Kandi Technologies Group Inc. Ordinary Shares (KNDI) : juste valeur

Thèse ACCE

Kandi Technologies makes electric go-karts, off-road UTVs, and electric passenger vehicles, with a battery and drivetrain supply business that sells into other OEMs, mainly in China. The structural case rests on the electrification of low-speed and recreational vehicles, where Kandi has a long manufacturing footprint and a 42.2% gross margin that is high for a vehicle assembler. Revenue grew 57.4% over the last year, and the operating margin of 9.7% suggests that growth is not being bought with losses at the operating line, though return on equity of -26.5% shows the balance sheet and below-the-line items still weigh on shareholders. At a market capitalisation of about $41M and a forward P/E of 40.3, the stock is priced for continued expansion with little room for a stumble, and the company is too small to be in any index. The score of 55/100 is middling, so this is a candidate for a deeper look at the cash conversion, related-party dealings and export exposure before any position is considered.