Introduction: After the release of a beautiful financial report, Tesla's stock price market value has both plummeted, is the concept stock also going to cool?
Not long ago, Tesla released an excellent financial report to brush the screen, but the next day, Tesla's stock price and market value fell across the board. As of the close of trading on January 27, Tesla's stock price fell to $829.1 per share, a drop of 11.55%, while the market value evaporated by $109 billion, and drove related concept stocks down across the board.
So, for China's listed auto companies, how strong is the "lethality" and "insult" of Tesla's financial report? Why is a beautiful financial report exchanged for a stock price and market value falling together? Are concept stocks about to change direction?
1 Tesla has been domestically produced for only two years, and its net profit has dried up to SAIC
According to the financial report, Tesla's annual revenue in 2021 was $53.823 billion, a sharp increase of 70.67% over 2020. In addition, its annual net profit is as high as 5.5 billion US dollars, about 35 billion yuan, almost achieving a "small goal of 100 million yuan" in Wang Jianlin's mouth every day.
(Image from Tesla's official Weibo)
From the perspective of operating data, Tesla has set a record in 2021 that will impress the global automotive industry. Especially considering the development speed of the Shanghai factory in recent years: the foundation was laid in January 2019, the domestic version of the Model 3 was launched a year later, and the Model Y project was launched, and only one year later, the domestic version of the Model Y was delivered.
Although SAIC has not yet released the 2021 performance data, through the net profit of 20.35 billion yuan announced in its third quarter financial report, if it cannot achieve a net profit of more than 15 billion yuan in the fourth quarter, then from the perspective of profitability, it will be directly overturned by Tesla, which has only been domestically produced in Shanghai for two years.
It should be known that SAIC Motor is currently the largest automobile group in China in terms of production and sales, and it is also a listed automobile company with the highest level of net profit. It can be said that in terms of earning power, Tesla has once again taught a lesson to China's listed auto companies.
2 The market capitalization evaporated by hundreds of billions of dollars overnight, and how far concept stocks can go
Why, after releasing a brilliant financial report, Tesla, which can make so much money, has suffered a sharp decline in stock price and market value?
Putting aside past performance, some of the directions tesla revealed in its plans for the future may have upset investors.
First of all, Tesla has made it clear that it will not launch a new model this year, especially the new product of $25,000 that has been revealed before and is highly anticipated by the market, and at the time of this earnings release, it is clear that it will not launch in the short term.
In addition, the focus on the capacity segment has clearly shifted from Shanghai to Berlin and Texas, and even by the end of the year there is hope of announcing a new factory. In the future, whether Tesla can still meet the preferential treatment when it built a factory in Shanghai is still questionable to the outside world.
There are no new models, production capacity attention shift, so where is Tesla's focus this year? Robotics, FSDs, Dojo supercomputers, and expansion of existing product capacity.
Obviously, for investors who are accustomed to positioning Tesla as a car manufacturing company, no new model is equivalent to ruining everything, especially the news that the launch of entry-level new models will slow down, which is undoubtedly an unguarded "turbulence" for car stocks that have once hitched a ride on Tesla's concept stocks.
Taking the performance of traditional parts supplier Fuyao Glass Hong Kong stock as an example, once by virtue of being among Tesla's domestic suppliers, its stock price and market value began to rise in 2020, from less than 15 Hong Kong dollars / share, all the way to the highest value in recent years to break through 60 Hong Kong dollars / share. At the same time, its market value has also jumped from the level of HK$40 billion to more than HK$180 billion.
In the list of auto stocks released by the auto K line in the second week of 2022, Fuyao Glass ranked first with a weekly stock price increase of nearly 15%. With Tesla's denial of new entry-level models and the shift of attention to future production capacity, the stock price and market value of Fuyao Glass Hong Kong stocks have also shown a synchronous downward trend.
Another noteworthy detail is that when Tesla announced that the Model Y equipped with a new 4680 cylindrical battery will be born in the Texas Gigafactory and confirmed that it will not use the 4680 iron battery, as an overseas supplier of its 4680 cylindrical battery, LG New Energy landed on the Korean Stock Exchange on January 27, with a cumulative IPO subscription of 114 trillion won, setting a record for the largest IPO in South Korea.
Although CATL also signed a contract with the Shanghai Municipal Government in August 2021 to produce 4680 batteries for Tesla, it still failed to seize the opportunity.
In fact, such a hand to light up the real sense of the "technology tree", the other hand to expand the existing model production capacity of the idea is very in line with Tesla's current stage of development. Leading intelligent technology combined with a globally dispersed capacity system, tesla believes that this is the next combination of punches that can make it continue to maintain its earning power.
When the 2021 semi-annual results were released, Tesla CEO Elon Musk said that it would be the last time he would attend Tesla's earnings conference call, and if he attended again in the future, it would mean that there was something important to announce.
Sure enough, he missed the third quarter earnings conference call, and then, when the fourth quarter earnings report was released, on the one hand, he showed the earning power that impressed the entire automotive industry, and more importantly, he clarified a new story line that surprised many people.
To use the fashionable metaphor, this may be Tesla's own "metacosm", but back to the real capital market, this also reminds those tesla concept stocks that they should have realized that the wind direction is really going to change.