高盛：特斯拉_ 更好的毛利率；2025 年实现 FSD 和车辆交付目标的能力可能是关键争论点；3...

Investment Rating - The report maintains a Neutral rating on Tesla Inc (TSLA) with a 12-month price target of $250, representing a 17$213.65 [1][24] Core Views - Tesla is well-positioned for long-term growth due to its leadership in EVs, technical capabilities in AI, software, and hardware, and its ability to benefit from a full set of solutions including charging and storage [24] - Key debates include Tesla's ability to meet FSD performance and vehicle delivery growth targets for 2025, and the sustainability of margins [1][30] - The ramp in FSD is expected to take longer than Tesla's current targets, and auto fundamentals could remain volatile in the near-term with lower pricing/incentives as a headwind [24] Financial Performance - Tesla reported Q3 2024 revenue of $25.2 billion, 1$0.72, $0.13 above the Street estimate [1] - Automotive non-GAAP gross margin (including SBC and excluding regulatory credits) was 17.1$20.016 billion, up 1% QoQ and 2% YoY, with regulatory credit sales of $739 million [23] - Energy Generation and Storage revenue was$2.376 billion, down 21% QoQ but up 52% YoY, with a record gross margin of over 30% [23] - Service and Other revenue was $2.790 billion, up 7$250 is based on 65X applied to Q5-Q8E EPS including SBC [36] - 2024/2025/2026 EPS estimates including SBC were raised to $2.03/$3.00/$4.25 from$1.80/$2.95/$4.20, driven primarily by higher gross margins and regulatory credit revenue [35]