What risks should investors watch for RACE's 2024 earnings?

**Investors in Ferrari NV (RACE) should watch for the following risks in the company's 2024 earnings:**

1. **Currency Impacts**: Ferrari has faced negative currency impacts, with a reported negative net effect of €85 million. This highlights the risk of foreign exchange fluctuations affecting financial results.
2. **Supply Chain Challenges**: The company has mentioned ongoing supply chain challenges, particularly with suppliers affected by lower demand from larger OEMs. These challenges can disrupt production and increase costs.
3. **Tax Rate Increase**: Ferrari anticipates a higher effective tax rate of around 22.5% in 2025, up from 19.2% in 2024. This could potentially impact net profit margins.
4. **Depreciation and Amortization Expenses**: The company expects depreciation and amortization expenses to be lower in 2025, which may impact financial flexibility. This could affect the overall financial health and profitability of the company.
5. **Market-Specific Challenges**: There has been a decline in shipments to China, Hong Kong, and Taiwan, which could be a result of market-specific challenges. This trend may continue to affect Ferrari's performance in these regions.
6. **Tariff-Related Price Increases**: Ferrari has announced price increases on most of its vehicles sold to the US, following the introduction of new auto tariffs by Trump. This could impact the demand for Ferrari's vehicles in the US market.

In conclusion, while Ferrari has shown strong financial performance in 2024 with record revenues and strategic model launches, investors should remain vigilant about these potential risks that could impact future earnings.