跨市场新能源汽车行业观察之十一：TeslaQ3扭亏，电动车全球化竞争大幕拉开.pdf
敬请参阅最后一页特别声明 -1- 证券研究报告 2018 10 25 TeslaQ3 Q3 2018Q3 68.2 70.5% 128.6% 61.0 81.6% 158.1% 2018Q3 2.55 7 2018Q3 GAAP 3.12 2018Q3 GAAP 25.8% 2018Q2 5.2pcts Model 3 4000 Model 3 20% Model 3 Model 3 25% Q3 3.51 +5.8% 5.1% / 7.30 +11.8% 10.7% Q2 11/8pcts Q3 Model 3 5300 2018Q3 80,142 +50% Model 3 53,239 +86% Model S&X 26,903 +9% 4 Q3 Model 3 4,437 5,300 2018Q3 83,775 +106% Model 3 56,065 +203% Model S&X 27,710 +24% 2018Q3 Model 3 2018Q4 1 Q4Model 3 Model S&X 10 Model 3 2019 Model S&X 15% 40% 2019 Model 3 Model 3 2018Q3 Model 3 1 2 Model 3 Model 3 ( S0930518080001) 021-52523850 marsebscn S0930518070001 021-52523825 tangxwebscn -50% -33% -15% 3% 20% 09-17 12-17 04-18 07-18 电力设备新能源 沪深300 Wind 9 12.1 +55% +20% ······································ 2018-10-13 SKI ······································ 2018-10-13 2018 ······································ 2018-09-05 7 8.4 +47.7% ······································ 2018-08-12 SDI ······································ 2018-08-09 LG ······································ 2018-07-23 2018-10-25 敬请参阅最后一页特别声明 -2- 证券研究报告 1 Q3 . 3 2 Q3 Model 3 5300 . 6 3 Model 3 2019 . 8 4 . 9 5 . 9 1 2018Q3 . 3 2 2016Q4-2018Q3 GAAP . 3 3 2015Q4-2018Q3 . 3 4 2017Q3-2018Q3 . 4 5 2017Q3-2018Q3 non-GAAP . 4 6 2017Q3-2018Q3 . 4 7 2017Q3-2018Q3 . 4 8 . 5 9 . 6 10 2017Q3-2018Q3 Model3 . 7 11 2018Q3 . 8 1 2017Q3-2018Q3 . 7 2 2017Q3-2018Q3 . 7 2018-10-25 敬请参阅最后一页特别声明 -3- 证券研究报告 1 Q3 2018Q3 68.2 70.5% 128.6% 61.0 81.6% 158.1% 2018Q1-Q3 142.4 68.1% 121.9 75.7% 1 2018Q3 Tesla 2018Q3 2.55 7 2018Q3 GAAP 3.12 2 2016Q4-2018Q3 GAAP Tesla 3 2015Q4-2018Q3 Tesla 2018-10-25 敬请参阅最后一页特别声明 -4- 证券研究报告 2018Q3 GAAP 25.8% 2018Q2 5.2pcts Model 3 4000 Model 3 20% 15% Model 3 Model 3 25% 4 2017Q3-2018Q3 GAAP 5 2017Q3-2018Q3 non-GAAP Tesla Tesla 2018Q3 3.51 5.8% Q3 5.1% Selling, general and administrative 7.30 11.8% 10.7% Q2 11/8pcts 6 2017Q3-2018Q3 7 2017Q3-2018Q3 Tesla Tesla 2018-10-25 敬请参阅最后一页特别声明 -5- 证券研究报告 2018Q3 11.55 5.15 124% 112.46 100.28 12% 21.86 41.17 8 Tesla 2018-10-25 敬请参阅最后一页特别声明 -6- 证券研究报告 2018Q3 13.9 Q2 -13.0 -5.6 5.1 2017Q3 2017Q3-2018Q2 13.1/9.6/7.3/6.8 -0.84 9 Tesla 2 Q3 Model 3 5300 2018Q3 80,142 50% Model 3 53,239 86% Model S&X 26,903 9% 2018Q1-Q3 17 Model 3 9 Model S&X 7.5 Q3 4 Model 3 4,437 5,300 AWD Model 3 Q2 30% Model 3 Q3 2018-10-25 敬请参阅最后一页特别声明 -7- 证券研究报告 1 2017Q3-2018Q3 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 25,336 24,565 34,494 53,339 80,142 Model 3 260 2,425 9,766 28,578 53,239 Model S&X 25,076 22,140 24,728 24,761 26,903 Tesla 10 2017Q3-2018Q3 Model3 Tesla 4 12 2018Q3 83,775 106% Model 3 56,065 55,840 203% Model S&X 27,710 27,660 24% 2018Q3 Model 3 2018Q1-Q3 15 Model 3 8 Model S&X 7 2018 10 2 2017Q3-2018Q3 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 26,150 29,870 29,980 40,740 83,775 Model 3 220 1,550 8,180 18,440 56,065 Model S&X 25,930 28,320 21,800 22,300 27,710 Tesla Model 3 2018Q3 55,840 2018Q3 56,065 Model S&X 2018Q3 27,660 2018Q3 27,710 2018-10-25 敬请参阅最后一页特别声明 -8- 证券研究报告 11 2018Q3 Edmunds & OEM data Tesla 2018Q4 1 Q4Model 3 Model S&X 10 2 Model 3 Q4 Q3 Model S&X Q4 5000 3 Q4 Q4 GAAP Q4 2.3 4 2018 25 Q4 3 Model 3 2019 2017 8 Model 3 45.5 2018Q3 20% 1 Model 3 2 3 Model 3 2019 Model 3 2018 Model S&X 15% 40% 2019 Model 3 Model 3 10 24 ( ) 864,885 Model 3 Model Y 25 7 10 50 25 2018-10-25 敬请参阅最后一页特别声明 -9- 证券研究报告 4 2018Q3 Model 3 Model 3 Model 3 2018Q2 Model 3 A Model 3 5 1 2 3
