<p>自 11 月 5 日以来，<strong>特斯拉</strong>（TSLA 3.69%）的股价上涨了 38%，这使其成为特朗普总统选举胜利的巨大受益者。首席执行官埃隆·马斯克在竞选中发挥了关键作用，许多投资者认为他的公司将从新的经济和监管框架中受益。</p>
<p>不过，特斯拉的情况并非一帆风顺。让我们讨论一下投资该股票的一些利弊。</p>
<h2>核心汽车业务已趋于成熟</h2>
<p>虽然特斯拉在电动车（EV）机会中受益匪浅，但其品牌认知度和技术优势似乎正在减弱。第三季度的收入同比仅增长了 2%，达到 200 亿美元，远低于三年前同期 74% 的增长。</p>
<p>公平地说，特斯拉是其自身成功的受害者。该公司的 Model Y 是全球最畅销的汽车，超越了 <strong>丰田</strong> 的卡罗拉和 Rav4 等成熟的市场竞争对手。由于大多数想要特斯拉汽车的人可能已经拥有一辆，因此公司的规模将使其持续增长面临挑战。</p>
<p>好消息是，特斯拉仍然是一家管理出色、精简的企业，能够维持其利润率。尽管收入持平，但公司调整后的息税折旧摊销前利润（EBITDA）增长了 24%，达到 47 亿美元。虽然汽车业务不再看起来是主要的增长驱动力，但它可以作为一个稳定的现金牛，管理层可以转向其他机会。</p>
<h2>特朗普连任对特斯拉意味着什么？</h2>
<p>埃隆·马斯克为特朗普竞选助阵，并通过他的超级政治行动委员会 America PAC 捐赠了至少 1.32 亿美元。然而，尽管特朗普的胜利导致特斯拉股价飙升，但新政府的政策将如何影响公司的收入和利润尚不清楚。</p>
<p>据路透社报道，特朗普的过渡团队计划结束拜登时代的电动车税收抵免。这项 7500 美元的补贴使电动车相对于燃油车更具可负担性，可能有助于其销售。</p>
<p>特朗普还承诺削减外包制造，这可能与特斯拉在墨西哥建立新工厂的雄心相悖。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1ODYvZ2V0dHlpbWFnZXMtMTczMzIxMzEzOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1ODYvZ2V0dHlpbWFnZXMtMTczMzIxMzEzOC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管如此，马斯克似乎仍对美国在特朗普领导下的未来充满信心。虽然补贴的减少可能会影响对特斯拉汽车的需求，但由于其规模经济和制造专业知识，马斯克的公司可能在更具竞争力的环境中更具竞争力。特朗普政府还可能放宽一些关于特斯拉其他增长机会（如自动驾驶汽车、机器人和人工智能）的监管。这些业务在特斯拉的电动车增长持续放缓时可能变得越来越重要。</p>
<h2>估值似乎过于乐观</h2>
<p>总的来说，特斯拉似乎处于一个相对中性的状态：既不特别好也不特别坏。核心汽车增长显著放缓，但利润率和盈利能力仍然强劲。虽然非汽车机会（如自动驾驶汽车）可能成为主要的增长驱动力，但这一故事可能需要数年甚至数十年才能实现。</p>
<p>特朗普的选举胜利似乎也不太可能显著影响特斯拉的短期前景。因此，最近的反弹似乎过于夸张。</p>
<p>以 103 的前瞻市盈率（P/E）倍数计算，特斯拉的估值与公司的基本面显得非常不符。尽管它仍然是一家出色的公司，但在这个价格下并不值得购买。投资者应该等待更好的入场时机，再考虑在该股票上建立头寸。</p>

特斯拉

2 倍做多特斯拉 ETF - Direxion

<p>特斯拉的股票自 11 月 5 日以来上涨了 38%，这在很大程度上是由于特朗普的选举胜利，许多人认为这将有利于该公司。然而，特斯拉的汽车业务增长放缓，第三季度的收入仅增长了 2%。尽管公司管理良好且盈利，但其高估值（市盈率为 103）表明在当前价格下可能不是一个好的投资选择。建议投资者在投资特斯拉股票之前，等待更好的入场时机，因为新政府政策对公司的影响仍然不确定</p>

<p>With shares up 38% since Nov. 5, <strong>Tesla</strong>(TSLA 3.69%) has been a huge beneficiary of Trump's presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.</p>
<div class="lb-trans"><p>自 11 月 5 日以来，<strong>特斯拉</strong>（TSLA 3.69%）的股价上涨了 38%，这使其成为特朗普总统选举胜利的巨大受益者。首席执行官埃隆·马斯克在竞选中发挥了关键作用，许多投资者认为他的公司将从新的经济和监管框架中受益。</p>
</div><p>That said, Tesla's situation isn't all peaches and cream. Let's discuss some pros and cons of investing in the stock.</p>
<div class="lb-trans"><p>不过，特斯拉的情况并非一帆风顺。让我们讨论一下投资该股票的一些利弊。</p>
</div><h2>Core automotive operations have matured</h2>
<div class="lb-trans"><h2>核心汽车业务已趋于成熟</h2>
</div><p>While Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.</p>
<div class="lb-trans"><p>虽然特斯拉在电动车（EV）机会中受益匪浅，但其品牌认知度和技术优势似乎正在减弱。第三季度的收入同比仅增长了 2%，达到 200 亿美元，远低于三年前同期 74% 的增长。</p>
</div><p>To be fair, Tesla is a victim of its own success. The company's Model Y is the best-selling car on the planet, beating out established mass-market rivals like the <strong>Toyota</strong> Corolla or Rav4. The company's sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.</p>
<div class="lb-trans"><p>公平地说，特斯拉是其自身成功的受害者。该公司的 Model Y 是全球最畅销的汽车，超越了 <strong>丰田</strong> 的卡罗拉和 Rav4 等成熟的市场竞争对手。由于大多数想要特斯拉汽车的人可能已经拥有一辆，因此公司的规模将使其持续增长面临挑战。</p>
</div><p>The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.</p>
<div class="lb-trans"><p>好消息是，特斯拉仍然是一家管理出色、精简的企业，能够维持其利润率。尽管收入持平，但公司调整后的息税折旧摊销前利润（EBITDA）增长了 24%，达到 47 亿美元。虽然汽车业务不再看起来是主要的增长驱动力，但它可以作为一个稳定的现金牛，管理层可以转向其他机会。</p>
</div><h2>What does Trump's reelection mean for Tesla?</h2>
<div class="lb-trans"><h2>特朗普连任对特斯拉意味着什么？</h2>
</div><p>Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump's victory has led to a surge in Tesla stock, it is unclear how the new administration's policies will impact the company's top and bottom lines.</p>
<div class="lb-trans"><p>埃隆·马斯克为特朗普竞选助阵，并通过他的超级政治行动委员会 America PAC 捐赠了至少 1.32 亿美元。然而，尽管特朗普的胜利导致特斯拉股价飙升，但新政府的政策将如何影响公司的收入和利润尚不清楚。</p>
</div><p>According to Reuters, Trump's transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.</p>
<div class="lb-trans"><p>据路透社报道，特朗普的过渡团队计划结束拜登时代的电动车税收抵免。这项 7500 美元的补贴使电动车相对于燃油车更具可负担性，可能有助于其销售。</p>
</div><p>Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla's ambition to build a new factory in Mexico.</p>
<div class="lb-trans"><p>特朗普还承诺削减外包制造，这可能与特斯拉在墨西哥建立新工厂的雄心相悖。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1ODYvZ2V0dHlpbWFnZXMtMTczMzIxMzEzOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798586%2Fgettyimages-1733213138.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>All that said, Musk still seems confident in America's Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk's company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla's other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.</p>
<div class="lb-trans"><p>尽管如此，马斯克似乎仍对美国在特朗普领导下的未来充满信心。虽然补贴的减少可能会影响对特斯拉汽车的需求，但由于其规模经济和制造专业知识，马斯克的公司可能在更具竞争力的环境中更具竞争力。特朗普政府还可能放宽一些关于特斯拉其他增长机会（如自动驾驶汽车、机器人和人工智能）的监管。这些业务在特斯拉的电动车增长持续放缓时可能变得越来越重要。</p>
</div><h2>The valuation seems far too optimistic</h2>
<div class="lb-trans"><h2>估值似乎过于乐观</h2>
</div><p>All in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.</p>
<div class="lb-trans"><p>总的来说，特斯拉似乎处于一个相对中性的状态：既不特别好也不特别坏。核心汽车增长显著放缓，但利润率和盈利能力仍然强劲。虽然非汽车机会（如自动驾驶汽车）可能成为主要的增长驱动力，但这一故事可能需要数年甚至数十年才能实现。</p>
</div><p>Trump's election victory also doesn't seem likely to significantly impact Tesla's near-term prospects. So, the recent rally seems overdone.</p>
<div class="lb-trans"><p>特朗普的选举胜利似乎也不太可能显著影响特斯拉的短期前景。因此，最近的反弹似乎过于夸张。</p>
</div><p>With a forward price-to-earnings (P/E) multiple of 103, Tesla's valuation looks very out of line with the company's fundamentals. And while it is still a fantastic company, it isn't a buy at this price. Investors should wait for a better entry point before considering a position in the stock.</p>
<div class="lb-trans"><p>以 103 的前瞻市盈率（P/E）倍数计算，特斯拉的估值与公司的基本面显得非常不符。尽管它仍然是一家出色的公司，但在这个价格下并不值得购买。投资者应该等待更好的入场时机，再考虑在该股票上建立头寸。</p>
</div>

Up 38%, Is Tesla Stock a Buy?

- 特斯拉股价自 11 月 5 日以来上涨 38%，受特朗普当选影响。  
- 但核心汽车业务增长放缓，第三季度收入仅增长 2%。  
- 特斯拉估值过高，前瞻市盈率为 103，投资者应等待更好入场时机。

特斯拉股票上涨 38%，现在是买入的好时机吗？