法拉利第一季度净收入17.91亿欧元 同比增长13% 智通财经5月6日电，法拉利公布2025年第一季度业绩，净收入为17.91亿欧元，同比增长13.0%；总交付 量为3593台，同比增长0.9%；营业利润（息税前利润）为5.42亿欧元，同比增长22.7%；净利润4.12亿 欧元同比增长17%，摊薄每股收益2.30欧元。本季度交付的产品包括8款内燃机（ICE）车型和5款混合 动力发动机车型，分别占总出货量的51%和49%。 ...

Core Insights - Ferrari reported strong financial performance in Q1 2025, with double-digit growth across key metrics, confirming the effectiveness of its strategy focused on revenue quality over quantity [1][5][16] - The company launched six new models in 2025, including the Ferrari elettrica, enhancing its product offering and driving demand [1][25] Financial Performance - Net revenues reached €1,791 million, a 13% increase from €1,585 million in Q1 2024 [5][7] - Operating profit (EBIT) was €542 million, up 22.7% year-over-year, with an EBIT margin of 30.3% [5][12] - Net profit increased to €412 million, reflecting a 17% growth compared to €352 million in the previous year [5][16] - Basic and diluted EPS rose to €2.30, an 18% increase from €1.95 in Q1 2024 [5][16] Shipments and Geographic Breakdown - Total shipments were 3,593 units, a slight increase of 1% from 3,560 units in Q1 2024 [2][3] - Shipments in EMEA rose by 8% to 1,701 units, while the Americas saw a 3% increase to 1,022 units [2][3] - Mainland China, Hong Kong, and Taiwan experienced a 25% decline in shipments, totaling 237 units [2][3] Revenue Breakdown - Revenues from cars and spare parts amounted to €1,536 million, up 11% year-over-year [7][8] - Sponsorship, commercial, and brand revenues surged by 32% to €191 million, driven by new sponsorships and improved Formula 1 performance [8][9] - Other revenues increased slightly to €64 million, with contributions from financial services [9] Cost and Profitability Metrics - EBITDA for Q1 2025 was €693 million, reflecting a 14.6% increase, with an EBITDA margin of 38.7% [10][12] - Industrial free cash flow was robust at €620 million, supported by increased EBITDA and positive changes in working capital [17][18] Capital Expenditures and R&D - Capital expenditures totaled €224 million, with research and development costs at €233 million [31][41] - The company continues to invest in innovation and racing activities, which are essential for maintaining its competitive edge [14][22] Guidance and Future Outlook - Ferrari reaffirmed its financial targets for 2025, expecting net revenues to exceed €7 billion, with adjusted EBITDA margins of at least 38.3% [20][24] - The company anticipates potential risks related to profitability margins due to new import tariffs on EU cars into the USA [20][24]

金十图示：2025年05月05日（周一）全球汽车制造商市值变化 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t with and and the comments of the count | 宝马汽车 | 525.54 | 1 +3.65 | 84.84 | | --- | --- | --- | --- | | 保时捷 | 464.44 | 1 +8.97 | 50.98 | | > 玛鲁蒂铃木 | 461.38 | 1 +4.97 | 146.75 | | ( 本田汽车 | 444.5 | 1 +5.05 | 30.68 | | gm 通用汽车 | 435.53 | 1 +2.38 | 45.3 | | 马恒达汽车 S | 414.66 | + -1.46 | 34.57 | | 福特汽车 | 408.79 | 1 +3.97 | 10.28 | | 19 现代汽车 | 327.55 | ↑ +17.31 | 53 | | 赛力斯 II | 292.7 | 1 +7.83 | 17.92 | | 塔塔汽车 | 284.29 | 1 +3.37 | 7.72 | | 斯特兰蒂斯 ...

Group 1 - Ferrari's revenue has been consistently growing, with a 5-year historical annual growth averaging 18.3% [1] - The company's unique moat is supported by its rich heritage and scarcity [1] - Key growth catalysts for Ferrari include the rising global popularity of its brand [1]

Group 1: Economic Outlook and Investment Opportunities - The probability of a U.S. recession in 2025 is estimated between 45% and 60%, influencing investment strategies [1] - Two stocks identified as potential buying opportunities during a recession are Ferrari and BYD [1] Group 2: BYD's Market Position and Strategy - BYD dominates China's new energy vehicle (NEV) market with nearly 30% market share as of March, significantly ahead of its closest competitor at 11.2% [3] - The company expects to double its international sales to approximately 800,000 units by 2025, despite not yet entering the U.S. market [3] - BYD's vertical integration and in-house component production lead to lower battery costs, providing a competitive advantage [4] - The transition to electric vehicles positions BYD favorably for future growth, even if a recession temporarily slows its progress [4] Group 3: Ferrari's Business Model and Resilience - Ferrari is characterized as an ultra-luxury automaker with strong brand power, pricing power, and impressive margins [5] - The super-wealthy demographic that purchases Ferrari vehicles is less affected by economic downturns, ensuring consistent demand [5] - Ferrari maintains exclusivity through a strict ownership process and limited vehicle deliveries, resulting in wait lists extending beyond two years [6] - The company’s vehicle deliveries are projected to grow in the mid to single digits annually, with improving margins due to strong pricing power [7] - Ferrari's margins are significantly higher than its peers and are on an upward trend, indicating durable competitive advantages [9] Group 4: Future Growth Potential - BYD is well-positioned for continued expansion in the EV market, with potential growth opportunities in the U.S. [10] - Ferrari's exceptional business attributes and improving margins make it a sound investment, especially if a recession leads to a lower valuation [11]

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Investment Rating - The report assigns an "Overweight" (OW) rating to General Motors (GM) and Ford, while Tesla and Rivian are rated "Underweight" (UW) [6][7]. Core Insights - The automotive industry is experiencing varied performance metrics across different companies, with GM and Ford showing potential upside in their stock prices, while Tesla and Rivian face significant downside risks [6][7]. - The report highlights the importance of valuation metrics such as EV/EBITDA, P/E ratios, and sales growth projections for assessing investment opportunities within the automotive sector [6][22]. Global Auto OEMs Investment Comparables - General Motors (GM) has a current price of $44.57 with a market cap of $43.067 billion and a target price of $53.00, indicating a 19% upside potential [6]. - Ford (F) is priced at $9.63 with a market cap of $38.294 billion and a target price of $11.00, representing a 14% upside [6]. - Ferrari (RACE) is valued at $439.97 with a target price of $460.00, showing a 5% upside [6]. - Tesla (TSLA) is currently priced at $241.37 with a target price of $120.00, indicating a -50% downside [6]. - Rivian (RIVN) has a price of $11.60 with a target price of $11.00, reflecting a -5% downside [6]. Global Auto Parts Suppliers Valuation Metrics - The average EV/EBITDA for US auto parts suppliers is projected at 1.8x for 2024, with a corresponding EBITDA margin of 12% [22]. - Aptiv (APTV) is rated "Overweight" with a current price of $51.71 and a target price of $102, indicating a 97% upside [22]. - Borg Warner (BWA) is rated "Overweight" with a price of $26.45 and a target price of $46, representing a 74% upside [22]. - Lear Corp (LEA) is rated "Overweight" with a price of $79.42 and a target price of $140, indicating a 76% upside [22]. Performance Metrics - The report indicates that the average revenue CAGR for US auto parts suppliers is projected to be 2% from 2023 to 2025 [74]. - The EBITDA margin for US auto parts suppliers is expected to be around 12% in 2025, with some companies showing higher margins [74][83]. - The report also highlights the financial returns of various suppliers, with some companies achieving significant returns on invested capital (ROIC) [54][56].

Core Viewpoint - Ferrari (RACE) is positioned well to continue its trend of beating earnings estimates, supported by a strong history of performance in recent quarters [1][2]. Earnings Performance - Ferrari has consistently surpassed earnings estimates, achieving an average beat of 14.58% over the last two quarters [2]. - In the most recent quarter, Ferrari reported earnings of $2.28 per share against an expectation of $1.89, resulting in a surprise of 20.63% [2]. - For the previous quarter, the consensus estimate was $2.11 per share, while the actual earnings were $2.29, leading to a surprise of 8.53% [2]. Earnings Estimates and Predictions - Estimates for Ferrari have been trending higher, influenced by its history of earnings surprises [4]. - The stock has a positive Zacks Earnings ESP of +10.75%, indicating increased analyst optimism regarding its earnings prospects [7]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat in the upcoming report scheduled for May 6, 2025 [7]. Earnings ESP Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [5]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [6]. - A negative Earnings ESP can reduce predictive power but does not necessarily indicate an earnings miss [8].

Group 1: Economic Context - Current odds of a U.S. recession are estimated between 45% to 60%, influenced by trade policy uncertainty and potential global growth slowdown due to U.S. tariffs [1] - The auto industry is highlighted as having recession-resilient stocks [1] Group 2: Ferrari - Ferrari is recognized for its racing heritage and ultra-luxury vehicles, with stock gains that outperform industry peers and the S&P 500 [2][4] - The consumer base for Ferrari consists of high earners who can afford to purchase vehicles even during economic downturns, leading to long waiting lists and strict resale policies [5] - Ferrari maintains limited sales volume to ensure demand exceeds supply, which supports pricing power and provides flexibility during economic downturns [6] - The company has high profit margins akin to ultra-luxury brands, with new models like the F80 generating significant interest and sales [7][8] Group 3: AutoZone - AutoZone operates in a countercyclical industry, where demand for auto parts increases as consumers opt to repair rather than replace vehicles during economic downturns [9] - The company has a robust distribution model with over 7,000 stores across the U.S., Mexico, and Brazil, carrying a wide range of SKUs [11] - AutoZone has significantly reduced its shares outstanding through buybacks over the past decade, enhancing shareholder value [12] - The company is expected to remain resilient amid tariff issues, as consumers prioritize vehicle maintenance [12] Group 4: Investment Implications - Owning stocks like AutoZone and Ferrari, which have durable business models and competitive advantages, could provide resilience during economic downturns [14] - Investors are encouraged to keep AutoZone and Ferrari on their watch list regardless of economic conditions or tariff developments [14]

点 击 蓝 字 关 注 我 们 本文全文共 4071 字，阅读全文约需 13 分钟 目录 国内新闻 1.公安部道研中心发普法长文:警惕"高阶智驾"陷阱 2.山东新能源汽车保有量突破270万辆 3.一季度粤港澳大湾区电动汽车出口增长107.8% 4.大众汽车集团宣布上海车展首发自研高级驾驶辅助系统 5.广汽昊铂首家直营交付中心在上海正式开业 6.长城汽车将在泰国扩大产能 持续渗透东盟出口市场 7.智己汽车宣布2025年进军沙特等海湾国家 8.小鹏汽车加速驶向全球化布局 国外新闻 1.韩国3月国内汽车销量同比增长2.4% 2.现代汽车计划再度暂停部分电动车产线 3.售价超400万 法拉利首款电车10月发布 4.起亚将在欧洲推出人工智能语音助手 商用车 1. 一汽解放携签署电动底换电重卡合作协议 2. 东风股份斩获新能源商用车评选大奖 4月15日上午，经济导报记者从山东省政府新闻办举行的发布会上获悉，目前，山东省新能源汽车保有量 已突破270万辆。这背后，"五段式"分时电价政策对山东充电基础设施和新能源汽车产业发展发挥了带动作 用。 对此，山东省能源局党组成员、副局长岳建如介绍，通过进一步完善充电桩分时电价政策，山 ...