特斯拉2023FY财报解读-完结篇

技术清教徒

写了快四年的特斯拉，我想把这篇作为最后一篇，往后不再专门定期写特斯拉了。不过如果有什么新的思考，还是会不定期地写的。俺从没写过对特斯拉的估值，一直以来后台收到很多私信老是想交流，就不一一回复了文末也一并附上。‍

————

特斯拉今天公布的Q4财报，延续过往的风格，先用一句话来形容就是：“好像真没啥好说的，没啥说的也不必硬凹。“‍

特斯拉整体的息税前净利润率（也就是财报上的Operating Margin）8.2%（上季度7.6%）。

汽车部门毛利率（含碳积分）18.9%（上季度18.7%）。

·

下面更新一下具体经营数据的长期趋势线。

—— 收入、售价与毛利 ——

—— 运营费用 ——

—— 利润 ——

—— 生产资产效率 ——

—— 研发投入效率 ——

————

500万台车/年

均价4万美元

息税后净利润率10%

未来十年复合增长率15%

永续复合增长率5%

年折旧=年维持性资本支出

1000万台车/年

均价4万美元

息税后净利润率10%

未来十年复合增长率10%

永续复合增长率5%

年折旧=年维持性资本支出

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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罗密欧朱丽叶99
01-26
罗密欧朱丽叶99
真香！终于迎来了解散会的时刻。

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<p><span>写了快四年的特斯拉，我想把这篇作为最后一篇，往后不再专门定期写<span>特斯拉了</span>。不过如果有什么新的思考，还是会不定期地写的。</span><span>俺从没写过对特斯拉的估值，一直以来<span>后台</span>收到很多私信老是想交流，就不一一回复了</span><span>文末也一并附上。</span><span><span>‍</span></span></p>\n <p><span><span><span>————</span></span></span></p>\n <p><span><span><span>特斯拉今天公布的Q4财报，</span>延续过往的风格，先用一句话来形容就是：<strong>“好像真没啥好说的，没啥说的也不必硬凹。“</strong></span><strong><span><span><span>‍</span></span></span></strong></span></p>\n <p><span><strong><span>特斯拉</span></strong><span><strong>整体</strong>的息税前净利润率（也就是财报上的Operating Margin）<strong>8.2%</strong>（上季度7.6%）。</span></span></p>\n <p><span>汽车部门毛利率（含碳积分）<strong>18.9%</strong>（上季度18.7%）。</span></p>\n <p><span><strong><span>·</span></strong></span></p>\n <p><span>下面更新一下具体经营数据的长期趋势线。</span></p>\n <p><span><strong>—— 收入、售价与毛利 ——</strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/7ccf107742534042bf1e2537d2ba9391\"></p>\n <p><img src=\"https://static.tigerbbs.com/5c44b611e0da4f57a23b6a492deea1cd\"></p>\n <p><img 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<p><span>1000万台车/年</span></p>\n <p><span>均价4万美元</span></p>\n <p><span>息税后净利润率10%</span></p>\n <p><span>未来十年复合增长率10%</span></p>\n <p><span>永续复合增长率5%</span></p>\n <p><span>年折旧=年维持性资本支出</span></p>\n <p><img src=\"https://static.tigerbbs.com/b378a7af7bc9408388ac745afd7a6714\"></p>\n</div></body></html>","htmlText":"<html><head></head><body><div>\n <p><span>写了快四年的特斯拉，我想把这篇作为最后一篇，往后不再专门定期写<span>特斯拉了</span>。不过如果有什么新的思考，还是会不定期地写的。</span><span>俺从没写过对特斯拉的估值，一直以来<span>后台</span>收到很多私信老是想交流，就不一一回复了</span><span>文末也一并附上。</span><span><span>‍</span></span></p>\n <p><span><span><span>————</span></span></span></p>\n <p><span><span><span>特斯拉今天公布的Q4财报，</span>延续过往的风格，先用一句话来形容就是：<strong>“好像真没啥好说的，没啥说的也不必硬凹。“</strong></span><strong><span><span><span>‍</span></span></span></strong></span></p>\n <p><span><strong><span>特斯拉</span></strong><span><strong>整体</strong>的息税前净利润率（也就是财报上的Operating Margin）<strong>8.2%</strong>（上季度7.6%）。</span></span></p>\n <p><span>汽车部门毛利率（含碳积分）<strong>18.9%</strong>（上季度18.7%）。</span></p>\n <p><span><strong><span>·</span></strong></span></p>\n <p><span>下面更新一下具体经营数据的长期趋势线。</span></p>\n <p><span><strong>—— 收入、售价与毛利 ——</strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/7ccf107742534042bf1e2537d2ba9391\"></p>\n <p><img src=\"https://static.tigerbbs.com/5c44b611e0da4f57a23b6a492deea1cd\"></p>\n <p><img src=\"https://static.tigerbbs.com/8df2acd685c745958fd759ca5314ad62\"></p>\n <p><span><strong>—— 运营费用 ——</strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/f52584fb69da4c80b2fd1c9912cc7ac1\"></p>\n <p><span><strong>—— 利润 ——</strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/7b06b33ce4134c239029a26aaf3245c2\"></p>\n <p><span><strong><span>—— 生产资产效率&nbsp;<strong>——</strong></span></strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/e86d52448fc1418aaf90682645eff937\"></p>\n <p><span><strong><span>——&nbsp;研发投入效率&nbsp;<strong>——</strong></span></strong></span></p>\n <p><img src=\"https://static.tigerbbs.com/587aea9736474cdc901e235040e845ec\"></p>\n <p><span>————</span></p>\n <p><span>500万台车/年</span></p>\n <p><span>均价4万美元</span></p>\n <p><span>息税后净利润率10%</span></p>\n <p><span>未来十年复合增长率15%</span></p>\n <p><span>永续复合增长率5%</span></p>\n <p><span>年折旧=年维持性资本支出</span></p>\n <p><img src=\"https://static.tigerbbs.com/ed3db56f68ab4fcfb62a0c7af8d242bd\"></p>\n <p><span>1000万台车/年</span></p>\n <p><span>均价4万美元</span></p>\n <p><span>息税后净利润率10%</span></p>\n <p><span>未来十年复合增长率10%</span></p>\n <p><span>永续复合增长率5%</span></p>\n <p><span>年折旧=年维持性资本支出</span></p>\n <p><img src=\"https://static.tigerbbs.com/b378a7af7bc9408388ac745afd7a6714\"></p>\n</div></body></html>","text":"写了快四年的特斯拉，我想把这篇作为最后一篇，往后不再专门定期写特斯拉了。不过如果有什么新的思考，还是会不定期地写的。俺从没写过对特斯拉的估值，一直以来后台收到很多私信老是想交流，就不一一回复了文末也一并附上。‍ ———— 特斯拉今天公布的Q4财报，延续过往的风格，先用一句话来形容就是：“好像真没啥好说的，没啥说的也不必硬凹。“‍ 特斯拉整体的息税前净利润率（也就是财报上的Operating Margin）8.2%（上季度7.6%）。 汽车部门毛利率（含碳积分）18.9%（上季度18.7%）。 · 下面更新一下具体经营数据的长期趋势线。 —— 收入、售价与毛利 —— —— 运营费用 —— —— 利润 —— —— 生产资产效率 —— —— 研发投入效率 —— ———— 500万台车/年 均价4万美元 息税后净利润率10% 未来十年复合增长率15% 永续复合增长率5% 年折旧=年维持性资本支出 1000万台车/年 均价4万美元 息税后净利润率10% 未来十年复合增长率10% 永续复合增长率5% 年折旧=年维持性资本支出","highlighted":1,"essential":1,"paper":2,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/267030031269928","repostId":0,"isVote":1,"tweetType":1,"viewCount":2533,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["TSLA","TSLL"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":true,"length":734,"xxTargetLangEnum":"ZH_CN"},"commentList":[{"id":267171993051288,"commentId":"267171993051288","gmtCreate":1706237011040,"gmtModify":1706274011165,"authorId":9000000000000277,"author":{"id":9000000000000277,"idStr":"9000000000000277","authorId":9000000000000277,"name":"罗密欧朱丽叶99","avatar":"https://static.tigerbbs.com/bb2ee3d80dd73405360c152eb0488e89","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":267030031269928,"objectIdStr":"267030031269928","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"真香！终于迎来了解散会的时刻。","text":"真香！终于迎来了解散会的时刻。","html":"真香！终于迎来了解散会的时刻。","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/267030031269928"}