Model 2/Q

Search documents
第一上海公司评论
First Shanghai Securities· 2025-07-23 07:46
公司评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 7 月 23 日 星期三 【公司评论】 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 李倩 852-25321539 股价表现 120.00 170.00 220.00 270.00 320.00 370.00 420.00 470.00 520.00 07/23/2024 10/02/2024 12/12/2024 02/27/2025 05/09/2025 特斯拉将在美国时间 7 月 23 日盘后,北京时间 24 日早上 5:30 召开 2025 年 第二季度财报会。 根据 IR 官方统计,来自 25 位分析师的一致预期,二季度总收入为 219.34 亿 美元,其中汽车业务收入为 160.01 亿美元,储能业务收入为 29.58 亿美元, 服务及其他的收入为 29.75 亿美元。二季度总毛利率 16.4%,其中根据 Visible Alpha 的一致预期,汽车 Non-GAAP 毛利率 13.55%,较一季度有所提升。储 能毛利率 24.28%,较一季度有 ...
特斯拉没牌打了
Hu Xiu· 2025-06-29 23:06
Core Viewpoint - Tesla is facing significant challenges in its core business, with declining sales, slow innovation, and increasing competition, leading to skepticism about its future growth and valuation potential. Group 1: Robotaxi and Future Plans - Tesla's Robotaxi (autonomous taxi) testing has begun in Texas with 20 Model Y vehicles equipped with FSD 13, aiming for a million Cybercabs by 2027 [1][3] - Elon Musk's announcement on social media led to an 8.23% stock price surge, but subsequent trading days erased those gains, indicating market skepticism [2] - The Robotaxi initiative is seen as a last-ditch effort to revive investor interest amid declining sales and innovation concerns [3] Group 2: Sales Performance and Challenges - Tesla's delivery growth has slowed significantly, with 2023 deliveries at 1.81 million, a 37.7% increase, but projected to decline to 1.79 million in 2024, a 1.1% decrease [5][6] - The main reasons for the sales slowdown include outdated models and delayed launches of new, more affordable vehicles [7][8] - The anticipated Model Q, aimed at boosting sales, has faced delays, further complicating Tesla's market position [9][11] Group 3: Profitability Issues - Tesla's gross profit margin has fallen below 10%, with Q1 2025 gross profit margin at 11.3%, significantly impacted by declining vehicle prices and increased competition [13][17] - The company's reliance on carbon credit sales has resurfaced, with carbon credit revenue accounting for 141.7% of net profit in Q1 2025, raising concerns about sustainable profitability [27][30] - Compared to BYD, Tesla's gross profit per vehicle has decreased sharply, with projections indicating a significant drop in overall gross profit from $17.6 billion in 2022 to $10.6 billion in 2024 [24][26] Group 4: FSD Revenue and Future Outlook - Tesla's Full Self-Driving (FSD) subscription revenue has been slow to grow, with projections for 2025 indicating only $8.4 billion in confirmable revenue, insufficient to cover R&D costs [41][42] - The FSD revenue model is under scrutiny, as the company struggles to convert a large enough vehicle base into profitable subscription income [43]
特斯拉终于着急了
芯世相· 2025-06-06 11:21
以下文章来源于远川科技评论 ,作者徐珊珊 远川科技评论 . 刻画这个时代(的前沿科技) 我是芯片超人花姐,入行20年,有50W+芯片行业粉丝。 有很多不方便公开发公众号的, 关于芯片买卖、关 于资源链接等, 我会分享在朋友圈 。 扫码加我本人微信 削减万亿政府开支的小目标尚未达成,特斯拉的业绩瘦身却疗效显著。马斯克宣布告别白宫前夕, 特斯拉交出史上最差季报:净利润暴跌71% ,汽车收入同比骤降20%,陷入实质亏损状态。 去年,在大选中慷慨解囊的马斯克荣膺"第一兄弟",特斯拉在资本市场气势如虹,一度逼近全球 汽车制造商市值总和的一半。 结果无人驾驶的Cybercab尚未落地,特斯拉率先进入无人驾驶状态。群龙无首的一个季度里, 5000亿美元蒸发的市值和掉头向下的汽车交付量,终于换来了马斯克的浪子回头。 特斯拉面临的问题并非单纯的销量下滑。2022年前后,特斯拉实际上进入了一个"转型过渡期": 汽车业务的增长 会 逐渐趋稳,人工智能相关业务准备接棒,让特斯拉逐渐摆脱汽车生产商的身 份,成为人工智能公司。 但和"转型"同时出现的词,往往是"阵痛"。 01 失效的金手指 2015年2月,特斯拉财报不及预期,马斯克在电 ...