Events
Tesla released its performance in 2021. In 21q4, it achieved a revenue of US $17.72 billion, an increase of 65% / 29% on a month on month basis, and a net profit attributable to the parent company of US $2.32 billion, an increase of 760% / 43% on a month on month basis.
Key investment points
The delivery reached a new high in the fourth quarter, with 936000 vehicles delivered throughout the year
21q4 Tesla delivered 308600 new cars, with a month on month ratio of 71% / 28%. 936000 new cars were delivered throughout the year, with a year-on-year ratio of 87%. The delivery reached a record high in the fourth quarter, mainly from Model3 and modely. 297000 vehicles were delivered at 21q4model3 / y, with a month on month ratio of 64% / 28%. The Shanghai factory contributed a large part of the increment, and the Shanghai factory delivered Model3 / y17 in the fourth quarter 80000 vehicles (including exports), with a yoy of 209% / 34%. According to Tesla telephone conference, the existing capacity of Shanghai plant and Fremont plant in the United States can achieve a 50% increase in delivery, while the 22q1 Berlin plant and Austin plant in Texas will put into operation modely, and the capacity will be further expanded. It is expected that Tesla’s global delivery is expected to maintain an ultra-high growth in 2022.
In the fourth quarter, the single vehicle revenue increased month on month, and the gross profit margin and net profit margin reached a new high
The automobile business revenue of 21q4 company was USD 15.97 billion, with a month on month ratio of 71.4% / 32.4%, of which the automobile sales revenue (excluding points and leasing) was USD 15.03 billion, with a month on month ratio of 74% / 32%, which was basically synchronized with the delivery volume of the company. 21q4 single vehicle revenue (excluding points and leasing) was $49000, a month on month increase of + 3.14pct, mainly driven by the increase in the proportion of modely sales. The gross profit margin of 21q4’s automobile business was 30.6% (mom + 0.1pct), and the gross profit margin of automobile sales (excluding points and leasing) was 28.9% (mom + 0.4pct), another record high, mainly due to the economies of scale brought by the volume of production and sales and the increase in the proportion of modely sales with high profit margin. The net profit of 21q4 company was 2.32 billion yuan, making profits for ten consecutive quarters, with a month on month ratio of 760% / 43% and a net interest rate of 13.1%. The profit level exceeded that of all OEMs.
Power automatic driving opens up profit imagination space, capacity continues to expand, and the value of the supply chain highlights
21q4 Tesla iterated seven versions of FSD beta software. The number of Tesla vehicles equipped with FSD beta software in the United States has reached 60000 (thousands in the third quarter). Tesla supercomputing platform Dojo will also be launched this summer. The improvement of FSD carrying rate will help the company improve its profitability again. In terms of production capacity, although the company does not intend to announce the new super factory or launch new models in 2022, the factories in Austin and Berlin will successively put into operation modely in 22q1. At the same time, the production capacity of factories in Shanghai and Fremont will continue to improve and further expand. It is expected that Tesla’s global delivery volume is expected to maintain ultra-high growth in 2022, highlighting the value of the core supply chain.
Investment strategy
Tesla’s brand effect, intelligent level, long endurance and charging convenience make it have strong competitive advantages in electric vehicles and fuel vehicles of the same level, and the further localization of the supply chain promotes the cost reduction and cost performance improvement. In 2022, the four factories will expand production synchronously, the global sales volume is expected to maintain high growth, the value of the core supply chain is prominent, and Ningbo Tuopu Group Co.Ltd(601689) Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , it is recommended to pay attention to Ningbo Xusheng Auto Technology Co.Ltd(603305) .
Risk tips
The sales volume is lower than expected; The macro-economy is less than expected; Chip supply was less than expected.
