We Think Jilin Liyuan Precision Manufacturing (SZSE:002501) Has A Fair Chunk Of Debt
We Think Jilin Liyuan Precision Manufacturing (SZSE:002501) Has A Fair Chunk Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Jilin Liyuan Precision Manufacturing Co., Ltd. (SZSE:002501) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
大卫·伊本说得很好,他说:“波动性不是我们关心的风险。我们关心的是避免永久的资本损失。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。我们注意到 吉林利源精密制造有限公司 (SZSE: 002501) 的资产负债表上确实有债务。但是,股东是否应该担心其使用债务?
When Is Debt Dangerous?
债务何时危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
债务为企业提供帮助,直到企业难以用新的资本或自由现金流还清债务。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可能是企业的重要工具,尤其是资本密集型企业。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。
Check out our latest analysis for Jilin Liyuan Precision Manufacturing
查看我们对吉林利源精工制造的最新分析
What Is Jilin Liyuan Precision Manufacturing's Net Debt?
吉林利源精工的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Jilin Liyuan Precision Manufacturing had CN¥182.9m of debt, an increase on CN¥98.4m, over one year. However, because it has a cash reserve of CN¥68.9m, its net debt is less, at about CN¥114.0m.
你可以点击下图查看历史数字,但它显示,截至2023年6月,吉林利源精工在一年内有1.829亿元人民币的债务,比9,840万元人民币增加了人民币。但是,由于其现金储备为6,890万元人民币,其净负债较少,约为1.14亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-cc5c2e6d7b2e255cebf3a708c58b0f0f-0-93b781d5b93054198fb6748c12fdac31.png/big)
How Healthy Is Jilin Liyuan Precision Manufacturing's Balance Sheet?
吉林利源精密制造的资产负债表有多健康?
We can see from the most recent balance sheet that Jilin Liyuan Precision Manufacturing had liabilities of CN¥235.7m falling due within a year, and liabilities of CN¥346.6m due beyond that. Offsetting this, it had CN¥68.9m in cash and CN¥301.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥211.6m.
我们可以从最新的资产负债表中看出,吉林利源精工在一年内到期的负债为2.357亿元人民币,此后到期的负债为3.466亿元人民币。抵消这一点的是,它有6,890万元人民币的现金和3.017亿元人民币的应收账款,这些应收账款将在12个月内到期。因此,其负债超过现金和(近期)应收账款总额2.116亿元人民币。
Of course, Jilin Liyuan Precision Manufacturing has a market capitalization of CN¥4.90b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jilin Liyuan Precision Manufacturing'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,吉林利源精工的市值为490亿元人民币,因此这些负债可能是可以控制的。但是,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而发生变化。资产负债表显然是分析债务时需要关注的领域。但是,吉林利源精工的收益将影响未来资产负债表的表现。因此,在考虑债务时,绝对值得一看收益趋势。点击此处查看交互式快照。
Over 12 months, Jilin Liyuan Precision Manufacturing reported revenue of CN¥558m, which is a gain of 33%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去的12个月中,吉林利源精密制造公布的收入为人民币5.58亿元,增长33%,尽管该公司没有报告任何利息和税前收益。股东们可能对它能够以增长的方式获利感到不安。
Caveat Emptor
Caveat Emptor
Even though Jilin Liyuan Precision Manufacturing managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost CN¥193m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled CN¥359m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Jilin Liyuan Precision Manufacturing that you should be aware of before investing here.
尽管吉林利源精工成功地实现了收入增长,但冷酷的事实是,它在息税前利润方面正在亏损。事实上,它在息税前利润水平上损失了1.93亿元人民币。当我们审视这个问题并回顾其资产负债表上相对于现金的负债时,我们认为该公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远非匹配,尽管随着时间的推移可能会有所改善。另一个值得谨慎的理由是,在过去的十二个月中,自由现金流为负3.59亿元人民币。因此,只要说我们认为这只股票风险很高就足够了。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外的风险。例如,我们发现了 吉林力源精工制造有 1 个警告标志 在这里投资之前,你应该注意这一点。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
当一切都说完之后,有时候更容易将注意力集中在甚至不需要债务的公司身上。读者可以访问净负债为零的成长型股票清单 100% 免费,现在。
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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,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面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公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。