Does Jilin Liyuan Precision Manufacturing (SZSE:002501) Have A Healthy Balance Sheet?
Does Jilin Liyuan Precision Manufacturing (SZSE:002501) Have A 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. Importantly, Jilin Liyuan Precision Manufacturing Co., Ltd. (SZSE:002501) does carry debt. But the real question is whether this debt is making the company risky.
霍华德·马克思做得很好,他说,与其担心股票价格波动,“我担心的是永久性损失的可能性……我认识的每一位实际投资者都很担心。” 当您检查一个企业的风险程度时,考虑到它的资产负债表是很自然的,因为一般涉及债务问题才会引发企业破产。重要的是,吉林利源股份股份有限公司(SZSE:002501)确实带有债务。但问题在于,这笔债务是否会使企业变得风险高涨。
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
负债有助于企业,直到企业遇到还款的困难,无论是通过新的资本还是通过自由现金流。如果情况变得非常糟糕,放贷人可以接管企业。然而,更常见(但仍然痛苦)的情况是,它不得不以低价筹集新的股本资金,从而永久性地稀释股东。当然,债务可以是企业的一个重要工具,特别是资本密集型企业。当我们考虑一家公司的债务使用情况时,我们首先看现金和债务结合在一起。
How Much Debt Does Jilin Liyuan Precision Manufacturing Carry?
吉林利源股份现在欠债大约为CN¥6920万,比去年减少了CN¥19990万。相反,它有CN¥2400万现金和约CN¥4520万的净债务。
The image below, which you can click on for greater detail, shows that Jilin Liyuan Precision Manufacturing had debt of CN¥69.2m at the end of March 2024, a reduction from CN¥199.9m over a year. On the flip side, it has CN¥24.0m in cash leading to net debt of about CN¥45.2m.
吉林利源股份有限公司的负债历史记录:截至2024年3月底,负债总额为CN¥27510万,占总资产的比例为24%。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240529/0-80bc971ff4a4657d9ea4016d0ee5bd0f-0-d9874dad50d8f17ead4c677b6784bd40.png/big)
How Healthy Is Jilin Liyuan Precision Manufacturing's Balance Sheet?
吉林利源股份股份有限公司的财务状况如何?据最新披露的财务报表显示:吉林利源股份有限公司有CN¥16670万的短期负债和CN¥30720万的长期负债。相对地,它有CN¥2400万现金和CN¥17480万的应收账款,这些应收账款在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组合多了CN¥27510万。
According to the last reported balance sheet, Jilin Liyuan Precision Manufacturing had liabilities of CN¥166.7m due within 12 months, and liabilities of CN¥307.2m due beyond 12 months. Offsetting this, it had CN¥24.0m in cash and CN¥174.8m in receivables that were due within 12 months. So its liabilities total CN¥275.1m more than the combination of its cash and short-term receivables.
自上一份财报披露以来,吉林利源股份有限公司的收入下降了15%,至CN¥44300万。其负债为CN¥16670万,需要在12个月内偿还,并且还有CN¥30720万的长期负债。相对的,它有CN¥2400万的现金和CN¥17480万应收账款在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组合多了CN¥27510万。
Since publicly traded Jilin Liyuan Precision Manufacturing shares are worth a total of CN¥4.54b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Carrying virtually no net debt, Jilin Liyuan Precision Manufacturing has a very light debt load indeed. There's no doubt that we learn most about debt from the balance sheet. But it is Jilin Liyuan Precision Manufacturing's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
吉林利源股份现在的市值为CN¥45.4亿,因此这个负债水平似乎不会构成很大的威胁。然而,我们应该始终监测其资产负债表,以免情况恶化。吉林利源股份几乎没有净债务负担。通过资产负债表,我们毫无疑问可以了解大部分有关债务的信息。然而,吉林利源股份的盈利状况将影响其未来的资产负债表情况。因此,在考虑债务时,看盈利性趋势绝对是值得的。
In the last year Jilin Liyuan Precision Manufacturing had a loss before interest and tax, and actually shrunk its revenue by 15%, to CN¥443m. We would much prefer see growth.
在过去的一年中,吉林利源股份的利润和税前亏损,并将其收入缩减了15%,至CN¥44300万。我们更希望看到其成长。
Caveat Emptor
买方自负。
While Jilin Liyuan Precision Manufacturing's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at CN¥163m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥223m of cash over the last year. So to be blunt we think it is 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. For example, we've discovered 1 warning sign for Jilin Liyuan Precision Manufacturing that you should be aware of before investing here.
尽管吉林利源股份下滑的营收让人不太舒服,但其利润和税前亏损情况更让人不满。具体而言,税收亏损达CN¥16300万。考虑到上述负债,让我们没有信心让企业使用大量贷款。因此,我们认为其资产负债表有些紧张,但并未到无法挽救的程度。然而,它在过去一年中消耗了将近CN¥22300万的现金,这并不利于我们的风险控制。当然,我们可以从资产负债表中了解到债务的大部分信息。但最终,每个公司都可能存在超出资产负债表之外的风险。例如,我们在此发现了1个吉林利源股份的警示标志,投资者在投资之前应该知道这一点。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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