-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：法拉利（RACE）公佈的第一季調整後每股收益為2.33歐元，高於市場預期的2.30歐元（成長1%），但低於市場普遍預期的2.37歐元。業績不如預期主要原因是利潤率低於預期。儘管淨收入成長3%至18.5億歐元（較市場預期高出2,000萬歐元），主要得益於物價上漲，但部分被出貨量下降4.4%所抵銷。法拉利的息稅前利潤率下降60個基點至29.7%（比市場預期低40個基點）。收入成長得益於價格上漲，而出貨量下降則與計畫中的車型換代活動有關。 RACE第一季銷量較去年同期下降4.4%，其中大部分降幅來自歐洲、中東和非洲地區（EMEA）（-14%），其他三個地區的銷量均有所成長。 RACE維持了先前的全年業績預期。受業績不及預期影響，RACE股價在盤前交易下跌2%。對於一家擁有業內最佳獲利記錄之一的公司而言，此業績不如預期實屬罕見。我們認為，鑑於汽車製造業的高固定成本特性，RACE銷售成長乏力將持續對其利潤率構成挑戰。
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