Tesla(US:TSLA) Huachuang Securities·2025-07-25 08:06Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [55]. Core Insights - Tesla's Q2 2025 performance showed a total revenue of $22.496 billion, a year-over-year decline of 12%, slightly below market expectations of $22.64 billion [6][21]. - The automotive business generated $16.661 billion in revenue, down 16% year-over-year, while energy and storage revenue was $2.789 billion, down 7.47% year-over-year [21][22]. - The company is advancing its Robotaxi and AI initiatives, with plans to scale production of the Optimus robot and expand Robotaxi services across the U.S. [15][16]. Summary by Sections 1. Tesla's Q2 2025 Operating Performance - Total revenue for Q2 2025 was $22.496 billion, down 12% year-over-year, with a gross profit of $3.878 billion and a gross margin of 17.2% [6]. - Net income attributable to common stockholders was $1.172 billion, a decrease of 16% year-over-year [6][21]. 2. Revenue Breakdown - Automotive Revenue: $16.661 billion, down 16% year-over-year, with automotive sales contributing $15.787 billion [21]. - Energy and Storage Revenue: $2.789 billion, down 7.47% year-over-year, with a gross margin of 30.33% [22]. - Services and Other Revenue: $3.046 billion, up 16.79% year-over-year [23]. 3. Automotive Business - Total vehicle deliveries in Q2 2025 were 384,122 units, a decline of 13% year-over-year [10]. - Model 3 and Model Y deliveries were 373,728 units, down 12% year-over-year [10]. 4. Energy and Storage - The deployment of energy storage systems continued to grow, with Powerwall installations reaching record levels for five consecutive quarters [11]. 5. Robotics and AI - The Optimus robot is progressing towards version 3, with a prototype expected by the end of the year and plans for mass production in the following year [15]. - The company aims to produce 1 million units of the Optimus robot annually within five years [15]. 6. FSD and Robotaxi - Robotaxi services have launched in Austin, with plans to expand to other regions, targeting coverage for over half of the U.S. population by year-end [16]. - The company is also working on expanding the parameters of its Full Self-Driving (FSD) model by approximately ten times [16].