Group 1 - BYD reported a value of 1583.74 with a decrease of 10.36, indicating a decline in performance [2] - Ferrari's value stands at 867.42, showing a slight decrease of 2.7 [2] - Volkswagen experienced an increase of 7.49, reaching a value of 570.91 [2] - Mercedes-Benz reported a value of 565.48, with a significant increase of 19.12 [2] Group 2 - BMW's value is 560.88, reflecting an increase of 12.66 [3] - Porsche's value is 483.99, with an increase of 7.2 [3] - General Motors reported a value of 476.97, showing a notable increase of 20.28 [3] - Mahindra Automotive's value is 438.87, with an increase of 17.33 [3] - Honda's value stands at 435.85, reflecting an increase of 6.48 [3] - Ford's value is 419.53, with an increase of 10.75 [3] - Hyundai's value is 337.81 [3] - Tata Motors reported a value of 312.69, with an increase of 5.35 [3] - Stellantis' value is 301.59, reflecting an increase of 18.43 [3] - Li Auto's value is 284.75, with an increase of 17.55 [3] - SAIC Motor's value stands at 267.71, reflecting an increase of 2.73 [3] - Kia's value is 263.74, with an increase of 3.1 [3] - Suzuki's value is 245.79, showing an increase of 10.9 [3] - Geely's value is 240.91, reflecting a decrease of 4.67 [3] - Great Wall Motors reported a value of 239.73, with a slight decrease of 0.1 [3] - Xpeng Motors' value is 202.01, reflecting an increase of 14.25 [3] Group 3 - Renault's value is 153.69, with a slight increase of 0.73 [4] - Changan Automobile reported a value of 150.77, reflecting a minor decrease of 0.24 [4] - Subaru's value stands at 140.06, with an increase of 4.92 [4] - GAC Group's value is 115.22, reflecting an increase of 0.99 [4] - NIO's value is 94.59, with an increase of 5.18 [4] - VinFast Auto reported a value of 87.71, reflecting an increase of 0.7 [4] - Nissan's value stands at 84.45, with an increase of 2.62 [4] - Zeekr's value is 73.18, reflecting an increase of 1.78 [4]

Group 1 - Ferrari aims to revitalize its sales in the Chinese market with the launch of its first all-electric supercar, Elettrica, expected in October [1][3] - The Elettrica will be subject to a 30% composite tax rate in China, significantly lower than the nearly fourfold tax burden on current 12-cylinder models, which includes import, consumption, and value-added taxes [3][6] - Ferrari's CEO, Benedetto Vigna, indicated that a new model tailored for the Greater China market will be introduced this year, which is expected to improve market conditions [3][6] Group 2 - Since 2022, Ferrari's sales in China have stagnated, with a 25% decline in shipments in Q1, reaching a four-year low, largely due to competition from local high-end manufacturers [6] - Despite the challenges, Ferrari's reliance on the Chinese market is relatively low, with only about 10% of total shipments directed to China, partly due to high import duties on vehicles with engine displacements over 4L [6] - The company is considering revising its export limitations to China as it enters the electric vehicle market, which could enhance its competitiveness due to the exemption of consumption tax on electric vehicles in China [6][8] Group 3 - The Elettrica will be produced in a dedicated electric vehicle factory known as "E-Building," and it will be the electric version of Ferrari's first SUV, Purosangue [8] - Ferrari is exploring unique sound characteristics for its electric vehicles, with specific sounds already patented, ensuring that each model will have its distinct auditory identity [8]

Group 1 - Geely Automobile plans to acquire all issued shares of Zeekr, leading to its privatization and delisting from the New York Stock Exchange [1] - Lenovo's chairman Yang Yuanqing indicated that product pricing will depend on component supply and demand, with current tariffs having a limited impact [2] - Nvidia's CEO Jensen Huang emphasized the importance of the Chinese AI market, projecting a potential market size of $50 billion in the next two to three years [3] Group 2 - Taobao and Xiaohongshu have signed a strategic cooperation agreement to enhance their integration and improve the efficiency of brand marketing [4] - JD.com announced that its 618 shopping festival will officially start on May 31, with a pre-sale event beginning on May 13 [5][6] - TEMU has stopped its full custody model in the U.S. market, marking a shift in its operational strategy [7] Group 3 - TikTok announced a €1 billion investment in a new data center in Finland, part of a larger €12 billion project aimed at enhancing data security in Europe [7] - Meta's CEO Mark Zuckerberg expressed criticism towards Apple and highlighted differences in management philosophy compared to Nvidia's founder [7] - Huawei clarified that it has not engaged in any internship collaborations with third-party agencies, warning against scams [8] Group 4 - Zhiji Auto reported that pre-sales for its new model L6 have reached 24,000 units, with a price range of ¥219,900 to ¥289,900 [15] - Ideal Auto clarified that the reported annual salary of its founder Li Xiang is inaccurate, with the actual compensation being ¥2.66 million [16] - XPeng Motors is considering an IPO for its flying car subsidiary, with potential listings in Hong Kong or the U.S. [18] Group 5 - SAIC Volkswagen reported a terminal sales figure of nearly 83,000 vehicles in April, reflecting a year-on-year increase of 5.9% [18] - BMW Group's Q1 total revenue was €33.758 billion, a decrease of 7.8% year-on-year, with a net profit of €2.173 billion, down 26.4% [19] - Ferrari's Q1 net revenue reached €1.791 billion, marking a 13% year-on-year increase [21] Group 6 - Qingdao Beer plans to acquire 100% equity of Jimo Yellow Wine for a total consideration of ¥665 million, aiming to diversify its product line [28] - Domestic gold jewelry prices have continued to rise, with brands like Chow Tai Fook increasing prices by ¥7 per gram to ¥1,033 per gram [30] - Shanghai Lego Land is set to open on July 5, 2025, featuring eight themed areas and over 75 interactive attractions [31]

Core Viewpoint - Despite the 25% tariffs imposed by Trump on imported cars, demand for Ferrari's supercars in the U.S. remains strong, indicating the brand's ability to pass on costs to consumers [1][2]. Group 1: Market Demand and Pricing Strategy - Ferrari has raised prices on certain models by up to 10% in response to tariffs, yet has not seen any cancellations of orders [1]. - The U.S. market accounts for approximately 25% of Ferrari's total sales, making it the company's largest market [1]. Group 2: Financial Performance - In the Q1 earnings report, Ferrari reported a 23% year-over-year increase in operating profit to €542 million and a 13% increase in revenue to €1.79 billion, both exceeding market expectations [3]. - Ferrari has maintained its previous guidance, projecting an adjusted operating profit of at least €2 billion and a profit margin of at least 29% [3]. Group 3: Analyst Commentary and Future Outlook - Analysts from Bernstein described Ferrari's Q1 results as "rock solid," highlighting the company's ability to outperform market consensus and confidently reaffirm its guidance for FY2025 [4]. - In Q1, Ferrari delivered five hybrid models, which accounted for 49% of total deliveries, and plans to launch its first electric vehicle in October, with sales starting in 2026 [4]. - The performance of Ferrari as a luxury brand demonstrates its strong pricing power and customer loyalty, allowing it to maintain stability amid a challenging global trade environment and a generally weak automotive industry [4].

Core Insights - The article emphasizes the importance of long-term growth and dividend growth investing, focusing on identifying undervalued stocks and high-quality companies that provide cash for reinvestment [1]. Group 1: Investment Strategy - The company prioritizes profitability as a safer driver of gains compared to low valuation, highlighting the significance of margins, free cash flow stability and growth, and returns on invested capital [1]. - The research process involves in-depth analysis of stocks within specific areas of competence, leading to continuous exploration of high-quality companies [1]. Group 2: Company Position - The article mentions a beneficial long position in the shares of Ferrari (RACE), indicating a positive outlook on the company's stock performance [2].

Core Viewpoint - Ferrari (RACE) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [4][6]. - For Ferrari, the increase in earnings estimates suggests an improvement in the company's underlying business, likely leading to a rise in stock price as investors respond positively to this trend [5][10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Ferrari is projected to earn $9.30 per share, reflecting a 1.5% increase from the previous year, with a 1.1% rise in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revisions [9][10].

Exhibit 99.1 Ferrari N.V. Interim Report At and for the three months ended March 31, 2025 CONTENTS | | Page | | --- | --- | | BOARD OF DIRECTORS | 1 | | INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1 | | CERTAIN DEFINED TERMS | 1 | | INTRODUCTION | 2 | | FORWARD-LOOKING STATEMENTS | 3 | | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | | | Highlights | 5 | | Results of Operations | 8 | | Liquidity and Capital Resources | 12 | | Non-GAAP Financial Measures | 18 | | ...

Core Insights - Ferrari reported quarterly earnings of $2.42 per share, exceeding the Zacks Consensus Estimate of $2.36 per share, and up from $2.12 per share a year ago, representing an earnings surprise of 2.54% [1] - The company achieved revenues of $1.88 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.99%, and an increase from $1.72 billion year-over-year [2] - Ferrari has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.54 on revenues of $1.97 billion, and for the current fiscal year, it is $9.30 on revenues of $7.54 billion [7] - The trend of estimate revisions for Ferrari is favorable, contributing to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Market Performance - Ferrari shares have increased approximately 9.8% since the beginning of the year, contrasting with a decline of -3.9% in the S&P 500 [3] - The performance of Ferrari's stock may be influenced by management's commentary during the earnings call and the overall industry outlook [3][4] Industry Context - The Automotive - Original Equipment industry, to which Ferrari belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

The winner of the annual Adam Ferrari Health Science Scholarship will be announced in August 2025. More information about the scholarship, including essay guidelines and submission instructions, can be found at www.adamferrarischolarship.com. To learn more about Adam Ferrari and the mission of the Ferrari Foundation, please visit www.theferrarifoundation.org. Applicants must be first-year students who have been accepted to and will be enrolling full-time at an accredited U.S. college or university beginning ...

Core Insights - The luxury car maker Ferrari has indicated that U.S. tariffs pose a potential risk to its profitability, reflecting broader concerns among various companies regarding the impact of tariffs on earnings and financial forecasts [1][2] Company-Specific Summaries - **Ferrari**: The company noted a potential risk of a 50 basis points reduction to earnings in 2025 due to the introduction of import tariffs on European cars into the U.S. [2] - **Mattel**: The CEO expressed uncertainty about the evolving tariff situation and announced a pause on full-year guidance, indicating potential price increases for toys if necessary [3] - **Ford**: The automaker expects tariffs to reduce its earnings before interest and taxes by approximately $1.5 billion in 2025 and has suspended its full-year guidance due to potential supply chain disruptions [3] - **Cummins**: The company withdrew its 2025 forecast, citing growing economic uncertainty driven by tariffs [4] - **Apple**: The company anticipates a $900 million hit to its bottom line in the second quarter due to tariffs, complicating future predictions [4] - **Amazon**: The company stated that its future results are "inherently unpredictable" due to global economic conditions and tariff policies [5] - **General Motors**: The company lowered its earnings forecast for 2025 to between $10 billion and $12.5 billion, down from $13.7 billion to $15.7 billion, adjusting to the new trade policy environment [6] - **McDonald's**: Reported a 3.6% decline in U.S. same-store sales in the first quarter of 2025, the largest decrease since 2020, attributing it to consumer uncertainty [6] - **Stellantis**: Suspended its full-year financial guidance for 2025 due to tariff-related uncertainties [6] - **Mercedes**: Pulled its full-year outlook for 2025, citing high volatility regarding tariff policies [6] - **UPS**: Withdrew its full-year guidance after previously forecasting revenue of $89 billion for 2025, citing macroeconomic uncertainty [6] - **Kraft Heinz**: Lowered its full-year outlook due to a volatile operating environment influenced by tariffs and inflation [7] - **JetBlue**: Pulled its full-year outlook for 2025 due to macroeconomic uncertainty [7] - **Snap**: Declined to issue guidance for its second quarter, citing uncertainty in macroeconomic conditions affecting advertising demand [8] - **Volvo**: Warned that 2025 would be challenging due to macroeconomic and geopolitical developments, including tariffs [9] - **PepsiCo**: Lowered its earnings forecast for 2025, expecting more volatility and higher supply chain costs due to tariffs [9] - **Procter & Gamble**: Lowered its sales growth projections for the year, citing a challenging consumer and geopolitical environment [9] - **American Airlines**: Took a cautious approach to growth after pulling its full-year guidance, citing significant weakness in demand due to economic uncertainty [9] - **Skechers**: Withdrew its full-year outlook, attributing it to macroeconomic uncertainty from global trade policies [9] - **Thermo Fisher Scientific**: Withdrew its full-year profit forecast, expecting a $400 million hit in sales to China due to tariffs [10] - **Chipotle**: Lowered its full-year same-store sales growth expectations, anticipating reduced consumer spending due to economic concerns [11] - **Alaska Airlines**: Pulled its full-year 2025 guidance due to recent economic uncertainty [11] - **Southwest Airlines**: Withdrew guidance for 2025, citing macroeconomic uncertainty [11] - **United Airlines**: Held its full-year forecast but issued a lower earnings guidance for 2025 due to unpredictable economic conditions [11] - **Logitech**: Withdrew its outlook for the 2026 fiscal year due to ongoing tariff uncertainty [11] - **Walmart**: Announced it would pull forecasts for operating income, citing a growing range of outcomes due to tariffs [11] - **Delta**: Pulled its full-year guidance due to broad macro uncertainty [12]