<p>最近，<strong>特斯拉</strong>（TSLA -5.26%）的核心汽车业务引起了很多关注。该部门在 2024 年的收入下降让投资者感到不安，最终成为今年股价大幅下跌的关键原因。但并不是所有电动车制造商的业务部门都在销售上表现不佳。事实上，特斯拉的某个业务部分正在以三位数的速度增长。没错，你没听错：三位数。我们说的是特斯拉能源存储产品的销售激增。</p>
<p>特斯拉的能源存储产品究竟是什么？强大的智能电池，可以帮助稳定电网，防止电力公司停电，作为家庭的备用电源等等。特斯拉的两款主要能源存储产品是 Powerwall，一种家庭用电池，以及 Megapack，一种大型商业解决方案。虽然这些产品听起来平淡无奇，但它们对特斯拉业务的影响却是巨大的。</p>
<h2>三位数增长</h2>
<p>在 2024 年，特斯拉部署了 31.4 吉瓦时（GWh）的能源存储容量，同比增长 114%。更重要的是，到年底，这项业务的增长速度急剧加快。在第四季度，特斯拉特别部署了 11 GWh 的能源存储，同比增长 244%。而且，值得一提的是：如果不是因为特斯拉在第四季度的股东更新中提到其能源存储产品的交付受到供应限制，增长可能会更快。换句话说，它无法生产足够的产品来满足需求。</p>
<p>如此强劲的能源存储表现帮助特斯拉的能源发电和存储业务部门在 2024 年实现了 67% 的同比收入增长。需要注意的是，该部门的整体收入增长率较特斯拉在 GWh 能源存储部署上的增长率较慢，因为该部门还包括销售太阳能产品，而这些产品的表现不佳。尽管如此，值得注意的是，该部门整体在 2024 年第四季度仍实现了三位数的增长，尽管太阳能产品拖累了销售，部门收入同比增长了 113%。</p>
<h2>对特斯拉未来的重要性</h2>
<p>投资者不应低估这一部门对特斯拉未来的重要性。它不仅已经发展到一个有意义的规模，而且随着业务的扩展，它也展现出了一定的经营杠杆，使其成为特斯拉长期盈利能力算法中一个有前景的组成部分。</p>
<p>该部门在 2024 年的销售额接近 101 亿美元，占该期间总收入的 10% 以上。更重要的是，特斯拉的能源发电和存储部门对公司总毛利的贡献增长速度甚至快于其对收入的贡献。帮助提升该部门创纪录的毛利，该部门的销售增长速度超过了其成本；能源发电和存储的销售成本上升了 52%，而该部门的销售额上升了 67%。销售的这种超常增长导致了显著的业务部门利润率扩张。当然，特斯拉能源存储产品对毛利的贡献，特别是，可能增长速度甚至快于整体部门。由于公司的能源发电产品被归入该部门，能源存储业务的经营杠杆的全部程度被掩盖。</p>
<p>难怪特斯拉在其能源存储业务上加大了投入。特斯拉最近在上海建造了一座新工厂，以扩大电池生产，利用 Powerwall 和 Megapack 的高需求。该工厂于 2024 年 12 月完成，特斯拉表示将在 2025 年第一季度开始提高该工厂的生产。</p>
<p>对其能源存储产品的这一增加投资反映了特斯拉首席执行官埃隆·马斯克对该业务的乐观态度。</p>
<p>马斯克在特斯拉第四季度的财报电话会议上解释道：“能源存储是一个大问题，将在未来变得极其重要。它使电网的能源输出远远超过目前的可能性，因为大多数电网没有能源存储能力。”</p>
<p>在这种背景下，马斯克认为，尽管特斯拉生产的能源存储容量已经达到 “尽可能多”，但需求在可预见的未来仍将超过供应。</p>
<p>投资者应密切关注特斯拉这一业务部门的扩展。如果它开始看起来可能导致特斯拉整体盈利能力的显著转折，投资者可能会希望在分析股票时给予特斯拉的能源存储业务更多的关注。</p>

特斯拉

<p>特斯拉的能源储存部门正在经历显著增长，2024 年部署容量增长了 114%，达到 31.4 GWh。第四季度的增长更是惊人，达到了 244%。尽管面临供应限制，该部门的收入同比增长了 67%，为总收入贡献了超过 101 亿美元。特斯拉正在投资扩大生产，这反映了首席执行官埃隆·马斯克对能源储存未来重要性的乐观态度。投资者应密切关注这一部门，因为它可能对特斯拉的整体盈利能力产生重大影响</p>

<p>There's been a lot of attention recently on <strong>Tesla</strong>'s (TSLA -5.26%) core automotive business. The segment's declining revenue in 2024 has spooked investors and has ultimately been a key reason for the stock's big downturn this year. But not all of the electric-car maker's business segments are seeing underwhelming sales. In fact, there's one part of Tesla's business where the company is growing at triple-digit rates. Yes, you heard that right: triple digits. We're talking about the soaring sales of Tesla's energy storage products.</p>
<div class="lb-trans"><p>最近，<strong>特斯拉</strong>（TSLA -5.26%）的核心汽车业务引起了很多关注。该部门在 2024 年的收入下降让投资者感到不安，最终成为今年股价大幅下跌的关键原因。但并不是所有电动车制造商的业务部门都在销售上表现不佳。事实上，特斯拉的某个业务部分正在以三位数的速度增长。没错，你没听错：三位数。我们说的是特斯拉能源存储产品的销售激增。</p>
</div><p>What exactly are Tesla's energy storage products? Powerful smart batteries that can help stabilize energy grids, prevent electric utility outages, act as back-up power for homes, and more. Tesla's two main energy storage products are Powerwall, a battery for homes, and Megapack, a large-scale commercial solution for utilities. The products may sound boring but their implications to Tesla's business are mighty.</p>
<div class="lb-trans"><p>特斯拉的能源存储产品究竟是什么？强大的智能电池，可以帮助稳定电网，防止电力公司停电，作为家庭的备用电源等等。特斯拉的两款主要能源存储产品是 Powerwall，一种家庭用电池，以及 Megapack，一种大型商业解决方案。虽然这些产品听起来平淡无奇，但它们对特斯拉业务的影响却是巨大的。</p>
</div><h2>Triple-digit growth</h2>
<div class="lb-trans"><h2>三位数增长</h2>
</div><p>In 2024, Tesla deployed 31.4 gigawatt hours (GWh) of energy storage capacity, up 114% year over year. Even more, growth in this business accelerated drastically by the end of the year. In Q4 specifically, Tesla deployed 11 GWh of energy storage, up 244% year over year. And here's the icing on the cake: Growth would have been even faster during the year, but Tesla said in its fourth-quarter shareholder update that its energy storage product deliveries were supply constrained. In other words, it couldn't make enough products to serve demand.</p>
<div class="lb-trans"><p>在 2024 年，特斯拉部署了 31.4 吉瓦时（GWh）的能源存储容量，同比增长 114%。更重要的是，到年底，这项业务的增长速度急剧加快。在第四季度，特斯拉特别部署了 11 GWh 的能源存储，同比增长 244%。而且，值得一提的是：如果不是因为特斯拉在第四季度的股东更新中提到其能源存储产品的交付受到供应限制，增长可能会更快。换句话说，它无法生产足够的产品来满足需求。</p>
</div><p>Such strong performance in energy storage helped Tesla's energy generation and storage business segment revenue grow 67% year over year during 2024. Note that the slower growth rate for the overall segment revenue compared to Tesla's growth in GWh of energy storage deployed is because the segment includes sales of solar products, which haven't done well. Nevertheless, it's worth noting that the segment as a whole still saw triple-digit growth in the fourth quarter of 2024, when segment revenue rose 113% year over year despite solar products dragging on sales.</p>
<div class="lb-trans"><p>如此强劲的能源存储表现帮助特斯拉的能源发电和存储业务部门在 2024 年实现了 67% 的同比收入增长。需要注意的是，该部门的整体收入增长率较特斯拉在 GWh 能源存储部署上的增长率较慢，因为该部门还包括销售太阳能产品，而这些产品的表现不佳。尽管如此，值得注意的是，该部门整体在 2024 年第四季度仍实现了三位数的增长，尽管太阳能产品拖累了销售，部门收入同比增长了 113%。</p>
</div><h2>Important to Tesla's future</h2>
<div class="lb-trans"><h2>对特斯拉未来的重要性</h2>
</div><p>Investors shouldn't underestimate the importance of this segment to Tesla's future. Not only has it grown to a meaningful size, but it's also flexing some operating leverage as the business scales, making it a promising component to Tesla's long-term profitability algorithm.</p>
<div class="lb-trans"><p>投资者不应低估这一部门对特斯拉未来的重要性。它不仅已经发展到一个有意义的规模，而且随着业务的扩展，它也展现出了一定的经营杠杆，使其成为特斯拉长期盈利能力算法中一个有前景的组成部分。</p>
</div><p>The segment's sales were nearly $10.1 billion in 2024, accounting for more than 10% of total revenue for the period. More importantly, Tesla's energy generation and storage segment's contribution to the company's total gross profit is growing even faster than its contribution to revenue. Helping bolster the segment's record gross profit, the segment's sales are growing faster than its costs; energy generation and storage costs of goods sold rose 52% while the segment's sales rose 67%. This outsize growth in sales led to significant business segment margin expansion. Of course, the contribution to gross profit from Tesla's energy storage products, specifically, is likely growing even faster than it is for the overall segment. With the company's energy generation products lumped into this segment, the full extent of the energy storage business's operating leverage is masked.</p>
<div class="lb-trans"><p>该部门在 2024 年的销售额接近 101 亿美元，占该期间总收入的 10% 以上。更重要的是，特斯拉的能源发电和存储部门对公司总毛利的贡献增长速度甚至快于其对收入的贡献。帮助提升该部门创纪录的毛利，该部门的销售增长速度超过了其成本；能源发电和存储的销售成本上升了 52%，而该部门的销售额上升了 67%。销售的这种超常增长导致了显著的业务部门利润率扩张。当然，特斯拉能源存储产品对毛利的贡献，特别是，可能增长速度甚至快于整体部门。由于公司的能源发电产品被归入该部门，能源存储业务的经营杠杆的全部程度被掩盖。</p>
</div><p>No wonder Tesla is doubling down on its energy storage business. Capitalizing on the high demand seen in Powerwall and Megapack, Tesla recently constructed a new factory to expand battery production in Shanghai. Completed in December of 2024, the company said it will begin ramping production at this factory during the first quarter of 2025.</p>
<div class="lb-trans"><p>难怪特斯拉在其能源存储业务上加大了投入。特斯拉最近在上海建造了一座新工厂，以扩大电池生产，利用 Powerwall 和 Megapack 的高需求。该工厂于 2024 年 12 月完成，特斯拉表示将在 2025 年第一季度开始提高该工厂的生产。</p>
</div><p>This increased investment in its energy storage products reflects Tesla CEO Elon Musk's bullishness on the business.</p>
<div class="lb-trans"><p>对其能源存储产品的这一增加投资反映了特斯拉首席执行官埃隆·马斯克对该业务的乐观态度。</p>
</div><p>&#34;Energy storage is a big deal and will become [...] incredibly important in the future,&#34; Musk explained during Tesla's fourth-quarter earnings call. &#34;And it is something that enables far greater energy output to the grid than is currently possible because the [...] majority of the grid has no energy storage capability.&#34;</p>
<div class="lb-trans"><p>马斯克在特斯拉第四季度的财报电话会议上解释道：“能源存储是一个大问题，将在未来变得极其重要。它使电网的能源输出远远超过目前的可能性，因为大多数电网没有能源存储能力。”</p>
</div><p>With this backdrop in mind, Musk believes demand will continue to exceed supply for the foreseeable future, despite Tesla producing as much GWh of storage as it &#34;can possibly make.&#34;</p>
<div class="lb-trans"><p>在这种背景下，马斯克认为，尽管特斯拉生产的能源存储容量已经达到 “尽可能多”，但需求在可预见的未来仍将超过供应。</p>
</div><p>Investors should keep a close eye on this Tesla business segment as it scales. If it starts to look like it could lead to a significant inflection in Tesla's overall profitability, investors might want to start giving Tesla's energy storage business more weight in their analysis of the stock.</p>
<div class="lb-trans"><p>投资者应密切关注特斯拉这一业务部门的扩展。如果它开始看起来可能导致特斯拉整体盈利能力的显著转折，投资者可能会希望在分析股票时给予特斯拉的能源存储业务更多的关注。</p>
</div>

This Underrated Tesla Business Segment Is Growing Like Crazy

- 特斯拉的能源存储产品销售在 2024 年增长 114%，达到 31.4 GWh。  
- 该业务在第四季度的增长更是高达 244%，显示出强劲的市场需求。  
- 能源存储业务在特斯拉总收入中占比超过 10%，对未来盈利能力至关重要。  

特斯拉这个被低估的业务部门正在迅猛增长