We Think Jinan Shengquan Group Share Holding (SHSE:605589) Can Stay On Top Of Its Debt
We Think Jinan Shengquan Group Share Holding (SHSE:605589) Can Stay On Top Of Its Debt
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 Jinan Shengquan Group Share Holding Co., Ltd. (SHSE:605589) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍华德马克斯说得很好,他说,与其担心股价波动,不如担心“可能的永久损失风险……而我认识的每个实际投资者都会感到担忧”。当你检查一个公司的风险时,考虑其资产负债表是天经地义的,因为当一家企业崩溃的时候,经常涉及到债务。我们注意到,济南盛泉集团股份有限公司(SHSE:605589)确实在其资产负债表上有债务。但这个债务是否会让股东担心呢?
What Risk Does Debt Bring?
债务带来了什么风险?
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. 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. 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.
债务是帮助企业增长的工具,但如果企业无力偿还其债权人,那么它就处在他们的掌控下。事情变得非常糟糕时,债权人可以接管企业。然而,更常见的(但仍然痛苦的)情况是它必须以低价筹集新的股本资金,从而永久性地稀释股东。然而,通过代替稀释,债务可以成为企业在高回报率的增长投资上需要资本的极好工具。考虑企业使用多少债务时,首先要做的是查看其现金和债务总额。
How Much Debt Does Jinan Shengquan Group Share Holding Carry?
济南盛泉集团股份有限公司(SHSE:605589)负债有多少?
The image below, which you can click on for greater detail, shows that at March 2024 Jinan Shengquan Group Share Holding had debt of CN¥1.46b, up from CN¥1.17b in one year. But it also has CN¥1.86b in cash to offset that, meaning it has CN¥398.9m net cash.
下面的图表可以点击查看更详细的信息,显示了截至2024年3月,济南盛泉集团股份有限公司有人民币14.6亿的债务,较去年的人民币11.7亿有所上升。但它也有人民币18.6亿的现金来抵消这些债务,意味着它具有人民币3,989万元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240601/0-63406287ccebb1dbada3a372d03d6829-0-225cd33658bcda0c98ea8e9014b672b0.png/big)
How Strong Is Jinan Shengquan Group Share Holding's Balance Sheet?
济南盛泉集团股份有限公司的资产负债表有多强大?
The latest balance sheet data shows that Jinan Shengquan Group Share Holding had liabilities of CN¥3.54b due within a year, and liabilities of CN¥602.7m falling due after that. Offsetting this, it had CN¥1.86b in cash and CN¥3.05b in receivables that were due within 12 months. So it can boast CN¥762.2m more liquid assets than total liabilities.
最新资产负债表数据显示,济南盛泉集团股份有限公司短期负债为人民币35.4亿,长期负债为人民币6027万元。而其现金和应收账款共计人民币48.5亿,其中应收账款中有人民币30.5亿是在12个月内到期的。所以,它可以夸耀比负债高人民币7,622万的流动资产。总负债。
This surplus suggests that Jinan Shengquan Group Share Holding has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Jinan Shengquan Group Share Holding has more cash than debt is arguably a good indication that it can manage its debt safely.
这种资产净值的盈余表明济南盛泉集团股份有限公司的资产负债表保守,可能很容易消除其债务。简而言之,济南盛泉集团股份有限公司拥有比债务多的现金,这可能是它能够安全管理债务的一个好迹象。
Also good is that Jinan Shengquan Group Share Holding grew its EBIT at 13% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Jinan Shengquan Group Share Holding can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
此外,令人欣慰的是,济南盛泉集团股份有限公司在上一年的EBIT增长了13%,进一步增强了它管理债务的能力。显然,当你分析债务时,资产负债表是明显的关注点。但最终,企业未来的盈利能力将决定济南盛泉集团股份有限公司能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这个关于分析师盈利预测的免费报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Jinan Shengquan Group Share Holding 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. Over the last three years, Jinan Shengquan Group Share Holding saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后,一个企业需要自由现金流来偿还债务;会计利润仅仅是不够的。虽然济南盛泉集团股份有限公司的资产负债表上有净现金,但仍值得我们关注其将利润前利息税折旧和摊销(EBIT)转化为自由现金流的能力,帮助我们了解它建立(或侵蚀)现金平衡的速度。在过去的三年中,济南盛泉集团股份有限公司的自由现金流总计显著为负。虽然投资者无疑期望这种情况会在不久的将来逆转,但这显然意味着它的债务使用更加风险。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Jinan Shengquan Group Share Holding has net cash of CN¥398.9m, as well as more liquid assets than liabilities. On top of that, it increased its EBIT by 13% in the last twelve months. So we are not troubled with Jinan Shengquan Group Share Holding's debt use. 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. To that end, you should be aware of the 2 warning signs we've spotted with Jinan Shengquan Group Share Holding .
虽然我们同情那些担心债务的投资者,但你应该记住,济南盛泉集团股份有限公司有人民币3,989万元的净现金,以及比负债更多的流动资产。此外,它去年的EBIT增长了13%。因此,我们不担心济南盛泉集团股份有限公司的债务使用。当分析债务水平时,资产负债表是显而易见的起点。但最终,每个公司都可能存在超出资产负债表范围的风险。为此,您应该注意我们发现的2个关于济南盛泉集团股份有限公司的警示信号。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。