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特斯拉:业绩低于预期,Robotaxi年内落地

Investment Rating - The report maintains a "Buy" rating for Tesla, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [9]. Core Insights - Tesla's Q4 2024 revenue was reported at $25.707 billion, a year-over-year increase of 2.1%, but fell short of Bloomberg consensus expectations by 5.53%. The gross margin was 16.3%, below the expected 18.95%. The operating profit was $1.583 billion, down 23.3% year-over-year, significantly missing the consensus estimate of $3.716 billion [6][9]. - The total annual delivery volume for Tesla was 1.79 million vehicles, a slight decline of 1% year-over-year, with the Model 3/Y deliveries at 1.7 million, down 2% from the previous year [7]. - The report highlights the importance of monitoring advancements in Full Self-Driving (FSD), Optimus, and Robotaxi, with plans to launch fully autonomous FSD services in Austin and the potential rollout of Robotaxi in multiple cities [8]. Financial Performance Summary - For Q4 2024, Tesla's automotive revenue was $19.798 billion, down 8.2% year-over-year, while energy storage revenue surged to $3.061 billion, up 113% year-over-year. Service and other revenue reached $2.848 billion, up 31.5% year-over-year [6]. - The projected revenues for Tesla are $110.58 billion, $129.14 billion, and $157.29 billion for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 13.2%, 16.8%, and 21.8% [9][12]. - The GAAP net profit for 2024 is expected to be $8.84 billion, reflecting a year-over-year increase of 24.7% [12].