Core view
Tesla‘s profitability strengthened in the first quarter. Factories in Berlin and Texas were put into operation successively. Tesla 1q22 achieved a revenue of US $18.76 billion, with a yoy / mom of + 81% / + 6% respectively; Among them, the revenue of automobile business was USD 16.86 billion, with a yoy of + 87% / + 6% respectively; The GAAP net profit of 1q22 was US $3.32 billion, with a yoy / mom of + 658% / + 43% respectively.
1. The gross profit margin strengthened, the superimposed expense rate decreased, and the net profit margin increased by 13.5pct year-on-year
The 1q22 net interest rate of the company was 17.7%, with a month on month ratio of + 13.5pct / + 4.6pct respectively. From the perspective of disassembly, 1) gross profit margin: ASP uplink drives the gross profit margin to increase. The gross profit margin of 1q22 Tesla’s overall / automotive business was 29.1% / 32.9% respectively, with a year-on-year increase of + 7.8pct / + 6.4pct respectively and a month on month increase of + 1.7pct / + 2.3pct respectively. 1q22 Tesla’s gross profit per bike was US $18000, a year-on-year increase of + US $2000, mainly due to the upward trend of ASP driven by the increase of guidance price (single bike revenue of US $55000, a year-on-year increase of + US $3000) and the continuous appearance of scale effect; 2) The cost rate decreased significantly, and the new energy points continued to contribute to the increment. 1q22 Tesla’s general and administrative selling expenses decreased by 6% year-on-year, and the expense rate was – 4.9pct / – 3.5pct respectively. The integral sales revenue of new energy vehicles was US $680 million, with a year-on-month ratio of + 31% / + 116% respectively. Overall, the rise of gross profit rate and the decline of expense rate jointly drive the rise of net profit rate.
2. Berlin and Dezhou super factories have been put into operation successively, and 4680 batteries and integrated front body have appeared together. The company’s Berlin and Dezhou super factories have been put into operation successively in March and April (with a design capacity of 500000). The first batch of models put into operation are model y. among them, Dezhou factory has delivered models equipped with 4680 batteries and integrated front body for the first time. Tesla will maintain its sales target of 1.5 million in 2022 (year-on-year + 67%).
Vehicle enterprises gradually resume work, and the short-term disturbance of supporting supply chain is gradually alleviated
1. Several vehicle factories resumed production this week. So far, Tesla Shanghai plant, SAIC passenger car port plant, Weilai Hefei plant and Chongqing plant of great wall tank 300 have resumed production.
2. Automobile production supporting enterprises are expected to resume production with the assistance of various parties. 1) Policies actively guide the resumption of the whole industrial chain. Among the 666 enterprises in the first batch of “white list” released by Shanghai Economic and Information Technology Commission, automobile production supporting enterprises account for more than 1 / 3; 2) Auto enterprises actively assist suppliers to resume work Saic Motor Corporation Limited(600104) assist 400 suppliers in process promotion, epidemic prevention review and other work; Tesla is also promoting more than 100 suppliers in Shanghai, Zhejiang, Jiangsu and other places to work together.
Investment suggestion: it is suggested to focus on the beneficial objects of Tesla industrial chain: Ningbo Tuopu Group Co.Ltd(601689) , Ningbo Xusheng Auto Technology Co.Ltd(603305) (three electric shell), Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) (lightweight die casting). It is recommended to pay attention to Saic Motor Corporation Limited(600104) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) . Suppliers of automotive electronic related parts are expected to realize domestic substitution and increase in price and volume in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Keboda Technology Co.Ltd(603786) (light control).
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
