Today we will take a look at Tesla, which has been very popular in the past two years, and we all know that it is now the world's most valuable car company, calculated at its closing price on January 29, up to $850 billion.
However, the high market value only means that the capital market and investors are more optimistic about its prospects, and there is still a process of realizing the prospects, and no one can accurately foresee the prospects, so it is still possible to look at its current operating conditions.
From the bubble chart point of view, Tesla in 2021, only the first three quarters have exceeded the scale of revenue in any previous year, the net profit is to throw the previous year out of a long way, only the revenue growth rate is lower than 2018, but there is still a higher level of 73.6%, the position in the upper right corner is relatively stable.
Before 2018, Tesla's revenue growth rate was very fast, at 70%-80%, but it slowed down in 2019, recovered in 2020, and recovered to more than 70% again in the first three quarters of 2021.
In terms of net profit, 2019 and previous years are losses, 2020 to achieve profitability, the first three quarters of 2021 profit began to grow significantly, although the future year to reach more than 6.6 times the growth is unlikely, but the existing level of profitability, has been through the performance of the entrepreneurial period. It is estimated that at the end of the year, no one will say that its profitability is mainly achieved by selling emission reduction indicators.
Tesla's gross profit margin is not too high, before 2020, only 16%-19%, which is also in line with the characteristics of the market and enterprises in the growth period, after all, new products, the cost is very high, and then the requirements for gross profit margin are high, then the product price is higher, although there will be consumers, but any society is "poor" more, the price is high, the market size will definitely be limited.
In the first three quarters of 2021, the gross profit margin increased to 24.3%, and we did not see a significant increase in the price of its products in the market, which should be mainly due to the effect of gross margin improvement brought about by cost reduction.
Let's not compare Tesla with Toyota or Volkswagen, the current "brother" of the automobile industry, take a General Motors that has declined in recent years, and see how these two new and old industry overlords who are also American companies have changed in the past few years.
In the first three quarters of 2021, Tesla's revenue scale is 38.6% of That GM, in fact, the market growth space of pure electric vehicles is still very large, at least compared with fuel vehicles, there is still a big gap, the alternating process of new and old technologies in the automotive industry will be much longer than the alternation of feature phones and smart phones, after all, the car is much more expensive than the unit value of mobile phones.
But the trend is still very obvious, because in 2017, Tesla's revenue was only 8% of General Motors, and GM at that time did not look down on Tesla's revenue scale. General Motors' revenue continues to decline, while Tesla continues to rise, and the catch-up is very fast.
The net profit of the two companies is also in this state, tesla is a continuous loss, and General Motors in addition to 2017, have a larger profit, in the first three quarters of 2021, Tesla's net profit is also nearly 40% of GM, that is to say, the net profit margin of the two sales is relatively close.
This is because the gross profit margin of the two is also relatively close, but Tesla's gross profit margin has risen significantly stronger than that of General Motors in the past two periods.
However, it is not necessarily the case all the time, because the automobile market is too large, the competition in the pure tram market may enter the "white-hot" competition state in advance, and the subsequent development is actually still a chance for everyone, including General Motors.
In terms of return on equity, Tesla is already relatively close to GM and should soon be able to catch up with its level. Of course, if the subsequent R & D investment increases significantly and the competition in the industry intensifies, it is also possible that Tesla's return on net assets will fall again.
Of Tesla's revenue composition, 83%-84% is car sales, 3%-4% car rental, services and others account for 6%-7%, and the increase in the proportion of services (typically with autonomous driving services) may be one of its unique competitive advantages.
Some friends are more concerned, Tesla in our country to withstand the adverse effects of various public opinion events, sales are still rising, is not the country is already its largest single regional market?
In fact, it is a bit too much to think about, although in the first three quarters of 2021, the proportion of the Chinese market increased by 4 percentage points to 25%, but it is still lower than the 44% proportion of the US market. If the development goes well, the Chinese market still has the opportunity to become Tesla's largest single market in the future.
With a current ratio of 1.08 and a quick ratio of 0.88, Tesla has passed the dangerous period of entrepreneurship, short-term solvency is not too much of a problem, and the need for future financing is not particularly high.
Tesla's cash flow performance is relatively healthy, each year there is a net cash inflow of operating activities of $15 billion (or even higher), the net cash demand for investment activities in previous years is extremely large, must be coordinated with large-scale financing, but in the past two years, the value of the two is relatively close, unless the expansion rate is increased, otherwise relying on their own net cash flow can basically meet the needs of investment activities.
The above is part of the content seen from Tesla's financial report and my own rough interpretation, overall, Tesla is different from the new domestic car-making forces, it has passed the entrepreneurial period and is growing at a high speed. When will we surpass General Motors, or even Toyota and Volkswagen? It now seems that there are at least a few years to go.