特斯拉盈利持续疲软，股价愈显虚高

Core Viewpoint - The article discusses the "Musk Magic Premium," which reflects the portion of Tesla's valuation based on investor confidence in Elon Musk's future promises rather than current performance [1][4]. Financial Performance - Tesla's third-quarter net profit was $1.372 billion, a 37% decrease year-over-year. After adjustments for regulatory credit sales and non-operating losses, the sustainable net profit was calculated at $1.134 billion, leading to a total core profit of $3.6 billion over the past 12 months, approximately half of General Motors' earnings during the same period [2][3]. Valuation Analysis - Based on a price-to-earnings ratio of 30, Tesla's fair value is estimated at $108 billion, while its market capitalization is $1.46 trillion, indicating a "Musk Magic Premium" of $1.35 trillion, which constitutes 90% of Tesla's market value [4]. Growth Expectations - To justify a market value of $1.46 trillion, Tesla's stock price is currently valued at 405 times its sustainable earnings. To achieve a modest 10% annual return over the next seven years, Tesla would need to double its valuation to $2.9 trillion, requiring annual profits to reach $97 billion by the end of 2032, necessitating a 60% annual profit growth rate [5].