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.
在過去三個月中，科力汽車集團（SZSE：002892）的股票大幅上漲了39％。但是，我們決定密切關注其疲軟的財務狀況，因爲考慮到這種情況，我們懷疑當前的勢頭能否保持不變。在本文中，我們決定重點關注科力汽車集團的投資回報率。
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.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
See our latest analysis for Keli Motor Group
查看我們對科力汽車集團的最新分析
How Is ROE Calculated?
ROE 是如何計算的？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Keli Motor Group is:
因此，根據上述公式，科力汽車集團的投資回報率爲：
4.6% = CN¥59m ÷ CN¥1.3b (Based on the trailing twelve months to September 2023).
4.6% = 5900萬元人民幣 ¥13億元人民幣（基於截至2023年9月的過去十二個月）。
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.
“回報” 是指公司去年的收益。這意味着，每持有價值1元人民幣的股權，公司就會產生0.05元人民幣的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
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.
我們已經確定，投資回報率是衡量公司未來收益的有效盈利指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
A Side By Side comparison of Keli Motor Group's Earnings Growth And 4.6% ROE
科力汽車集團收益增長和4.6％投資回報率的並行比較
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.
很明顯，凱利汽車集團的投資回報率相當低。即使與7.2％的行業平均投資回報率相比，該公司的投資回報率也相當令人沮喪。因此，除其他因素外，凱利汽車集團在過去五年中收益持平可能是由於投資回報率低所致。
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，我們將Keli Motor Group的淨收入增長與該行業進行了比較，但失望地發現該公司的增長低於同期14％的行業平均增長率。
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.
收益增長是股票估值的重要因素。對於投資者來說，重要的是要知道市場是否影響了公司的預期收益增長（或下降）。然後，這可以幫助他們確定股票是面向光明還是黯淡的未來。與其他公司相比，凱力汽車集團的估值是否公平？這三種估值指標可能有助於您做出決定。
Is Keli Motor Group Using Its Retained Earnings Effectively?
科力汽車集團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.
科力汽車集團的三年期中位支付率很高，爲66％（這意味着該公司僅保留其收入的34％），用於對業務進行再投資），其大部分利潤都支付給了股東，這解釋了收益沒有增長的原因。
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，凱利汽車集團已經支付股息了五年，這是一段相當長的時間，這表明管理層一定已經意識到股東更喜歡分紅而不是收益增長。
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.
總的來說，在決定任何與凱力汽車集團有關的投資行動之前，我們會仔細考慮。由於投資回報率低以及對業務的再投資不足，該公司的收益增長率令人失望。到目前爲止，我們只對公司的增長數據進行了簡短的研究。你可以自己研究 Keli Motor Group，看看這張過去的收益、收入和現金流的免費詳細圖表，了解其過去的表現。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。