经济观察网法拉利2025财年业绩创历史新高，全年净营收71.46亿欧元，同比增长7%；息税前利润达 21.10亿欧元，同比增长12%。工业自由现金流大幅增长50%至15.38亿欧元。 业绩经营情况 第四季度单季的EBIT利润率为28.5%，较去年同期提升1.5个百分点；EBITDA利润率达到38.8%，同比 提升1.8个百分点。这一提升主要得益于高价值车型占比增加以及定制化业务的深化。 公司业务状况 公司订单已覆盖至2027年末，Amalfi、849Testarossa等新车型需求旺盛，为未来两年的交付和盈利提供 了高度确定性。尽管第四季度全球交付量同比有所下降，但公司坚持"量平价升"策略，通过优化产品结 构保障了利润增长。 首款纯电动车型Luce已完成首发，计划于2026年5月举行发布活动。公司明确了2030年产品结构目标为 40%燃油、40%混动、20%纯电，采取渐进式转型策略。 资金动向 2025年全年通过分红和股票回购向股东返还超过13亿欧元，并计划将股息支付率提高至净利润的40%， 体现了公司充裕的现金流和对股东回报的重视。 公司业绩目标 公司预计2026年营收约75亿欧元，调整后每股收益至少9.4 ...

Jefferies raised the firm’s price target on Ferrari (RACE) to EUR 310 from EUR 300 and keeps a Hold rating on the shares following the release of the company’s FY25 earnings and FY26 guidance. The firm noted that investor reaction to the report was “enthusiastic,” as Ferrari guided to ex-currency growth of at least 8%, with an average selling price impetus, on flattish volumes, at “very strong levels.” Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. T ...

花旗分析师Harald Hendrikse在周四的报告中表示："尽管我们仍看到前方存在一些问题，做空逻辑在当 前阶段可能已经完结。我们认为，未来一段时间内，投资者或将重新回到这只股票上。"不过，花旗同 时强调，并不认为法拉利的基本面前景已出现实质性改善。 Hendrikse指出，本周的财报之所以"高度不同寻常"，在于其业绩表现超出了公司1月与分析师沟通时刚 刚下调的指引。他认为，法拉利可能选择在2025年第四季度以及2026年加快F80的交付进度，以短期提 振利润率，但这可能会以未来增长放缓为代价。"很难判断自1月以来究竟发生了什么变化，"他写道， 并直言管理层"正在通过保护2026财年的盈利来支撑股价表现"。法拉利方面则表示，公司更关注产品组 合的结构性优势，并未披露单一车型的具体销量数据。 对此，法拉利一位发言人向媒体表示："法拉利始终强调，其在规划交付节奏和控制产品组合时，也会 兼顾实现受控增长的长期目标。" 智通财经APP获悉，在本周公布的业绩好于预期后，法拉利(RACE.US)终于摆脱了市场上最后一个"卖 出"评级。长期唱空该股的花旗集团将其评级从"卖出"上调至"持有"，结束了近两年来对这只超级跑车 ...

Core Insights - Ferrari has officially launched its first all-electric model, Luce, and plans to introduce five new models throughout 2026, marking a significant shift from its traditional brand positioning [2][3] Electric Vehicle Launch - The introduction of Luce connects Ferrari's past with its future, showcasing the brand's confidence in electric technology and setting the stage for future market strategies [3] - Ferrari's gradual transition reflects a deep understanding of its brand value and customer base, balancing innovation with the emotional ties built over years [3] Interior Design and User Experience - Luce's interior design avoids the trend of large screens, opting instead for physical buttons, knobs, and levers, enhancing driver interaction and enjoyment [4][10] - The steering wheel is made from 100% recycled aluminum, reducing weight by approximately 400 grams and emphasizing Ferrari's commitment to environmental responsibility [5] Technological Innovations - Luce features a key made from Corning Fusion5 glass with an electronic ink screen, creating a unique startup experience that combines technology and aesthetics [6] - The vehicle's sound design amplifies the electric drive system's vibrations rather than mimicking internal combustion engine noise, maintaining Ferrari's signature driving excitement [6] Driving Experience - Luce adopts a linear power output for easier handling in daily driving, while also providing comfort features such as advanced seating and noise insulation [7] - The vehicle's intelligent driving assistance system alleviates driving stress in urban settings, enhancing the overall travel experience [7] Industry Trends and Strategies - The automotive industry is witnessing a shift towards diverse technology routes, with plug-in hybrid electric vehicles (PHEVs) emerging as a transitional solution amid the electric vehicle revolution [8] - Ferrari's strategy of simultaneously developing fuel, hybrid, and electric models aligns with the industry's trend of recognizing that electric is the future, but a multi-faceted approach is necessary during the transition [8] Brand Identity and Market Positioning - Traditional luxury brands face challenges in maintaining their core values while transitioning to electric vehicles, with Ferrari and Porsche exemplifying a refusal to conform to homogenization [9][10] - Ferrari's design of Luce reflects its classic sports car identity while integrating electric innovation, emphasizing the importance of brand recognition in the electric era [10] Lessons for Traditional Brands - Ferrari's customer-centric approach offers valuable insights for traditional automakers navigating the electric transition, contrasting with companies that aggressively push electric sales without considering customer needs [11] - Mastery of core technologies is crucial for market competitiveness, highlighting the need for traditional automakers to invest in R&D for sustainable development [11]

要闻提示 NEWS REMIND 1.车圈鄙视链？ 小米车主遭特斯拉车主恶意别车、持续辱骂，「母亲吓得脸色发白」，小米发声 2.瞒不住了！曝字节拟年产10万颗自研 AI 芯片，与三星洽谈代工合作 3.或体面离场？曝魅族手机业务即将解散，前员工：不想捅破窗户纸 4.阿里将继续大投入淘宝闪购，三年内"不担心亏损" 5.1年净赚3782亿元！台积电发钱了：8万员工人均58万、449亿美元扩产 6.国产AI大模型杀疯了：不止DeepSeek，智谱GLM-5、Minimax 2.5双双发布 7.马斯克的xAI人事震荡：48小时内两位联合创始人相继离职 8.燧原科技科创板IPO已问询，拟募资60亿元 今日头条 HEADLINE NEWS 车圈鄙视链？ 小米车主遭特斯拉车主恶意别车、持续辱骂，「母亲吓得脸色发白」，小米发 声 2月11日，小米法务部转载车主维权博文表态支持维权，曝光了一起春节前的路怒事件：浙江宁波一位小 米车主送母亲前往奉化探亲时，在高架上因正常变道，遭到一辆黑色特斯拉司机恶意别车、持续辱骂，车 主冷静取证报警后，对方被依法处罚，还需补缴欠缴停车费并公开道歉。小米法务部提醒，无论在网络上 还是用车过程中，遇 ...

Core Viewpoint - Ferrari N.V. is a prominent luxury sports car manufacturer with a strong market presence and competitive positioning against brands like Lamborghini and Porsche. The company has shown resilience and growth potential in the luxury automotive sector, as indicated by its recent financial performance and stock activity. Financial Performance - Ferrari's Q4 2025 earnings call revealed a stock price increase of 4.76%, translating to a rise of $17.29, with the current stock price at $380.51 [2][5] - The stock has experienced significant volatility over the past year, with a high of $519.10 and a low of $328, reflecting the growth potential in the luxury automotive market [3][5] Market Activity - Today's trading volume for Ferrari reached 1,403,051 shares, indicating active trading and strong investor engagement [4] - The stock price fluctuated between $377.21 and $384.24 during the trading day, showcasing investor interest and market dynamics [2] Analyst Ratings - Jefferies has maintained a "Hold" rating for Ferrari, with an increased price target of €310, up from €300 [1][5]

Core Insights - Ferrari reported record high revenue and profit for 2025, with significant progress in its electrification strategy and an optimistic outlook for 2026 [1] Financial Performance - In the fiscal year 2025, Ferrari achieved net revenue of €7.146 billion, a year-on-year increase of 7% [2] - The EBIT reached €2.110 billion, up 12% year-on-year, with an EBIT margin of 29.5% [2] - Net profit was €1.600 billion, reflecting a 5% increase compared to the previous year [2] - Industrial free cash flow surged by 50% to €1.538 billion [2] Company Fundamentals - In Q4, the EBIT margin was 28.5%, an increase of 1.5 percentage points year-on-year; EBITDA margin reached 38.8%, up 1.8 percentage points [3] - The improvement was primarily driven by a higher proportion of high-value models and deeper customization services [3] Business Developments - The company has orders secured until the end of 2027, with strong demand for new models like Amalfi and 849 Testarossa, providing certainty for deliveries and profits over the next two years [4] - Despite a year-on-year decline in global deliveries in Q4, the company maintained a "volume at price increase" strategy, ensuring profit growth through product mix optimization [4] Strategic Initiatives - The first all-electric model, Luce, has been launched, with a planned unveiling event in May 2026 [5] - The company has set a product structure target for 2030 of 40% gasoline, 40% hybrid, and 20% all-electric, adopting a gradual transition strategy [5] Capital Allocation - In 2025, Ferrari returned over €1.3 billion to shareholders through dividends and stock buybacks, with plans to increase the dividend payout ratio to 40% of net profit, reflecting strong cash flow and commitment to shareholder value [6] Performance Targets - For 2026, the company expects revenue of approximately €7.5 billion, an EBITDA margin of no less than 39.0%, adjusted earnings per share of at least €9.45, and industrial free cash flow to remain above €1.5 billion [7]

Core Insights - Ferrari (RACE.US) experienced a significant increase in stock price, rising 8% yesterday and an additional 2.6% in pre-market trading today, driven by strong fourth-quarter earnings growth [1] Financial Performance - The company reported a fourth-quarter net revenue of €1.8 billion (approximately $2.14 billion), surpassing analyst expectations of €1.77 billion [1] - Profit also exceeded forecasts, and the outlook for the current year is above analyst predictions [1] Market Data - The closing price on February 10 was $363.22, with a pre-market price of $372.61 [2] - The stock's trading volume was 2.4034 million, with a market capitalization of $64.321 billion [2] - The stock has a 52-week high of $519.10 and a low of $328.00, indicating significant price volatility [2]

Group 1 - The Royal Bank of Canada (RBC) has raised the target price for Ferrari from €415 to €430 [1]

今日上午港股 1 . 黄金股持续走高，截至发稿， 万国黄金集团(03939)涨9.39%，紫金黄金国际(02259)涨9.15%，灵宝 黄金(03330)涨7.24%，赤峰黄金(06693)涨6.23% 。 消息面上，金价呈现震荡运行，截至发稿，现货黄 金徘徊于5050美元上方。美国2025年12月零售销售表现低于预期，降息预期略有升温。 2 . 紫金矿业(02899)涨超3.5% 。消息面上，近日，紫金矿业会议审议通过《公司三年(2026—2028年) 主要矿产品产量规划和2035年远景目标纲要》，明确未来3年主要矿产品产量规划指标。 3 . 中国中免(01880)涨超3.5% 。消息面上，海口海关2月9日发布统计数据，自2025年11月1日离岛免 税政策调整以来，截至2026年2月8日，新政实施满百日，海口海关监管离岛免税购物金额115.85亿 元，同比增长14.71%。 4. MONGOL MINING(00975)盘中涨超15%，截至发稿，涨12.05% 。国联民生证券发布研报称，2025 年随着黄金等新的矿场陆续开发，公司已经从单一Coking coal生产商逐渐成长为黄金铜等多矿场生产 商，初步完 ...