Events
Tesla announced its performance in 2021 on January 27, Beijing time, and its main financial indicators exceeded market expectations; In addition, Tesla also announced the latest progress in the fields of 4680 batteries and automatic driving in the earnings conference call.
Commentary
4q21 revenue and gross profit margin exceeded expectations. Tesla 4q21's operating revenue was $17.719 billion, up + 64.9% year-on-year and + 28.8% month on month, higher than the market expectation of $16.639 billion; The gross profit margin was 27.35%, with a year-on-year increase of + 8.12ppt and a month on month increase of + 0.75ppt, higher than the 26.76% expected by the market. The increase in gross profit margin is mainly due to: 1) the improvement of product structure, the contribution increment of the new model s / x, and the high profit and high payment volume of model y; 2) The cost of factories in Shanghai has further decreased and the efficiency has also improved; 3) Product pricing improved.
The expense side is relatively stable. The R & D expense rate of 4q21 is 4.2%, with a year-on-year ratio of -0.7ppt and a month on month ratio of -0.3ppt; The sales and management expense rate was 8.4%, with a year-on-year increase of -0.6ppt and a month on month increase of + 1.2ppt; 4q21 net profit was USD 2.343 billion, with a year-on-year increase of + 691.6% and a month on month increase of + 41.2%; The corresponding net profit margin was 13.2%, a record high of + 10.5ppt month on month and + 1.2ppt month on month.
er将于2023 年进行交付。产能稳健爬坡及新品支撑放量带动交付量预期提升，马斯克指引2022及后续年度交付量同比有望持续超过50%。', 'dstThe guidance on production and sales volume was steady, and the sales volume growth was supported by the listing of new products and the launch of production capacity. In 2021, Tesla delivered 936222 vehicles, a year-on-year increase of + 87.4%. Among them, model 3 / y delivered 911242 vehicles in total and model s / X delivered 24980 vehicles in total. In terms of production capacity, Texas and Berlin factories have carried out small batch production, and the company is expected to achieve mass production through final certification soon; In addition, the site selection planning of new plants will be carried out in 2022, and the company is expected to form a global production capacity of more than 1.5 million vehicles in 2022. In terms of new models, the company plans to deliver cybertruck, semi and roadster in 2023. The steady ramp up of production capacity and the large-scale support of new products drive the expected increase of delivery. The delivery of Musk's guidance 2022 and subsequent years is expected to continue to exceed 50% year-on-year.
The first batch of 4680 batteries will be delivered in 1q22, and the carrying capacity of FSD will be further improved. At present, the 4680 battery is progressing smoothly. The company is producing model y equipped with 4680 battery in Austin factory. The first batch of model y equipped with 4680 battery is planned to be delivered at the end of 1q22. In terms of automatic driving, the company expects to complete the development of FSD full automatic driving suite in 2022. At present, Tesla FSD beta program has accumulated more than 60000 active users.
Risk
The subsequent sales volume was lower than expected, and the profit driven by supply chain and shipping was under pressure higher than expected.
