Tesla(US:TSLA) Huachuang Securities·2024-10-27 11:14Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company reported Q3 2024 total revenue of $25.182 billion, a slight decrease of 1.25% quarter-over-quarter but an increase of 7.85% year-over-year, slightly below market expectations of $25.43 billion [6][33] - The automotive segment generated $20.016 billion in revenue, with a year-over-year increase of 1.34% [15][33] - The energy generation and storage segment saw a significant revenue increase of 52.41%, reaching $2.376 billion [17] - The company is optimistic about future growth, projecting a 20-30% increase in automotive sales for 2025, driven by the introduction of lower-cost vehicles and advancements in autonomous driving technology [8][24] Summary by Sections Overall Revenue Situation - Q3 2024 total revenue was $25.182 billion, with a gross profit of $4.997 billion, reflecting a year-over-year increase of 20% [6][7] - Non-GAAP net profit reached $2.505 billion, a year-over-year increase of 8% [6][7] Automotive Business - The automotive business generated $20.016 billion in revenue, with a gross margin of 16.40% [15][33] - The cost per vehicle sold decreased to a historical low of approximately $35,100 [8] - The company plans to launch a low-cost vehicle in the first half of 2025 and expects a sales growth rate of 20-30% for 2025 [8][24] Energy and Storage - The energy generation and storage segment achieved revenue of $2.376 billion, with a gross margin of 30.51% [17][12] - The company anticipates annual shipments of 100 GWh of storage products in the near future [12][30] Robotics - The Optimus humanoid robot is expected to have 22 degrees of freedom, potentially becoming the most valuable business segment for the company [9][30] FSD and Robotaxi - The CyberCab is projected to begin mass production in 2026, with a target annual production of at least 2 million units [10][24] - The company is working on integrating FSD technology to improve autonomous driving capabilities significantly [11][26] Revenue Breakdown by Region - In Q3 2024, the U.S. generated $12.584 billion in revenue, a year-over-year increase of 15.52% [21] - China contributed $5.665 billion, with a year-over-year increase of 12.85% [22] - Other regions accounted for $6.933 billion, showing a decline of 6.78% year-over-year [23]