<p>電動汽車（EV）和科技公司 <strong>特斯拉</strong>（TSLA -1.69%）是全球最大的企業之一，目前估值約為 1 萬億美元。儘管截至 7 月 30 日，該股今年下跌了 21%。</p>
<p>投資者對該公司的情緒變得越來越悲觀，而其最新的財報數據並沒有改善這種情況。由於最近的業績表現不佳，該股在未來幾天和幾周可能再次面臨壓力。</p>
<p>現在是將特斯拉加入你的投資組合的好時機嗎？</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>圖片來源：Getty Images。</p>
<h2>特斯拉的問題在一張圖中概括</h2>
<p>投資者長期以來對特斯拉的前景和首席執行官埃隆·馬斯克的願景感到興奮。從電動汽車到機器人，該公司多年來一直在發展成為一個更大的企業。如果你相信它的潛力，很難不將特斯拉視為長期投資的良好選擇。</p>
<p>但不可否認的是，其增長面臨着許多不確定性，尤其是隨着更多競爭對手在電動汽車市場的出現，特別是來自中國的競爭對手，低價可能會壓縮特斯拉的利潤率。以下圖表顯示，這一威脅並非假設。特斯拉的增長率在近年來急劇下降。</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 營業收入（季度同比增長）數據來源於 YCharts</p>
<p>不僅在公司最近一個季度（截至 6 月）中，季度收入總計 225 億美元，同比下降 12%，而且公司的淨收入也下降了 16%，降至 12 億美元。特斯拉的業績未能達到分析師對收入和淨利潤的預期，導致財報發佈後股價下跌。</p>
<h2>大承諾與高估值</h2>
<p>特斯拉最近的業績並不理想，但對投資者來説，吸引人的地方在於未來可能發生的事情。這是特斯拉最近財報電話會議中一些較為樂觀（儘管模糊）的預測：</p>
<ul>
<li>無需監督的全自動駕駛將在年底前在 “某些地區” 可用。</li>
<li>自動駕駛打車服務將在 “美國大約一半的人口” 中可用，也將在今年年底前實現。</li>
<li>Optimus 版本三的人形機器人將在明年投入生產，馬斯克稱 “這將是有史以來最大的產品”，他以大膽的預測而聞名。</li>
</ul>
<p>這三項聲明中的任何一項如果成真，都可能幫助特斯拉的股價反彈，而特斯拉顯然需要一個催化劑。然而，問題在於，高期望也已經反映在股價中，因為其交易價格約為分析師預計未來收益的 160 倍。</p>
<p>特斯拉的門檻很高，如果未能兑現承諾，可能會導致股價進一步下跌，尤其是考慮到其最近的業績並不出色。</p>
<h2>你今天應該購買特斯拉股票嗎？</h2>
<p>特斯拉多年來一直是一隻令人興奮的成長股，為投資者帶來了豐厚的回報。儘管最近表現不佳，但該股在五年內仍上漲超過 200%。如果馬斯克對他的公司的願景成真，投資特斯拉股票可能會非常明智。</p>
<p>然而，考慮到該股交易價格如此高，我會暫時不投資。當你支付如此高的價格時，如果事情沒有按計劃進行，你幾乎沒有安全邊際。特斯拉是一隻值得關注的股票，但我現在不會急於購買。</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

南方兩倍做多特斯拉

南方兩倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>特斯拉的股票今年下跌了 21%，最近的財報讓投資者感到失望。儘管其市值達到 1 萬億美元，但對競爭的擔憂日益加劇，尤其是來自低價中國電動車的競爭。季度收入下降了 12%，降至 225 億美元，淨收入下降了 16%，降至 12 億美元。儘管特斯拉未來的承諾，如完全自動駕駛和類人機器人，可能會推動其股票上漲，但高期望值已經反映在價格中。分析師建議保持謹慎，建議在特斯拉當前的高估值下，觀察而非購買其股票</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>電動汽車（EV）和科技公司 <strong>特斯拉</strong>（TSLA -1.69%）是全球最大的企業之一，目前估值約為 1 萬億美元。儘管截至 7 月 30 日，該股今年下跌了 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>投資者對該公司的情緒變得越來越悲觀，而其最新的財報數據並沒有改善這種情況。由於最近的業績表現不佳，該股在未來幾天和幾周可能再次面臨壓力。</p>
</div><p>Could now be a good time to add Tesla to your portfolio?</p>
<div class="lb-trans"><p>現在是將特斯拉加入你的投資組合的好時機嗎？</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>圖片來源：Getty Images。</p>
</div><h2>Tesla's problems summed up in a single chart</h2>
<div class="lb-trans"><h2>特斯拉的問題在一張圖中概括</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>投資者長期以來對特斯拉的前景和首席執行官埃隆·馬斯克的願景感到興奮。從電動汽車到機器人，該公司多年來一直在發展成為一個更大的企業。如果你相信它的潛力，很難不將特斯拉視為長期投資的良好選擇。</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>但不可否認的是，其增長面臨着許多不確定性，尤其是隨着更多競爭對手在電動汽車市場的出現，特別是來自中國的競爭對手，低價可能會壓縮特斯拉的利潤率。以下圖表顯示，這一威脅並非假設。特斯拉的增長率在近年來急劇下降。</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 營業收入（季度同比增長）數據來源於 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>不僅在公司最近一個季度（截至 6 月）中，季度收入總計 225 億美元，同比下降 12%，而且公司的淨收入也下降了 16%，降至 12 億美元。特斯拉的業績未能達到分析師對收入和淨利潤的預期，導致財報發佈後股價下跌。</p>
</div><h2>Big promises and a big valuation</h2>
<div class="lb-trans"><h2>大承諾與高估值</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>特斯拉最近的業績並不理想，但對投資者來説，吸引人的地方在於未來可能發生的事情。這是特斯拉最近財報電話會議中一些較為樂觀（儘管模糊）的預測：</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>無需監督的全自動駕駛將在年底前在 “某些地區” 可用。</li>
<li>自動駕駛打車服務將在 “美國大約一半的人口” 中可用，也將在今年年底前實現。</li>
<li>Optimus 版本三的人形機器人將在明年投入生產，馬斯克稱 “這將是有史以來最大的產品”，他以大膽的預測而聞名。</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>這三項聲明中的任何一項如果成真，都可能幫助特斯拉的股價反彈，而特斯拉顯然需要一個催化劑。然而，問題在於，高期望也已經反映在股價中，因為其交易價格約為分析師預計未來收益的 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>特斯拉的門檻很高，如果未能兑現承諾，可能會導致股價進一步下跌，尤其是考慮到其最近的業績並不出色。</p>
</div><h2>Should you buy Tesla stock today?</h2>
<div class="lb-trans"><h2>你今天應該購買特斯拉股票嗎？</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>特斯拉多年來一直是一隻令人興奮的成長股，為投資者帶來了豐厚的回報。儘管最近表現不佳，但該股在五年內仍上漲超過 200%。如果馬斯克對他的公司的願景成真，投資特斯拉股票可能會非常明智。</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，考慮到該股交易價格如此高，我會暫時不投資。當你支付如此高的價格時，如果事情沒有按計劃進行，你幾乎沒有安全邊際。特斯拉是一隻值得關注的股票，但我現在不會急於購買。</p>
</div>

Is Tesla Stock a Bad News Buy?

- 特斯拉市值約為 1 萬億美元，股價今年下跌 21%。
- 最近財報顯示季度收入下降 12%，淨利潤減少 16%。
- 儘管前景樂觀，但高估值使得投資風險加大。

特斯拉股票是否因壞消息而成為買入機會？