Keli Motor Group Co., Ltd.'s (SZSE:002892) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
Keli Motor Group Co., Ltd.'s (SZSE:002892) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
Keli Motor Group's (SZSE:002892) stock is up by a considerable 39% over the past three months. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. In this article, we decided to focus on Keli Motor Group's ROE.
在过去三个月中，科力汽车集团（SZSE：002892）的股票大幅上涨了39％。但是，我们决定密切关注其疲软的财务状况，因为考虑到这种情况，我们怀疑当前的势头能否保持不变。在本文中，我们决定重点关注科力汽车集团的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了公司成功地将股东投资转化为利润。
See our latest analysis for Keli Motor Group
查看我们对科力汽车集团的最新分析
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Keli Motor Group is:
因此，根据上述公式，科力汽车集团的投资回报率为：
4.6% = CN¥59m ÷ CN¥1.3b (Based on the trailing twelve months to September 2023).
4.6% = 5900万元人民币 ¥13亿元人民币（基于截至2023年9月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. That means that for every CN¥1 worth of shareholders' equity, the company generated CN¥0.05 in profit.
“回报” 是指公司去年的收益。这意味着，每持有价值1元人民币的股权，公司就会产生0.05元人民币的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我们已经确定，投资回报率是衡量公司未来收益的有效盈利指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
A Side By Side comparison of Keli Motor Group's Earnings Growth And 4.6% ROE
科力汽车集团收益增长和4.6％投资回报率的并行比较
It is quite clear that Keli Motor Group's ROE is rather low. Even compared to the average industry ROE of 7.2%, the company's ROE is quite dismal. Therefore, Keli Motor Group's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.
很明显，凯利汽车集团的投资回报率相当低。即使与7.2％的行业平均投资回报率相比，该公司的投资回报率也相当令人沮丧。因此，除其他因素外，凯利汽车集团在过去五年中收益持平可能是由于投资回报率低所致。
As a next step, we compared Keli Motor Group's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 14% in the same period.
下一步，我们将Keli Motor Group的净收入增长与该行业进行了比较，但失望地发现该公司的增长低于同期14％的行业平均增长率。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is Keli Motor Group fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是股票估值的重要因素。对于投资者来说，重要的是要知道市场是否影响了公司的预期收益增长（或下降）。然后，这可以帮助他们确定股票是面向光明还是黯淡的未来。与其他公司相比，凯力汽车集团的估值是否公平？这三种估值指标可能有助于您做出决定。
Is Keli Motor Group Using Its Retained Earnings Effectively?
科力汽车集团是否在有效使用其留存收益？
With a high three-year median payout ratio of 66% (implying that the company keeps only 34% of its income) of its business to reinvest into its business), most of Keli Motor Group's profits are being paid to shareholders, which explains the absence of growth in earnings.
科力汽车集团的三年期中位支付率很高，为66％（这意味着该公司仅保留其收入的34％），用于对业务进行再投资），其大部分利润都支付给了股东，这解释了收益没有增长的原因。
Moreover, Keli Motor Group has been paying dividends for five years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，凯利汽车集团已经支付股息了五年，这是一段相当长的时间，这表明管理层一定已经意识到股东更喜欢分红而不是收益增长。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning Keli Motor Group. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. Up till now, we've only made a short study of the company's growth data. You can do your own research on Keli Motor Group and see how it has performed in the past by looking at this FREE detailed graph of past earnings, revenue and cash flows.
总的来说，在决定任何与凯力汽车集团有关的投资行动之前，我们会仔细考虑。由于投资回报率低以及对业务的再投资不足，该公司的收益增长率令人失望。到目前为止，我们只对公司的增长数据进行了简短的研究。你可以自己研究 Keli Motor Group，看看这张过去的收益、收入和现金流的免费详细图表，了解其过去的表现。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。