Is Jianshe Industry Group (Yunnan) (SZSE:002265) Using Too Much Debt?
Is Jianshe Industry Group (Yunnan) (SZSE:002265) Using Too Much Debt?
Warren Buffett famously said, '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. We note that Jianshe Industry Group (Yunnan) Co., Ltd. (SZSE:002265) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们注意到,建设工业集团(云南)有限公司(深交所:002265)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但如果企业无法还清贷方,那么债务就任其摆布。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东,这样才能控制债务。当然,许多公司使用债务为增长提供资金,而不会产生任何负面后果。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。
View our latest analysis for Jianshe Industry Group (Yunnan)
查看我们对建设工业集团(云南)的最新分析
What Is Jianshe Industry Group (Yunnan)'s Net Debt?
建设工业集团(云南)的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Jianshe Industry Group (Yunnan) had CN¥280.0m of debt, an increase on CN¥75.0m, over one year. But on the other hand it also has CN¥2.73b in cash, leading to a CN¥2.45b net cash position.
你可以点击下图查看历史数字,但它显示,截至2023年9月,建设工业集团(云南)在一年内有2.80亿元人民币的债务,比7500万加元人民币增加了7500万加元。但另一方面,它也有27.3亿元人民币的现金,净现金状况为24.5亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-2f993fffa0c384ccd3520af6d11576c9-0-b31d7597b63dd31080a7fdcad81f9885.png/big)
A Look At Jianshe Industry Group (Yunnan)'s Liabilities
看看建设工业集团(云南)的负债
Zooming in on the latest balance sheet data, we can see that Jianshe Industry Group (Yunnan) had liabilities of CN¥4.84b due within 12 months and liabilities of CN¥638.4m due beyond that. Offsetting this, it had CN¥2.73b in cash and CN¥1.59b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.17b more than its cash and near-term receivables, combined.
放大最新的资产负债表数据,我们可以看到,建设工业集团(云南)在12个月内到期的负债为48.4亿元人民币,之后到期的负债为6.384亿元人民币。与此相抵消的是,它有27.3亿加元的现金和15.9亿元人民币的应收账款将在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和多出11.7亿元人民币。
Of course, Jianshe Industry Group (Yunnan) has a market capitalization of CN¥9.59b, 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. 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! When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Jianshe Industry Group (Yunnan) 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.
当然,建设工业集团(云南)的市值为95.9亿元人民币,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。尽管负债可观,但建设工业集团(云南)拥有净现金,因此可以公平地说,它没有沉重的债务负担!在分析债务水平时,资产负债表是显而易见的起点。但是你不能完全孤立地看待债务;因为建设工业集团(云南)需要收益来偿还债务。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
In the last year Jianshe Industry Group (Yunnan) had a loss before interest and tax, and actually shrunk its revenue by 37%, to CN¥4.4b. That makes us nervous, to say the least.
去年,建设工业集团(云南)在利息和税前出现亏损,实际收入减少了37%,至44亿元人民币。至少可以说,这让我们感到紧张。
So How Risky Is Jianshe Industry Group (Yunnan)?
那么建设工业集团(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¥206m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 4 warning signs we've spotted with Jianshe Industry Group (Yunnan) .
尽管建设工业集团(云南)在过去十二个月中出现了息税前收益(EBIT)亏损,但其法定利润为2.06亿元人民币。因此,从面值来看,考虑到现金,我们认为短期内风险不大。在我们看到息税前利润为正数之前,我们对该股持谨慎态度,尤其是因为收入增长相当温和。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。为此,你应该注意我们在建设工业集团(云南)发现的4个警告信号。
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,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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