Tesla(US:TSLA) Huachuang Securities·2025-10-24 08:02Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [57]. Core Insights - Tesla's Q3 2025 revenue reached $28.095 billion, a year-over-year increase of 12%, surpassing market expectations of $26.365 billion [10][12]. - The automotive business generated $21.205 billion in revenue, up 6% year-over-year, with a total vehicle delivery of 497,099 units, reflecting a 7% increase [10][12]. - The energy and storage segment achieved a revenue of $3.415 billion, marking a 44% year-over-year growth, driven by record deployment of storage solutions [10][13]. - The company is optimistic about its robot and AI initiatives, with plans to launch the Optimus V3 robot in Q1 2026 and a target production of 1 million units annually within five years [18]. - Full Self-Driving (FSD) capabilities are being expanded, with the deployment of FSD v12.4, enhancing the Robotaxi service's functionality [19]. Summary by Sections Overall Revenue Situation - Total revenue for Q3 2025 was $28.095 billion, with a gross profit of $5.054 billion and a gross margin of 18% [10][8]. - Non-GAAP net income was $1.770 billion, down 29% year-over-year, with adjusted earnings per share at $0.50 [10][12]. Automotive Business - Total automotive revenue was $21.205 billion, with a total production of 447,450 vehicles, a 5% decrease year-over-year [9][12]. - The delivery of Model 3 and Model Y vehicles was 481,166 units, a 9% increase year-over-year [12][10]. Energy and Storage - The energy and storage segment generated $3.415 billion in revenue, with a gross profit of $1.073 billion, achieving a gross margin of 31.42% [25][13]. - The deployment of storage solutions reached a historic high, contributing significantly to revenue growth [13]. Robotics and AI - The company plans to release the Optimus V3 robot in Q1 2026, with a production target of 1 million units annually within five years [18]. - A partnership with Samsung aims to produce advanced chips for AI reasoning and training, enhancing the company's AI capabilities [18]. FSD and Robotaxi - The deployment of FSD v12.4 began in October, improving the Robotaxi service's capabilities and expanding its operational area [19]. - The company aims to remove safety drivers from Robotaxi services in select areas by the end of the year, contingent on regulatory approvals [28].