<p><strong>特斯拉</strong>(TSLA 2.27%) 将于下个月公布业绩，投资者将关注证据，以判断在车辆销售趋势显著回落后，业务是否正在稳定。该电动车制造商销售高端汽车、不断增长的能源存储产品组合以及为其车辆提供的付费软件，例如特斯拉的全自动驾驶（监督）软件。硬件和软件的结合，加上持续的创新，使得这个故事异常动态——这也是季度更新具有额外重要性的原因。</p>
<p>今年，特斯拉的股价已从低点反弹，使得牛市论点现在不再完全依赖于短期交付增长，而更多依赖于特斯拉能否通过软件和能源扩展利润率，同时投资于自动驾驶和机器人技术。毕竟，这些才是长期内真正能推动特斯拉发展的因素。因此，这就是即将发布的报告的框架：数字重要，但目标更重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODgvdGVzbGEtc3RvY2stc2VsZi1kcml2aW5nLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODgvdGVzbGEtc3RvY2stc2VsZi1kcml2aW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>艰难时期</h2>
<p>特斯拉今年的财务业绩令人失望。在 2025 年第二季度，总收入为 225 亿美元，同比下降 12%。汽车收入下降了 16%，因为交付量下滑，平均售价下降。汽车毛利率为 17.2%，低于一年前的 18.5%，公司指出价格下降和监管信用减少是逆风。运营费用也对业绩造成压力，因为公司加大了对人工智能（AI）和产品路线图开发的支出。</p>
<p>但特斯拉的能源发电和存储业务表现突出，季度毛利率为 30.3%，上半年为 29.6%，得益于 Megapack 和 Powerwall 的单位成本降低，即使平均售价有所下降。第二季度的部署总计为 9.6 吉瓦时（GWh），特斯拉表示在 2025 年上半年部署了 20 GWh。</p>
<p>帮助公司度过需求疲软和高支出的时期的是特斯拉强大的资产负债表。在 2025 年上半年，经营活动产生的净现金为 47 亿美元，而截至 6 月 30 日，现金及现金等价物为 156 亿美元，短期投资为 212 亿美元。</p>
<h2>更大的图景和估值</h2>
<p>然而，特斯拉的股票并不是一个关于数字的故事——至少现在不是。管理层已经明确表示公司未来的方向：加大对人工智能、软件、自动驾驶和机器人技术的投资。投资者将期待特斯拉提供证据和论据，让他们相信这些愿景将随着时间的推移转化为主要的业务驱动力。</p>
<p>目前，特斯拉蓬勃发展的能源业务有助于缓解担忧，因为它展示了公司如何推出新服务或业务并将其发展成庞大的规模。30% 左右的存储毛利率是有意义的，产品节奏也在持续：特斯拉在 9 月份推出了新的 Megapack 3 和 Megablock 系统，强调了满足公用事业和数据中心需求的推动。同时，季度能源部署可能会波动，因此持续的毛利质量和积压细节将在下次更新中成为重要信号。</p>
<p>然而，特斯拉股票的牛市论点不能完全依赖于未来计划。截至目前，特斯拉股价约为 426 美元，市场给予的溢价假设了今天软件货币化和自动驾驶及机器人技术的持续进展。如果特斯拉显示出软件收入的上升、汽车毛利的稳固以及能源业务的持续强劲，这种溢价可能是合理的。但如果汽车定价压力持续，软件贡献仍然温和，那么今天的价格可能会显得不宽容，尤其是截至目前，股价的市盈率超过 250 倍。</p>
<p>对于考虑在财报发布前买入的长期投资者来说，耐心可能是最佳选择。这并不意味着在财报发布后股价就一定会下跌。无法预测会发生什么。市场上存在很多不确定性，股票的估值已经反映了公司许多长期愿景。需要更多的清晰度来证明在这个价格买入股票是合理的。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>特斯拉计划在下个月公布财报，投资者密切关注车辆销售下降后的稳定迹象。尽管 2025 年第二季度的财务结果令人失望，但特斯拉的能源生产和储存业务展现出良好前景，毛利率达到 30.3%。公司强劲的资产负债表显示现金为 156 亿美元，支持其在人工智能和机器人领域的重磅投资。然而，当前每股 426 美元的股票估值反映了对未来增长的高期望，使其在财报发布前成为一个潜在的风险投资</p>

<p><strong>Tesla</strong>(TSLA 2.27%) reports results next month, and investors will be watching for evidence that the business is stabilizing after a significant pullback in vehicle sales trends. The electric vehicle (EV) maker sells premium cars, a growing suite of energy-storage products, and paid software for its vehicles, e.g., Tesla's Full Self-Driving (Supervised) software. The mix of hardware and software, combined with ongoing innovation, makes the story unusually dynamic -- and it's why quarterly updates carry extra weight.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA 2.27%) 将于下个月公布业绩，投资者将关注证据，以判断在车辆销售趋势显著回落后，业务是否正在稳定。该电动车制造商销售高端汽车、不断增长的能源存储产品组合以及为其车辆提供的付费软件，例如特斯拉的全自动驾驶（监督）软件。硬件和软件的结合，加上持续的创新，使得这个故事异常动态——这也是季度更新具有额外重要性的原因。</p>
</div><p>Shares have rebounded from their lows this year, making the bull case now depend less on near-term delivery growth and more on whether Tesla can expand margins through software and energy while investing in autonomy and robotics. After all, these are the things that will really move the needle for Tesla over the long haul. So, that is the frame for the upcoming report: Numbers matter, but the destination matters more.</p>
<div class="lb-trans"><p>今年，特斯拉的股价已从低点反弹，使得牛市论点现在不再完全依赖于短期交付增长，而更多依赖于特斯拉能否通过软件和能源扩展利润率，同时投资于自动驾驶和机器人技术。毕竟，这些才是长期内真正能推动特斯拉发展的因素。因此，这就是即将发布的报告的框架：数字重要，但目标更重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwODgvdGVzbGEtc3RvY2stc2VsZi1kcml2aW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834088%2Ftesla-stock-self-driving.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A rough patch</h2>
<div class="lb-trans"><h2>艰难时期</h2>
</div><p>Financial results at Tesla this year have been disappointing. In its second quarter of 2025, total revenue was $22.5 billion, down 12% year over year. Automotive revenue fell 16% as deliveries slipped and average selling prices declined. Automotive gross margin was 17.2%, down from 18.5% a year ago, with the company citing lower prices and fewer regulatory credits as headwinds. Operating expenses also weighed on results as the company leaned into artificial intelligence (AI) and product road map development spending.</p>
<div class="lb-trans"><p>特斯拉今年的财务业绩令人失望。在 2025 年第二季度，总收入为 225 亿美元，同比下降 12%。汽车收入下降了 16%，因为交付量下滑，平均售价下降。汽车毛利率为 17.2%，低于一年前的 18.5%，公司指出价格下降和监管信用减少是逆风。运营费用也对业绩造成压力，因为公司加大了对人工智能（AI）和产品路线图开发的支出。</p>
</div><p>But Tesla's energy generation and storage business were a highlight, with segment gross margin of 30.3% in the quarter and 29.6% for the first half, driven by lower unit costs on Megapack and Powerwall even as average selling prices eased. Deployments totaled 9.6 gigawatt hours (GWh) in Q2, and Tesla says it deployed 20 GWh through the first half of 2025.</p>
<div class="lb-trans"><p>但特斯拉的能源发电和存储业务表现突出，季度毛利率为 30.3%，上半年为 29.6%，得益于 Megapack 和 Powerwall 的单位成本降低，即使平均售价有所下降。第二季度的部署总计为 9.6 吉瓦时（GWh），特斯拉表示在 2025 年上半年部署了 20 GWh。</p>
</div><p>Helping the company work through this period of weak demand and high spending is Tesla's strong balance sheet. Through the first half of 2025, net cash from operating activities was $4.7 billion, while cash and cash equivalents stood at $15.6 billion and short-term investments at $21.2 billion as of June 30.</p>
<div class="lb-trans"><p>帮助公司度过需求疲软和高支出的时期的是特斯拉强大的资产负债表。在 2025 年上半年，经营活动产生的净现金为 47 亿美元，而截至 6 月 30 日，现金及现金等价物为 156 亿美元，短期投资为 212 亿美元。</p>
</div><h2>The bigger picture and valuation</h2>
<div class="lb-trans"><h2>更大的图景和估值</h2>
</div><p>Ultimately, though, Tesla stock isn't a story about numbers -- at least not right now. Management has been explicit about where the company is heading: heavier investment in AI, software, autonomous driving, and robotics. Investors will be looking for Tesla to present evidence and arguments that make them believe these aspirations will turn into major business drivers over time.</p>
<div class="lb-trans"><p>然而，特斯拉的股票并不是一个关于数字的故事——至少现在不是。管理层已经明确表示公司未来的方向：加大对人工智能、软件、自动驾驶和机器人技术的投资。投资者将期待特斯拉提供证据和论据，让他们相信这些愿景将随着时间的推移转化为主要的业务驱动力。</p>
</div><p>For now, Tesla's soaring energy business helps ease concerns, as it demonstrates how the company can introduce a new service or business and grow it into something massive. Storage margins in the 30% range are meaningful, and product cadence continues: Tesla introduced new Megapack 3 and Megablock systems in September, underscoring the push to serve utility and data-center demand. At the same time, quarterly energy deployments can be lumpy, so sustained margin quality and backlog detail will be important signals in the next update.</p>
<div class="lb-trans"><p>目前，特斯拉蓬勃发展的能源业务有助于缓解担忧，因为它展示了公司如何推出新服务或业务并将其发展成庞大的规模。30% 左右的存储毛利率是有意义的，产品节奏也在持续：特斯拉在 9 月份推出了新的 Megapack 3 和 Megablock 系统，强调了满足公用事业和数据中心需求的推动。同时，季度能源部署可能会波动，因此持续的毛利质量和积压细节将在下次更新中成为重要信号。</p>
</div><p>The bull case for Tesla stock, however, can't be entirely dependent on future plans. At roughly $426 per share as of this writing, the market is assigning a premium that assumes continued software monetization and progress on autonomy and robotics today. That premium may be warranted if Tesla shows rising software revenue recognition, firmer automotive margins, and continued energy strength. But if auto pricing pressure persists and software contribution remains modest, today's price could prove unforgiving, especially with shares trading at more than 250 times earnings as of this writing.</p>
<div class="lb-trans"><p>然而，特斯拉股票的牛市论点不能完全依赖于未来计划。截至目前，特斯拉股价约为 426 美元，市场给予的溢价假设了今天软件货币化和自动驾驶及机器人技术的持续进展。如果特斯拉显示出软件收入的上升、汽车毛利的稳固以及能源业务的持续强劲，这种溢价可能是合理的。但如果汽车定价压力持续，软件贡献仍然温和，那么今天的价格可能会显得不宽容，尤其是截至目前，股价的市盈率超过 250 倍。</p>
</div><p>For long-term investors weighing a buy before earnings, patience may be the best choice. This doesn't mean the stock is likely to fall after the earnings report. There's no way to know what will happen. There's simply a lot of uncertainty, and the stock's valuation already prices in many of the company's long-term aspirations. More clarity is needed to justify buying the stock at this price.</p>
<div class="lb-trans"><p>对于考虑在财报发布前买入的长期投资者来说，耐心可能是最佳选择。这并不意味着在财报发布后股价就一定会下跌。无法预测会发生什么。市场上存在很多不确定性，股票的估值已经反映了公司许多长期愿景。需要更多的清晰度来证明在这个价格买入股票是合理的。</p>
</div>

Is Tesla Stock a Buy Ahead of Its Earnings Report Next Month?

- 特斯拉将在下月公布财报，投资者关注销售趋势是否稳定。  
- 2025 年第二季度总收入为 225 亿美元，同比下降 12%。  
- 特斯拉的能源业务表现亮眼，毛利率达 30.3%。  

特斯拉股票在下个月的财报发布之前是否值得买入？