Tesla(US:TSLA) Huachuang Securities·2025-04-25 11:06Investment Rating - The report assigns a neutral investment rating to Tesla, indicating expectations of performance within a range of -10% to 10% relative to the benchmark index over the next six months [64]. Core Insights - Tesla's Q1 2025 total revenue was $19.335 billion, a decrease of 9% year-over-year, falling short of market expectations of $21.348 billion [5][7]. - The automotive business generated $13.967 billion in revenue, down 20% year-over-year, while energy generation and storage revenue increased by 67% to $2.730 billion [7][20]. - The company reported a GAAP net income of $409 million, a significant decline of 71% year-over-year, and a non-GAAP net income of $934 million, down 39% [8][9]. - The gross profit for Q1 2025 was $3.153 billion, reflecting a 15% decrease from the previous year, with a gross margin of 16.3% [8][9]. Revenue Breakdown Automotive Business - Automotive revenue was $13.967 billion, with automotive sales contributing $12.925 billion, down 21.48% year-over-year [20][21]. - The automotive regulatory credits revenue increased by 34.62% to $595 million, while automotive leasing revenue decreased by 6.09% to $447 million [21]. - The gross margins for automotive sales and leasing were 11.33% and 46.53%, respectively [21]. Energy Generation and Storage - The energy generation and storage segment achieved revenue of $2.730 billion, a 66.97% increase year-over-year, with a gross profit of $785 million and a gross margin of 28.75% [22][23]. Services and Other - Revenue from services and other segments grew by 15.30% to $2.638 billion [23]. Operational Highlights - In Q1 2025, Tesla delivered 336,681 vehicles, a decrease of 13% year-over-year, with Model 3 and Model Y deliveries accounting for 323,800 units [11]. - The company plans to start production of new models in the first half of the year, including a more affordable model [12][29]. - Tesla's energy storage business is experiencing growing orders, with a record gross margin of 29% in the latest quarter [12][28]. Future Outlook - Tesla anticipates deploying thousands of Optimus robots by the end of the year, with a long-term goal of reaching 1 million units by 2030 [15][28]. - The company expects to launch its robotaxi service in Austin by June, with plans to scale up to a million units by the second half of next year [16][35]. - Elon Musk expressed optimism about Tesla's future, emphasizing the potential for significant growth driven by advancements in autonomous driving and robotics [24][29].