2026.03. 23 本文字数：1244，阅读时长大约3分钟 作者 | 第一财经 葛慧 继宾利对电池动力踩下刹车后，劳斯莱斯也宣布内燃机将在2030年之后长期延续。 这一举措标志着超豪华品牌集体收缩电动化战略的势头进一步加深。 劳斯莱斯于2022年推出了其首款电动车闪灵（Spectre），当时的首席执行官托斯顿·穆勒-奥特沃斯 （Torsten Muller-Otvos）表示，品牌将在2030年底前销售电动车，标志着其发动机驱动产品的终 结。 据外媒报道，劳斯莱斯现任首席执行官克里斯·布朗里奇（Chris Brownridge）收回了其前任做出的 承诺，并表示V12发动机在2030年后仍会继续搭载于劳斯莱斯车型上。 布朗里奇曾表示，V12是劳斯莱斯历史的一部分。虽然他承认穆勒-奥特沃斯当时所说的"在那个时候 是正确的"，但近期诸如排放目标放宽等进展已经改变了竞争格局。 政策面上，美国取消了要求到2030年新车销售中50%为电动车的目标，欧盟也放宽了计划于2035年 实施的燃油车禁令。布朗里奇表示，这些政策调整为公司未来提供了更大的"灵活性"。3月23日，针 对劳斯莱斯"取消2030年成为纯电动品牌的计划"的 ...

Group 1: Ferrari N.V. Overview - Ferrari N.V. (NYSE:RACE) is recognized as one of the top 10 auto manufacturer stocks to buy according to analysts [1] - The company is set to launch its first electric vehicle, named the Luce, available for order in spring 2026 [1] - Ferrari has adjusted its electric vehicle sales goal to 20% of overall sales, down from a previous target [1] - The company continues to produce internal combustion vehicles, including models with 12-cylinder engines [1] - Ferrari sells approximately 14,000 vehicles annually, with prices ranging from the low hundreds of thousands to several million dollars [1] Group 2: Market Position and Strategy - RBC Capital analyst Tom Narayan suggests that Ferrari is hedging its risks by transitioning towards electric vehicles while maintaining its traditional internal combustion engine portfolio to cater to its core customer base [1] - In contrast, Lamborghini has halted pure electric vehicle development due to low demand in the luxury supercar segment, opting to focus on hybrid models instead [2] - Lamborghini's executives express that battery-electric vehicles lack the emotional connection associated with gas-powered supercars [2] - Ferrari's independent status allows for a broader market approach compared to Lamborghini, which operates within the Volkswagen Group's corporate framework [2] Group 3: Product Line - Ferrari designs, engineers, produces, and sells luxury sports cars, with notable models including the F12 Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, LaFerrari Hybrid, LaFerrari, and FF four-wheel drive [3]

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RACE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. This te ...

Group 1: Market Context - High-net-worth individuals tend to maintain their spending habits during economic downturns, unlike the middle class [1] - Despite the overall growth of the U.S. economy, Ferrari's shares have declined by 21% over the past year, indicating a bear market condition [2] - Bear markets can present investment opportunities, as evidenced by Ferrari's share repurchase of over $117 million this year [4] Group 2: Company Strategy and Brand Value - Ferrari's average selling prices for new models range from $250,000 to over $700,000, reflecting its luxury positioning [5] - The company intentionally limits its unit sales to maintain exclusivity, averaging around 1,000 units per model year [6] - Ferrari's strategy includes selective access to certain models, reinforcing its brand value and pricing power [7] Group 3: Product Development and Future Prospects - Ferrari must keep its product lineup fresh, with new supercar models introduced every three to four years and more accessible models launched annually [8] - Upcoming product launches, such as the convertible Amalfi Spider and the first fully electric vehicle, Luce, could serve as near-term catalysts for stock performance [8]

Core Viewpoint - Lotus Cars has shifted its electric strategy from "aggressive pure electric" to "pragmatic hybrid" with the launch of its first plug-in hybrid model, "FORME" [3] Group 1: Lotus Cars' Strategy - In 2018, Lotus announced the "Vision80" revival plan, committing to full electrification with the introduction of pure electric models like Evija, Eletre, and Emeya [3] - CEO Feng Qingfeng stated that the global market environment is complex, leading to a reassessment of their all-electric strategy, which was deemed overly aggressive [3] - The company will pursue both pure electric and hybrid models moving forward, with no plans for the next generation of pure combustion engine vehicles [3] Group 2: Industry Trends - Lotus is not alone; many supercar manufacturers have recently slowed their electrification strategies [4] - Lamborghini has halted the development of the pure electric Lanzador and shifted to hybrid versions for its new Urus model, with all models now offering hybrid options [5] - Ferrari is still advancing its electric projects but has reduced its electric vehicle sales target for 2030 from 40% to 20%, with the remaining sales to be filled by combustion vehicles [5] - Porsche has also announced a slowdown in its electrification process, delaying some pure electric models and focusing on more combustion and hybrid options [5][6]

（文/观察者网 张家栋 编辑/高莘） 温克尔曼指出，在市场尚未成熟的情况下大举投入纯电研发，"在财务上是不负责任的"。兰博基尼随后 发布声明确认战略调整，并透露原定于本十年末推出的纯电版Urus也已经不再推进，下一代Urus将于 2029年以插混形式登场，品牌规划中的第四款车型也将采用插混动力。 目前，兰博基尼已在2024年底推出Urus插电混动版本，旗下Temerario与Revuelto两款超跑亦仅提供插混 动力。与此同时，负责混动战略的首席技术官鲁文·莫尔将于3月1日出任奥迪首席技术官。 值得一提的是，与兰博基尼的谨慎路线不同，多家超跑品牌正加速推进纯电计划。 例如，法拉利计划于今年10月交付首款电动车Luce，并与设计公司LoveFrom合作打造内饰与交互系 统；宾利计划在2026年晚些时候发布首款纯电车型；劳斯莱斯则已于2023年推出电动车型Spectre，并在 2025年发布高性能版本。 本文系观察者网独家稿件，未经授权，不得转载。 据《欧洲汽车新闻》2月24日报道，兰博基尼已调整新车电动化战略。其在2023年首次亮相的Lanzador 概念车，原计划作为纯电动车型推出，如今将改为插电式混合动力（ ...

Core Viewpoint - Ferrari is highlighted as a compelling investment opportunity in the automotive sector, with significant growth potential and strong financial metrics, especially in comparison to competitors like Tesla and Ford [2][10]. Company Performance - Ferrari's stock has increased over tenfold in the past decade, with a current trading price of $366.93, which is 28% below its peak [1][7]. - The company reported a year-over-year revenue gain of 7% in 2025, selling only 13,640 cars, reflecting a strategy to maintain brand exclusivity [5]. - Ferrari achieved an impressive operating margin of 29.5% and a 50% increase in free cash flow in 2025, showcasing its strong profitability [5][6]. Market Position - The company operates at the intersection of automotive and luxury branding, benefiting from significant pricing power, as evidenced by the introduction of its first electric vehicle, the Luce, priced around $500,000 [4][6]. - Ferrari's target market consists of extremely wealthy customers, providing a stable demand that is less affected by economic fluctuations [9]. Financial Metrics - Ferrari's diluted earnings per share have grown at a compound annual rate of 20.7% over the past three years, with expectations of continued high-teens growth over the next five years [8]. - The stock is currently trading at a price-to-earnings ratio of 37.1, which is considered attractive given its historical valuation [9]. Investment Outlook - The company is positioned to outperform the S&P 500 index over the next five years, making it a favorable option for investors looking to capitalize on the automotive sector [2].

Core Insights - The company achieved record performance in the fiscal year 2025, with net revenue of €7.146 billion, a year-on-year increase of 7%, and EBIT reaching €2.110 billion, up 12% [1] - Industrial free cash flow significantly increased by 50% to €1.538 billion [1] Performance Overview - The EBIT margin for the fourth quarter was 28.5%, an increase of 1.5 percentage points year-on-year; the EBITDA margin reached 38.8%, up 1.8 percentage points [2] - The improvement was primarily driven by a higher proportion of high-value models and the deepening of customization services [2] Business Status - The company's order book extends to the end of 2027, with strong demand for new models such as Amalfi and 849 Testarossa, providing high certainty for deliveries and profitability over the next two years [3] - Despite a year-on-year decline in global deliveries in the fourth quarter, the company maintains a "volume at price increase" strategy, ensuring profit growth through product structure optimization [3] Business and Technological Development - The first all-electric model, Luce, has completed its debut, with a launch event planned for May 2026 [4] - The company has set a product structure target for 2030 of 40% combustion, 40% hybrid, and 20% electric, adopting a gradual transition strategy [4] Financial Movements - Over €1.3 billion was returned to shareholders through dividends and stock buybacks in 2025, with plans to increase the dividend payout ratio to 40% of net profit, reflecting the company's ample cash flow and commitment to shareholder returns [5] Company Performance Goals - The company expects revenue of approximately €7.5 billion in 2026, with adjusted earnings per share of at least €9.45, and industrial free cash flow to remain above €1.5 billion [6]

Core Insights - Ferrari reported record high revenue and profit for 2025, with significant progress in its electrification strategy and an optimistic outlook for 2026 [1] Financial Performance - In the fiscal year 2025, Ferrari achieved net revenue of €7.146 billion, a year-on-year increase of 7% [2] - The EBIT reached €2.110 billion, up 12% year-on-year, with an EBIT margin of 29.5% [2] - Net profit was €1.600 billion, reflecting a 5% increase compared to the previous year [2] - Industrial free cash flow surged by 50% to €1.538 billion [2] Company Fundamentals - In Q4, the EBIT margin was 28.5%, an increase of 1.5 percentage points year-on-year; EBITDA margin reached 38.8%, up 1.8 percentage points [3] - The improvement was primarily driven by a higher proportion of high-value models and deeper customization services [3] Business Developments - The company has orders secured until the end of 2027, with strong demand for new models like Amalfi and 849 Testarossa, providing certainty for deliveries and profits over the next two years [4] - Despite a year-on-year decline in global deliveries in Q4, the company maintained a "volume at price increase" strategy, ensuring profit growth through product mix optimization [4] Strategic Initiatives - The first all-electric model, Luce, has been launched, with a planned unveiling event in May 2026 [5] - The company has set a product structure target for 2030 of 40% gasoline, 40% hybrid, and 20% all-electric, adopting a gradual transition strategy [5] Capital Allocation - In 2025, Ferrari returned over €1.3 billion to shareholders through dividends and stock buybacks, with plans to increase the dividend payout ratio to 40% of net profit, reflecting strong cash flow and commitment to shareholder value [6] Performance Targets - For 2026, the company expects revenue of approximately €7.5 billion, an EBITDA margin of no less than 39.0%, adjusted earnings per share of at least €9.45, and industrial free cash flow to remain above €1.5 billion [7]

Core Viewpoint - Ferrari is set to launch its first all-electric sports car named Luce, emphasizing a unique design and driving interaction approach, moving away from traditional naming conventions and focusing on user experience [4][5][12]. Design and Features - The Luce will feature a return to physical buttons and knobs, minimizing the presence of large touchscreens, which is a departure from current automotive trends [8][12]. - The interior will showcase a dynamic layout with a 12-inch main display and two 10.3-inch secondary displays, utilizing advanced materials like Corning Fusion5® glass for enhanced durability and aesthetics [9][12]. - The steering wheel design is inspired by classic models, made from 100% recycled aluminum, and integrates multiple functional controls, reflecting a blend of vintage and modern design [9][10]. Development and Manufacturing - Ferrari is investing approximately €200 million in a new facility called e-building, aimed at enhancing manufacturing flexibility and reducing vehicle development time, rather than increasing production volume [14][15]. - The e-building will support the production of electric, hybrid, and traditional fuel vehicles, allowing Ferrari to maintain flexibility in its product offerings [14][15]. Performance and Specifications - The Luce is positioned as a four-door, four-seat high-performance electric vehicle, boasting over 1,000 horsepower and a 0-100 km/h acceleration time of under 2.5 seconds, with a battery capacity of 122 kWh [20]. - The expected range is approximately 531 kilometers (330 miles) under WLTP conditions, with a total vehicle weight slightly below 2,300 kg, making it Ferrari's heaviest production model to date [20]. Market Positioning and Pricing - The starting price for the Luce is anticipated to exceed $500,000, reflecting Ferrari's brand premium and the need to differentiate from competitors in the electric vehicle market [18][20]. - Ferrari aims to maintain its luxury status by focusing on the tactile experience and unique sound design of the vehicle, rather than solely on performance metrics [21][22].