Jianshe Industry Group (Yunnan) (SZSE:002265) Has A Pretty Healthy Balance Sheet
Jianshe Industry Group (Yunnan) (SZSE:002265) Has A Pretty Healthy Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Jianshe Industry Group (Yunnan) Co., Ltd. (SZSE:002265) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
霍华德·马克斯(Howard Marks)曾形容股价波动,他说:“我担心的是永久性损失的风险……每个实际投资者都会担心。”当您查看公司的风险时,考虑到公司的资产负债表是很自然的,因为购买债务时可能涉及债务。我们注意到建设工业(云南)股份有限公司(股票代码:002265.SZ)的资产负债表上确实有债务,但股东应该担心公司如何使用债务吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
当企业无法轻易地通过自由现金流或以有吸引力的价格筹资时,债务和其他负债就会对企业构成风险。资本主义的一部分就是“创造性破坏”过程,失败的企业无情地被银行家清算掉。然而,更频繁(但仍然代价高昂)的情况是,公司必须以极低的价格发行股票,永久性地稀释股东以强化其资产负债表。当然,债务的优势是它通常代表了廉价资本,特别是当它以高回报率再投资的能力取代稀释时。考虑企业的债务水平时,第一步是考虑现金和债务的总和。
What Is Jianshe Industry Group (Yunnan)'s Net Debt?
建设工业(云南)股份有限公司的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Jianshe Industry Group (Yunnan) had CN¥256.0m of debt, an increase on CN¥120.0m, over one year. But it also has CN¥1.76b in cash to offset that, meaning it has CN¥1.51b net cash.
您可以点击下图查看历史数字,但可以看出,截至2024年3月,建设工业(云南)股份有限公司有人民币2.56亿的债务,比去年增加了1.2亿元。但是,它也有17.6亿元的现金来抵消这种风险,这意味着它拥有15.1亿元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240525/0-5a49bb073acb62046c98bc7e69c16ae5-0-11b8aca879f598e1723a85f2f235cede.png/big)
How Healthy Is Jianshe Industry Group (Yunnan)'s Balance Sheet?
建设工业(云南)股份有限公司的资产负债表状况如何?
Zooming in on the latest balance sheet data, we can see that Jianshe Industry Group (Yunnan) had liabilities of CN¥3.73b due within 12 months and liabilities of CN¥644.1m due beyond that. Offsetting this, it had CN¥1.76b in cash and CN¥1.53b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.08b.
观察最新的资产负债表数据,我们可以看出,建设工业(云南)股份有限公司有373亿元的负债到期,及64.41亿元的长期负债。与此同时,它有17.6亿元的现金和15.3亿元的应收账款,在12个月内到期。因此,它的负债超过了其现金和(短期)应收账款的总和,相当于10.8亿元。
Given Jianshe Industry Group (Yunnan) has a market capitalization of CN¥10.0b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, Jianshe Industry Group (Yunnan) also has more cash than debt, so we're pretty confident it can manage its debt safely.
建设工业(云南)股份有限公司的市值为100亿元,很难相信这些负债会对其构成威胁。但是,尽管需要注意其负债,我们认为建议股东继续关注资产负债表的状况。尽管需要注意其负债,建设工业(云南)股份有限公司比其债务多出更多的现金,因此我们相信它可以安全地管理其债务。
Although Jianshe Industry Group (Yunnan) made a loss at the EBIT level, last year, it was also good to see that it generated CN¥96m in EBIT over the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. 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.
尽管建设工业(云南)股份有限公司在EBIt的层面上去年亏损,但在过去十二个月内,公司产生了9600万元的EBIt,这是让人感到非常高兴的。当您分析债务时,资产负债区间是需要重点关注的。但是您不能孤立地看待债务; 因为建设工业(云南)股份有限公司需要利润来偿还债务。因此,如果您渴望了解其收入情况,不妨查看其长期收益趋势图。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Jianshe Industry Group (Yunnan) has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Jianshe Industry Group (Yunnan) actually produced more free cash flow than EBIT over the last year. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最后,虽然纳税人可能喜欢会计利润,但贷款人只接受实际现金。虽然建设工业(云南)股份有限公司在资产负债表上拥有净现金,但它的能力将利润(利息和税前利润)转换为自由现金流的情况仍值得关注,以帮助我们了解公司正在多快地建立(或削弱)其现金储备。乐观的是,建设工业(云南)股份有限公司过去一年的自由现金流甚至超过了EBIt。这样强劲的现金流将令股东感到满意。
Summing Up
总之
Although Jianshe Industry Group (Yunnan)'s balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥1.51b. And it impressed us with free cash flow of CN¥284m, being 296% of its EBIT. So we don't think Jianshe Industry Group (Yunnan)'s use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Jianshe Industry Group (Yunnan)'s earnings per share history for free.
虽然建设工业(云南)股份有限公司的资产负债表并不是特别强,由于其负债总额,但看到它拥有1.51亿元的净现金仍然是一件好事。另外,它的自由现金流达2.84亿元,相当于296%的EBIt,这令人印象深刻。因此,我们认为建设工业(云南)股份有限公司使用债务并不具有风险,除了最重要的指标之外,如果股东希望监控每股收益的增长速度,了解其长期每股收益的历史记录,您可以查看此次互动图表,免费了解最新信息。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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