海 外 研 究 ＃assAuthor＃ 公 司 跟 踪 报 告 | --- | --- | |----------------------------|----------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024/8/1 | | 收盘价（美元） | 421.62 | | 总股本（亿股） | 1.80 | | 总市值（亿美元） | 758.9 | | 净资产（亿美元） | 30.7 | | 总资产（亿美元） | 80.5 | | 每股净资产（美元） | 17.1 | | 数据来源： Wind | 、公司财报，兴业证券经济与 | ＃相关报告 relatedReport＃ yuxiaoli@xyzq.com.cn SFC：AXK331 SAC：S0190518020003 ＃海外研究 emailAuthor＃ 分析师： limengxuan@xyzq.com.cn SAC：S0190523060003 请注意：李梦旋并非香港证券及期 货事务监察委员会的注册持牌人， 不可在香港从事受监管活动。 【兴证海外汽车】法拉利 （RACE.N） ...

At the moment, the concept of acquiring auto stocks might seem counterproductive. After all, the consumer economy is struggling under the weight of inflation and high borrowing costs. Also, the labor market appears to be softening somewhat, leading to concerns of overall viability. Nevertheless, the industry – particularly entities within the legacy framework – may offer surprisingly positive results for stakeholders. Part of the enthusiasm comes down to the political realm. Right now, we're in the middle o ...

Key Takeaways Ferrari on Thursday increased its projected 2024 revenue to more than 6.55 billion euros ($7.07 billion) from more than EUR6.4 billion. The Italian car maker shipped 3,484 units in the second quarter, up 2.7% year-over-year and above analysts' estimates, led by the Ferrari Purosangue, the Roma Spider, and the 296 GTS models. Ferrari CEO Benedetto Vigna attributed the positive results to "the enrichment of the product mix and the increased demand for personalizations." Ferrari (RACE) boosted it ...

Financial Data and Key Metrics Changes - Revenues for Q2 2024 reached €1.7 billion, a 16% increase compared to the previous year, driven by a strong product mix and growing demand for personalization [5][17] - Adjusted EBITDA was approximately €670 million, with a margin of 39% [5][17] - Net profit for the quarter was €413 million, reflecting stronger personalizations and increased visibility for the remainder of the year [5][17] - Industrial free cash flow generation was €121 million, despite higher capital expenditures and tax payments [24] Business Line Data and Key Metrics Changes - Shipments increased by 92 units, with notable contributions from the Purosangue, Roma Spider, and 296 GTS [18][19] - The hybrid share of deliveries reached 48%, primarily driven by the 296 GTS [19] - Personalization accounted for nearly 20% of total revenues from cars and spare parts, supported by the Purosangue and Daytona SP3 [20] Market Data and Key Metrics Changes - Deliveries increased in EMEA, Americas, and Rest of APAC, while there was a decrease of approximately 60 units in Mainland China, Hong Kong, and Taiwan [18] - The company strategically allocated products across different regions to enhance brand strength and exclusivity [6] Company Strategy and Development Direction - The company emphasizes sustainable innovation, with a focus on technological neutrality across internal combustion engines, hybrids, and full electric models [9][10] - The new e-building facility will support the development and production of various powertrains, enhancing competitive advantage [10][11] - The company aims to maintain quality over quantity, focusing on high-value revenues rather than increasing production volumes [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong order book, which extends well into 2026, and highlighted the positive reception of new models [6][29] - The company upgraded its 2024 guidance based on improved visibility and stronger personalization demand [25] - Management noted no signs of weakness in demand, with strong client engagement and interest in new models [56] Other Important Information - The company hosted a series of events focused on sustainable innovation, involving stakeholders and culminating in the inauguration of the new e-building [8] - The company reported a negative currency impact of €35 million, primarily due to adverse dynamics of the U.S. dollar, Japanese yen, and Chinese yuan against the euro [23] Q&A Session Summary Question: Order book and unit growth expectations - Management indicated a focus on price and mix with slower unit growth, but potential for slight acceleration in unit growth [28][29] Question: Personalization increase and its drivers - Personalization reached nearly 20%, driven by client demand, particularly for carbon finishes [31][33] Question: EV strategy and market positioning - The company maintains a strategy of technological neutrality, planning to unveil an EV in Q4 2025 [34] Question: Market demand and geographic performance - Strong demand for Dodici Cilindri across most countries, with some weakness noted in China due to tax burdens [38][39] Question: ASP expectations for the second half - ASP is expected to remain stable, with a projected increase of around 10% for the full year [66]

Exhibit 99.1 CONTENTS Page BOARD OF DIRECTORS 1 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1 CERTAIN DEFINED TERMS 1 INTRODUCTION 2 FORWARD-LOOKING STATEMENTS 3 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Highlights 5 Results of Operations 8 Liquidity and Capital Resources 16 Non-GAAP Financial Measures 22 Risk Factors 27 Outlook 28 SEMI-ANNUAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED) Semi-Ann ...

Ferrari (RACE) came out with quarterly earnings of $2.46 per share, beating the Zacks Consensus Estimate of $2.21 per share. This compares to earnings of $1.99 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 11.31%. A quarter ago, it was expected that this luxury sports car maker would post earnings of $2.04 per share when it actually produced earnings of $2.12, delivering a surprise of 3.92%. Over the last four quarters, the ...

Q2 2024 RESULTS MARANELLO, AUGUST 1, 2024 SAFE HARBOR STATEMENT This document, and in particular the section entitled "2024 Guidance revised upward", contain forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "continue", "on track", "successful", "grow", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "guidance" and similar expressions. F ...

Ferrari N.V. (NYSE/EXM: RACE) ("Ferrari" or the "Company") today announces its consolidated preliminary results(1) for the second quarter and six months ended June 30, 2024: Net revenues of Euro 1,712 million, up 16.2% versus prior year, with total shipments of 3,484 units up 2.7% versus Q2 2023 Adjusted EBIT of Euro 511 million, up 17.0% versus prior year, with adjusted EBIT margin of 29.9% Adjusted net profit of Euro 413 million and adjusted diluted EPS at Euro 2.29 Adjusted EBITDA of Euro 669 million, up ...

Ferrari N.V. (NYSE/EXM: RACE) ("Ferrari" or the "Company") today announces its consolidated preliminary results(1) for the second quarter and six months ended June 30, 2024: Net revenues of Euro 1,712 million, up 16.2% versus prior year, with total shipments of 3,484 units up 2.7% versus Q2 2023 Adjusted EBIT of Euro 511 million, up 17.0% versus prior year, with adjusted EBIT margin of 29.9% Adjusted net profit of Euro 413 million and adjusted diluted EPS at Euro 2.29 Adjusted EBITDA of Euro 669 million, up ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Ferrari (RACE) . This company, which is in the Zacks Automotive - Original Equipment industry, shows potential for another earnings beat. When looking at the last two reports, this luxury sports car maker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 6.68%, on average, in th ...