<p><strong>特斯拉</strong>（TSLA -0.20%）備受期待的第二季度財報對投資者和一些分析師來説並不理想。在這家領先的電動汽車（EV）製造商宣佈在三個月內交付了驚人的 44.4 萬輛車後，投資者認為隨後的盈利公告也會帶來驚喜。</p>
<p>然而，由於競爭加劇和價格下調，利潤率繼續下滑。這導致花旗分析師 Itay Michaeli 將其公司對特斯拉股票的目標價從 274 美元降至 258 美元。然而，即便如此，這仍意味着特斯拉股票在季度報告引發下跌後仍將實現近 20% 的漲幅。</p>
<p>這一回撤是因為預期更為積極的投資者在過去一個月推高了股價。然而，盈利公告後的反應將特斯拉股票推入了全年負面領域。</p>
<h2>特斯拉仍在產生現金</h2>
<p>特斯拉的報告實際上是一攬子。雖然其汽車利潤率繼續下滑，但該公司在資本支出後仍產生了 13 億美元的自由現金流。但是，除監管信用收入外，汽車利潤率下降至 14.6%。這較去年同期的 18.2% 和兩年前的 25.1% 有所下降。</p>
<p>這是 Michaeli 對結果不滿意的主要原因。然而，像許多特斯拉投資者一樣，他的關注仍集中在潛在的即將到來的催化劑，包括一款新的低價車型以及自動駕駛機器人出租車。</p>
<p>正如特斯拉首席執行官埃隆·馬斯克本人所説，不相信公司能夠執行其全自動駕駛車輛計劃的投資者不應持有該股。第二季度報告強化了這種情緒。公司的汽車銷售和利潤並不支持特斯拉的股票估值。可以增加價值的潛在催化劑包括低價電動車型、創紀錄的能源業務季度以及全自動駕駛車隊。那些看不到這些催化劑實現的人應該考慮在其他地方投資。</p>

2 倍做多特斯拉 ETF - Direxion

特斯拉

<p>特斯拉第二季度財報令投資者和分析師感到失望，導致股價下跌。花旗分析師 Itay Michaeli 將股價目標下調至每股 258 美元，稱利潤率下降。然而，潛在的即將到來的催化劑，如一款新的低價車型和自動駕駛機器人出租車，仍可能增加價值。報告強調，特斯拉的股票估值可能不被其銷售額和利潤所證明。那些不相信公司自動駕駛車輛計劃的投資者應考慮其他投資選擇</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%）備受期待的第二季度財報對投資者和一些分析師來説並不理想。在這家領先的電動汽車（EV）製造商宣佈在三個月內交付了驚人的 44.4 萬輛車後，投資者認為隨後的盈利公告也會帶來驚喜。</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，由於競爭加劇和價格下調，利潤率繼續下滑。這導致花旗分析師 Itay Michaeli 將其公司對特斯拉股票的目標價從 274 美元降至 258 美元。然而，即便如此，這仍意味着特斯拉股票在季度報告引發下跌後仍將實現近 20% 的漲幅。</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>這一回撤是因為預期更為積極的投資者在過去一個月推高了股價。然而，盈利公告後的反應將特斯拉股票推入了全年負面領域。</p>
</div><h2>Tesla's still generating cash</h2>
<div class="lb-trans"><h2>特斯拉仍在產生現金</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>特斯拉的報告實際上是一攬子。雖然其汽車利潤率繼續下滑，但該公司在資本支出後仍產生了 13 億美元的自由現金流。但是，除監管信用收入外，汽車利潤率下降至 14.6%。這較去年同期的 18.2% 和兩年前的 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>這是 Michaeli 對結果不滿意的主要原因。然而，像許多特斯拉投資者一樣，他的關注仍集中在潛在的即將到來的催化劑，包括一款新的低價車型以及自動駕駛機器人出租車。</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>正如特斯拉首席執行官埃隆·馬斯克本人所説，不相信公司能夠執行其全自動駕駛車輛計劃的投資者不應持有該股。第二季度報告強化了這種情緒。公司的汽車銷售和利潤並不支持特斯拉的股票估值。可以增加價值的潛在催化劑包括低價電動車型、創紀錄的能源業務季度以及全自動駕駛車隊。那些看不到這些催化劑實現的人應該考慮在其他地方投資。</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 萬輛汽車，但利潤率持續下降，因競爭加劇和降價。  
- Citigroup 分析師將特斯拉股票目標價從 274 美元降至 258 美元，仍意味着近 20% 的漲幅。  
- 特斯拉仍然有現金流，但汽車利潤率下降至 14.6%，未達到預期。

一位華爾街分析師認為特斯拉的股票將漲到 258 美元。在財報發佈後的回調之後，它是否值得買入？