Investment Rating - The report maintains an "Overweight" rating for the industry, highlighting Tesla's strong performance in Q3 2024 and ongoing advancements in FSD and new vehicle models [3][4]. Core Insights - Tesla's Q3 2024 financial results show improved profitability in its automotive business, with revenue reaching $25.2 billion, an 8% year-over-year increase, and a non-GAAP net profit of $2.5 billion, also up 8% [2][3]. - The report emphasizes the continuous optimization of costs, with the average sales cost per vehicle dropping to $35,100, marking a historical low, and an overall gross margin of 19.8%, up 2.0 percentage points year-over-year [3]. - Elon Musk projects a 20-30% growth in production and sales for Tesla vehicles in 2025, driven by the introduction of more affordable models and advancements in autonomous driving technology [2][3]. Summary by Sections Financial Performance - In Q3 2024, Tesla delivered 463,000 vehicles, a 6.4% increase year-over-year, with automotive revenue at $20 billion, reflecting a 2% increase [3]. - The gross margin for automotive reached 16.4%, up 0.7 percentage points year-over-year, indicating improved profitability [3]. Cost Optimization - The report notes significant cost reductions, with the sales cost per vehicle decreasing to $35,100, contributing to a gross margin improvement [3]. Future Outlook - The introduction of new models, including a more affordable vehicle priced below $30,000, is expected to enhance Tesla's market position [3]. - The rollout of FSD features is anticipated to further boost profitability, with over 2 billion miles driven using FSD technology as of Q3 2024 [3]. Recommended Stocks - The report recommends several stocks, including New Spring Co., Silver Wheel Co., Aikodi, Wuxi Zhenhua, and Doli Technology, as well as companies benefiting from advancements in autonomous driving and robotics, such as Desay SV and Kobot [3].
汽车行业事件快评：特斯拉2024年三季度财报-盈利能力改善，新车、FSD不断推进
Guotai Junan Securities·2024-10-27 08:41