Tesla(US:TSLA) EBSCN·2025-07-24 09:12Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q2 2025 shows a sequential recovery, with total revenue of $22.5 billion, reflecting a 16.3% increase quarter-over-quarter, despite a year-over-year decline of 11.8% [1] - The automotive business in China remains robust, with global deliveries of 384,000 units in Q2 2025, a 14.1% increase from the previous quarter, although down 13.5% year-over-year [2] - The focus is shifting from fundamentals to AI-driven initiatives, particularly the Robotaxi and humanoid robots, with the Robotaxi trial operation expanding and the introduction of Grok 4 AI model showing competitive advantages [3] Summary by Sections Financial Performance - Q2 2025 total revenue was $22.5 billion, with a gross margin of 17.2%, and Non-GAAP net profit of $1.39 billion, reflecting a 49.1% increase quarter-over-quarter [1] - Automotive revenue was $16.66 billion, with an average selling price (ASP) of approximately $42,000, and a gross margin of 15.0% [2] Market Outlook - The report anticipates a marginal upward trend in the Chinese market for the second half of 2025, driven by new model launches such as the Model YL and Model 3+ [2] - The report highlights the importance of the Robotaxi initiative in validating low-cost L4 solutions, with expectations for rapid expansion in the U.S. market [3] Valuation Adjustments - The report adjusts the Non-GAAP net profit estimates for 2025, 2026, and 2027 down by 14%, 11%, and 4% respectively, reflecting ongoing uncertainties in overseas policies and market conditions [4] - The valuation framework is shifting towards AI-driven metrics, with the current market capitalization partially reflecting expectations for Robotaxi [4]