Tesla financial report: the performance is bright blind, the stock price fell by 6% after hours, do you dare to buy?

On the night of January 26, the superstar of the electric vehicle industry has a new dynamic.

After the U.S. stock market, Tesla announced the fourth quarter of 2021 earnings. According to the financial report, Tesla's operating income in the fourth quarter of 2021 was as high as $17.72 billion, an increase of 65% year-on-year; net profit reached $2.321 billion, an increase of 760% year-on-year; earnings per share was $2.05; adjusted EPS was $2.54, and the overall data exceeded market expectations.

Throughout the full year of 2021, Tesla's operating income reached $53.823 billion, an increase of about 71% year-on-year. Among them, the automotive business revenue was US$47.232 billion, an increase of about 73% year-on-year, and GAAP net profit was US$5.519 billion, an increase of 665% year-on-year. Slav's financial report this time can be called amazing.

However, after handing over such a report card, Tesla's stock price fell by 6% after hours.

Let's look at this earnings report specifically.

In terms of profitability, Tesla's gross profit margin in the fourth quarter was 27.4%, an increase of 0.8 percentage points from the previous quarter, of which the auto business revenue was 15.97 billion US dollars, an increase of 71% year-on-year, and the gross profit margin of bicycles was as high as 30.6%, which can be said to be very amazing in the automotive industry, as we all know, the profit of the automakers has not been high, and even the gross profit margin of luxury brands such as Porsche is less than 20%, although the three new forces of domestic car manufacturing are also performing well in 2021. However, the gross profit margin of the three bicycles of Wei Xiaoli is still difficult to catch up, according to the second quarter report of 2021, the gross profit margin of the bicycles of Weilai Automobile and Ideal Automobile is 18.6% and 18.9% respectively.

In terms of deliveries, in the fourth quarter of 2021, Tesla delivered nearly 310,000 vehicles, and in 2021, a total of 936172 vehicles were delivered, an increase of 87% year-on-year, of which Model 3 and Model Y were the main forces, and the two delivered more than 910,000 vehicles, accounting for more than 97% of the total delivery.

Tesla sales in 2021

The reason for the decline in the stock price once lies in the supply chain, tesla in the financial report stressed that the supply chain is currently the main factor restricting Tesla's development, and the company is still facing chip restrictions in 2022, which will not be alleviated until 2023.

But even if the supply chain is limited, Tesla's sales next year are still guaranteed, in the conference call, Tesla founder Musk is very confident in the ability to deliver in 2022, Musk said that Tesla's 2022 delivery volume will easily achieve 50% year-on-year growth, which means that Tesla will deliver more than 1.4 million cars this year.

In terms of production capacity, according to the financial report, the Austin plant in Texas, USA, has been completed, and since the end of 2021, the plant has started trial production of Model Y, and after passing the final certification, it will begin to deliver the electric vehicles produced by the plant. Coinciding with the Austin plant, Tesla's second overseas plant, the Berlin plant, also began trial production at the end of 2021, but it has not yet received some approval from the local government, and it is still impossible to determine the official start-up time.

For another factory in the United States, the Fremont factory, Tesla said it will continue to increase the production capacity of the factory, and eventually the total capacity of the factory will exceed 600,000 vehicles, and for the Shanghai factory, Musk also has high hopes, saying that Tesla can achieve 50% delivery growth with only the Fremont and Shanghai factories.

Judging from the almost negligible gap between Tesla's production and delivery volume from 2020 to 2021, demand is still the last problem Tesla needs to worry about, so Tesla's sales growth next year is still evidence-based.

In addition, Tesla's financial report is worth paying attention to.

Musk said on a conference call that Tesla will not launch a new model in 2022, saying: "If we launch a new car, then due to various restrictions, the total production of the car will not have any growth." Therefore, we will not introduce new models this year. There is no point in doing so. For the electric pickup truck Cyberteruck and electric supercar Roadster, which have previously earned enough eyeballs, Musk said that it may be postponed until next year.

The second is the progress of the 4680 battery, the current 4680 self-built battery factory and supplier capacity are in the process of construction, Musk said that Tesla is producing a Model Y equipped with 4680 batteries at the Austin factory, and the first batch of 4680 battery cars will be delivered this quarter. Contrary to rumors, the Berlin plant did not take the lead in using the 4680 battery, and the first models of the Berlin plant will continue to use the 2170 battery.

In the fourth quarter of 2021, Tesla updated the FSD 7 times, and the scale of testing continued to expand, and Tesla currently has nearly 60,000 fully autonomous vehicles equipped with beta versions in the United States. At the same time, the US authority IIHS gave Tesla the highest ratings of the Model 3 and Model Y in terms of collision avoidance and Top Safety Pick+. On the call, Musk said that FSD will become the largest source of Tesla's revenue in the future, and this year's subscription volume of FDS may usher in a breakthrough.

Fourth is the insurance business, tesla has launched insurance services in five states in the United States, on the conference call, Tesla frankly said that the insurance business in the United States nationwide promotion is still facing local regulatory restrictions, is still in communication with local governments, for the insurance business, Tesla plans to let 80% of the United States users have the right to choose Tesla insurance before the end of this year, and may promote the insurance business to the European market.

Overall, 2021, as Musk said, is a breakthrough year for Tesla, and the company's auto business has blossomed more. In today's global carbon neutrality background, the rise of new car-making forces, traditional car companies have transformed, for Tesla, how to keep the cake has become the biggest problem at present, the current Tesla solution is to expand production capacity, the expansion of production capacity will inevitably increase the amount of Tesla, and in terms of price, but also look at the application of 4680 batteries and the promotion of software business, the former can effectively reduce production costs, the latter gross profit margin is extremely high, can play a boost to Tesla's gross profit margin.

Although since January 4, Tesla's stock price has disappeared nearly 22%, but the overall situation is still at a high level, the company's texture is good, but in the context of the global release of water, the stock price is inevitably bubbled, and now the Fed's determination to raise interest rates is getting stronger and stronger, the day of defoaming will come sooner or later, after the wave, the race for new energy vehicles may really begin.