Tesla(US:TSLA) Southwest Securities·2024-10-28 08:42Investment Rating - The report downgrades the investment rating to "Hold" [4] Core Views - The company reported Q3 2024 revenue of $25.18 billion, a year-on-year increase of 7.8%, with GAAP net profit of $2.17 billion, up 17% year-on-year, and non-GAAP net profit of $2.5 billion, up 8% year-on-year. The overall gross margin improved to 19.8%, an increase of 1.95 percentage points year-on-year, driven by lower automotive costs, record profits in energy storage, and growth in credit sales [1][2] - The automotive business generated $20 billion in revenue in Q3 2024, a 2% year-on-year increase, with vehicle deliveries reaching 463,000 units, up 6% year-on-year. The production of nearly 470,000 vehicles in Q3 2024 marked a 9% year-on-year increase. The automotive sales gross margin improved to 16.4%, up 0.7 percentage points year-on-year, primarily due to reductions in production, transportation, and material costs [2][3] - The company plans to introduce new lower-priced models in the first half of 2025, with the Cybercab prototype expected to enter mass production in 2026, targeting an annual production of 2 million units. The energy storage business achieved record profits, with Q3 revenue of $2.38 billion, a 52.4% year-on-year increase, and a gross margin of 30.5%, up 6.1 percentage points year-on-year [3][4] - The company forecasts a slight increase in annual delivery targets for 2024, with a focus on cost reduction and attractive automotive financing options in multiple markets [2][3] Summary by Sections Financial Performance - Q3 2024 revenue was $25.18 billion, with a year-on-year growth of 7.8% [1] - GAAP net profit reached $2.17 billion, a 17% increase year-on-year [1] - Non-GAAP net profit was $2.5 billion, up 8% year-on-year [1] - Overall gross margin improved to 19.8%, an increase of 1.95 percentage points year-on-year [1] Automotive Business - Q3 2024 automotive revenue was $20 billion, a 2% year-on-year increase [2] - Vehicle deliveries reached 463,000 units, up 6% year-on-year [2] - Production of nearly 470,000 vehicles in Q3 2024 marked a 9% year-on-year increase [2] - Automotive sales gross margin improved to 16.4%, up 0.7 percentage points year-on-year [2] Future Outlook - New lower-priced models to be introduced in the first half of 2025 [3] - Cybercab prototype expected to enter mass production in 2026, targeting an annual production of 2 million units [3] - Slight increase in annual delivery targets for 2024, with a focus on cost reduction [2][3]