BARCLAYS-特斯拉_第一季度初步观察 - 营收未达预期 + 撤回业绩指引，但毛利率良好，基本面未变

Equity Research U.S. Autos & Mobility 22 April 2025 Tesla, Inc. 1Q First Look – Headline miss + pulled guide, but fine gross margin; narrative intact Auto GM ex-reg. credits 12.5% beat vs. cons. 11.6%, Barc. 10.6%; Adj. EPS 27c miss vs. cons. 38c; GAAP EBIT margin at 2.1%, miss vs. cons. 4.3%, Barc. 2.7%; Guidance for y/y volume growth pulled, yet plans for more affordable model launch in 1H25 remains intact Tesla posted a mixed result, which we believe net net cleared the bar – despite puts/takes on the nu ...