Key points of announcement: 1) in terms of revenue, Tesla achieved a total operating revenue of US $18.756 billion in 2022q1, with a month on month ratio of + 80.54% / + 5.85% respectively; Among them, the total sales volume of automobile was USD 16.881 billion, with a month on month ratio of + 87.30% / + 5.60% respectively, and the sales revenue of automobile was USD 16.193 billion, with a month on month ratio of + 86.02% / + 5.57% respectively. The energy revenue in 2022q1 was USD 616 million, with a month on month ratio of + 24.70% / – 10.47% respectively. 2) In terms of profit, 2022q1 company realized a net profit attributable to the parent company of USD 3.318 billion, with a month on month ratio of + 657.53% / + 42.96% and a net profit attributable to the parent company of 17.69%.
The performance of 2022q1 exceeded the market expectation, and the net profit of single vehicle exceeded US $10000. In the delivery dimension, Tesla‘s global delivery volume is growing. Tesla delivered 310048 vehicles globally in 2022q1, with a month on month ratio of + 67.71% / + 0.45% respectively. In terms of gross profit margin, the overall gross profit margin of 2022q1 company is 29.11%, with a month on month ratio of + 7.79 / + 1.76pct respectively; Among them, the gross profit margin of automobile sales was 32.60% / 38.92% respectively, and the same month on month ratio was + 6.78 / + 2.29pct respectively. The continuous improvement of gross profit margin in 2022q1 is mainly due to: 1) the increase in the proportion of low-cost shipments of factories in Shanghai; 2) The large-scale application of Tesla 4680 battery has remarkable cost reduction effect; 3) The price rise in the first quarter effectively transmitted cost pressure to the downstream. Under the influence of scale effect, Tesla’s gross profit of single vehicle continues to grow; The amortization cost has been continuously reduced, and the net profit of single vehicle has exceeded 10000 US dollars. The average price of Tesla single car in 2022q1 is 54400 US dollars, with a month on month ratio of + 6.96% / + 3.55% respectively; The gross profit per vehicle was 17600 US dollars, with a month on month ratio of + 46.98% / + 12.14% respectively, maintaining the continuous growth since 2020q4 and reaching a new high. With the increase of sales volume, the amortization of single vehicle expenses continues to decline, and the net profit of single vehicle continues to increase, reaching US $10700 in 2022q1, exceeding US $10000 for the first time. Abundant cash flow and strong hematopoietic capacity. The net cash flow from Tesla’s operating activities in 2022q1 was $3.995 billion, with a month on month ratio of + 143.45% / – 12.87% respectively; The balance of cash and cash equivalents at the end of the period was USD 18.04 billion, with a month on month increase of + 1.79% / – 0.57% respectively.
er 2，并为北美东部地区生产Model 3。2022年全球交付预计突破150万辆，保持持续高速增长。未来随新增产能投产落地以及全新产品上市，全球交付有望保持持续高增长。’, ‘dstContinuous expansion of production capacity, continuous improvement of global delivery and acceleration of flywheel. Tesla’s plants that have been fully put into operation in the world include two major plants in Shanghai and California, with a total planned capacity of more than 1.05 million vehicles. In March 2022, Tesla Berlin plant was officially put into operation, mainly for the production of modely. The company expects the annual output to reach 500000 vehicles; In April 2022, Tesla’s largest plant in the world, the Texas super plant in the United States, was put into operation. Only model y has a planned annual production capacity of 500000 vehicles. It is expected to officially produce cybertruck, electric truck semi and electric super roadster 2 in 2023, and produce model 3 for Eastern North America. In 2022, the global delivery is expected to exceed 1.5 million vehicles, maintaining sustained and rapid growth. In the future, with the production and landing of new capacity and the listing of new products, global delivery is expected to maintain a sustained high growth.
The penetration rate of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to reach 25% in the middle of 2022, with sustained and rapid development. Tesla leads the global electric vehicle industry with “sustained high growth in sales and profitability”, and the penetration of Shanxi Guoxin Energy Corporation Limited(600617) automobile market is expected to accelerate. We expect that the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars will be 5.55 million in the middle of 2022, with a year-on-year increase of + 68.4% and a corresponding penetration rate of 24.8%; The retail sales volume of traffic compulsory insurance was 5.05 million, a year-on-year increase of + 74.6%, and the retail penetration rate exceeded 25%, reaching 25.21%.
Investment suggestion: the short-term epidemic brings fluctuations, and the logic of long-term optimistic about the automobile sector is still tenable. Eight major gold stocks in 2022: complete vehicle [ideal vehicle + Byd Company Limited(002594) + Xiaopeng vehicle + Great Wall Motor Company Limited(601633) ] and parts [ Ningbo Tuopu Group Co.Ltd(601689) Bethel Automotive Safety Systems Co.Ltd(603596) . Second, the whole vehicle [ 601 Guangzhou Automobile Group Co.Ltd(601238) \ + China Automotive Engineering Research Institute Co.Ltd(601965) + Huayu Automotive Systems Company Limited(600741) ], pay attention to [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) ].
Risk warning: the impact of chip shortage exceeds expectations; The price war of passenger cars exceeded expectations.
