Tesla(TSLA) 华通证券国际·2025-03-10 06:33Investment 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 178.49 billion by 2027, with a compound annual growth rate (CAGR) of approximately 24.97% [4] - Operating profit is expected to increase from 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 from 8% to 6% [9] - In the U.S. market, traditional automakers are increasing their electric vehicle offerings, posing challenges to the company's market position [10] - In Europe, the Model Y became the best-selling vehicle in several countries, although local manufacturers are intensifying competition [11] Financial Projections - The company anticipates a net profit increase from 19.58 billion in 2027, with earnings per share (EPS) rising from 5.84 [6][7] - The price-to-earnings (PE) ratio is projected to decrease from 126.60 in 2024 to 46.84 by 2027, indicating potential valuation improvement [7] Strategic Developments - The company plans to launch more affordable electric vehicle models in 2025, which is expected to drive market share growth [19] - The energy business is projected to become a significant profit driver, with revenue from energy production and storage expected to reach $3.06 billion in Q4 2024, a 113% year-on-year increase [14][20] - The anticipated rollout of Robotaxi services is expected to significantly contribute to future revenue and profit [21]