliveries totaled 462,900 units, a 6.4% increase year-over-year, with a significant reduction in vehicle costs contributing to improved margins [6][8]. Energy Storage and FSD Developments - Energy storage revenue was $2.376 billion, up 52.4% year-over-year, with a gross margin of 30.5% [8]. - FSD mileage surpassed 2 billion miles, with significant improvements expected in upcoming versions [8][9]. ServiceNow Q3 2024 Performance - Revenue was $2.792 billion, beating expectations, with subscription revenue growing 22.5% year-over-year [12][15]. - The remaining performance obligation (RPO) was approximately $19.5 billion, reflecting a 33% year-over-year increase [12][15]. - The company completed 96 new ACV transactions exceeding $1 million, indicating strong demand across various sectors [12][15]. Future Outlook for ServiceNow - The company raised its growth forecast for Q4 2024, expecting subscription revenue between $2.875 billion and $2.880 billion, representing a year-over-year growth of 21.5%-22% [17][15]. - ServiceNow is positioned to capitalize on the growing demand for AI integration in enterprise workflows, with its NowAssist platform gaining traction [15][17].