Tesla(US:TSLA) First Shanghai Securities·2025-07-28 07:13Group 1: Tesla (TSLA) Analysis - Tesla's Q2 2025 revenue was $22.496 billion, a 12% year-over-year decrease, but exceeded market expectations[5] - Automotive revenue fell 16% to $16.661 billion, with a gross margin of 17.2%, up 1.0 percentage points quarter-over-quarter, but down 1.27 percentage points year-over-year[6] - Net profit for Q2 2025 was $1.172 billion, a 16% decrease year-over-year, also exceeding market expectations[5] - The target price for Tesla is set at $460.00, maintaining a "Buy" rating, which is 46% higher than the current stock price[10] Group 2: SAP (SAP) Overview - SAP's Q2 2025 revenue reached €9.03 billion, a 9% year-over-year increase, with a fixed exchange rate growth of 12%[15] - Non-IFRS operating profit was €2.57 billion, a 32% year-over-year increase, slightly above consensus expectations[15] - The cloud business generated €5.13 billion in revenue, a 24% year-over-year increase, with core Cloud ERP Suite revenue accounting for 86% of total cloud revenue[16] Group 3: Macro Economic Insights - The average actual tariff on all U.S. imports is approximately 13.4%, significantly higher than last year's 2.3%[48] - U.S. retail sales in June showed a 0.6% month-over-month increase, surpassing the expected range of 0.3%-0.4%[50] - The consumer confidence index rose to 61.8 in July, the highest level since February, indicating improved consumer sentiment[50]