Tesla strong financial report: US stocks are bleak, nothing to do with me

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Tesla strong financial report: US stocks are bleak, nothing to do with me

2022-01-27 12:06:10 37 ℃

| Li Tingting

The old American stocks were heavy, and analysts directly referred to that the US stocks reached 10 years of bubbles are about to break. Tesla is also suffering from blood, this year's share price is over 13%, financial analysis company S3 Partners Statistics showed $ 2.3 billion profit as of Five Tsra shorts last Friday.

Last week, Netflix was once again strengthened the emotions of investors. Therefore, Tesla's financial report is especially important at this time, it is to force the tide or snow, this financial report affects investors in the next few months To Tesla, even attitudes to US stocks.

And Tesla is not disappointing:

2021 Q4, Tesla achieved a total collection of 17.719 billion US dollars, above Wall Street expected 16.6 billion US dollars; achieving a profit of 2.613 billion US dollars, operating profit margin is 14.7%, the highest refreshing record period; realization belongs to ordinary shareholders The net profit was $ 2.321 billion, an increase of 760% year-on-year, and the net profit margin reached 13.1%.

Tesla once again refreshed his quarterly performance record. In the past two years, each financial report of Tesla is almost all the face of electric car critics and empty people. For this experienced industry, Tesla is proved to be in its financial report. Writing - "The feasibility and profitability of electric vehicles should not be suspected."

Delivery, revenue, profitability and refresh high

Regardless of how the secondary market is Bo Yun, Tesla's performance in the sales market is as good as it is.

In the fourth quarter, Tesla delivered 308,700 cars, including Model S / X 12,000, Model 3 / Y 297,000. This number increased by 70.8% year-on-year, an increase of 27.9% from the previous month, exceeding all analysts, and the Wedbush Securities analyst Daniel Ives even said this performance "is shocked."

In the year, Tesla accumulated more than 936,000 units, a year-on-year increase of about 87%. In China, "Apprentices" is still in the end of the year, Tesla has first initiated an impact to the million mark.

Based on the payment of the payment, analysts have raised the stock price of Tesla. Moody's debt rating of Tesla was raised by two levels to "ba1", and said that the rating may also be raised, that is, it is expected to enter the investment level; Piper Sandler analyst maintains the increase of Tesla The target price is $ 1300; Ruixin maintains Tesla's neutral rating, but the target price is up to $ 1025 from $ 830.

But there is no shortage of people who are splashing cold, the latest report of US silver, and a large number of new electric cars may make Tesla in the US market share from current 69%, and will fall to 19% in 2024, and general purpose Car and Ford will occupy the most market share.

The Chinese market also presents a similar trend, according to the multiplier data, January-November 2021, the pure electric market is 12.7%, which is compared to 15.1% of the 2020 decline.

With the size of the new energy car market, the product is more diverse, and the decline in Tesra City share is expected. However, Tesla's advantage is that the gross profit of the gross profit is far from traditional vehicle enterprises and new car peers, so it can have more market share, but it can account for more industry profit shares.

Take the fourth quarter data as an example, Tesla Camp has increased by 65% ​​year-on-year, but the net profit of the belongs to ordinary shareholders has risen by 760%, and the profit growth rate is far over the delivery and revenue growth rate.

Specifically, the total collection of Tesla Q4 achieved a total of 17.719 billion US dollars, including $ 15.34 billion, accounting for 86.6%, carbon-lying revenue decreased to $ 314 million; A total of 53.823 billion US dollars, a year-on-year increase of 71%.

The revenue expansion, the scale effect continues to play, Tesla bicycle cost is still compressed, the gross profit level will be far behind the traditional car company:

Q4, Tesla realizes hair profit of $ 4.85 billion, an increase of 135% year-on-year, a gross profit of 27.4%; the gross profit achieved by the vehicle sales business is $ 465 million, and the gross profit margin of the vehicle is 30.3%.

In terms of fees, Tesla has not changed too much since the 30 quarters, and Q4 R & D rate is maintained at 4.2%, sales and management rates remain at 8.4%.

Based on the growth and cost and cost control of the above-mentioned levels, Tesla has once again refreshed the profit record, and as it proves the feasibility and profitability of electric vehicles:

Q4, Tesla achieved net profit attributable to ordinary shareholders, $ 2.32 billion, an increase of 760% year-on-year, net profit margin reached 13.1%; Non-Gaap is attributed to Net profit at ordinary shareholders of 288 billion US dollars, a year-on-year increase of 219% year-on-year The net profit margin reached 16.2%.

Looking forward to falling, Tesla does not make new cars

Mask, which was absented in the third quarter, came back again, this time he brought more information about Tesra new product for the market - but did not have much good news.

In fact, it is not just the opportunity to use this call. Tesla has continuously released the progress of new products in the near future. On three projects of electric pickup (Cybertruck), electric trucks (SEMI), Super Sports, Tesla has repeatedly fallen in the market, but more and more fierce market competition seems to let Tesla feel pressure. CyberTruck debuted at the end of 2019, and later postponed the production plan. According to Global Equities Research, Trip Chowdhry revealed that Tesla may hold a special event in March 2022, publish two new version of CyberTruck, and there will be significant adjustments compared to the first version. Recently, there is suspected Cybertruck exposed on the overseas forum, the new car narrows the size of the body and has some detail adjustments.

At present, Tesra Cybertruck has got more than 1.2 million orders, but to solve these backlog orders, I don't know what year. Mask said at the financial report call, due to the supply chain problem, especially the chip shortage, CyberTruck's mass production has to be postponed, and production will also be greatly limited. For specific production time, Mask only said "I hope I can come next year."

In any case, even if consumers are willing to wait, Tesla can no longer be dragged. The competition of electric leather tracks is more fierce than expected. Ford has announced that the annual output of the 2023 electric pickup card F-150 Lightning has increased to 150,000, and the "GMC Hummer EV" is released last year. In addition, universal announced a new electric pickup program on CES.

Online flowing Cybertruck mass production version of the real car

Another market is waiting for a new product is an electric truck SEMI. In 2017, it is scheduled to put production in 2019, but it is officially delivered to drag again until this month, the first batch of 15 SEMIs finally delivered to customers. This time I got a new car, Pepsi Company, which was previously sold to Tesla's orders.

Semi is really large-scale delivery should also be 2023 things, and premise or battery capacity meets the expectations. Semi is equipped with Tesla newly released 4680 batteries, but as Mask said "4680 battery is an innovative product, dozens of major improvements are required," is not low in development. The latest news is that Panasonic is expected to produce 4680 batteries in 2023.

Tesla Semi

In the Tesla Plan, 2023 in 2023, the mass production of Super sports car ROADSTER was also enriched. Tesla launched the second-generation ROADSTER sports car in 2017, and the plan will be delivered in 2020, and it will not be postponed and postponed. At the end of last year, Roadster's pricing information was removed from the Tesla official website.

In addition to the three public products, the market also expects Tesla to bring new surprises - lower-priced passenger models.

Previously, Tesla expressed "25,000 US dollars" in public cases, the rumors of the product naming, the body structure, the real price of the product, and even the media is directly called "near ten years The most worthwhile new car ". However, Tesla did not plan to meet the market's expectation, Mask responded on the financial meeting of the financial newspaper. "There is currently no new car for $ 25,000, and this year will not launch any new car."

Mask explains that many parts are shared, especially chips, and they cannot get more supply. "The launch of any new cars will not be good for delivery."

The heavy product plan of the task, the new car plan for the market is expected to fall ... Through the combing, it is not difficult to see that Tesla does not look at the surface, in fact, under the supply chain and production capacity, its research and development The mass production task can be called arduous.

2022, Tesla's production capacity

Model 3 / Y and the growing market demand can not meet, Picka's 1.2 million orders can not be delivered, when do you have a new product ... Test and limit Tesla or production capacity.

Just as Tesla wrote in this quarter earning: "We believe that in the competition of electric vehicle market, it is to improve production capacity by supply chain and expansion." In 2022, Tesla development is observed. An important clue is its capacity expansion.

At present, Tesla has been put into production, still has only the California factory and Shanghai factory. According to the latest earning report, the annual output of the Tesla Creek factory can be about 600,000 (100,000 models of Model S / X and 500,000 Model 3 / Y), and the annual production capacity of Shanghai factory is more than 450,000 (all MODEL 3 / Y).

Among them, according to overseas media reports, California Fremont Industrial Factory achieved average production of 8,550 cars per week in 2021, which exceeded Toyota in Kentucky, has become the most powerful plant in North America. But even so, at this stage, the California factory adds an annual capacity of 1.05 million units, which is only able to meet the demand for delivery this year. Expanding production capacity is Tesla's urgent needs and also determines whether Tesla can fully release growth potential. Tesla Joint Founder Stu Beer mentioned in an interview this month, the demand for electric vehicles is soaring, but the increase in capacity will not keep up, "this makes people a little bit."

Tesla's Berlin factory was originally put into production in July 2021, but due to local supervision, it was forced to delay in the production time. Fortunately, in accordance with the latest news, the Tesra Berlin factory has officially started preparation for the mass production of Model Y, and Tesla's European website also updated the delivery expectation, time for March 2022.

Mask once said that the Berlin factory is expected to achieve a continuous production cycle in 45 seconds, with an average of 75% a week to maintain normal operation. If you run all day, it is about a week of 10,000 cars. According to this digital calculation, Berlin's annual production capacity exceeds 500,000.

In addition, Tesla is also put into production in the super factory in Texas. The financial report is disclosed, and Tesla has begun to produce a 4680 battery model in Texas. It is now being finalized for these new cars, which may be delivered at the end of this quarter.

Tesra Berlin Super Factory

Berlin and Texas have put into production, as well as the expansion of California and Shanghai factory, and 2022 Temla's production capacity and delivery under the role of the United States or will usher in a substantial improvement. And, in the conference call, Tesla is looking for a new factory location.

Taking Piper Sandler believes that Tesla will be able to deliver more than 1.5 million cars this year; Morgan Stanley analysts are expected higher, and it is considered that Tesla is located in Texas and Berlin's factory will be put into production, and the annual output will be from 2021. The third quarter was slightly higher than 1 million to nearly 3 million, and Tesla 2022 will increase more than double, that is, 2 million. In this regard, Mask said that Tesla 2022 will be relaxed to more than 50%.

But whether it can achieve a stand-end goal, except for Tesla's production line, depending on the battery, chip and other supply chain manufacturers. Tesla made a warning in the earnings report that the restrictions brought by the 2022 supply chain will continue. Under the long-term trend, the gap between the new energy car rapidly growing market demand and industry chain supply capacity, but also needs more time to gradually lazen.

Investors who are impulsive in the skyrocketing plummete, and this young industry is also needed to give more patience with young players.