Is Jianshe Industry Group (Yunnan) (SZSE:002265) Weighed On By Its Debt Load?
Is Jianshe Industry Group (Yunnan) (SZSE:002265) Weighed On By Its Debt Load?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Jianshe Industry Group (Yunnan) Co., Ltd. (SZSE:002265) does use debt in its business. But should shareholders be worried about its use of debt?
由伯克希尔哈撒韦的Li·芒格支持的外部基金经理Lu直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们可以看到建设实业集团(云南)有限公司。(SZSE:002265)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕,贷款人可以控制业务。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
See our latest analysis for Jianshe Industry Group (Yunnan)
查看我们对建社实业集团(云南)的最新分析
What Is Jianshe Industry Group (Yunnan)'s Debt?
什么是剑社实业集团(云南)的S债?
The image below, which you can click on for greater detail, shows that at June 2023 Jianshe Industry Group (Yunnan) had debt of CN¥280.0m, up from CN¥75.0m in one year. However, it does have CN¥2.57b in cash offsetting this, leading to net cash of CN¥2.29b.
下图显示,截至2023年6月,建社实业集团(云南)的债务为2.80亿加元,高于一年内的7500万加元。你可以点击查看更多细节。然而,它确实有25.7亿加元的现金抵消了这一点,导致净现金22.9亿加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231022/0-04c4bc4cb517a2afe22924d6ec8ceefd-0-9dcafcc80c281a6fbb09533537a42735.png/big)
How Strong Is Jianshe Industry Group (Yunnan)'s Balance Sheet?
建社实业集团(云南)S资产负债表到底有多强?
According to the last reported balance sheet, Jianshe Industry Group (Yunnan) had liabilities of CN¥4.63b due within 12 months, and liabilities of CN¥643.1m due beyond 12 months. Offsetting these obligations, it had cash of CN¥2.57b as well as receivables valued at CN¥1.70b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥999.5m.
根据最新报告的资产负债表,建设实业集团(云南)有46.3亿加元的负债在12个月内到期,6.431亿加元的负债在12个月后到期。作为对这些债务的抵消,该公司有25.7亿加元的现金以及价值17.亿加元的应收账款在12个月内到期。因此,它的负债比现金和(近期)应收账款之和高出9.995亿元。
Of course, Jianshe Industry Group (Yunnan) has a market capitalization of CN¥12.1b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Jianshe Industry Group (Yunnan) boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jianshe Industry Group (Yunnan)'s earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
当然,建社实业集团(云南)的市值为121亿元人民币,因此这些负债可能是可控的。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。尽管债务值得注意,但建社实业集团(云南)拥有净现金,因此可以说它没有沉重的债务负担!当你分析债务时,资产负债表显然是你关注的领域。但是,影响未来资产负债表状况的是建社实业集团(云南)S的盈利情况。因此,在考虑债务时,绝对值得关注盈利趋势。点击此处查看互动快照。
In the last year Jianshe Industry Group (Yunnan) had a loss before interest and tax, and actually shrunk its revenue by 31%, to CN¥4.3b. To be frank that doesn't bode well.
去年,建社实业集团(云南)息税前亏损,实际营收缩水31%,至43亿加元。坦率地说,这不是一个好兆头。
So How Risky Is Jianshe Industry Group (Yunnan)?
那么,建设实业集团(云南)的风险有多大?
Although Jianshe Industry Group (Yunnan) had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥269m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Jianshe Industry Group (Yunnan) that you should be aware of.
尽管建社实业集团(云南)在过去12个月中出现息税前利润(EBIT)亏损,但其法定利润为2.69亿元人民币。因此,当你考虑到它有净现金和法定利润时,它的股票风险可能并不像看起来那样高,至少在短期内是这样。在我们看到一些积极的息税前利润,我们对该股有点谨慎,尤其是因为收入增长相当温和。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如,我们已经确定建设实业集团(云南)的2个警示标志这一点你应该知道。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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