Here's Why Zhejiang Jingu (SZSE:002488) Can Afford Some Debt
Here's Why Zhejiang Jingu (SZSE:002488) Can Afford Some Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies Zhejiang Jingu Company Limited (SZSE:002488) makes use of debt. But the more important question is: how much risk is that debt creating?
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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。与许多其他公司一样浙江金谷股份有限公司(SZSE:002488)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
When Is Debt Dangerous?
债务在什么时候是危险的?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
View our latest analysis for Zhejiang Jingu
查看我们对浙江金谷的最新分析
How Much Debt Does Zhejiang Jingu Carry?
浙江金固背负着多少债务?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Zhejiang Jingu had CN¥2.77b of debt, an increase on CN¥2.06b, over one year. However, because it has a cash reserve of CN¥583.9m, its net debt is less, at about CN¥2.18b.
你可以点击下图查看历史数据,但它显示,截至2023年6月,浙江金谷的债务为27.7亿元人民币,比一年前增加了20.6亿元人民币。然而,由于其现金储备为5.839亿加元,其净债务较少,约为21.8亿加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-824f69f1bb7bdd131a9b4be635f835e0-0-2bfca29554f56606ea746a241a120636.png/big)
A Look At Zhejiang Jingu's Liabilities
浙江金谷负债状况一瞥
According to the last reported balance sheet, Zhejiang Jingu had liabilities of CN¥1.96b due within 12 months, and liabilities of CN¥1.77b due beyond 12 months. On the other hand, it had cash of CN¥583.9m and CN¥619.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.52b.
根据最新上报的资产负债表,浙江金固有19.6亿加元的负债在12个月内到期,17.7亿加元的负债在12个月后到期。另一方面,它有5.839亿加元的现金和6.194亿加元的应收账款在一年内到期。因此,它的负债比现金和(近期)应收账款之和高出25.2亿元。
While this might seem like a lot, it is not so bad since Zhejiang Jingu has a market capitalization of CN¥6.82b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Zhejiang Jingu will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
虽然这看起来可能很多,但并不是很糟糕,因为浙江金固的市值为人民币68.2亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为浙江金固需要盈利来偿还债务。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
In the last year Zhejiang Jingu wasn't profitable at an EBIT level, but managed to grow its revenue by 7.2%, to CN¥3.2b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
去年,浙江金固没有实现息税前利润,但收入增长了7.2%,达到人民币32亿元。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。
Caveat Emptor
告诫买入者
Importantly, Zhejiang Jingu had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥202m 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. However, it doesn't help that it burned through CN¥379m of cash over the last year. 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. Be aware that Zhejiang Jingu is showing 3 warning signs in our investment analysis , and 2 of those are concerning...
重要的是,浙江金固去年出现息税前收益(EBIT)亏损。事实上,它在息税前利润水平上亏损了2.02亿元人民币。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,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远不能与之匹配,尽管随着时间的推移,它可能会得到改善。然而,它在过去一年里烧掉了3.79亿元人民币的现金,这也于事无补。因此,可以说,我们认为这只股票风险很大。毫无疑问,我们从资产负债表中了解到的债务最多。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。请注意,浙江金谷正在展示我们的投资分析中的3个警告信号,其中两份是关于..。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。