特斯拉：营收增长不掩利润乏力，维持盘面期待后市机遇-20250310

Investment Rating - The investment rating for the company is Neutral [2] Core Insights - Revenue growth does not mask profit weakness, maintaining market expectations for future opportunities [3] - The company faces competitive pressures in various markets, necessitating price adjustments to maintain market share [9][10][11] - Cost control and technological advancements are expected to enhance profitability [12][13] - New business initiatives and service optimizations are anticipated to expand market share [14] - Political developments, such as Trump's election victory, have positively influenced stock performance [15] Revenue and Profitability - Projected revenue growth from $97.69 billion in 2024 to$178.49 billion by 2027, with a compound annual growth rate (CAGR) of approximately 24.97% [4] - Operating profit is expected to increase from $7.76 billion in 2024 to$23.41 billion in 2027, with a significant growth rate of 39.06% in 2027 [4] - Operating profit margin is projected to improve from 7.94% in 2024 to 13.12% in 2027 [4] Market Performance - In the Chinese market, sales reached 657,000 units in 2024, a year-on-year increase of 8.8%, despite a decline in market share [9] - In the U.S. market, traditional automakers are intensifying competition, which may impact Tesla's sales and revenue [10] - In Europe, Tesla's Model Y became the best-selling vehicle in several countries, although local manufacturers are increasing their electric vehicle offerings [11] Financial Metrics - Earnings per share (EPS) is projected to rise from $2.03 in 2024 to$5.84 in 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 126.60 in 2024 to 46.84 in 2027, indicating potential valuation improvement [7] Future Growth Opportunities - The introduction of more affordable electric vehicle models is expected to create new market opportunities [19] - The energy storage business is anticipated to become a significant profit driver, with production ramping up in 2025 [20] - The Robotaxi business model is projected to contribute significantly to future revenue and profit [21] - Continuous advancements in autonomous driving technology and in-house chip development are expected to enhance competitive positioning [22][23]