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2021-08-26

$Tesla Motors(TSLA)$like pls

2021-07-13

Nice and like pls

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2021-03-25

Like and comment. Thanks.

抱歉，原内容已删除

2021-10-28

Like and comment pls

Tesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote>

2021-04-09

Please like and comment. Thanks

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2021-04-05

Comment

Here’s the $4.5 trillion ‘firepower’ that will drive stocks higher in April, says top strategist<blockquote>顶级策略师表示，这是4.5万亿美元的“火力”，将推动4月份股市走高</blockquote>

2021-11-18

$Tesla Motors(TSLA)$[微笑]

2021-04-27

$Microvision(MVIS)$from losing to $10 and now $28

2021-11-25

$Tesla Motors(TSLA)$Hihi to those still looking at US stocks market even when it's closed.

2021-11-17

$Rivian Automotive, Inc.(RIVN)$bubble popped[心碎]

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href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>roaring","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>roaring","text":"$Tesla Motors(TSLA)$roaring","images":[{"img":"https://static.tigerbbs.com/4d97c806fddd3b9cda0d330b015ffa68","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843162581","isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":855737076,"gmtCreate":1635400166761,"gmtModify":1635400166814,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855737076","repostId":"1127302287","repostType":2,"repost":{"id":"1127302287","kind":"news","pubTimestamp":1635399924,"share":"https://www.laohu8.com/m/news/1127302287?lang=zh_CN&edition=full","pubTime":"2021-10-28 13:45","market":"us","language":"en","title":"Tesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127302287","media":"Seeking Alpha","summary":"Summary\n\nTesla added nearly $200 billion to its valuation this week following good earnings and an ~","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.</li>  <li>The current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.</li>  <li>Forecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.</li>  <li>Long-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f0cfebc83d76c5cc8908a766201917d\" tg-width=\"1536\" tg-height=\"1000\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>继良好的盈利以及以约42亿美元的价格从赫兹购买10万辆汽车后，特斯拉本周的估值增加了近2000亿美元。</li><li>当前的增长轨迹和预计的长期增长在交付和收入方面提供了巨大的潜力，但风险回报情况较弱。</li><li>预测4000亿美元的收入和2000万台的共同结果可能会导致非常低的平均售价。</li><li>当前多重状况的长期维持受到多重风险的阻碍，包括市场份额和竞争，以及全行业的多重重新评级。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Tesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with&nbsp;deliveries&nbsp;rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a &gt;12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.</p><p><blockquote>特斯拉(TSLA)突破1,000美元大关，在该公司公布高于市场预期的盈利以及与赫兹(OTCPK：HTZZ)达成数十亿美元的巨额交易后，该公司连续多日上涨，进入万亿俱乐部。即使以其规模来看，特斯拉仍继续快速增长，第三季度交付量环比增长约20%，达到241,300辆。特斯拉以比电动汽车同行大得多的规模提供了非常有吸引力的增长率，因此是华尔街最热门的公司之一。交易量突破6000万笔，是特斯拉10天平均水平的两倍多，美元交易量超过600亿美元。尽管其中很大一部分可能是快速交易，以利用当天超过12%的涨幅，但特斯拉一直是一份持续赠送的礼物，最终，有可能在短期顶部买入，就像一月份一样。尽管该交易带来了多个季度的收入和交付量增长，但目前购买的风险回报前景并不十分令人信服——虽然做空特斯拉不一定是个好主意，但似乎也不是最佳购买时机。</blockquote></p><p> <b>A Hertz Fleet Deal</b></p><p><blockquote><b>赫兹车队交易</b></blockquote></p><p> The Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.</p><p><blockquote>赫兹的交易表明，对大批量车队电动汽车的需求是存在的，这家租赁汽车运营商订购了价值超过其车队规模20%的特斯拉车辆。根据订单，赫兹将提供该国最大的电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e286a4ee0a7807efc3b113fc7120d2a\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\"><span>Graphic from Hertz</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自赫兹</span></p></blockquote></p><p> Hertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.</p><p><blockquote>随着电动汽车变得更加“主流”，赫兹支持电动汽车“不断增长的全球需求和兴趣”，选择在未来14个月内投资42亿美元用于特斯拉汽车，首批交付和上市预计将于11月开始。</blockquote></p><p> Because EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.</p><p><blockquote>由于电动汽车依赖于公共充电基础设施，而公共充电基础设施可能有限或比加油站更难找到，赫兹将“在其位置网络中安装数千个充电器”，增加通过特斯拉提供的3,000个超级充电网络。此外，赫兹的应用程序将提供“数字化指导，向客户介绍电动汽车，让他们快速上路，并很快推出快速电动汽车租赁预订流程。”预订车辆的客户必须知道如何使用某些功能，如自动驾驶仪、FSD或通过应用程序控制汽车。</blockquote></p><p> Hertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating&nbsp;metrics&nbsp;have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.</p><p><blockquote>赫兹最近确实在今年夏天早些时候摆脱了美国破产法第11章的破产，尽管有人质疑这种规模的交易的确切资金将来自30亿美元的总流动性，但运营指标已显着改善，可与2019年大流行前的水平相媲美。尽管收入比2019年下降了约11%，但车辆利用率为78%，落后3个百分点，因为随着价格上涨，RPD和RPU大幅增加。与2019年第二季度相比，赫兹的RPD增长了53%，达到65美元以上，每月RPU增长了48%，达到1,557美元——由于高需求和供应不足，租车价格上涨确实有助于这些指标，但利用率反映了强劲反弹在行业中。</blockquote></p><p> For Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.</p><p><blockquote>对于特斯拉来说，与赫兹的交易不仅标志着2022财年收入和交付量的大幅增长，也标志着乘车租赁/共享/叫车领域大规模车队接受度的更广泛趋势。100,000辆占特斯拉当前TTM销量的近12%，约占2022财年预计交付量和收入的7%。这是单个客户的巨大贡献，但它为电动汽车在叫车/租赁领域的未来提供了光明的前景——采用曲线可能会比预期的更快。</blockquote></p><p></p><p> In the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.</p><p><blockquote>在更广泛的行业中，Uber(UBER)正在与多个不同的参与者合作，包括起亚(OTCPK：KIMTF)、Arrival(ARVL)和TotalEnergies(TTE)，以加速电动汽车的采用，而Waymo(GOOGL)和Cruise(GM)正在努力实现自动驾驶机器人出租车服务，距离大规模运营可能还需要数年时间。电动汽车可以填补部分空白，特斯拉拥有为车队运营商生产数十万辆的必要产能，GF Shanghai、Berlin和Texas都在扩大规模并建设新产能。</blockquote></p><p> <b>Continuing Along the Growth Trajectory</b></p><p><blockquote><b>继续沿着增长轨迹</b></blockquote></p><p> Tesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.</p><p><blockquote>特斯拉第三季度的业绩不言自明，随着业绩指标全面创下新高，该公司全力以赴。</blockquote></p><p> The company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.</p><p><blockquote>该公司实现了“有史以来最好的净利润、营业利润和毛利润”，营业利润率高于预期，营业现金流达到创纪录水平，弗里蒙特的最高生产水平，多项指标强劲增长。汽车收入同比增长58%，环比增长18%，略落后于交付量约20%的环比增长，平均售价同比下滑6%。来自中国的更大贡献可能是平均售价下降以及交付量上升的一个重要因素，据报道，该地区本季度交付了133,238辆汽车，占55.2%；由于平均售价呈下降趋势，这一数字高于预期。这一数字比第二季度高出6.3个百分点，9月份交付和出口约56,000辆，比6月份高出70%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd4f9c664d1a45c750aac76ffc372b2a\" tg-width=\"640\" tg-height=\"732\" width=\"100%\" height=\"auto\"><span>Graphic from Tesla</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来自特斯拉</span></p></blockquote></p><p> Deliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.</p><p><blockquote>交付量在过去四个季度开始实现高速增长，2020年第三季度出现增长。自那以后，随着电动汽车的采用和产能的增加，特斯拉的交付量几乎翻了一番，比大流行前的增长速度快得多。目前，特斯拉的年产能接近110万辆，比TTM的交付量高出近40%，这为该公司在柏林和德克萨斯竣工之前提供了更大的增长空间。</blockquote></p><p> <b>Hard To Buy Here</b></p><p><blockquote><b>这里很难买到</b></blockquote></p><p> Even with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.</p><p><blockquote>尽管增长率和运营指标全面令人印象深刻，但在本周股价走高后，也很难描绘出积极的风险回报前景——收益和42亿美元的赫兹交易一度使特斯拉的估值增加了近2000亿美元，或接近交易宣布后仅两天内就达到了1750亿美元的高点。该交易和/或收益带来的新协同效应是否足以支持在该公告发布后收购一家价值超过15%的公司？在这里，情况似乎并非如此。</blockquote></p><p> Over the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.</p><p><blockquote>从短期来看，这种疯狂的交易和快速、高百分比的反弹通常是非常短暂的——特斯拉在2020年初最后一次分拆前反弹至900美元，该股在不到一周的时间内下跌了20%，并在2021年初分拆后强劲反弹至近900美元，股价在下跌10%后维持了一个月，然后在3月份又下跌了35%。短期交易可以获得回报，但从长期角度来看，前景是光明的，但回报潜力却没有那么大。</blockquote></p><p> Tesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.</p><p><blockquote>特斯拉预计，它可以推动交付量的长期年均增长50%，从2021财年的90万辆交付量来看，特斯拉到2025年每年的交付量将达到约450万辆。将这一增长率进一步延长至2030年，特斯拉将交付3400万辆汽车，占2020年全球汽车销量的一半；这似乎是一个非常不现实的场景，即使特斯拉表示目标是届时交付量达到2000万辆。为了达到这一数字，特斯拉必须比2025年的预计数字以每年35%左右的速度增长。总而言之，2025年的交付量可能接近全球汽车总销量的5%，而2030年可能接近20%。考虑到行业内的竞争，很难看到特斯拉独自占据如此大的市场份额并以如此大的优势击败竞争对手——即使是苹果(AAPL)在智能手机领域也仅占据近15%的市场份额，而在智能手机领域，它被广泛视为行业前三名。</blockquote></p><p> With that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.</p><p><blockquote>根据这一预测，特斯拉还看到了一条通往4000亿美元收入的道路——这将假设收入增长同比放缓的速度比交付量快得多——将交付量提高到2000万辆需要在4年后的5年内平均年增长率约为33%。50%的年增长率，而收入将在5年内以约20%的平均年增长率增长，而在4年的平均年增长率为34%。</blockquote></p><p></p><p> To hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable &lt;$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.</p><p><blockquote>为了达到这两个数字，即交付量为2000万辆，收入达到4000亿美元，特斯拉必须大幅削减平均售价，到2027年降至25,000美元，到2029年降至约16,500美元，假设储能和业务其他方面的增长率继续。特斯拉确实设想在大多数主要领域——小型/中型/大型SUV、轿车/卡车，以及价格低于25,000美元的车型和机器人出租车；然而，这些目标的平均售价很可能不会低于20,000美元，这意味着到2030年这两个目标同时实现的可行性存在一些重大疑问。这里没有包括的另一种可能性是，特斯拉不出售机器人出租车车队，而是自己管理一支数百万辆的车队，因此2030年目标销量中有相当一部分没有反映在ASP中。</blockquote></p><p> Should Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.</p><p><blockquote>如果特斯拉超额完成交付数据，收入可能会受到严重误导；但如果特斯拉通过多个市场机会瞄准2000万辆汽车的目标实际上是正确的，那么收入可能会完全抵消这一潜力。在这方面，时间会证明一切。</blockquote></p><p> Back to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.</p><p><blockquote>回到市场份额——根据行业内的趋势，到2030年，特斯拉汽车销量可能会占全球汽车销量的20%左右。然而，很难看到特斯拉取得并保持这样的据点，因为小鹏汽车（XPEV）和蔚来（蔚来）等初创公司在价格和技术上对其发起了猛烈挑战（尽管两者在地理上仍然主要局限于中国），而ICE领导者则在积极推动电动汽车。因此，电动汽车行业可能仍将是分散的，特斯拉将无法对该行业保持垄断地位，因为它在销量上占据主导地位并决定了该行业。该公司的总市场份额略高于4%，随着竞争迅速升温，市场份额增长可能达到这一程度的唯一情况是产能达到1500万辆，并保持比同行高出50%以上电动汽车制造能力。</blockquote></p><p> In the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.</p><p><blockquote>从长远来看，更广泛的前景是电动汽车将成为新常态，制造商同意努力实现电动汽车销量的40%至50%。总体目标看起来仍然是电动汽车主导甚至全电动汽车的未来。预计到2030年，将有数百款新电动汽车上路，大大增加消费者的选择和车型的整体供应量。随着内燃机汽车成为旧的“黄金标准”，电动汽车有望成为“新标准”，最终行业颠覆和技术的估值溢价可能会消退，并反映出与内燃机汽车相似的倍数——从长远来看，大多数制造商可能都会在同一车型中竞争，具有相似的规格和技术。尽管特斯拉一直处于领先地位，但同行正在迎头赶上，并因竞争/市场份额压力和收入增长率下降而失去了颠覆倍数，行业估值下降与ICE制造商所经历的类似，但当前的“黄金标准”的公允价值可能为销售额的3倍和收益的21倍（4000亿美元收入的14%净利润率），仅提供约20%的充足上涨空间。特斯拉确实提供了非常有吸引力的增长率，有时还有不可预测的潜力，但由于目前风险回报状况看起来不利，未来可能会有更好的购买机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-28 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.</li>  <li>The current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.</li>  <li>Forecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.</li>  <li>Long-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f0cfebc83d76c5cc8908a766201917d\" tg-width=\"1536\" tg-height=\"1000\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>继良好的盈利以及以约42亿美元的价格从赫兹购买10万辆汽车后，特斯拉本周的估值增加了近2000亿美元。</li><li>当前的增长轨迹和预计的长期增长在交付和收入方面提供了巨大的潜力，但风险回报情况较弱。</li><li>预测4000亿美元的收入和2000万台的共同结果可能会导致非常低的平均售价。</li><li>当前多重状况的长期维持受到多重风险的阻碍，包括市场份额和竞争，以及全行业的多重重新评级。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Tesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with&nbsp;deliveries&nbsp;rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a &gt;12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.</p><p><blockquote>特斯拉(TSLA)突破1,000美元大关，在该公司公布高于市场预期的盈利以及与赫兹(OTCPK：HTZZ)达成数十亿美元的巨额交易后，该公司连续多日上涨，进入万亿俱乐部。即使以其规模来看，特斯拉仍继续快速增长，第三季度交付量环比增长约20%，达到241,300辆。特斯拉以比电动汽车同行大得多的规模提供了非常有吸引力的增长率，因此是华尔街最热门的公司之一。交易量突破6000万笔，是特斯拉10天平均水平的两倍多，美元交易量超过600亿美元。尽管其中很大一部分可能是快速交易，以利用当天超过12%的涨幅，但特斯拉一直是一份持续赠送的礼物，最终，有可能在短期顶部买入，就像一月份一样。尽管该交易带来了多个季度的收入和交付量增长，但目前购买的风险回报前景并不十分令人信服——虽然做空特斯拉不一定是个好主意，但似乎也不是最佳购买时机。</blockquote></p><p> <b>A Hertz Fleet Deal</b></p><p><blockquote><b>赫兹车队交易</b></blockquote></p><p> The Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.</p><p><blockquote>赫兹的交易表明，对大批量车队电动汽车的需求是存在的，这家租赁汽车运营商订购了价值超过其车队规模20%的特斯拉车辆。根据订单，赫兹将提供该国最大的电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e286a4ee0a7807efc3b113fc7120d2a\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\"><span>Graphic from Hertz</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自赫兹</span></p></blockquote></p><p> Hertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.</p><p><blockquote>随着电动汽车变得更加“主流”，赫兹支持电动汽车“不断增长的全球需求和兴趣”，选择在未来14个月内投资42亿美元用于特斯拉汽车，首批交付和上市预计将于11月开始。</blockquote></p><p> Because EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.</p><p><blockquote>由于电动汽车依赖于公共充电基础设施，而公共充电基础设施可能有限或比加油站更难找到，赫兹将“在其位置网络中安装数千个充电器”，增加通过特斯拉提供的3,000个超级充电网络。此外，赫兹的应用程序将提供“数字化指导，向客户介绍电动汽车，让他们快速上路，并很快推出快速电动汽车租赁预订流程。”预订车辆的客户必须知道如何使用某些功能，如自动驾驶仪、FSD或通过应用程序控制汽车。</blockquote></p><p> Hertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating&nbsp;metrics&nbsp;have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.</p><p><blockquote>赫兹最近确实在今年夏天早些时候摆脱了美国破产法第11章的破产，尽管有人质疑这种规模的交易的确切资金将来自30亿美元的总流动性，但运营指标已显着改善，可与2019年大流行前的水平相媲美。尽管收入比2019年下降了约11%，但车辆利用率为78%，落后3个百分点，因为随着价格上涨，RPD和RPU大幅增加。与2019年第二季度相比，赫兹的RPD增长了53%，达到65美元以上，每月RPU增长了48%，达到1,557美元——由于高需求和供应不足，租车价格上涨确实有助于这些指标，但利用率反映了强劲反弹在行业中。</blockquote></p><p> For Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.</p><p><blockquote>对于特斯拉来说，与赫兹的交易不仅标志着2022财年收入和交付量的大幅增长，也标志着乘车租赁/共享/叫车领域大规模车队接受度的更广泛趋势。100,000辆占特斯拉当前TTM销量的近12%，约占2022财年预计交付量和收入的7%。这是单个客户的巨大贡献，但它为电动汽车在叫车/租赁领域的未来提供了光明的前景——采用曲线可能会比预期的更快。</blockquote></p><p></p><p> In the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.</p><p><blockquote>在更广泛的行业中，Uber(UBER)正在与多个不同的参与者合作，包括起亚(OTCPK：KIMTF)、Arrival(ARVL)和TotalEnergies(TTE)，以加速电动汽车的采用，而Waymo(GOOGL)和Cruise(GM)正在努力实现自动驾驶机器人出租车服务，距离大规模运营可能还需要数年时间。电动汽车可以填补部分空白，特斯拉拥有为车队运营商生产数十万辆的必要产能，GF Shanghai、Berlin和Texas都在扩大规模并建设新产能。</blockquote></p><p> <b>Continuing Along the Growth Trajectory</b></p><p><blockquote><b>继续沿着增长轨迹</b></blockquote></p><p> Tesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.</p><p><blockquote>特斯拉第三季度的业绩不言自明，随着业绩指标全面创下新高，该公司全力以赴。</blockquote></p><p> The company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.</p><p><blockquote>该公司实现了“有史以来最好的净利润、营业利润和毛利润”，营业利润率高于预期，营业现金流达到创纪录水平，弗里蒙特的最高生产水平，多项指标强劲增长。汽车收入同比增长58%，环比增长18%，略落后于交付量约20%的环比增长，平均售价同比下滑6%。来自中国的更大贡献可能是平均售价下降以及交付量上升的一个重要因素，据报道，该地区本季度交付了133,238辆汽车，占55.2%；由于平均售价呈下降趋势，这一数字高于预期。这一数字比第二季度高出6.3个百分点，9月份交付和出口约56,000辆，比6月份高出70%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd4f9c664d1a45c750aac76ffc372b2a\" tg-width=\"640\" tg-height=\"732\" width=\"100%\" height=\"auto\"><span>Graphic from Tesla</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来自特斯拉</span></p></blockquote></p><p> Deliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.</p><p><blockquote>交付量在过去四个季度开始实现高速增长，2020年第三季度出现增长。自那以后，随着电动汽车的采用和产能的增加，特斯拉的交付量几乎翻了一番，比大流行前的增长速度快得多。目前，特斯拉的年产能接近110万辆，比TTM的交付量高出近40%，这为该公司在柏林和德克萨斯竣工之前提供了更大的增长空间。</blockquote></p><p> <b>Hard To Buy Here</b></p><p><blockquote><b>这里很难买到</b></blockquote></p><p> Even with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.</p><p><blockquote>尽管增长率和运营指标全面令人印象深刻，但在本周股价走高后，也很难描绘出积极的风险回报前景——收益和42亿美元的赫兹交易一度使特斯拉的估值增加了近2000亿美元，或接近交易宣布后仅两天内就达到了1750亿美元的高点。该交易和/或收益带来的新协同效应是否足以支持在该公告发布后收购一家价值超过15%的公司？在这里，情况似乎并非如此。</blockquote></p><p> Over the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.</p><p><blockquote>从短期来看，这种疯狂的交易和快速、高百分比的反弹通常是非常短暂的——特斯拉在2020年初最后一次分拆前反弹至900美元，该股在不到一周的时间内下跌了20%，并在2021年初分拆后强劲反弹至近900美元，股价在下跌10%后维持了一个月，然后在3月份又下跌了35%。短期交易可以获得回报，但从长期角度来看，前景是光明的，但回报潜力却没有那么大。</blockquote></p><p> Tesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.</p><p><blockquote>特斯拉预计，它可以推动交付量的长期年均增长50%，从2021财年的90万辆交付量来看，特斯拉到2025年每年的交付量将达到约450万辆。将这一增长率进一步延长至2030年，特斯拉将交付3400万辆汽车，占2020年全球汽车销量的一半；这似乎是一个非常不现实的场景，即使特斯拉表示目标是届时交付量达到2000万辆。为了达到这一数字，特斯拉必须比2025年的预计数字以每年35%左右的速度增长。总而言之，2025年的交付量可能接近全球汽车总销量的5%，而2030年可能接近20%。考虑到行业内的竞争，很难看到特斯拉独自占据如此大的市场份额并以如此大的优势击败竞争对手——即使是苹果(AAPL)在智能手机领域也仅占据近15%的市场份额，而在智能手机领域，它被广泛视为行业前三名。</blockquote></p><p> With that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.</p><p><blockquote>根据这一预测，特斯拉还看到了一条通往4000亿美元收入的道路——这将假设收入增长同比放缓的速度比交付量快得多——将交付量提高到2000万辆需要在4年后的5年内平均年增长率约为33%。50%的年增长率，而收入将在5年内以约20%的平均年增长率增长，而在4年的平均年增长率为34%。</blockquote></p><p></p><p> To hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable &lt;$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.</p><p><blockquote>为了达到这两个数字，即交付量为2000万辆，收入达到4000亿美元，特斯拉必须大幅削减平均售价，到2027年降至25,000美元，到2029年降至约16,500美元，假设储能和业务其他方面的增长率继续。特斯拉确实设想在大多数主要领域——小型/中型/大型SUV、轿车/卡车，以及价格低于25,000美元的车型和机器人出租车；然而，这些目标的平均售价很可能不会低于20,000美元，这意味着到2030年这两个目标同时实现的可行性存在一些重大疑问。这里没有包括的另一种可能性是，特斯拉不出售机器人出租车车队，而是自己管理一支数百万辆的车队，因此2030年目标销量中有相当一部分没有反映在ASP中。</blockquote></p><p> Should Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.</p><p><blockquote>如果特斯拉超额完成交付数据，收入可能会受到严重误导；但如果特斯拉通过多个市场机会瞄准2000万辆汽车的目标实际上是正确的，那么收入可能会完全抵消这一潜力。在这方面，时间会证明一切。</blockquote></p><p> Back to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.</p><p><blockquote>回到市场份额——根据行业内的趋势，到2030年，特斯拉汽车销量可能会占全球汽车销量的20%左右。然而，很难看到特斯拉取得并保持这样的据点，因为小鹏汽车（XPEV）和蔚来（蔚来）等初创公司在价格和技术上对其发起了猛烈挑战（尽管两者在地理上仍然主要局限于中国），而ICE领导者则在积极推动电动汽车。因此，电动汽车行业可能仍将是分散的，特斯拉将无法对该行业保持垄断地位，因为它在销量上占据主导地位并决定了该行业。该公司的总市场份额略高于4%，随着竞争迅速升温，市场份额增长可能达到这一程度的唯一情况是产能达到1500万辆，并保持比同行高出50%以上电动汽车制造能力。</blockquote></p><p> In the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.</p><p><blockquote>从长远来看，更广泛的前景是电动汽车将成为新常态，制造商同意努力实现电动汽车销量的40%至50%。总体目标看起来仍然是电动汽车主导甚至全电动汽车的未来。预计到2030年，将有数百款新电动汽车上路，大大增加消费者的选择和车型的整体供应量。随着内燃机汽车成为旧的“黄金标准”，电动汽车有望成为“新标准”，最终行业颠覆和技术的估值溢价可能会消退，并反映出与内燃机汽车相似的倍数——从长远来看，大多数制造商可能都会在同一车型中竞争，具有相似的规格和技术。尽管特斯拉一直处于领先地位，但同行正在迎头赶上，并因竞争/市场份额压力和收入增长率下降而失去了颠覆倍数，行业估值下降与ICE制造商所经历的类似，但当前的“黄金标准”的公允价值可能为销售额的3倍和收益的21倍（4000亿美元收入的14%净利润率），仅提供约20%的充足上涨空间。特斯拉确实提供了非常有吸引力的增长率，有时还有不可预测的潜力，但由于目前风险回报状况看起来不利，未来可能会有更好的购买机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4462564-tesla-tsla-massive-deal-breaks-1-trillion-shares-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4462564-tesla-tsla-massive-deal-breaks-1-trillion-shares-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127302287","content_text":"Summary\n\nTesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.\nThe current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.\nForecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.\nLong-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.\n\nJustin Sullivan/Getty Images News\nTesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with deliveries rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a >12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.\nA Hertz Fleet Deal\nThe Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.\nGraphic from Hertz\nHertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.\nBecause EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.\nHertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating metrics have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.\nFor Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.\nIn the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.\nContinuing Along the Growth Trajectory\nTesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.\nThe company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.\nGraphic from Tesla\nDeliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.\nHard To Buy Here\nEven with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.\nOver the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.\nTesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.\nWith that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.\nTo hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable <$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.\nShould Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.\nBack to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.\nIn the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856464954,"gmtCreate":1635208141117,"gmtModify":1635208141421,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>[开心]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>[开心]&nbsp;","text":"$Tesla Motors(TSLA)$[开心]","images":[{"img":"https://static.tigerbbs.com/6042f7c251f90b1586739907b6125910","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856464954","isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":810275459,"gmtCreate":1629984827471,"gmtModify":1633681018933,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","text":"$Tesla Motors(TSLA)$like pls","images":[{"img":"https://static.tigerbbs.com/ccb00ed80f6b1ef394f3c30ff56ce821","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810275459","isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":834350294,"gmtCreate":1629773747418,"gmtModify":1633682523616,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","text":"$Tesla Motors(TSLA)$like pls","images":[{"img":"https://static.tigerbbs.com/3c243083bd60820cbc43693f1aa82e6f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834350294","isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":895876140,"gmtCreate":1628735905480,"gmtModify":1631884597141,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/02015\">$Li Auto Inc.(02015)$</a>keep?","listText":"<a href=\"https://laohu8.com/S/02015\">$Li Auto Inc.(02015)$</a>keep?","text":"$Li Auto Inc.(02015)$keep?","images":[{"img":"https://static.tigerbbs.com/6f1c2ef0d1f2b2271a1f58a5ea34d8ee","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895876140","isVote":1,"tweetType":1,"viewCount":738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":145095372,"gmtCreate":1626181945296,"gmtModify":1633929343881,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"Nice and like pls","listText":"Nice and like pls","text":"Nice and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145095372","repostId":"1107596232","repostType":2,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143207214,"gmtCreate":1625794747938,"gmtModify":1633937262975,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>go to the moon pls..","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>go to the moon pls..","text":"$Tesla Motors(TSLA)$go to the moon pls..","images":[{"img":"https://static.tigerbbs.com/2fea5ac6686bb45ac77a02dcb79cd204","width":"1080","height":"1994"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143207214","isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":377013092,"gmtCreate":1619484087616,"gmtModify":1631887202212,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MVIS\">$Microvision(MVIS)$</a>from losing to $10 and now $28","listText":"<a href=\"https://laohu8.com/S/MVIS\">$Microvision(MVIS)$</a>from losing to $10 and now $28","text":"$Microvision(MVIS)$from losing to $10 and now $28","images":[{"img":"https://static.tigerbbs.com/554bcdeb17cbb8e557bc0f02e3d34fa4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377013092","isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":372176445,"gmtCreate":1619188297487,"gmtModify":1631887202483,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571377316940818","idStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MVIS\">$Microvision(MVIS)$</a>wow didnt expect so fast","listText":"<a href=\"https://laohu8.com/S/MVIS\">$Microvision(MVIS)$</a>wow didnt expect so fast","text":"$Microvision(MVIS)$wow didnt expect so fast","images":[{"img":"https://static.tigerbbs.com/7a20a52d72b5b813372e840138e0545f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372176445","isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":810275459,"gmtCreate":1629984827471,"gmtModify":1633681018933,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>like pls","text":"$Tesla Motors(TSLA)$like pls","images":[{"img":"https://static.tigerbbs.com/ccb00ed80f6b1ef394f3c30ff56ce821","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810275459","isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":145095372,"gmtCreate":1626181945296,"gmtModify":1633929343881,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"Nice and like pls","listText":"Nice and like pls","text":"Nice and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145095372","repostId":"1107596232","repostType":2,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358931400,"gmtCreate":1616648307300,"gmtModify":1634524732499,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"Like and comment. Thanks.","listText":"Like and comment. Thanks.","text":"Like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/358931400","repostId":"1179697554","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":855737076,"gmtCreate":1635400166761,"gmtModify":1635400166814,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/855737076","repostId":"1127302287","repostType":2,"repost":{"id":"1127302287","kind":"news","pubTimestamp":1635399924,"share":"https://www.laohu8.com/m/news/1127302287?lang=zh_CN&edition=full","pubTime":"2021-10-28 13:45","market":"us","language":"en","title":"Tesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127302287","media":"Seeking Alpha","summary":"Summary\n\nTesla added nearly $200 billion to its valuation this week following good earnings and an ~","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.</li>  <li>The current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.</li>  <li>Forecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.</li>  <li>Long-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f0cfebc83d76c5cc8908a766201917d\" tg-width=\"1536\" tg-height=\"1000\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>继良好的盈利以及以约42亿美元的价格从赫兹购买10万辆汽车后，特斯拉本周的估值增加了近2000亿美元。</li><li>当前的增长轨迹和预计的长期增长在交付和收入方面提供了巨大的潜力，但风险回报情况较弱。</li><li>预测4000亿美元的收入和2000万台的共同结果可能会导致非常低的平均售价。</li><li>当前多重状况的长期维持受到多重风险的阻碍，包括市场份额和竞争，以及全行业的多重重新评级。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Tesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with&nbsp;deliveries&nbsp;rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a &gt;12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.</p><p><blockquote>特斯拉(TSLA)突破1,000美元大关，在该公司公布高于市场预期的盈利以及与赫兹(OTCPK：HTZZ)达成数十亿美元的巨额交易后，该公司连续多日上涨，进入万亿俱乐部。即使以其规模来看，特斯拉仍继续快速增长，第三季度交付量环比增长约20%，达到241,300辆。特斯拉以比电动汽车同行大得多的规模提供了非常有吸引力的增长率，因此是华尔街最热门的公司之一。交易量突破6000万笔，是特斯拉10天平均水平的两倍多，美元交易量超过600亿美元。尽管其中很大一部分可能是快速交易，以利用当天超过12%的涨幅，但特斯拉一直是一份持续赠送的礼物，最终，有可能在短期顶部买入，就像一月份一样。尽管该交易带来了多个季度的收入和交付量增长，但目前购买的风险回报前景并不十分令人信服——虽然做空特斯拉不一定是个好主意，但似乎也不是最佳购买时机。</blockquote></p><p> <b>A Hertz Fleet Deal</b></p><p><blockquote><b>赫兹车队交易</b></blockquote></p><p> The Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.</p><p><blockquote>赫兹的交易表明，对大批量车队电动汽车的需求是存在的，这家租赁汽车运营商订购了价值超过其车队规模20%的特斯拉车辆。根据订单，赫兹将提供该国最大的电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e286a4ee0a7807efc3b113fc7120d2a\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\"><span>Graphic from Hertz</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自赫兹</span></p></blockquote></p><p> Hertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.</p><p><blockquote>随着电动汽车变得更加“主流”，赫兹支持电动汽车“不断增长的全球需求和兴趣”，选择在未来14个月内投资42亿美元用于特斯拉汽车，首批交付和上市预计将于11月开始。</blockquote></p><p> Because EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.</p><p><blockquote>由于电动汽车依赖于公共充电基础设施，而公共充电基础设施可能有限或比加油站更难找到，赫兹将“在其位置网络中安装数千个充电器”，增加通过特斯拉提供的3,000个超级充电网络。此外，赫兹的应用程序将提供“数字化指导，向客户介绍电动汽车，让他们快速上路，并很快推出快速电动汽车租赁预订流程。”预订车辆的客户必须知道如何使用某些功能，如自动驾驶仪、FSD或通过应用程序控制汽车。</blockquote></p><p> Hertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating&nbsp;metrics&nbsp;have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.</p><p><blockquote>赫兹最近确实在今年夏天早些时候摆脱了美国破产法第11章的破产，尽管有人质疑这种规模的交易的确切资金将来自30亿美元的总流动性，但运营指标已显着改善，可与2019年大流行前的水平相媲美。尽管收入比2019年下降了约11%，但车辆利用率为78%，落后3个百分点，因为随着价格上涨，RPD和RPU大幅增加。与2019年第二季度相比，赫兹的RPD增长了53%，达到65美元以上，每月RPU增长了48%，达到1,557美元——由于高需求和供应不足，租车价格上涨确实有助于这些指标，但利用率反映了强劲反弹在行业中。</blockquote></p><p> For Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.</p><p><blockquote>对于特斯拉来说，与赫兹的交易不仅标志着2022财年收入和交付量的大幅增长，也标志着乘车租赁/共享/叫车领域大规模车队接受度的更广泛趋势。100,000辆占特斯拉当前TTM销量的近12%，约占2022财年预计交付量和收入的7%。这是单个客户的巨大贡献，但它为电动汽车在叫车/租赁领域的未来提供了光明的前景——采用曲线可能会比预期的更快。</blockquote></p><p></p><p> In the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.</p><p><blockquote>在更广泛的行业中，Uber(UBER)正在与多个不同的参与者合作，包括起亚(OTCPK：KIMTF)、Arrival(ARVL)和TotalEnergies(TTE)，以加速电动汽车的采用，而Waymo(GOOGL)和Cruise(GM)正在努力实现自动驾驶机器人出租车服务，距离大规模运营可能还需要数年时间。电动汽车可以填补部分空白，特斯拉拥有为车队运营商生产数十万辆的必要产能，GF Shanghai、Berlin和Texas都在扩大规模并建设新产能。</blockquote></p><p> <b>Continuing Along the Growth Trajectory</b></p><p><blockquote><b>继续沿着增长轨迹</b></blockquote></p><p> Tesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.</p><p><blockquote>特斯拉第三季度的业绩不言自明，随着业绩指标全面创下新高，该公司全力以赴。</blockquote></p><p> The company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.</p><p><blockquote>该公司实现了“有史以来最好的净利润、营业利润和毛利润”，营业利润率高于预期，营业现金流达到创纪录水平，弗里蒙特的最高生产水平，多项指标强劲增长。汽车收入同比增长58%，环比增长18%，略落后于交付量约20%的环比增长，平均售价同比下滑6%。来自中国的更大贡献可能是平均售价下降以及交付量上升的一个重要因素，据报道，该地区本季度交付了133,238辆汽车，占55.2%；由于平均售价呈下降趋势，这一数字高于预期。这一数字比第二季度高出6.3个百分点，9月份交付和出口约56,000辆，比6月份高出70%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd4f9c664d1a45c750aac76ffc372b2a\" tg-width=\"640\" tg-height=\"732\" width=\"100%\" height=\"auto\"><span>Graphic from Tesla</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来自特斯拉</span></p></blockquote></p><p> Deliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.</p><p><blockquote>交付量在过去四个季度开始实现高速增长，2020年第三季度出现增长。自那以后，随着电动汽车的采用和产能的增加，特斯拉的交付量几乎翻了一番，比大流行前的增长速度快得多。目前，特斯拉的年产能接近110万辆，比TTM的交付量高出近40%，这为该公司在柏林和德克萨斯竣工之前提供了更大的增长空间。</blockquote></p><p> <b>Hard To Buy Here</b></p><p><blockquote><b>这里很难买到</b></blockquote></p><p> Even with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.</p><p><blockquote>尽管增长率和运营指标全面令人印象深刻，但在本周股价走高后，也很难描绘出积极的风险回报前景——收益和42亿美元的赫兹交易一度使特斯拉的估值增加了近2000亿美元，或接近交易宣布后仅两天内就达到了1750亿美元的高点。该交易和/或收益带来的新协同效应是否足以支持在该公告发布后收购一家价值超过15%的公司？在这里，情况似乎并非如此。</blockquote></p><p> Over the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.</p><p><blockquote>从短期来看，这种疯狂的交易和快速、高百分比的反弹通常是非常短暂的——特斯拉在2020年初最后一次分拆前反弹至900美元，该股在不到一周的时间内下跌了20%，并在2021年初分拆后强劲反弹至近900美元，股价在下跌10%后维持了一个月，然后在3月份又下跌了35%。短期交易可以获得回报，但从长期角度来看，前景是光明的，但回报潜力却没有那么大。</blockquote></p><p> Tesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.</p><p><blockquote>特斯拉预计，它可以推动交付量的长期年均增长50%，从2021财年的90万辆交付量来看，特斯拉到2025年每年的交付量将达到约450万辆。将这一增长率进一步延长至2030年，特斯拉将交付3400万辆汽车，占2020年全球汽车销量的一半；这似乎是一个非常不现实的场景，即使特斯拉表示目标是届时交付量达到2000万辆。为了达到这一数字，特斯拉必须比2025年的预计数字以每年35%左右的速度增长。总而言之，2025年的交付量可能接近全球汽车总销量的5%，而2030年可能接近20%。考虑到行业内的竞争，很难看到特斯拉独自占据如此大的市场份额并以如此大的优势击败竞争对手——即使是苹果(AAPL)在智能手机领域也仅占据近15%的市场份额，而在智能手机领域，它被广泛视为行业前三名。</blockquote></p><p> With that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.</p><p><blockquote>根据这一预测，特斯拉还看到了一条通往4000亿美元收入的道路——这将假设收入增长同比放缓的速度比交付量快得多——将交付量提高到2000万辆需要在4年后的5年内平均年增长率约为33%。50%的年增长率，而收入将在5年内以约20%的平均年增长率增长，而在4年的平均年增长率为34%。</blockquote></p><p></p><p> To hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable &lt;$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.</p><p><blockquote>为了达到这两个数字，即交付量为2000万辆，收入达到4000亿美元，特斯拉必须大幅削减平均售价，到2027年降至25,000美元，到2029年降至约16,500美元，假设储能和业务其他方面的增长率继续。特斯拉确实设想在大多数主要领域——小型/中型/大型SUV、轿车/卡车，以及价格低于25,000美元的车型和机器人出租车；然而，这些目标的平均售价很可能不会低于20,000美元，这意味着到2030年这两个目标同时实现的可行性存在一些重大疑问。这里没有包括的另一种可能性是，特斯拉不出售机器人出租车车队，而是自己管理一支数百万辆的车队，因此2030年目标销量中有相当一部分没有反映在ASP中。</blockquote></p><p> Should Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.</p><p><blockquote>如果特斯拉超额完成交付数据，收入可能会受到严重误导；但如果特斯拉通过多个市场机会瞄准2000万辆汽车的目标实际上是正确的，那么收入可能会完全抵消这一潜力。在这方面，时间会证明一切。</blockquote></p><p> Back to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.</p><p><blockquote>回到市场份额——根据行业内的趋势，到2030年，特斯拉汽车销量可能会占全球汽车销量的20%左右。然而，很难看到特斯拉取得并保持这样的据点，因为小鹏汽车（XPEV）和蔚来（蔚来）等初创公司在价格和技术上对其发起了猛烈挑战（尽管两者在地理上仍然主要局限于中国），而ICE领导者则在积极推动电动汽车。因此，电动汽车行业可能仍将是分散的，特斯拉将无法对该行业保持垄断地位，因为它在销量上占据主导地位并决定了该行业。该公司的总市场份额略高于4%，随着竞争迅速升温，市场份额增长可能达到这一程度的唯一情况是产能达到1500万辆，并保持比同行高出50%以上电动汽车制造能力。</blockquote></p><p> In the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.</p><p><blockquote>从长远来看，更广泛的前景是电动汽车将成为新常态，制造商同意努力实现电动汽车销量的40%至50%。总体目标看起来仍然是电动汽车主导甚至全电动汽车的未来。预计到2030年，将有数百款新电动汽车上路，大大增加消费者的选择和车型的整体供应量。随着内燃机汽车成为旧的“黄金标准”，电动汽车有望成为“新标准”，最终行业颠覆和技术的估值溢价可能会消退，并反映出与内燃机汽车相似的倍数——从长远来看，大多数制造商可能都会在同一车型中竞争，具有相似的规格和技术。尽管特斯拉一直处于领先地位，但同行正在迎头赶上，并因竞争/市场份额压力和收入增长率下降而失去了颠覆倍数，行业估值下降与ICE制造商所经历的类似，但当前的“黄金标准”的公允价值可能为销售额的3倍和收益的21倍（4000亿美元收入的14%净利润率），仅提供约20%的充足上涨空间。特斯拉确实提供了非常有吸引力的增长率，有时还有不可预测的潜力，但由于目前风险回报状况看起来不利，未来可能会有更好的购买机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Lands A Massive Deal And Breaks $1 Trillion: Are Shares A Buy?<blockquote>特斯拉达成巨额交易并突破1万亿美元：股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-28 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.</li>  <li>The current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.</li>  <li>Forecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.</li>  <li>Long-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f0cfebc83d76c5cc8908a766201917d\" tg-width=\"1536\" tg-height=\"1000\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>继良好的盈利以及以约42亿美元的价格从赫兹购买10万辆汽车后，特斯拉本周的估值增加了近2000亿美元。</li><li>当前的增长轨迹和预计的长期增长在交付和收入方面提供了巨大的潜力，但风险回报情况较弱。</li><li>预测4000亿美元的收入和2000万台的共同结果可能会导致非常低的平均售价。</li><li>当前多重状况的长期维持受到多重风险的阻碍，包括市场份额和竞争，以及全行业的多重重新评级。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Tesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with&nbsp;deliveries&nbsp;rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a &gt;12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.</p><p><blockquote>特斯拉(TSLA)突破1,000美元大关，在该公司公布高于市场预期的盈利以及与赫兹(OTCPK：HTZZ)达成数十亿美元的巨额交易后，该公司连续多日上涨，进入万亿俱乐部。即使以其规模来看，特斯拉仍继续快速增长，第三季度交付量环比增长约20%，达到241,300辆。特斯拉以比电动汽车同行大得多的规模提供了非常有吸引力的增长率，因此是华尔街最热门的公司之一。交易量突破6000万笔，是特斯拉10天平均水平的两倍多，美元交易量超过600亿美元。尽管其中很大一部分可能是快速交易，以利用当天超过12%的涨幅，但特斯拉一直是一份持续赠送的礼物，最终，有可能在短期顶部买入，就像一月份一样。尽管该交易带来了多个季度的收入和交付量增长，但目前购买的风险回报前景并不十分令人信服——虽然做空特斯拉不一定是个好主意，但似乎也不是最佳购买时机。</blockquote></p><p> <b>A Hertz Fleet Deal</b></p><p><blockquote><b>赫兹车队交易</b></blockquote></p><p> The Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.</p><p><blockquote>赫兹的交易表明，对大批量车队电动汽车的需求是存在的，这家租赁汽车运营商订购了价值超过其车队规模20%的特斯拉车辆。根据订单，赫兹将提供该国最大的电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e286a4ee0a7807efc3b113fc7120d2a\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\"><span>Graphic from Hertz</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表来自赫兹</span></p></blockquote></p><p> Hertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.</p><p><blockquote>随着电动汽车变得更加“主流”，赫兹支持电动汽车“不断增长的全球需求和兴趣”，选择在未来14个月内投资42亿美元用于特斯拉汽车，首批交付和上市预计将于11月开始。</blockquote></p><p> Because EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.</p><p><blockquote>由于电动汽车依赖于公共充电基础设施，而公共充电基础设施可能有限或比加油站更难找到，赫兹将“在其位置网络中安装数千个充电器”，增加通过特斯拉提供的3,000个超级充电网络。此外，赫兹的应用程序将提供“数字化指导，向客户介绍电动汽车，让他们快速上路，并很快推出快速电动汽车租赁预订流程。”预订车辆的客户必须知道如何使用某些功能，如自动驾驶仪、FSD或通过应用程序控制汽车。</blockquote></p><p> Hertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating&nbsp;metrics&nbsp;have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.</p><p><blockquote>赫兹最近确实在今年夏天早些时候摆脱了美国破产法第11章的破产，尽管有人质疑这种规模的交易的确切资金将来自30亿美元的总流动性，但运营指标已显着改善，可与2019年大流行前的水平相媲美。尽管收入比2019年下降了约11%，但车辆利用率为78%，落后3个百分点，因为随着价格上涨，RPD和RPU大幅增加。与2019年第二季度相比，赫兹的RPD增长了53%，达到65美元以上，每月RPU增长了48%，达到1,557美元——由于高需求和供应不足，租车价格上涨确实有助于这些指标，但利用率反映了强劲反弹在行业中。</blockquote></p><p> For Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.</p><p><blockquote>对于特斯拉来说，与赫兹的交易不仅标志着2022财年收入和交付量的大幅增长，也标志着乘车租赁/共享/叫车领域大规模车队接受度的更广泛趋势。100,000辆占特斯拉当前TTM销量的近12%，约占2022财年预计交付量和收入的7%。这是单个客户的巨大贡献，但它为电动汽车在叫车/租赁领域的未来提供了光明的前景——采用曲线可能会比预期的更快。</blockquote></p><p></p><p> In the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.</p><p><blockquote>在更广泛的行业中，Uber(UBER)正在与多个不同的参与者合作，包括起亚(OTCPK：KIMTF)、Arrival(ARVL)和TotalEnergies(TTE)，以加速电动汽车的采用，而Waymo(GOOGL)和Cruise(GM)正在努力实现自动驾驶机器人出租车服务，距离大规模运营可能还需要数年时间。电动汽车可以填补部分空白，特斯拉拥有为车队运营商生产数十万辆的必要产能，GF Shanghai、Berlin和Texas都在扩大规模并建设新产能。</blockquote></p><p> <b>Continuing Along the Growth Trajectory</b></p><p><blockquote><b>继续沿着增长轨迹</b></blockquote></p><p> Tesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.</p><p><blockquote>特斯拉第三季度的业绩不言自明，随着业绩指标全面创下新高，该公司全力以赴。</blockquote></p><p> The company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.</p><p><blockquote>该公司实现了“有史以来最好的净利润、营业利润和毛利润”，营业利润率高于预期，营业现金流达到创纪录水平，弗里蒙特的最高生产水平，多项指标强劲增长。汽车收入同比增长58%，环比增长18%，略落后于交付量约20%的环比增长，平均售价同比下滑6%。来自中国的更大贡献可能是平均售价下降以及交付量上升的一个重要因素，据报道，该地区本季度交付了133,238辆汽车，占55.2%；由于平均售价呈下降趋势，这一数字高于预期。这一数字比第二季度高出6.3个百分点，9月份交付和出口约56,000辆，比6月份高出70%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd4f9c664d1a45c750aac76ffc372b2a\" tg-width=\"640\" tg-height=\"732\" width=\"100%\" height=\"auto\"><span>Graphic from Tesla</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来自特斯拉</span></p></blockquote></p><p> Deliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.</p><p><blockquote>交付量在过去四个季度开始实现高速增长，2020年第三季度出现增长。自那以后，随着电动汽车的采用和产能的增加，特斯拉的交付量几乎翻了一番，比大流行前的增长速度快得多。目前，特斯拉的年产能接近110万辆，比TTM的交付量高出近40%，这为该公司在柏林和德克萨斯竣工之前提供了更大的增长空间。</blockquote></p><p> <b>Hard To Buy Here</b></p><p><blockquote><b>这里很难买到</b></blockquote></p><p> Even with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.</p><p><blockquote>尽管增长率和运营指标全面令人印象深刻，但在本周股价走高后，也很难描绘出积极的风险回报前景——收益和42亿美元的赫兹交易一度使特斯拉的估值增加了近2000亿美元，或接近交易宣布后仅两天内就达到了1750亿美元的高点。该交易和/或收益带来的新协同效应是否足以支持在该公告发布后收购一家价值超过15%的公司？在这里，情况似乎并非如此。</blockquote></p><p> Over the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.</p><p><blockquote>从短期来看，这种疯狂的交易和快速、高百分比的反弹通常是非常短暂的——特斯拉在2020年初最后一次分拆前反弹至900美元，该股在不到一周的时间内下跌了20%，并在2021年初分拆后强劲反弹至近900美元，股价在下跌10%后维持了一个月，然后在3月份又下跌了35%。短期交易可以获得回报，但从长期角度来看，前景是光明的，但回报潜力却没有那么大。</blockquote></p><p> Tesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.</p><p><blockquote>特斯拉预计，它可以推动交付量的长期年均增长50%，从2021财年的90万辆交付量来看，特斯拉到2025年每年的交付量将达到约450万辆。将这一增长率进一步延长至2030年，特斯拉将交付3400万辆汽车，占2020年全球汽车销量的一半；这似乎是一个非常不现实的场景，即使特斯拉表示目标是届时交付量达到2000万辆。为了达到这一数字，特斯拉必须比2025年的预计数字以每年35%左右的速度增长。总而言之，2025年的交付量可能接近全球汽车总销量的5%，而2030年可能接近20%。考虑到行业内的竞争，很难看到特斯拉独自占据如此大的市场份额并以如此大的优势击败竞争对手——即使是苹果(AAPL)在智能手机领域也仅占据近15%的市场份额，而在智能手机领域，它被广泛视为行业前三名。</blockquote></p><p> With that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.</p><p><blockquote>根据这一预测，特斯拉还看到了一条通往4000亿美元收入的道路——这将假设收入增长同比放缓的速度比交付量快得多——将交付量提高到2000万辆需要在4年后的5年内平均年增长率约为33%。50%的年增长率，而收入将在5年内以约20%的平均年增长率增长，而在4年的平均年增长率为34%。</blockquote></p><p></p><p> To hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable &lt;$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.</p><p><blockquote>为了达到这两个数字，即交付量为2000万辆，收入达到4000亿美元，特斯拉必须大幅削减平均售价，到2027年降至25,000美元，到2029年降至约16,500美元，假设储能和业务其他方面的增长率继续。特斯拉确实设想在大多数主要领域——小型/中型/大型SUV、轿车/卡车，以及价格低于25,000美元的车型和机器人出租车；然而，这些目标的平均售价很可能不会低于20,000美元，这意味着到2030年这两个目标同时实现的可行性存在一些重大疑问。这里没有包括的另一种可能性是，特斯拉不出售机器人出租车车队，而是自己管理一支数百万辆的车队，因此2030年目标销量中有相当一部分没有反映在ASP中。</blockquote></p><p> Should Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.</p><p><blockquote>如果特斯拉超额完成交付数据，收入可能会受到严重误导；但如果特斯拉通过多个市场机会瞄准2000万辆汽车的目标实际上是正确的，那么收入可能会完全抵消这一潜力。在这方面，时间会证明一切。</blockquote></p><p> Back to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.</p><p><blockquote>回到市场份额——根据行业内的趋势，到2030年，特斯拉汽车销量可能会占全球汽车销量的20%左右。然而，很难看到特斯拉取得并保持这样的据点，因为小鹏汽车（XPEV）和蔚来（蔚来）等初创公司在价格和技术上对其发起了猛烈挑战（尽管两者在地理上仍然主要局限于中国），而ICE领导者则在积极推动电动汽车。因此，电动汽车行业可能仍将是分散的，特斯拉将无法对该行业保持垄断地位，因为它在销量上占据主导地位并决定了该行业。该公司的总市场份额略高于4%，随着竞争迅速升温，市场份额增长可能达到这一程度的唯一情况是产能达到1500万辆，并保持比同行高出50%以上电动汽车制造能力。</blockquote></p><p> In the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.</p><p><blockquote>从长远来看，更广泛的前景是电动汽车将成为新常态，制造商同意努力实现电动汽车销量的40%至50%。总体目标看起来仍然是电动汽车主导甚至全电动汽车的未来。预计到2030年，将有数百款新电动汽车上路，大大增加消费者的选择和车型的整体供应量。随着内燃机汽车成为旧的“黄金标准”，电动汽车有望成为“新标准”，最终行业颠覆和技术的估值溢价可能会消退，并反映出与内燃机汽车相似的倍数——从长远来看，大多数制造商可能都会在同一车型中竞争，具有相似的规格和技术。尽管特斯拉一直处于领先地位，但同行正在迎头赶上，并因竞争/市场份额压力和收入增长率下降而失去了颠覆倍数，行业估值下降与ICE制造商所经历的类似，但当前的“黄金标准”的公允价值可能为销售额的3倍和收益的21倍（4000亿美元收入的14%净利润率），仅提供约20%的充足上涨空间。特斯拉确实提供了非常有吸引力的增长率，有时还有不可预测的潜力，但由于目前风险回报状况看起来不利，未来可能会有更好的购买机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4462564-tesla-tsla-massive-deal-breaks-1-trillion-shares-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4462564-tesla-tsla-massive-deal-breaks-1-trillion-shares-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127302287","content_text":"Summary\n\nTesla added nearly $200 billion to its valuation this week following good earnings and an ~$4.2 billion deal for 100K vehicles from Hertz.\nThe current growth trajectory and projected long-term growth offer massive potential in deliveries and revenues, but the risk-reward picture is weaker.\nForecasting a mutual outcome of $400 billion in revenues and 20 million units would likely lead to very low ASPs.\nLong-term sustenance of the current multiple profile is countered by multiple risks including market share and competition, and industry-wide multiple re-rating.\n\nJustin Sullivan/Getty Images News\nTesla (TSLA) broke the $1,000 barrier, taking the company to the trillion club on a multi-day rally following the company reporting earnings above consensus and a massive multi-billion dollar deal with Hertz (OTCPK:HTZZ). Tesla continues to grow rapidly even at its size, with deliveries rising ~20% q/q to 241,300 units for Q3. Tesla is offering very attractive growth rates at a scale much larger than EV peers, and as such is one of the hottest names on Wall Street. Trading volumes breached 60 million, more than double Tesla's 10-day average, with dollar volume over $60 billion. Although a substantial portion of these could be quick trades to capitalize on a >12% move on the day, Tesla has been a gift that keeps on giving, and ultimately, it's possible to get stuck buying at a short-term top, much like in January. Even with a multi-quarter string of revenue and delivery boosts from the deal, the risk-reward outlook to buying at the moment is not highly convincing - while it's not necessarily a good idea to bet against Tesla, it does not seem to be the best time to buy.\nA Hertz Fleet Deal\nThe Hertz deal shows that the demand for large-volume fleet EV exists, with the rental car operator putting in an order worth over 20% of its fleet size for Tesla's vehicles. With the order, Hertz will offer the largest EV in the country.\nGraphic from Hertz\nHertz is jumping behind \"rising global demand and interest\" for EV as the vehicles become more \"mainstream,\" choosing to invest $4.2 billion for Tesla vehicles over the next fourteen months, with the first deliveries and availabilities expected to commence in November.\nBecause EV rely on public charging infrastructure, which can be limited or harder to find than gas stations, Hertz will be \"installing thousands of chargers throughout its location network,\" adding to the 3,000 supercharging network available via Tesla. In addition, Hertz's app will provide \"digitized guidance to educate customers about the electric vehicle to get them on their way quickly, and coming soon, an expedited EV rental booking process.\" Customers booking vehicles will have to know how to use certain features like Autopilot, FSD or controlling the car through the app.\nHertz did recently emerge from Chapter 11 bankruptcy earlier this summer, and while some questions are raised about the exact funding for a deal of this size will come from given $3.0 billion in total liquidity, operating metrics have improved dramatically and rival 2019's pre-pandemic levels. Although revenues were ~11% lower than 2019, vehicle utilization sat at 78%, 3 percentage points behind as RPD and RPU increased significantly as prices rose. Compared to 2019 for Q2, Hertz saw RPD 53% higher to above $65 and RPU per month 48% higher to $1,557 - more expensive pricing of rental cars due to high demand and insufficient supply did aid these metrics, yet utilization rates reflect a strong rebound in the industry.\nFor Tesla, the deal with Hertz not only signifies a large bump to revenues and deliveries through fiscal 2022 but a broader trend towards large-scale fleet acceptance in ride renting/sharing/hailing. 100,000 units represent close to 12% of Tesla's current TTM volume and about 7% of projected deliveries and revenues for FY22. It's a substantial contribution from a single customer, but it provides a bright outlook into the future of EV in ride hailing/renting - the adoption curve could come quicker than anticipated.\nIn the broader industry, Uber (UBER) is working with multiple different players, including Kia (OTCPK:KIMTF), Arrival (ARVL) and TotalEnergies (TTE) to accelerate EV adoption while Waymo (GOOGL) and Cruise (GM) are working towards self-driving robotaxi services, which still could be years away from large-scale operations. EV can fill parts of that void, with Tesla having the necessary capacity to produce hundreds of thousands of units for fleet operators with GF Shanghai, Berlin and Texas all ramping to scale and building new capacity.\nContinuing Along the Growth Trajectory\nTesla's Q3 results speak for themselves, with the company firing on all cylinders as performance metrics across the board reached new highs.\nThe company saw its \"best-ever net income, operating profit and gross profit,\" with operating margins higher than expected, operating cash flow reaching a record, its highest production levels at Fremont, and strong growth in multiple metrics. Auto revenues rose 58% y/y and 18% q/q, slightly lagging deliveries' ~20% q/q growth as ASPs slipped 6% y/y. Higher contribution from China likely was a large factor in the ASP decline, as well as in the uptick in deliveries, with the region reportedly accounting for 133,238 vehicles during the quarter, or 55.2%; this came in higher than predicted as ASPs trended lower. That figure is 6.3 percentage points higher than Q2, with September's ~56,000 units delivered and exported a whopping 70% higher than June.\nGraphic from Tesla\nDeliveries have started to hit a hyper-growth trajectory over the trailing four quarters, with growth emerging in Q3 2020. Since then, Tesla has nearly doubled deliveries, a much faster rate than pre-pandemic growth as EV adoption and capacity increases. At the moment, Tesla's annual capacity is close to 1.1 million, or nearly 40% higher than TTM deliveries, giving the company much more room to grow ahead of completion in Berlin and Texas.\nHard To Buy Here\nEven with growth rates and operating metrics impressing across the board, it's hard to chalk out a positive risk-reward outlook after shares ran higher this week - the earnings and $4.2 billion Hertz deal added at one point nearly $200 billion to Tesla's valuation, or close to $175 billion at the high in just the two days since the deal was announced. Are the new synergies from the deal and/or earnings good enough to support buying a company worth over 15% more following that announcement? Here, that does not look to be the case.\nOver the short-term, such frenzied trading and rapid, high percentage rallies are typically very short-lived - Tesla's last pre-split rally to $900 in early 2020 saw the stock shed 20% in under a week, and a strong rally to nearly $900 post-split in early 2021 saw shares hold for a month after a 10% drop before shedding another 35% through March. Short-term trades can pay off, but from a long-term standpoint, the outlook is bright, but the return potential, not as much.\nTesla projects that it can drive long-term average annual growth of 50% in deliveries, which, from 900,000 deliveries possible for FY21, would see Tesla doing about 4.5 million vehicles per year in 2025. Extending that growth rate further to 2030 would see Tesla delivering 34 million vehicles, or half of global automotive volumes from 2020; this seems to be a very unrealistic scenario, even as Tesla stated that the goal is to have 20 million deliveries by then. To reach that figure, Tesla would have to grow at about 35% annual from 2025's projected figure. All in all, 2025's deliveries could be close to 5% of total global automotive sales volumes while 2030's could be near 20%. Given the competition in the industry, it's hard to see Tesla driving that much market share alone and beating out competition by that far of a margin - even Apple (AAPL) only commands near 15% market share in smartphones, where it's widely seen among the top three in the industry.\nWith that forecast, Tesla is also seeing a path to $400 billion in revenues - this would assume that revenue growth slows much faster y/y than deliveries - driving deliveries to 20 million requires 5 years of ~33% average annual growth following 4 years of 50% annual growth while revenues would grow for 5 years at ~20% average annual growth for 5 years following 4 years of 34% average annual growth.\nTo hit both of those figures, revenues at $400 billion on deliveries of 20 million, Tesla would have to cut its ASPs significantly, down to $25,000 by 2027 and ~$16,500 by 2029, assuming growth rates in energy storage and other aspects of the business continue. Tesla does envision itself in most major spaces - small/mid/large SUV, sedan/trucks, as well as in affordable <$25,000 models and robotaxis; however, those most likely wouldn't amount to a sub $20,000 ASP, meaning that there are some substantial doubts raised about the feasibility of both targets occurring mutually by 2030. The other possibility that is not included here is that Tesla does not sell a robotaxi fleet but rather manages a multi-million unit fleet itself, therefore having a fair proportion of targeted 2030 volumes not reflected in ASPs.\nShould Tesla be overshooting the delivery figures, revenues are likely very misguided; but should Tesla in fact be correct in targeting 20 million vehicles through multiple market opportunities, revenues could be completely sandbagging that potential. Time will tell in this regard.\nBack to market share - Tesla would likely be seeing around the high-teens to 20% of global automotive volumes by 2030 based ontrendswithin the industry. Yet it's hard to see Tesla achieving and maintaining such a stronghold as startups like XPeng (XPEV) and NIO (NIO) challenge it heavily on price and tech (though both are primarily confined to China geographically still) while ICE leaders are aggressively pushing to EV. Therefore, it's possible that the EV industry will remain fragmented and Tesla will not be able to hold a monopolistic grip on the sector, where it dominates volumes and dictates the industry. The company has just north of 4% total market share, and with competition heating up rapidly, the only scenario to see market share gains possibly reach that degree would be if production capacities reach that 15 million and remain over 50% higher than peers' EV manufacturing capabilities.\nIn the long-term picture, the broader outlook is that EV will become the new norm, with manufacturers agreeing to work towards 40% to 50% volumes in EV. The overall goal still looks to be an EV-dominant or even full-EV future. Hundreds of new EV models are expected to hit the roads by 2030, greatly increasing the selection to consumers and overall supply volume of the vehicle type. With ICE vehicles as the old 'gold standard' and EV expected to become the 'new', ultimately the valuation premiums for industry disruption and tech are likely to fade and reflect similar multiples to the ICE cohort - at that time, in the long run, a majority of manufacturers will likely all be competing in the same vehicle type, with similar specs and technology. Although Tesla has been ahead of the curve, peers are catching up, and losing a disruption multiple from competitive/market share pressures and lower revenue growth rates, and valuations in the industry falling similar to what ICE manufacturers have experienced, the current 'gold standard' could see fair value at 3x sales and 21x earnings (14% net margin on $400 billion revenues), providing just an ample ~20% upside. Tesla does offer very attractive growth rates and sometimes unpredictable potential, but there's likely to be much better buying opportunities in the future as the risk-reward picture looks unfavorable at the moment.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":348553209,"gmtCreate":1617944433901,"gmtModify":1634295597397,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/348553209","repostId":"1147517160","repostType":4,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349522570,"gmtCreate":1617627706190,"gmtModify":1634297476421,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349522570","repostId":"1130993065","repostType":4,"repost":{"id":"1130993065","kind":"news","pubTimestamp":1617627632,"share":"https://www.laohu8.com/m/news/1130993065?lang=zh_CN&edition=full","pubTime":"2021-04-05 21:00","market":"us","language":"en","title":"Here’s the $4.5 trillion ‘firepower’ that will drive stocks higher in April, says top strategist<blockquote>顶级策略师表示，这是4.5万亿美元的“火力”，将推动4月份股市走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130993065","media":"MarketWatch","summary":"A new month is off to a bullish start, or so it seems, as stock futures climb following Friday’s bet","content":"<p>A new month is off to a bullish start, or so it seems, as stock futures climb following Friday’s better-than-expected,916,000 gain&nbsp;in March jobs, which underpins investor hopes for a strong post-COVID-19 rebound.</p><p><blockquote>新的一个月有了一个看涨的开始，或者看起来是这样，在周五3月份就业岗位增加916,000个好于预期之后，股指期货攀升，这支撑了投资者对COVID-19后强劲反弹的希望。</blockquote></p><p>As for the data, there’s a lot to like, according to Tim Duy, chief U.S. economist at SGH Macro Advisors.</p><p><blockquote>SGH Macro Advisors首席美国经济学家蒂姆·杜伊(Tim Duy)表示，至于数据，有很多值得喜欢的地方。</blockquote></p><p>“Assuming the pandemic only comes under greater control this year, I suspect a substantial impediment limiting the pace of job growth this year will be the pace at which firms can hire employees. Firing is easier than hiring and employers are now scrambling to add workers,” Duy told clients in a note.</p><p><blockquote>“假设今年疫情得到更好的控制，我怀疑限制今年就业增长速度的一个重大障碍将是公司雇用员工的速度。解雇比雇用更容易，雇主现在正在争先恐后地增加工人，”杜伊在一份报告中告诉客户。</blockquote></p><p>Hence, watch for those “we can’t hire worker” stories, to come, he says.</p><p><blockquote>因此，他说，请留意那些“我们雇不到工人”的故事。</blockquote></p><p>Onto our&nbsp;<b>call of the day</b>&nbsp;from Fundstrat Global Advisors’s founder Thomas Lee, who says the “face ripper” rally he recently predicted shows no signs of easing up. And there’s a $4.5 trillion reason to believe gains will carry into April, he told clients.</p><p><blockquote>到我们的<b>今日看涨期权</b>Fundstrat Global Advisors创始人Thomas Lee表示，他最近预测的“开膛手”反弹没有减弱的迹象。他告诉客户，有4.5万亿美元的理由相信收益将持续到4月份。</blockquote></p><p>Aside from the positives out there already for this market — a strong economy and vaccine rollout — Lee points to a pile of institutional money on the sidelines, with cash balances at $3 trillion, the highest since June 2020. That’s against $2.764 trillion at the start of 2021, a “dramatic” gain of 9% or $241 billion, said Lee.</p><p><blockquote>除了这个市场已经出现的积极因素——强劲的经济和疫苗的推出——Lee指出，大量机构资金处于观望状态，现金余额为3万亿美元，为2020年6月以来的最高水平。Lee表示，与2021年初的2.764万亿美元相比，“大幅”增长了9%，即2,410亿美元。</blockquote></p><p>A cautious stance by institutions that went “parabolic” in the last half of March, adds to the $1.5 trillion in retail money market cash.</p><p><blockquote>机构在3月下半月采取了“抛物线”的谨慎立场，增加了1.5万亿美元的零售货币市场现金。</blockquote></p><p>“Total cash on the sidelines is $4.5 trillion = tons and tons of firepower on the sidelines. This bodes well for April equity gains,” said Lee.</p><p><blockquote>“场外现金总额为4.5万亿美元=吨和场外火力。这对4月份股市上涨来说是个好兆头，”Lee说。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fb2b63c34415ffe19164a54a324b427d\" tg-width=\"1259\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Lee expects small-caps, energy and cyclical stocks — geared toward an economic recovery — to continue leading into the second quarter.</p><p><blockquote>Lee预计，面向经济复苏的小盘股、能源股和周期性股将继续引领第二季度。</blockquote></p><p>“Recall that cyclicals are only 33% of the S&amp;P 500&nbsp;overall weight and more than 60% of the Russell 2000 index.&nbsp; So if Cyclicals, aka Epicenter, work, small-cap stocks will outperform,” he said.</p><p><blockquote>“回想一下，周期性股票仅占标普500总权重的33%，占Russell 2000指数的60%以上。因此，如果周期性股票（又名震中）发挥作用，小盘股将跑赢大盘，”他说。</blockquote></p><p><b>Watch this chart</b></p><p><blockquote><b>看这张图表</b></blockquote></p><p>Adam Kobeissi, founder and editor in chief of&nbsp;The Kobeissi Letter, expects the bullish jobs report to send the S&amp;P 500 to 4,035 to 4,050 in the near term, but from there he’d like to see it pull back to 3,950 to 4,000, to set up for another higher low before a move toward 4,100.</p><p><blockquote>The Kobeissi Letter的创始人兼主编Adam Kobeissi预计，看涨的就业报告将使标普500在短期内升至4,035至4,050点，但他希望看到该指数从那里回落至3,950至4,000点，在升至4,100点之前，将创下另一个更高的低点。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9abfb431da31b94898bf8d11e3744681\" tg-width=\"1259\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><span>THE KOBEISSI LETTER</span></p><p><blockquote><p class=\"t-img-caption\"><span>科贝西信</span></p></blockquote></p><p>“Therefore, we are remaining on the sidelines to start this week, as stepping in front of a market this strong is not a stance we want to take, and will maintain a medium term bullish outlook with the intention of getting back into our bullish positions in the wake of a drop in the market,” Kobeissi told subscribers.</p><p><blockquote>“因此，本周开始我们将保持观望，因为面对如此强劲的市场并不是我们想要采取的立场，我们将维持中期看涨前景，以期重新进入我们的市场。市场下跌后的看涨头寸，”科贝西告诉订阅者。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s the $4.5 trillion ‘firepower’ that will drive stocks higher in April, says top strategist<blockquote>顶级策略师表示，这是4.5万亿美元的“火力”，将推动4月份股市走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s the $4.5 trillion ‘firepower’ that will drive stocks higher in April, says top strategist<blockquote>顶级策略师表示，这是4.5万亿美元的“火力”，将推动4月份股市走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-05 21:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A new month is off to a bullish start, or so it seems, as stock futures climb following Friday’s better-than-expected,916,000 gain&nbsp;in March jobs, which underpins investor hopes for a strong post-COVID-19 rebound.</p><p><blockquote>新的一个月有了一个看涨的开始，或者看起来是这样，在周五3月份就业岗位增加916,000个好于预期之后，股指期货攀升，这支撑了投资者对COVID-19后强劲反弹的希望。</blockquote></p><p>As for the data, there’s a lot to like, according to Tim Duy, chief U.S. economist at SGH Macro Advisors.</p><p><blockquote>SGH Macro Advisors首席美国经济学家蒂姆·杜伊(Tim Duy)表示，至于数据，有很多值得喜欢的地方。</blockquote></p><p>“Assuming the pandemic only comes under greater control this year, I suspect a substantial impediment limiting the pace of job growth this year will be the pace at which firms can hire employees. Firing is easier than hiring and employers are now scrambling to add workers,” Duy told clients in a note.</p><p><blockquote>“假设今年疫情得到更好的控制，我怀疑限制今年就业增长速度的一个重大障碍将是公司雇用员工的速度。解雇比雇用更容易，雇主现在正在争先恐后地增加工人，”杜伊在一份报告中告诉客户。</blockquote></p><p>Hence, watch for those “we can’t hire worker” stories, to come, he says.</p><p><blockquote>因此，他说，请留意那些“我们雇不到工人”的故事。</blockquote></p><p>Onto our&nbsp;<b>call of the day</b>&nbsp;from Fundstrat Global Advisors’s founder Thomas Lee, who says the “face ripper” rally he recently predicted shows no signs of easing up. And there’s a $4.5 trillion reason to believe gains will carry into April, he told clients.</p><p><blockquote>到我们的<b>今日看涨期权</b>Fundstrat Global Advisors创始人Thomas Lee表示，他最近预测的“开膛手”反弹没有减弱的迹象。他告诉客户，有4.5万亿美元的理由相信收益将持续到4月份。</blockquote></p><p>Aside from the positives out there already for this market — a strong economy and vaccine rollout — Lee points to a pile of institutional money on the sidelines, with cash balances at $3 trillion, the highest since June 2020. That’s against $2.764 trillion at the start of 2021, a “dramatic” gain of 9% or $241 billion, said Lee.</p><p><blockquote>除了这个市场已经出现的积极因素——强劲的经济和疫苗的推出——Lee指出，大量机构资金处于观望状态，现金余额为3万亿美元，为2020年6月以来的最高水平。Lee表示，与2021年初的2.764万亿美元相比，“大幅”增长了9%，即2,410亿美元。</blockquote></p><p>A cautious stance by institutions that went “parabolic” in the last half of March, adds to the $1.5 trillion in retail money market cash.</p><p><blockquote>机构在3月下半月采取了“抛物线”的谨慎立场，增加了1.5万亿美元的零售货币市场现金。</blockquote></p><p>“Total cash on the sidelines is $4.5 trillion = tons and tons of firepower on the sidelines. This bodes well for April equity gains,” said Lee.</p><p><blockquote>“场外现金总额为4.5万亿美元=吨和场外火力。这对4月份股市上涨来说是个好兆头，”Lee说。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fb2b63c34415ffe19164a54a324b427d\" tg-width=\"1259\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Lee expects small-caps, energy and cyclical stocks — geared toward an economic recovery — to continue leading into the second quarter.</p><p><blockquote>Lee预计，面向经济复苏的小盘股、能源股和周期性股将继续引领第二季度。</blockquote></p><p>“Recall that cyclicals are only 33% of the S&amp;P 500&nbsp;overall weight and more than 60% of the Russell 2000 index.&nbsp; So if Cyclicals, aka Epicenter, work, small-cap stocks will outperform,” he said.</p><p><blockquote>“回想一下，周期性股票仅占标普500总权重的33%，占Russell 2000指数的60%以上。因此，如果周期性股票（又名震中）发挥作用，小盘股将跑赢大盘，”他说。</blockquote></p><p><b>Watch this chart</b></p><p><blockquote><b>看这张图表</b></blockquote></p><p>Adam Kobeissi, founder and editor in chief of&nbsp;The Kobeissi Letter, expects the bullish jobs report to send the S&amp;P 500 to 4,035 to 4,050 in the near term, but from there he’d like to see it pull back to 3,950 to 4,000, to set up for another higher low before a move toward 4,100.</p><p><blockquote>The Kobeissi Letter的创始人兼主编Adam Kobeissi预计，看涨的就业报告将使标普500在短期内升至4,035至4,050点，但他希望看到该指数从那里回落至3,950至4,000点，在升至4,100点之前，将创下另一个更高的低点。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9abfb431da31b94898bf8d11e3744681\" tg-width=\"1259\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><span>THE KOBEISSI LETTER</span></p><p><blockquote><p class=\"t-img-caption\"><span>科贝西信</span></p></blockquote></p><p>“Therefore, we are remaining on the sidelines to start this week, as stepping in front of a market this strong is not a stance we want to take, and will maintain a medium term bullish outlook with the intention of getting back into our bullish positions in the wake of a drop in the market,” Kobeissi told subscribers.</p><p><blockquote>“因此，本周开始我们将保持观望，因为面对如此强劲的市场并不是我们想要采取的立场，我们将维持中期看涨前景，以期重新进入我们的市场。市场下跌后的看涨头寸，”科贝西告诉订阅者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-the-4-5-trillion-firepower-that-will-drive-stocks-higher-in-april-says-top-strategist-11617621774?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/heres-the-4-5-trillion-firepower-that-will-drive-stocks-higher-in-april-says-top-strategist-11617621774?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130993065","content_text":"A new month is off to a bullish start, or so it seems, as stock futures climb following Friday’s better-than-expected,916,000 gain in March jobs, which underpins investor hopes for a strong post-COVID-19 rebound.As for the data, there’s a lot to like, according to Tim Duy, chief U.S. economist at SGH Macro Advisors.“Assuming the pandemic only comes under greater control this year, I suspect a substantial impediment limiting the pace of job growth this year will be the pace at which firms can hire employees. Firing is easier than hiring and employers are now scrambling to add workers,” Duy told clients in a note.Hence, watch for those “we can’t hire worker” stories, to come, he says.Onto our call of the day from Fundstrat Global Advisors’s founder Thomas Lee, who says the “face ripper” rally he recently predicted shows no signs of easing up. And there’s a $4.5 trillion reason to believe gains will carry into April, he told clients.Aside from the positives out there already for this market — a strong economy and vaccine rollout — Lee points to a pile of institutional money on the sidelines, with cash balances at $3 trillion, the highest since June 2020. That’s against $2.764 trillion at the start of 2021, a “dramatic” gain of 9% or $241 billion, said Lee.A cautious stance by institutions that went “parabolic” in the last half of March, adds to the $1.5 trillion in retail money market cash.“Total cash on the sidelines is $4.5 trillion = tons and tons of firepower on the sidelines. This bodes well for April equity gains,” said Lee.Lee expects small-caps, energy and cyclical stocks — geared toward an economic recovery — to continue leading into the second quarter.“Recall that cyclicals are only 33% of the S&P 500 overall weight and more than 60% of the Russell 2000 index.  So if Cyclicals, aka Epicenter, work, small-cap stocks will outperform,” he said.Watch this chartAdam Kobeissi, founder and editor in chief of The Kobeissi Letter, expects the bullish jobs report to send the S&P 500 to 4,035 to 4,050 in the near term, but from there he’d like to see it pull back to 3,950 to 4,000, to set up for another higher low before a move toward 4,100.THE KOBEISSI LETTER“Therefore, we are remaining on the sidelines to start this week, as stepping in front of a market this strong is not a stance we want to take, and will maintain a medium term bullish outlook with the intention of getting back into our bullish positions in the wake of a drop in the market,” Kobeissi told subscribers.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":878441300,"gmtCreate":1637226226379,"gmtModify":1637226226379,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>[微笑]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>[微笑]&nbsp;","text":"$Tesla 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losing to $10 and now $28","images":[{"img":"https://static.tigerbbs.com/554bcdeb17cbb8e557bc0f02e3d34fa4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/377013092","isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":877020091,"gmtCreate":1637845496442,"gmtModify":1637845496442,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Hihi to those still looking at US stocks market even when it's closed.","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Hihi to those still looking at US stocks market even when it's closed.","text":"$Tesla Motors(TSLA)$Hihi to those still looking at US stocks market even when it's closed.","images":[{"img":"https://static.tigerbbs.com/028cf4a6f9a22ded728b7d69086d64e6","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877020091","isVote":1,"tweetType":1,"viewCount":2782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":878809572,"gmtCreate":1637162517937,"gmtModify":1637162518051,"author":{"id":"3571377316940818","authorId":"3571377316940818","name":"cd1212","avatar":"https://static.tigerbbs.com/eb4d8cf7f29f6796356fd20aa69d30bb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571377316940818","authorIdStr":"3571377316940818"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a>bubble 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