Investment Rating - The report initiates coverage with an "Add" rating for Tesla [5]. Core Views - Tesla is transitioning from an automotive manufacturer to an AI company, with significant investments in AI infrastructure, which is expected to reshape the automotive and transportation industries [7][8]. - The report highlights that Tesla's financial performance is under pressure due to declining automotive sales, but the company is leveraging its existing automotive business and energy storage to support its AI transformation [8][9]. - The new valuation logic for Tesla is based on breakthroughs in autonomous driving technology leading to new business models and cash flows, which will enhance its price-to-earnings (P/E) ratio [8][9]. Summary by Sections 1. Introduction - The significance of studying Tesla from both fundamental and investment perspectives is emphasized, noting its role in leading the electrification and intelligent transformation of the automotive industry [14][17]. 2. Transformation - Tesla is making a significant shift towards AI, with nearly 30% of its new capital expenditures (CapEx) directed towards AI infrastructure, while automotive production has not seen new capacity investments for eight consecutive quarters [8][40]. - The report discusses the divergence between Tesla's stock price and automotive delivery volumes since Q2 2024, indicating a shift in market perception away from viewing Tesla solely as a car manufacturer [8][54]. 3. Autonomous Driving/FSD/Robotaxi - The report outlines a new valuation logic for Tesla's autonomous driving business, suggesting that successful technology breakthroughs will lead to new business models and cash flows, ultimately enhancing the company's valuation [8][9]. 4. Automotive Sales & Energy Storage - Tesla's automotive and energy storage businesses are identified as cash cows that support its transformation into an AI company, with a focus on maximizing the potential of existing production lines [8][9]. 5. Robotics/Optimus Business - The report notes that Tesla's robotics business is still in its early stages and not fully valued by the market, but it is expected to contribute to long-term growth [8][9]. 6. Financial Forecast and Valuation - The financial projections for Tesla indicate expected revenues of $99.02 billion in 2025, with a net profit of $5.57 billion, reflecting a significant growth trajectory despite current challenges [5][8].

大家好我是大鱼 今天的资讯 包括下面几个消息 1. 马斯克的AI大转弯 2. 特斯拉生产经营 方面的消息 关注这些领域的朋友 不要错过 今天重要的内容 OK let's go 第一部分 马斯克的AI大转弯 这几天Dojo 关门的事情 在网上吵得 是沸沸扬扬 Musk刚刚又作出了 更深入的解释 他说一旦确定 所有的设计路线 都会集中在Al6上 我就不得不 关闭Dojo项目 并做出一些 艰难的人事决策 因为Dojo 2从此 成为一条进化 上的死胡同 马斯克认为 从某种角度来说 Dojo 3仍然存在 不过形式变化成 大量Al6系统单晶片 （SoC）集结在同一块 电路板上 简单说就是 这意味Tesla不再 分散火力搞两个 AI芯片系统 Dojo的专门训练 架构被视为过时 AI6不仅能处理 车上的即时推理 还能凑成集群 当训练机用 客观来看 这是资源优化的 务实选择 根据Bloomberg的报导 Dojo团队已经解散 领袖Pete Bannon离职 Tesla将加深跟Nvidia TSMC和 Samsung的合作 避免内部重复工作 浪费投资 马斯克确实 是一个敢于 自己打脸的人！ 几周他前还在 季度财报会议上 力挺的D ...

RT Tesla Australia & New Zealand (@TeslaAUNZ)4000+ Aussies installed Powerwall in JulyThey’re now less reliant on the grid & save on energy costs ...

Energy Solutions - Tesla Energy promotes generating and storing clean energy using Solar + Powerwall [1]

宁德时代厦门/东营两大基地开建 7 月 26 日，东营时代零碳产业园项目现场推进会举行，全国首个 100% 绿电直供零碳产业园在山东东营开建。 据悉，该项目由宁德时代投资， 一期建设的 40GWh 锂电池绿色制造基地是整个零碳产业园的核心项目 ，计划打造 "零碳工厂 + 灯塔工厂"双 高标准示范项目，形成全链条绿色产业集群，预计明年建成投用。 海雷新能源冲刺IPO 另一边，近期厦门时代二期项目生产区完成桩基施工，进入主体施工阶段， 项目计划投资 50 亿元建设年产 30GWh 全智能化新能源动力电池 生产线， 预计 2026 年二季度试投产。 7月24日， 海雷新能源继5月披露 辅导工作进展报告以来，再次 披露相关进展报告（第五期）， 拟登陆北交所。 报告显示， 海雷新能源原聘请的 辅导机构为 东莞证券，于 2024年4月17日完成辅导备案，因为 战略调整，其辅导机构改聘 华泰联合证券。 双方于 2025年3月26日签署 上市辅导协议， 辅导期间为2025年4月1日至2025年6月30日。 接下来， 海雷新能源将在上一阶段辅导工作的基础上继续接受针对性辅导，包括 公司内部控制规范运作辅导、 人员辅导等。 亿纬 ...

Core Viewpoint - The article highlights the increasing dominance of lithium iron phosphate (LFP) battery products from Chinese manufacturers, prompting foreign renewable energy giants like Tesla and LG Energy to intensify their investments in LFP projects [2][3]. Group 1: Tesla's Developments - Tesla's first LFP battery factory in the U.S. is expected to start production by the end of this year, located in Nevada with a planned capacity of 10 GWh, supplying batteries for Powerwall, Megapack, and some vehicle battery packs [3][6]. - Tesla's Q2 revenue was approximately $22.5 billion, a year-on-year decline of about 12%, while net profit was around $1.4 billion, down approximately 23% [6][14]. - Despite the overall decline in revenue, Tesla's energy storage deployment reached 9.6 GWh in Q2, a year-on-year increase of 2.1%, and the total for the first half of the year was 20 GWh, achieving two-thirds of the 31 GWh target for 2024 [7][10]. Group 2: LG Energy's Strategy - LG Energy announced a significant LFP project contract worth $4.3 billion (approximately 309 billion RMB), which could secure its performance for the next three years and potentially extend to seven years based on mutual satisfaction [3][4]. - LG Energy's Q2 revenue was 5.6 trillion KRW (approximately 290 billion RMB), with an operating profit of 492.2 billion KRW (approximately 25 billion RMB), reflecting a quarter-on-quarter growth of 31.4% [14]. - The company has been actively diversifying its strategy, focusing on energy storage and LFP battery production, including a partnership with Chinese material companies and plans for a production line in Morocco [12][15]. Group 3: Industry Trends - The demand for LFP batteries is being driven by the rapid growth of energy storage solutions, with Tesla's Megapack product securing numerous orders in recent months [7][10]. - The global shift towards LFP batteries is seen as a safer alternative to nickel-cobalt-manganese (NCM) batteries, especially in light of past thermal runaway incidents associated with NCM batteries [15].

Group 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]

Energy Storage - Powerwall 储能系统帮助用户节省每月开支 [1] - Powerwall 通过智能储能降低高峰时段的电费成本 [1]

证 券 研 究 报 告 特斯拉（TSLA）FY2025Q2 业绩点评及业绩说明会纪要 2025Q2 业绩承压，Robotaxi、机器人等未来 可期 ❖ 事项： 2025 年 7 月 24 日特斯拉发布 2025 年 Q2 季度报告，并召开业绩说明会。公司 2025Q2 季度报告时间从 2025 年 4 月 1 日截至 2025 年 6 月 30 日。 ❖ 评论： 风险提示： 华创证券研究所 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：姚德昌 邮箱：yaodechang@hcyjs.com 执业编号：S0360523080011 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ASP 持续承压；新车型推出不及预期；FSD 与机器人相关项目推进不及预期； 储能业务进展不及预期。 电子 2025 年 07 月 25 日 会议时间：2025 年 7 月 24 日 会议地点：线上 会议纪要 ...

Core Insights - Tesla reported a revenue of $22.5 billion (approximately 160.9 billion RMB) for Q2 2025, with global deliveries exceeding 384,000 vehicles [1] - The Shanghai Gigafactory delivered 191,000 vehicles in Q2, marking a 10.98% increase from Q1, with June sales reaching 61,000 units, a 59% month-over-month increase [1][2] - Tesla's energy storage business achieved an installation capacity of 9.6 GWh in Q2 2025 [1] Group 1: Financial Performance - Tesla's Q2 2025 revenue reached $22.5 billion, reflecting strong sales and operational performance [1] - The company delivered over 384,000 vehicles globally in the same quarter, indicating robust demand [1] Group 2: Production and Sales Milestones - The Shanghai Gigafactory's Q2 delivery of 191,000 vehicles represents a 10.98% increase from the previous quarter [1] - In June, Tesla's domestic sales in China hit 61,000 units, a record for the quarter, with a year-over-year increase of 3.7% [1][2] - The refreshed Model Y led the domestic passenger car sales in China with over 44,000 units sold in June [2] Group 3: Expansion and New Initiatives - Tesla's Robotaxi service was launched in Austin, with plans to expand significantly across the U.S. [4] - The company aims to cover approximately half of the U.S. population with its autonomous taxi service by the end of the year [5] - Tesla's third-generation humanoid robot is expected to be launched this year, with mass production planned for next year [6] Group 4: Energy Storage Developments - Tesla's energy storage system, Megapack, saw a deployment increase of over 110% in 2024 [7] - The company has installed a total of 47 GWh of industrial energy storage systems globally, with over 23 GWh already operational [7] - Tesla plans to build a third energy storage Gigafactory near Houston, Texas, in 2026 [7]