Tesla(US:TSLA) Ping An Securities·2025-10-23 10:27Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [4]. Core Insights - Tesla achieved a record high in quarterly deliveries, with 497,000 vehicles delivered in Q3 2025, representing a quarter-on-quarter growth of 7.4% and a year-on-year growth of 29.4% [2]. - The company's revenue for Q3 2025 reached $28.1 billion, a 12% year-on-year increase, while the net profit attributable to shareholders was $1.37 billion, reflecting a 37% year-on-year decline [1][2]. - The average revenue per vehicle decreased slightly to $42,700, with a year-on-year decline of $600 [2]. - Tesla's FSD V14 was released in October, enhancing its capabilities in complex scenarios, and the next-generation AI chip, AI5, is set to significantly improve performance [2]. - The third-generation humanoid robot, Optimus V3, is scheduled for release in Q1 2026, with a production capacity target of 1 million units annually by the end of 2026 [2]. Summary by Sections Financial Performance - Q3 2025 revenue from automotive business was $21.21 billion, with a year-on-year growth of 5.9% and a quarter-on-quarter growth of 27.3% [2]. - Carbon credit revenue fell to $420 million, a decrease of 43.6% year-on-year [2]. - Gross margin for Q3 was 18.0%, down 1.9 percentage points year-on-year, with automotive manufacturing gross margin at 15.4%, down 1.7 percentage points [2]. Product Development - Tesla launched standard versions of Model 3/Y in early October to counteract the expiration of a $7,500 federal tax credit [2]. - The Cybercab and Semi truck are expected to enter mass production in 2026 [2]. Market Position - Tesla is viewed as a benchmark in the smart driving sector, leveraging its AI capabilities and mass production to create new business models such as FSD subscriptions and Robotaxi services [3]. - Recommendations include investing in companies like Seres, Li Auto, Xpeng, and Xiaomi, as well as core suppliers like Horizon Robotics [3].