<p>很难否认 <strong>特斯拉</strong> 创造了巨额财富。在过去五年中，其股价上涨了惊人的 523%——即使在其交易价格比峰值低 30% 的情况下也是如此。</p>
<p>希望在下跌时买入的投资者可能正在关注特斯拉，以增加他们的投资组合。然而，值得强调的是，目前的市盈率（P/E）为 184，这表明投资者对公司未来的乐观程度。这并没有提供任何安全边际。</p>
<p>不过，并非所有希望都已破灭。还有另一个选择。认识一下比特斯拉更值得购买的超级汽车股票： <strong>法拉利</strong>(RACE -0.50%)。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxOTUvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="350" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxOTUvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>应对贸易不确定性</h2>
<p>不可否认，持续的贸易战给汽车制造商带来了很多不确定性。然而，法拉利依然在快速前进。其最新的财务结果证明了这一点。</p>
<p>在 2025 年第一季度，这家超级豪华汽车制造商的收入增长了 13%。尽管汽车出货量仅增长了 1%，但这一顶线数字仍以两位数的速度增长。与往常一样，法拉利受益于有利的产品组合。管理层还提到 “个性化需求持续增长”。</p>
<p>盈利能力的趋势甚至好于收入。第一季度，稀释后每股收益增长了 18%。法拉利计划在 2025 年推出六款新车型，并将首次发布其全电动汽车。这将保持消费者需求的强劲。</p>
<p>与行业其他公司一样，关税是法拉利领导层关注的重点。进口到美国的法拉利汽车将受到影响。但该公司具有提高价格以抵消可能面临的任何更高成本的独特能力。这应该能缓解投资者的担忧。</p>
<h2>真正的奢侈品</h2>
<p>法拉利与大众市场汽车公司的不同之处在于，该品牌真正处于一个独特的领域。归根结底，这是一项奢侈品业务，而不仅仅是汽车制造商。该品牌的定位可以追溯到创始人恩佐·法拉利，他曾说过，这家公司总是会销售比市场需求少一辆的汽车。</p>
<p>这种稀缺性定义了法拉利。它并不是为了提高销量而尽可能多地销售单位。保护品牌形象才是重中之重。品牌的实力驱动着惊人的定价能力。法拉利有时会销售独家限量版车型，价格可高达 100 万美元。然而，消费者仍然对这些汽车表现出强烈的需求，视其为必备的收藏品。</p>
<p>这种定价能力体现在法拉利的盈利能力上，令人难以置信。在第一季度，毛利率和营业利润率分别为 52% 和 30%。你很难找到其他汽车行业的企业能接近这些卓越的数字。</p>
<p>似乎每个人都在担心可能的经济衰退。但法拉利服务于世界上最富有的人群，他们可能不会受到经济状况的影响。这在一定程度上使得业务更具抗周期性。</p>
<h2>溢价估值</h2>
<p>如前所述，特斯拉的股价交易在一个令人震惊的市盈率 184 上。对于一家在最新季度汽车收入同比下降 20% 的企业来说，这个估值是昂贵的。此外，特斯拉第一季度的营业利润率为 2.1%，远低于 2024 年第一季度的水平。该公司正在挣扎，这并不能证明投资者目前被要求支付的价格是合理的。</p>
<p>法拉利的市盈率为 51.9，股价也并不便宜。然而，我仍然认为这只股票更值得购买。其基本面证明比特斯拉更具韧性。奢侈汽车制造商的财务表现不言而喻。</p>

法拉利

<p>法拉利被强调为相比特斯拉更优越的投资，尽管特斯拉在五年内实现了 523% 的令人印象深刻的股价增长。法拉利 2025 年第一季度的业绩显示，收入增长了 13%，稀释每股收益上升了 18%，这得益于对豪华汽车的强劲需求和有利的产品组合。法拉利计划推出六款新车型和一款全电动车，保持了强大的定价能力和盈利能力，毛利率高达 52%。尽管特斯拉 184 的高市盈率引发了担忧，法拉利 51.9 的市盈率则反映出更稳定的基本面，使其成为更具吸引力的投资选择</p>

<p>It's hard to argue with how <strong>Tesla</strong> has generated monster wealth. Just in the past five years, its shares are up an astonishing 523% -- and that's even as they trade 30% below their peak.</p>
<div class="lb-trans"><p>很难否认 <strong>特斯拉</strong> 创造了巨额财富。在过去五年中，其股价上涨了惊人的 523%——即使在其交易价格比峰值低 30% 的情况下也是如此。</p>
</div><p>Investors looking to buy the dip might be eyeing Tesla right now to add to their portfolios. However, it's worth highlighting the current price-to-earnings (P/E) ratio of 184, which demonstrates how much optimism investors still have about the company's future. This does not provide any margin of safety.</p>
<div class="lb-trans"><p>希望在下跌时买入的投资者可能正在关注特斯拉，以增加他们的投资组合。然而，值得强调的是，目前的市盈率（P/E）为 184，这表明投资者对公司未来的乐观程度。这并没有提供任何安全边际。</p>
</div><p>All hope isn't lost, though. There's another option out there. Meet the supercharged auto stock that's a better buy than Tesla: <strong>Ferrari</strong>(RACE -0.50%).</p>
<div class="lb-trans"><p>不过，并非所有希望都已破灭。还有另一个选择。认识一下比特斯拉更值得购买的超级汽车股票： <strong>法拉利</strong>(RACE -0.50%)。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxOTUvc3BvcnRzLWNhci1kcml2aW5nLXJvYWQtbmVhci1tb3VudGFpbnMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818195%2Fsports-car-driving-road-near-mountains.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><h2>Navigating trade uncertainties</h2>
<div class="lb-trans"><h2>应对贸易不确定性</h2>
</div><p>There's no denying that ongoing trade wars add a lot of uncertainty for automakers. However, Ferrari continues to drive in the fast lane. Its latest financial results prove this.</p>
<div class="lb-trans"><p>不可否认，持续的贸易战给汽车制造商带来了很多不确定性。然而，法拉利依然在快速前进。其最新的财务结果证明了这一点。</p>
</div><p>During the first quarter of 2025, the manufacturer of super-luxury cars posted revenue growth of 13%. That top-line figure grew at a double-digit clip even though vehicle shipments increased by just 1%. As is typically the case, Ferrari benefited from a favorable product mix. Management also called out &#34;continued demand for personalizations.&#34;</p>
<div class="lb-trans"><p>在 2025 年第一季度，这家超级豪华汽车制造商的收入增长了 13%。尽管汽车出货量仅增长了 1%，但这一顶线数字仍以两位数的速度增长。与往常一样，法拉利受益于有利的产品组合。管理层还提到 “个性化需求持续增长”。</p>
</div><p>Profitability is trending even better than revenue. Diluted earnings per share jumped 18% in Q1. Ferrari plans to launch six new models in 2025 and will reveal its first ever fully electric vehicle. That should keep consumer demand strong.</p>
<div class="lb-trans"><p>盈利能力的趋势甚至好于收入。第一季度，稀释后每股收益增长了 18%。法拉利计划在 2025 年推出六款新车型，并将首次发布其全电动汽车。这将保持消费者需求的强劲。</p>
</div><p>Like others in the industry, tariffs are top of mind for Ferrari's leadership. Ferrari cars that are imported into the U.S. will be impacted. But the business has the rare ability to raise prices to offset any higher costs that it might face. That should ease concerns for investors.</p>
<div class="lb-trans"><p>与行业其他公司一样，关税是法拉利领导层关注的重点。进口到美国的法拉利汽车将受到影响。但该公司具有提高价格以抵消可能面临的任何更高成本的独特能力。这应该能缓解投资者的担忧。</p>
</div><h2>True luxury</h2>
<div class="lb-trans"><h2>真正的奢侈品</h2>
</div><p>What sets Ferrari apart from mass-market car companies is that the brand is truly in a league of its own. At the end of the day, this is a luxury business more than it is an auto manufacturer. The brand's positioning goes back to Enzo Ferrari, the company's founder, who said that the business would always sell one less vehicle than the market demanded.</p>
<div class="lb-trans"><p>法拉利与大众市场汽车公司的不同之处在于，该品牌真正处于一个独特的领域。归根结底，这是一项奢侈品业务，而不仅仅是汽车制造商。该品牌的定位可以追溯到创始人恩佐·法拉利，他曾说过，这家公司总是会销售比市场需求少一辆的汽车。</p>
</div><p>That scarcity defines Ferrari. It's not about boosting volume to sell as many units as possible. It's all about protecting the brand's image. And the brand's strength drives incredible pricing power. Ferrari sometimes sells exclusive limited-edition models that can cost upward of $1 million. However, they still face robust demand from consumers who view these cars as must-have collectible items.</p>
<div class="lb-trans"><p>这种稀缺性定义了法拉利。它并不是为了提高销量而尽可能多地销售单位。保护品牌形象才是重中之重。品牌的实力驱动着惊人的定价能力。法拉利有时会销售独家限量版车型，价格可高达 100 万美元。然而，消费者仍然对这些汽车表现出强烈的需求，视其为必备的收藏品。</p>
</div><p>That pricing power shows up in Ferrari's profitability, which is unbelievable. In Q1, the gross margin and operating margin came in at 52% and 30%, respectively. You'd be hard-pressed to find other businesses in the auto industry that come close to these stellar figures.</p>
<div class="lb-trans"><p>这种定价能力体现在法拉利的盈利能力上，令人难以置信。在第一季度，毛利率和营业利润率分别为 52% 和 30%。你很难找到其他汽车行业的企业能接近这些卓越的数字。</p>
</div><p>It seems everyone is worried about a possible recession. But Ferrari caters to some of the wealthiest people in the world, those who might not be as exposed to the state of the economy. This somewhat insulates the business, making it much less cyclical.</p>
<div class="lb-trans"><p>似乎每个人都在担心可能的经济衰退。但法拉利服务于世界上最富有的人群，他们可能不会受到经济状况的影响。这在一定程度上使得业务更具抗周期性。</p>
</div><h2>Premium valuation</h2>
<div class="lb-trans"><h2>溢价估值</h2>
</div><p>As mentioned, Tesla shares trade at a nosebleed P/E ratio of 184. For a business whose automotive revenue declined 20% year over year in the latest quarter, this is an expensive valuation. What's more, Tesla's Q1 operating margin of 2.1% is well below what it was in the first quarter of 2024. The company is struggling, which doesn't justify what investors are currently being asked to pay.</p>
<div class="lb-trans"><p>如前所述，特斯拉的股价交易在一个令人震惊的市盈率 184 上。对于一家在最新季度汽车收入同比下降 20% 的企业来说，这个估值是昂贵的。此外，特斯拉第一季度的营业利润率为 2.1%，远低于 2024 年第一季度的水平。该公司正在挣扎，这并不能证明投资者目前被要求支付的价格是合理的。</p>
</div><p>At a P/E ratio of 51.9, Ferrari shares aren't exactly cheap, either. However, I still believe the stock is a better buy. The fundamentals have proven to be much more durable than Tesla's. And the luxury car maker's financial performance speaks for itself.</p>
<div class="lb-trans"><p>法拉利的市盈率为 51.9，股价也并不便宜。然而，我仍然认为这只股票更值得购买。其基本面证明比特斯拉更具韧性。奢侈汽车制造商的财务表现不言而喻。</p>
</div>

Meet the Supercharged Auto Stock That's a Better Buy Than Tesla

- 特斯拉过去五年股价上涨 523%，但市盈率高达 184，风险较大。  
- 法拉利第一季度营收增长 13%，毛利率和营业利润率分别为 52% 和 30%。  
- 法拉利的品牌稀缺性和定价能力使其在经济波动中更具韧性。  

认识这只比特斯拉更值得购买的超级汽车股票