<p>电动汽车（EV）和科技公司 <strong>特斯拉</strong>（TSLA -1.69%）是全球最大的企业之一，目前估值约为 1 万亿美元。尽管截至 7 月 30 日，该股今年下跌了 21%。</p>
<p>投资者对该公司的情绪变得越来越悲观，而其最新的财报数据并没有改善这种情况。由于最近的业绩表现不佳，该股在未来几天和几周可能再次面临压力。</p>
<p>现在是将特斯拉加入你的投资组合的好时机吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDAvYS1wZXJzb24tbG9va2luZy1hdC1hLWNoYXJ0LW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDAvYS1wZXJzb24tbG9va2luZy1hdC1hLWNoYXJ0LW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>特斯拉的问题在一张图中概括</h2>
<p>投资者长期以来对特斯拉的前景和首席执行官埃隆·马斯克的愿景感到兴奋。从电动汽车到机器人，该公司多年来一直在发展成为一个更大的企业。如果你相信它的潜力，很难不将特斯拉视为长期投资的良好选择。</p>
<p>但不可否认的是，其增长面临着许多不确定性，尤其是随着更多竞争对手在电动汽车市场的出现，特别是来自中国的竞争对手，低价可能会压缩特斯拉的利润率。以下图表显示，这一威胁并非假设。特斯拉的增长率在近年来急剧下降。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bde1904b7df18591f69d727c3f472cff.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bde1904b7df18591f69d727c3f472cff.png"/></p>
<p>TSLA 营业收入（季度同比增长）数据来源于 YCharts</p>
<p>不仅在公司最近一个季度（截至 6 月）中，季度收入总计 225 亿美元，同比下降 12%，而且公司的净收入也下降了 16%，降至 12 亿美元。特斯拉的业绩未能达到分析师对收入和净利润的预期，导致财报发布后股价下跌。</p>
<h2>大承诺与高估值</h2>
<p>特斯拉最近的业绩并不理想，但对投资者来说，吸引人的地方在于未来可能发生的事情。这是特斯拉最近财报电话会议中一些较为乐观（尽管模糊）的预测：</p>
<ul>
<li>无需监督的全自动驾驶将在年底前在 “某些地区” 可用。</li>
<li>自动驾驶打车服务将在 “美国大约一半的人口” 中可用，也将在今年年底前实现。</li>
<li>Optimus 版本三的人形机器人将在明年投入生产，马斯克称 “这将是有史以来最大的产品”，他以大胆的预测而闻名。</li>
</ul>
<p>这三项声明中的任何一项如果成真，都可能帮助特斯拉的股价反弹，而特斯拉显然需要一个催化剂。然而，问题在于，高期望也已经反映在股价中，因为其交易价格约为分析师预计未来收益的 160 倍。</p>
<p>特斯拉的门槛很高，如果未能兑现承诺，可能会导致股价进一步下跌，尤其是考虑到其最近的业绩并不出色。</p>
<h2>你今天应该购买特斯拉股票吗？</h2>
<p>特斯拉多年来一直是一只令人兴奋的成长股，为投资者带来了丰厚的回报。尽管最近表现不佳，但该股在五年内仍上涨超过 200%。如果马斯克对他的公司的愿景成真，投资特斯拉股票可能会非常明智。</p>
<p>然而，考虑到该股交易价格如此高，我会暂时不投资。当你支付如此高的价格时，如果事情没有按计划进行，你几乎没有安全边际。特斯拉是一只值得关注的股票，但我现在不会急于购买。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>特斯拉的股票今年下跌了 21%，最近的财报让投资者感到失望。尽管其市值达到 1 万亿美元，但对竞争的担忧日益加剧，尤其是来自低价中国电动车的竞争。季度收入下降了 12%，降至 225 亿美元，净收入下降了 16%，降至 12 亿美元。尽管特斯拉未来的承诺，如完全自动驾驶和类人机器人，可能会推动其股票上涨，但高期望值已经反映在价格中。分析师建议保持谨慎，建议在特斯拉当前的高估值下，观察而非购买其股票</p>

<p>Electric vehicle (EV) and technology company <strong>Tesla</strong>(TSLA -1.69%) is one of the largest businesses in the world, with its valuation right around $1 trillion today. And this is even as the stock is down 21% this year as of July 30.</p>
<div class="lb-trans"><p>电动汽车（EV）和科技公司 <strong>特斯拉</strong>（TSLA -1.69%）是全球最大的企业之一，目前估值约为 1 万亿美元。尽管截至 7 月 30 日，该股今年下跌了 21%。</p>
</div><p>Investor sentiment has become increasingly bearish on the business, and its latest earnings numbers didn't do anything to help that. With its recent results looking unimpressive, the stock may again come under pressure in the days and weeks to come.</p>
<div class="lb-trans"><p>投资者对该公司的情绪变得越来越悲观，而其最新的财报数据并没有改善这种情况。由于最近的业绩表现不佳，该股在未来几天和几周可能再次面临压力。</p>
</div><p>Could now be a good time to add Tesla to your portfolio?</p>
<div class="lb-trans"><p>现在是将特斯拉加入你的投资组合的好时机吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDAvYS1wZXJzb24tbG9va2luZy1hdC1hLWNoYXJ0LW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826740%2Fa-person-looking-at-a-chart-on-their-laptop.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>Tesla's problems summed up in a single chart</h2>
<div class="lb-trans"><h2>特斯拉的问题在一张图中概括</h2>
</div><p>Investors have long been excited about Tesla's prospects and CEO Elon Musk's vision. From EVs to robots, the company has been evolving into a much larger business over the years. And if you're a believer in its potential, it's hard not to like Tesla as a long-term investment.</p>
<div class="lb-trans"><p>投资者长期以来对特斯拉的前景和首席执行官埃隆·马斯克的愿景感到兴奋。从电动汽车到机器人，该公司多年来一直在发展成为一个更大的企业。如果你相信它的潜力，很难不将特斯拉视为长期投资的良好选择。</p>
</div><p>But there's also no denying that its growth faces question marks, especially as more competitors emerge in the EV market, particularly from China, where lower prices can squeeze Tesla's margins. The following chart shows that the threat is not just a hypothetical one, either. Tesla's growth rate has fallen drastically in recent years.</p>
<div class="lb-trans"><p>但不可否认的是，其增长面临着许多不确定性，尤其是随着更多竞争对手在电动汽车市场的出现，特别是来自中国的竞争对手，低价可能会压缩特斯拉的利润率。以下图表显示，这一威胁并非假设。特斯拉的增长率在近年来急剧下降。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bde1904b7df18591f69d727c3f472cff.png" alt="" original-src="https://media.ycharts.com/charts/bde1904b7df18591f69d727c3f472cff.png"/></p>
<p>TSLA Operating Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>TSLA 营业收入（季度同比增长）数据来源于 YCharts</p>
</div><p>Not only was quarterly revenue totaling $22.5 billion down by 12% in the company's most recent quarter (which ended in June), but the company's net income also fell by 16% to $1.2 billion. Tesla's results came in short of what analysts were expecting on both the top and bottom lines, leading to a drop in its share price after the earnings report.</p>
<div class="lb-trans"><p>不仅在公司最近一个季度（截至 6 月）中，季度收入总计 225 亿美元，同比下降 12%，而且公司的净收入也下降了 16%，降至 12 亿美元。特斯拉的业绩未能达到分析师对收入和净利润的预期，导致财报发布后股价下跌。</p>
</div><h2>Big promises and a big valuation</h2>
<div class="lb-trans"><h2>大承诺与高估值</h2>
</div><p>Tesla's recent results weren't great, but the carrot for investors is what may lie ahead for the business. These were some of the rosier -- if vague -- projections for the business from Tesla's recent earnings call:</p>
<div class="lb-trans"><p>特斯拉最近的业绩并不理想，但对投资者来说，吸引人的地方在于未来可能发生的事情。这是特斯拉最近财报电话会议中一些较为乐观（尽管模糊）的预测：</p>
</div><ul>
<li>Unsupervised full self-driving will be available in &#34;certain geographies&#34; by the end of the year.</li>
<li>Autonomous ride-hailing services will be available &#34;in probably half the population of the U.S.,&#34; also by the end of this year.</li>
<li>The Optimus version three humanoid robot will be in production next year and &#34;it will be the biggest product ever,&#34; according to Musk, who's known for bold predictions.</li>
</ul>
<div class="lb-trans"><ul>
<li>无需监督的全自动驾驶将在年底前在 “某些地区” 可用。</li>
<li>自动驾驶打车服务将在 “美国大约一半的人口” 中可用，也将在今年年底前实现。</li>
<li>Optimus 版本三的人形机器人将在明年投入生产，马斯克称 “这将是有史以来最大的产品”，他以大胆的预测而闻名。</li>
</ul>
</div><p>Any one of these three claims becoming true could help rally Tesla's stock, which arguably needs a catalyst right now. The problem, however, is that high expectations are also baked into the stock, as it trades at around 160 times its analyst-estimated future earnings.</p>
<div class="lb-trans"><p>这三项声明中的任何一项如果成真，都可能帮助特斯拉的股价反弹，而特斯拉显然需要一个催化剂。然而，问题在于，高期望也已经反映在股价中，因为其交易价格约为分析师预计未来收益的 160 倍。</p>
</div><p>The bar is high for Tesla, and if it falls short of its promises, that could lead to a further decline for the stock, especially given that its recent results haven't exactly been stellar.</p>
<div class="lb-trans"><p>特斯拉的门槛很高，如果未能兑现承诺，可能会导致股价进一步下跌，尤其是考虑到其最近的业绩并不出色。</p>
</div><h2>Should you buy Tesla stock today?</h2>
<div class="lb-trans"><h2>你今天应该购买特斯拉股票吗？</h2>
</div><p>Tesla has been an exciting growth stock to own for years, and it has generated fantastic returns for investors. Although it hasn't been doing great recently, the stock is still up over 200% in five years. If Musk's vision for his company comes true, investing in Tesla stock could end up being really smart.</p>
<div class="lb-trans"><p>特斯拉多年来一直是一只令人兴奋的成长股，为投资者带来了丰厚的回报。尽管最近表现不佳，但该股在五年内仍上涨超过 200%。如果马斯克对他的公司的愿景成真，投资特斯拉股票可能会非常明智。</p>
</div><p>However, with the stock trading at such a high premium, I'd hold off on investing in it. When you're paying such a high price, you're leaving yourself with little to no margin of safety should things not go as planned. Tesla's a good stock to put on a watch list, but I wouldn't rush out to buy it right now.</p>
<div class="lb-trans"><p>然而，考虑到该股交易价格如此高，我会暂时不投资。当你支付如此高的价格时，如果事情没有按计划进行，你几乎没有安全边际。特斯拉是一只值得关注的股票，但我现在不会急于购买。</p>
</div>

Is Tesla Stock a Bad News Buy?

- 特斯拉市值约为 1 万亿美元，股价今年下跌 21%。
- 最近财报显示季度收入下降 12%，净利润减少 16%。
- 尽管前景乐观，但高估值使得投资风险加大。

特斯拉股票是否因坏消息而成为买入机会？