第一上海公司评论

Financial Performance - Q2 total revenue is expected to be $21.934 billion, with automotive revenue at $16.001 billion, energy revenue at $2.958 billion, and services and other revenue at $2.975 billion[4] - Expected net profit is $1.003 billion, with GAAP EPS at $0.28 per share and Non-GAAP EPS at $0.39 per share[5] - Q2 total gross margin is projected at 16.4%, with automotive Non-GAAP gross margin at 13.55%[4] Market Concerns - Recent stock price volatility is attributed to lowered delivery expectations for Q2 and the full year[5] - Delay in the release of the cheaper Model 2/Q, originally planned for H1 2025, raises concerns[5] - Departure of the robotics head and issues with the third-generation design of the Optimus robot contribute to uncertainty[5] Production and Sales Outlook - Q2 production is nearing last year's levels, with the Model Y confirmed as a key bestseller[5] - Pickup truck sales are significantly below expectations, necessitating close monitoring in H2[5] - New model releases in H2 are anticipated to improve factory utilization rates[5] Key Discussion Points for Earnings Call - Guidance for H2 and progress on new models will be major topics[6] - Strategies for addressing the end of Q3 IRA subsidies for automotive and energy businesses will be discussed[6] - Expansion plans for Robotaxi and updates on FSD v14 will be highlighted[6]