Tesla(US:TSLA) EBSCN·2024-10-28 04:14Investment Rating - The report maintains a "Buy" rating for Tesla (TSLA.O) [3] Core Views - Tesla's Q3 2024 performance exceeded expectations, with total revenue of $25.18 billion, a year-on-year increase of 7.8% and a quarter-on-quarter decrease of 1.2%. Non-GAAP net profit reached $2.51 billion, up 8.1% year-on-year and 38.2% quarter-on-quarter [1] - The report highlights the strong performance of the automotive business and the continued growth of the energy storage segment, with energy storage installations increasing by 75% year-on-year [1] - The focus for 2025 is on the commercialization of new vehicles and advanced autonomous driving technologies, following the recent "WE, ROBOT" event where Tesla showcased its Cybercab and Robovan [1] Summary by Sections Q3 2024 Performance - Total revenue reached $25.18 billion, with automotive deliveries of 463,000 units, a year-on-year increase of 6.4% [1] - Automotive business revenue was $20.02 billion, with a gross margin of 17.1% [1] - Energy storage revenue was $2.38 billion, with a gross margin of 30.5% [1] Future Outlook - The report anticipates continued cost reductions and the ramp-up of new factories and models, leading to an upward revision of Non-GAAP net profit estimates for 2024E-2026E by 6%, 13%, and 17% respectively [1] - The focus on AI and technology cost reductions is expected to enhance Tesla's competitive position [1] Financial Projections - Revenue projections for 2024E, 2025E, and 2026E are $99.85 billion, $121.02 billion, and $140.63 billion respectively [2] - Non-GAAP net profit projections for the same years are $8.69 billion, $10.76 billion, and $12.96 billion respectively [2]