汽车行业点评报告：特斯拉25Q1业绩不及预期，业绩会整体表述积极

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [6]. Core Insights - Tesla's Q1 2025 performance fell short of expectations, with Non-GAAP net profit at $930 million, reflecting a significant decline of 39.2% year-on-year and 55.7% quarter-on-quarter [3][4]. - Revenue for Q1 2025 was reported at $19.34 billion, down 9.2% year-on-year and 24.8% quarter-on-quarter, which was 2.6% lower than market expectations [3]. - The automotive business revenue was $13.97 billion, showing a decline of 19.6% year-on-year and 29.5% quarter-on-quarter, primarily due to decreased deliveries and average selling price (ASP) [3]. - The gross margin was reported at 16.3%, slightly above market expectations, while the automotive sales gross margin was 11.3%, reflecting a decrease [3][4]. - Tesla delivered 336,700 vehicles in Q1 2025, representing a decline of 13% year-on-year and 32.1% quarter-on-quarter [4]. Summary by Sections Financial Performance - Non-GAAP net profit was $930 million, significantly below market expectations of $1.29 billion [3]. - GAAP net profit was $410 million, down 70.6% year-on-year and 80.8% quarter-on-quarter [3]. - Free cash flow remained positive at $660 million, benefiting from a 46% reduction in capital expenditures [4]. Market Reaction - The stock price increased post-earnings call, indicating market tolerance for the disappointing results and reflecting pre-emptive pricing in of Elon Musk's return [5][6]. - The report suggests that the market is optimistic about future developments, particularly the upcoming robotaxi trials and Musk's increased involvement [5]. Future Outlook - The report highlights a potential shift towards a more optimistic scenario, with key validation points being April sales figures and the June robotaxi trial [5]. - The report notes that the North American model's localization rate for parts has reached 85%, providing a competitive advantage over other manufacturers [11].