<p><strong>特斯拉</strong>（TSLA -0.20%）备受期待的第二季度财报对投资者和一些分析师来说并不理想。在这家领先的电动汽车（EV）制造商宣布在三个月内交付了惊人的 44.4 万辆车后，投资者认为随后的盈利公告也会带来惊喜。</p>
<p>然而，由于竞争加剧和价格下调，利润率继续下滑。这导致花旗分析师 Itay Michaeli 将其公司对特斯拉股票的目标价从 274 美元降至 258 美元。然而，即便如此，这仍意味着特斯拉股票在季度报告引发下跌后仍将实现近 20% 的涨幅。</p>
<p>这一回撤是因为预期更为积极的投资者在过去一个月推高了股价。然而，盈利公告后的反应将特斯拉股票推入了全年负面领域。</p>
<h2>特斯拉仍在产生现金</h2>
<p>特斯拉的报告实际上是一揽子。虽然其汽车利润率继续下滑，但该公司在资本支出后仍产生了 13 亿美元的自由现金流。但是，除监管信用收入外，汽车利润率下降至 14.6%。这较去年同期的 18.2% 和两年前的 25.1% 有所下降。</p>
<p>这是 Michaeli 对结果不满意的主要原因。然而，像许多特斯拉投资者一样，他的关注仍集中在潜在的即将到来的催化剂，包括一款新的低价车型以及自动驾驶机器人出租车。</p>
<p>正如特斯拉首席执行官埃隆·马斯克本人所说，不相信公司能够执行其全自动驾驶车辆计划的投资者不应持有该股。第二季度报告强化了这种情绪。公司的汽车销售和利润并不支持特斯拉的股票估值。可以增加价值的潜在催化剂包括低价电动车型、创纪录的能源业务季度以及全自动驾驶车队。那些看不到这些催化剂实现的人应该考虑在其他地方投资。</p>

2 倍做多特斯拉 ETF - Direxion

特斯拉

<p>特斯拉第二季度财报令投资者和分析师感到失望，导致股价下跌。花旗分析师 Itay Michaeli 将股价目标下调至每股 258 美元，称利润率下降。然而，潜在的即将到来的催化剂，如一款新的低价车型和自动驾驶机器人出租车，仍可能增加价值。报告强调，特斯拉的股票估值可能不被其销售额和利润所证明。那些不相信公司自动驾驶车辆计划的投资者应考虑其他投资选择</p>

<p><strong>Tesla</strong>'s (TSLA -0.20%) highly anticipated second-quarter earnings report landed with a thud for investors and some analysts. After the leading electric vehicle (EV) manufacturer announced a surprisingly high 444,000 vehicles were delivered in the three-month period, investors thought the subsequent earnings announcement would also surprise to the upside.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>（TSLA -0.20%）备受期待的第二季度财报对投资者和一些分析师来说并不理想。在这家领先的电动汽车（EV）制造商宣布在三个月内交付了惊人的 44.4 万辆车后，投资者认为随后的盈利公告也会带来惊喜。</p>
</div><p>However, profit margins continued to drop due to increased competition and price cuts. That led <strong>Citigroup</strong> analyst Itay Michaeli to lower his firm's price target on the stock from $274 to $258 per share. However, that still implies a nearly 20% gain after Tesla shares sank in response to the quarterly report.</p>
<div class="lb-trans"><p>然而，由于竞争加剧和价格下调，利润率继续下滑。这导致花旗分析师 Itay Michaeli 将其公司对特斯拉股票的目标价从 274 美元降至 258 美元。然而，即便如此，这仍意味着特斯拉股票在季度报告引发下跌后仍将实现近 20% 的涨幅。</p>
</div><p>That pullback came after investors anticipating a more positive report had driven shares sharply higher over the past month. The post-earnings reaction, however, pushed Tesla stock into negative territory for the year.</p>
<div class="lb-trans"><p>这一回撤是因为预期更为积极的投资者在过去一个月推高了股价。然而，盈利公告后的反应将特斯拉股票推入了全年负面领域。</p>
</div><h2>Tesla's still generating cash</h2>
<div class="lb-trans"><h2>特斯拉仍在产生现金</h2>
</div><p>Tesla's report was really a mixed bag. While its automotive profit margin continued to trend lower, the company still generated $1.3 billion in free cash flow after capital expenditures. But automotive profit margin, excluding regulatory credit revenue, dropped to 14.6%. That's down from 18.2% in the prior-year period and 25.1% two years ago.</p>
<div class="lb-trans"><p>特斯拉的报告实际上是一揽子。虽然其汽车利润率继续下滑，但该公司在资本支出后仍产生了 13 亿美元的自由现金流。但是，除监管信用收入外，汽车利润率下降至 14.6%。这较去年同期的 18.2% 和两年前的 25.1% 有所下降。</p>
</div><p>That's the major reason Michaeli was unimpressed with the results. However, like many Tesla investors, his focus remains on potential upcoming catalysts including a new, low-priced model as well as self-driving robotaxis.</p>
<div class="lb-trans"><p>这是 Michaeli 对结果不满意的主要原因。然而，像许多特斯拉投资者一样，他的关注仍集中在潜在的即将到来的催化剂，包括一款新的低价车型以及自动驾驶机器人出租车。</p>
</div><p>As Tesla CEO Elon Musk himself said, investors who don't believe the company can execute its full self-driving vehicle plan shouldn't own the stock. The second-quarter report reinforced that sentiment. The company's auto sales and profits don't justify Tesla's stock valuation. Potential catalysts that can add value include the lower-priced EV model, the energy business that had a record quarter, and a full self-driving fleet. Those who don't see those catalysts panning out should look to invest elsewhere.</p>
<div class="lb-trans"><p>正如特斯拉首席执行官埃隆·马斯克本人所说，不相信公司能够执行其全自动驾驶车辆计划的投资者不应持有该股。第二季度报告强化了这种情绪。公司的汽车销售和利润并不支持特斯拉的股票估值。可以增加价值的潜在催化剂包括低价电动车型、创纪录的能源业务季度以及全自动驾驶车队。那些看不到这些催化剂实现的人应该考虑在其他地方投资。</p>
</div>

1 Wall Street Analyst Thinks Tesla Stock Is Going to $258. Is It a Buy After a Post-Earnings Pullback?

- 特斯拉第二季度交付了 44 万辆汽车，但利润率持续下降，因竞争加剧和降价。  
- Citigroup 分析师将特斯拉股票目标价从 274 美元降至 258 美元，仍意味着近 20% 的涨幅。  
- 特斯拉仍然有现金流，但汽车利润率下降至 14.6%，未达到预期。

一位华尔街分析师认为特斯拉的股票将涨到 258 美元。在财报发布后的回调之后，它是否值得买入？