Is Zhejiang Jolly PharmaceuticalLTD (SZSE:300181) A Risky Investment?
Is Zhejiang Jolly PharmaceuticalLTD (SZSE:300181) A Risky Investment?
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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Zhejiang Jolly Pharmaceutical Co.,LTD (SZSE:300181) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。与许多其他公司一样,浙江卓立药业有限公司, LTD(深圳证券交易所代码:300181)使用债务。但更重要的问题是:这笔债务会带来多大的风险?
When Is Debt Dangerous?
债务何时危险?
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. 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。如果情况变得非常糟糕,贷款人可以控制业务。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is Zhejiang Jolly PharmaceuticalLTD's Debt?
浙江众立药业有限公司的债务是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Zhejiang Jolly PharmaceuticalLTD had debt of CN¥214.5m, up from CN¥188.2m in one year. But on the other hand it also has CN¥1.01b in cash, leading to a CN¥796.5m net cash position.
您可以点击下图查看更多详情,该图片显示,截至2023年9月,浙江卓立制药有限公司的债务为2.145亿元人民币,高于一年内的1.882亿元人民币。但另一方面,它也有101亿元人民币的现金,净现金状况为7.965亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-a84de257ff6ea5e517467b9c13e9b806-0-34d469a6c4ab3c43dfd9f38bf9989f8e.png/big)
How Strong Is Zhejiang Jolly PharmaceuticalLTD's Balance Sheet?
浙江卓立药业有限公司的资产负债表有多强?
According to the last reported balance sheet, Zhejiang Jolly PharmaceuticalLTD had liabilities of CN¥754.9m due within 12 months, and liabilities of CN¥75.3m due beyond 12 months. Offsetting this, it had CN¥1.01b in cash and CN¥535.5m in receivables that were due within 12 months. So it can boast CN¥716.4m more liquid assets than total liabilities.
根据上次报告的资产负债表,浙江卓立制药有限公司的负债为7.549亿元人民币,12个月后到期的负债为7,530万元人民币。与此相抵消的是,它有101亿加元的现金和5.355亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出7.164亿元人民币 总 负债。
This surplus suggests that Zhejiang Jolly PharmaceuticalLTD has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Zhejiang Jolly PharmaceuticalLTD has more cash than debt is arguably a good indication that it can manage its debt safely.
这种盈余表明,浙江卓立制药有限公司的资产负债表比较保守,可以毫不费力地消除债务。简而言之,浙江卓立制药有限公司的现金多于债务,这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
In addition to that, we're happy to report that Zhejiang Jolly PharmaceuticalLTD has boosted its EBIT by 36%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Zhejiang Jolly PharmaceuticalLTD's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
除此之外,我们很高兴地向大家报告,浙江卓立药业有限公司已将其息税前利润提高了36%,从而减少了对未来债务偿还的担忧。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益比什么都重要,将决定浙江卓立制药有限公司未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Zhejiang Jolly PharmaceuticalLTD may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Zhejiang Jolly PharmaceuticalLTD produced sturdy free cash flow equating to 51% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。Zhejiang Jolly PharmaceuticalLTD的资产负债表上可能有净现金,但仍然值得关注的是该企业将其利息和税前收益(EBIT)转换为自由现金流的情况,因为这将影响其对债务的需求和管理能力。在过去的三年中,浙江卓立制药有限公司产生了稳健的自由现金流,相当于其息税前利润的51%,与我们的预期差不多。这种冷硬现金意味着它可以在需要时减少债务。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case Zhejiang Jolly PharmaceuticalLTD has CN¥796.5m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 36% over the last year. So is Zhejiang Jolly PharmaceuticalLTD's debt a risk? It doesn't seem so to us. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Zhejiang Jolly PharmaceuticalLTD you should be aware of.
尽管调查公司的债务总是明智的,但在本案中,浙江卓立制药有限公司的净现金为7.965亿元人民币,资产负债表看起来不错。它的息税前利润比去年增长了36%,给我们留下了深刻的印象。那么浙江众立药业有限公司的债务是否存在风险?在我们看来,情况并非如此。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。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了你应该注意的浙江乔利制药有限公司的1个警告信号。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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