特斯拉：第三季度业绩前瞻

Investment Rating - The report does not explicitly state an investment rating for the company Tesla (TSLA.US) [2]. Core Insights - Tesla is expected to report third-quarter revenue of $25.29 billion, with automotive revenue at $20.22 billion, energy revenue at $2.48 billion, and services and other revenue at $2.59 billion, resulting in a total gross margin of 16.9% [2]. - The anticipated net profit for the quarter is $1.719 billion, with GAAP EPS at 0.49 and non-GAAP EPS at 0.60 [2]. - The report highlights concerns regarding automotive gross margin improvements compared to Q2, with expectations that margins may remain flat or increase [2]. Summary by Sections Revenue Expectations - Total revenue forecast for Q3 is $25.29 billion, with breakdowns as follows: automotive at $20.22 billion, energy at $2.48 billion, and services at $2.59 billion [2]. Profitability Metrics - Expected net profit is $1.719 billion, with GAAP EPS of 0.49 and non-GAAP EPS of 0.60 [2]. Market Performance Insights - In the U.S., sales are expected to decline, impacting gross margins due to a decrease in average selling price (ASP) for Model 3/Y [2]. - In Europe, sales are projected to remain flat, with market conditions being lukewarm and new tariff policies yet to take effect, potentially affecting future margins [2]. - In China, domestic sales are expected to surge, with the Shanghai factory operating at full capacity, leading to anticipated margin improvements [2]. Key Discussion Topics for Earnings Call - Focus areas for the earnings call include: Robotaxi strategy, Model Y refresh, Cybertruck production progress, 4680 battery mass production, Optimus progress, and Shanghai energy storage factory [2].