Is Shanghai Jiao Yun Group (SHSE:600676) Using Too Much Debt?
Is Shanghai Jiao Yun Group (SHSE:600676) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 Shanghai Jiao Yun Group Co., Ltd. (SHSE:600676) does use debt in its business. But the real question is whether this debt is making the company risky.
传奇基金经理Li·Lu曾说过，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。我们可以看到上海交运集团有限公司。(上海证券交易所：600676)确实在其业务中使用债务。但真正的问题是，这笔债务是否让该公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险？
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. 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。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。然而，通过取代稀释，对于需要资本投资于高回报率增长的企业来说，债务可以成为一个非常好的工具。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。
View our latest analysis for Shanghai Jiao Yun Group
查看我们对上海交云集团的最新分析
What Is Shanghai Jiao Yun Group's Net Debt?
上海交运集团的净负债是多少？
The image below, which you can click on for greater detail, shows that Shanghai Jiao Yun Group had debt of CN¥59.9m at the end of June 2023, a reduction from CN¥70.1m over a year. But on the other hand it also has CN¥1.86b in cash, leading to a CN¥1.80b net cash position.
下图显示，截至2023年6月底，上海交运集团的债务为5990万加元，低于一年内的7010万加元。你可以点击查看更多详细信息。但另一方面，它也有18.6亿加元的现金，导致18亿加元的净现金头寸。
How Healthy Is Shanghai Jiao Yun Group's Balance Sheet?
上海交云集团的资产负债表有多健康？
The latest balance sheet data shows that Shanghai Jiao Yun Group had liabilities of CN¥1.48b due within a year, and liabilities of CN¥692.6m falling due after that. On the other hand, it had cash of CN¥1.86b and CN¥1.87b worth of receivables due within a year. So it actually has CN¥1.57b more liquid assets than total liabilities.
最新的资产负债表数据显示，上海交云集团有14.8亿加元的负债在一年内到期，6.926亿加元的负债在一年内到期。另一方面，一年内有18.6亿元现金和18.7亿元应收账款到期。所以它实际上有15.7亿元人民币更多流动资产超过总负债。
This surplus strongly suggests that Shanghai Jiao Yun Group has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, Shanghai Jiao Yun Group boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shanghai Jiao Yun Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
这一盈余强烈表明，上海交云集团拥有坚如磐石的资产负债表(债务丝毫不令人担忧)。按照这种观点，贷款人应该会觉得自己像黑带空手道大师的宠儿一样安全。简而言之，上海交云集团拥有净现金，可以说它没有沉重的债务负担！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，因为上海交云集团需要盈利来偿还债务。因此，如果你热衷于了解更多关于它的收益，可能值得查看一下它的长期收益趋势图。
Over 12 months, Shanghai Jiao Yun Group saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在过去的12个月里，上海交云集团的收入相当稳定，没有公布正的息税前收益。虽然这不会给人留下深刻的印象，但也不算太糟糕。
So How Risky Is Shanghai Jiao Yun Group?
那么，上海交云集团的风险有多大呢？
While Shanghai Jiao Yun Group lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥171m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Shanghai Jiao Yun Group (of which 1 is potentially serious!) you should know about.
虽然上海交云集团在息税前利润(EBIT)水平上出现亏损，但它实际上录得1.71亿元人民币的账面利润。因此，从表面上看，考虑到现金，我们认为短期内风险不是很大。考虑到收入增长乏力，一旦息税前利润为正，我们将对该股感到更放心。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。这些风险可能很难发现。每家公司都有它们，我们已经发现上海交运集团的2个警示标志(其中1人可能是严重的！)你应该知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业，那么看看这个免费资产负债表上有净现金的成长型企业名单。
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