Tesla(US:TSLA) 美股研究社·2025-03-11 11:24Core Viewpoint - Tesla faces significant challenges including high vehicle prices, outdated product lines, and customer service issues, compounded by a negative economic environment and trade tensions. However, its long-term prospects in autonomous driving may outweigh these concerns [1][3]. Group 1: Market Performance - Tesla's vehicle registrations in California have declined by 11.6% in 2024, while zero-emission vehicle registrations overall increased by 1.2% [4]. - In January 2025, Tesla's sales in Germany dropped by 59.5%, followed by a 76.3% decline in February. Australia saw a 71.9% drop in February, and China experienced a 49.16% decrease in the same month [4]. Group 2: Leadership and Brand Impact - Elon Musk's controversial public persona and political involvement have negatively affected Tesla's brand perception, leading to protests and backlash from customers [3][6]. - The close association between Musk and Tesla raises concerns about the company's future if Musk were to leave or be removed, despite the presence of other talented individuals within the company [7][9]. Group 3: Financial Metrics - Tesla's forward P/E ratio stands at 92.12, significantly higher than its peers at 6.21 and the S&P 500 at 19.26. The projected 3-5 year EPS growth for Tesla is 17.47%, compared to 11.38% for peers and 9.59% for SPY [11]. - The PEG ratio for Tesla is 5.27, while peers average 4.16, indicating a higher valuation relative to growth expectations [11]. Group 4: Stock Rating and Market Sentiment - Analysts are cautious about downgrading Tesla's stock rating, currently classified as "hold," due to the potential for future recovery and the risks posed by competitors [13]. - Current market indicators show a bearish trend, with the Chaikin Oscillator (CO) moving towards neutrality, suggesting that some investors have not completely abandoned the stock [12].