<p>很難否認 <strong>特斯拉</strong> 創造了鉅額財富。在過去五年中，其股價上漲了驚人的 523%——即使在其交易價格比峯值低 30% 的情況下也是如此。</p>
<p>希望在下跌時買入的投資者可能正在關注特斯拉，以增加他們的投資組合。然而，值得強調的是，目前的市盈率（P/E）為 184，這表明投資者對公司未來的樂觀程度。這並沒有提供任何安全邊際。</p>
<p>不過，並非所有希望都已破滅。還有另一個選擇。認識一下比特斯拉更值得購買的超級汽車股票： <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>圖片來源：Getty Images。</p>
<h2>應對貿易不確定性</h2>
<p>不可否認，持續的貿易戰給汽車製造商帶來了很多不確定性。然而，法拉利依然在快速前進。其最新的財務結果證明了這一點。</p>
<p>在 2025 年第一季度，這家超級豪華汽車製造商的收入增長了 13%。儘管汽車出貨量僅增長了 1%，但這一頂線數字仍以兩位數的速度增長。與往常一樣，法拉利受益於有利的產品組合。管理層還提到 “個性化需求持續增長”。</p>
<p>盈利能力的趨勢甚至好於收入。第一季度，稀釋後每股收益增長了 18%。法拉利計劃在 2025 年推出六款新車型，並將首次發佈其全電動汽車。這將保持消費者需求的強勁。</p>
<p>與行業其他公司一樣，關税是法拉利領導層關注的重點。進口到美國的法拉利汽車將受到影響。但該公司具有提高價格以抵消可能面臨的任何更高成本的獨特能力。這應該能緩解投資者的擔憂。</p>
<h2>真正的奢侈品</h2>
<p>法拉利與大眾市場汽車公司的不同之處在於，該品牌真正處於一個獨特的領域。歸根結底，這是一項奢侈品業務，而不僅僅是汽車製造商。該品牌的定位可以追溯到創始人恩佐·法拉利，他曾説過，這家公司總是會銷售比市場需求少一輛的汽車。</p>
<p>這種稀缺性定義了法拉利。它並不是為了提高銷量而儘可能多地銷售單位。保護品牌形象才是重中之重。品牌的實力驅動着驚人的定價能力。法拉利有時會銷售獨家限量版車型，價格可高達 100 萬美元。然而，消費者仍然對這些汽車表現出強烈的需求，視其為必備的收藏品。</p>
<p>這種定價能力體現在法拉利的盈利能力上，令人難以置信。在第一季度，毛利率和營業利潤率分別為 52% 和 30%。你很難找到其他汽車行業的企業能接近這些卓越的數字。</p>
<p>似乎每個人都在擔心可能的經濟衰退。但法拉利服務於世界上最富有的人羣，他們可能不會受到經濟狀況的影響。這在一定程度上使得業務更具抗週期性。</p>
<h2>溢價估值</h2>
<p>如前所述，特斯拉的股價交易在一個令人震驚的市盈率 184 上。對於一家在最新季度汽車收入同比下降 20% 的企業來説，這個估值是昂貴的。此外，特斯拉第一季度的營業利潤率為 2.1%，遠低於 2024 年第一季度的水平。該公司正在掙扎，這並不能證明投資者目前被要求支付的價格是合理的。</p>
<p>法拉利的市盈率為 51.9，股價也並不便宜。然而，我仍然認為這隻股票更值得購買。其基本面證明比特斯拉更具韌性。奢侈汽車製造商的財務表現不言而喻。</p>

法拉利

<p>法拉利被強調為相比特斯拉更優越的投資，儘管特斯拉在五年內實現了 523% 的令人印象深刻的股價增長。法拉利 2025 年第一季度的業績顯示，收入增長了 13%，稀釋每股收益上升了 18%，這得益於對豪華汽車的強勁需求和有利的產品組合。法拉利計劃推出六款新車型和一款全電動車，保持了強大的定價能力和盈利能力，毛利率高達 52%。儘管特斯拉 184 的高市盈率引發了擔憂，法拉利 51.9 的市盈率則反映出更穩定的基本面，使其成為更具吸引力的投資選擇</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>很難否認 <strong>特斯拉</strong> 創造了鉅額財富。在過去五年中，其股價上漲了驚人的 523%——即使在其交易價格比峯值低 30% 的情況下也是如此。</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>希望在下跌時買入的投資者可能正在關注特斯拉，以增加他們的投資組合。然而，值得強調的是，目前的市盈率（P/E）為 184，這表明投資者對公司未來的樂觀程度。這並沒有提供任何安全邊際。</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>不過，並非所有希望都已破滅。還有另一個選擇。認識一下比特斯拉更值得購買的超級汽車股票： <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>圖片來源：Getty Images。</p>
</div><h2>Navigating trade uncertainties</h2>
<div class="lb-trans"><h2>應對貿易不確定性</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>不可否認，持續的貿易戰給汽車製造商帶來了很多不確定性。然而，法拉利依然在快速前進。其最新的財務結果證明了這一點。</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，這家超級豪華汽車製造商的收入增長了 13%。儘管汽車出貨量僅增長了 1%，但這一頂線數字仍以兩位數的速度增長。與往常一樣，法拉利受益於有利的產品組合。管理層還提到 “個性化需求持續增長”。</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>盈利能力的趨勢甚至好於收入。第一季度，稀釋後每股收益增長了 18%。法拉利計劃在 2025 年推出六款新車型，並將首次發佈其全電動汽車。這將保持消費者需求的強勁。</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>與行業其他公司一樣，關税是法拉利領導層關注的重點。進口到美國的法拉利汽車將受到影響。但該公司具有提高價格以抵消可能面臨的任何更高成本的獨特能力。這應該能緩解投資者的擔憂。</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>法拉利與大眾市場汽車公司的不同之處在於，該品牌真正處於一個獨特的領域。歸根結底，這是一項奢侈品業務，而不僅僅是汽車製造商。該品牌的定位可以追溯到創始人恩佐·法拉利，他曾説過，這家公司總是會銷售比市場需求少一輛的汽車。</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>這種稀缺性定義了法拉利。它並不是為了提高銷量而儘可能多地銷售單位。保護品牌形象才是重中之重。品牌的實力驅動着驚人的定價能力。法拉利有時會銷售獨家限量版車型，價格可高達 100 萬美元。然而，消費者仍然對這些汽車表現出強烈的需求，視其為必備的收藏品。</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>這種定價能力體現在法拉利的盈利能力上，令人難以置信。在第一季度，毛利率和營業利潤率分別為 52% 和 30%。你很難找到其他汽車行業的企業能接近這些卓越的數字。</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>似乎每個人都在擔心可能的經濟衰退。但法拉利服務於世界上最富有的人羣，他們可能不會受到經濟狀況的影響。這在一定程度上使得業務更具抗週期性。</p>
</div><h2>Premium valuation</h2>
<div class="lb-trans"><h2>溢價估值</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，特斯拉的股價交易在一個令人震驚的市盈率 184 上。對於一家在最新季度汽車收入同比下降 20% 的企業來説，這個估值是昂貴的。此外，特斯拉第一季度的營業利潤率為 2.1%，遠低於 2024 年第一季度的水平。該公司正在掙扎，這並不能證明投資者目前被要求支付的價格是合理的。</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>法拉利的市盈率為 51.9，股價也並不便宜。然而，我仍然認為這隻股票更值得購買。其基本面證明比特斯拉更具韌性。奢侈汽車製造商的財務表現不言而喻。</p>
</div>

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

- 特斯拉過去五年股價上漲 523%，但市盈率高達 184，風險較大。  
- 法拉利第一季度營收增長 13%，毛利率和營業利潤率分別為 52% 和 30%。  
- 法拉利的品牌稀缺性和定價能力使其在經濟波動中更具韌性。  

認識這隻比特斯拉更值得購買的超級汽車股票