![[Attachment/202507/Pasted image 20250719182618.png]] # CN ## Investment Thesis 投资Ferrari的本质是投资一家披着汽车外衣的顶级奢侈品公司，其核心价值源于通过极致的稀缺性管理、无可匹敌的赛车文化传承以及与全球金字塔尖客户的深度情感连接，共同构建了坚不可摧的品牌护城河。这种护城河直观地体现为超凡的定价权、抗周期的需求韧性以及行业内遥遥领先的盈利能力和财务健康度。 ### The Core Debate 公司能否将其在内燃机时代建立的"情感"与"性能"品牌DNA，成功"转码"并注入到电动化产品中？若能成功，则汽车行业最大的结构性风险将被转化为其巩固领导地位、开启新一轮价值创造的重大机遇。 ![[Attachment/202507/Pasted image 20250719181550.png]] 详见: [substack](https://open.substack.com/pub/jasonzcy/p/ferrai-deep-dive-report?r=32nxmk&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true) for full content # EN ## Investment Thesis Investing in Ferrari is essentially investing in a top-tier luxury goods company disguised as an automaker. Its core value stems from an indestructible brand moat built through extreme scarcity management, an unrivaled racing heritage, and a deep emotional connection with the world's most elite clientele. This moat is tangibly reflected in its extraordinary pricing power, counter-cyclical demand resilience, and industry-leading profitability and financial health. ### The Core Debate Can Ferrari successfully "transcode" its brand DNA of "emotion" and "performance," established in the internal combustion engine era, into its electric products? If successful, the automotive industry's greatest structural risk will be transformed into a major opportunity for Ferrari to solidify its leadership and unlock a new wave of value creation. ![[Attachment/202507/Pasted image 20250719181555.png]] see my [substack](https://open.substack.com/pub/jasonzcy/p/ferrai-deep-dive-report?r=32nxmk&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true) for full content