投资机构：保时捷未来三至四年利润率保持正增长

Core Insights - Despite a 99% drop in operating profit in the first three quarters of the year, Porsche's outlook remains positive for some investment institutions, with a stock price increase of 4.1% as of October 27 [1] Financial Performance - Porsche reported a revenue of €26.864 billion (approximately ¥222.4 billion) for the first three quarters, a year-on-year decrease of 6% [1] - The operating profit was only €40 million (approximately ¥330 million), reflecting a staggering 99% year-on-year decline [1] - The company incurred a one-time cost of approximately €2.7 billion (around ¥22.3 billion) in the first three quarters, which is expected to rise to €3.1 billion (approximately ¥25.7 billion) for the entire year [1] Market Challenges - In September, Porsche lowered its annual guidance for the fourth time due to weak demand for electric vehicles, tariffs, and declining sales in the Chinese market [1] - The company faced a loss of about €700 million (approximately ¥5.8 billion) due to U.S. import tariffs, leading to further price increases in the U.S. market in the coming months [1] Cash Flow and Future Outlook - By the end of the third quarter, Porsche's net cash flow from automotive operations increased from €1.24 billion (approximately ¥10.24 billion) to €1.34 billion (approximately ¥11.07 billion), with a net cash flow margin rising from 4.8% to 5.6% [3] - The expected sales for the year are projected to be between €37 billion and €38 billion (approximately ¥305.5 billion to ¥313.7 billion), with a sales return rate of 2% and a net cash flow margin between 3% and 5% [3] Analyst Perspectives - Some analysts believe Porsche is currently at a low point, with expectations of profit margin growth starting in 2026 under new leadership [3] - Deutsche Bank analysts noted that Porsche's free cash flow exceeded expectations, and despite ongoing negative factors like tariffs, the future outlook remains optimistic [3]