We Think Jiangsu Yunyi ElectricLtd (SZSE:300304) Can Manage Its Debt With Ease
We Think Jiangsu Yunyi ElectricLtd (SZSE:300304) Can Manage Its Debt With Ease
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, Jiangsu Yunyi Electric Co.,Ltd. (SZSE:300304) does carry debt. But the more important question is: how much risk is that debt creating?
霍华德·马克斯(Howard Marks)说得好:“与其担心股价波动,不如担心永久性损失的可能性……我知道的每个实践投资者都会担心这种情况。”当你考虑一个公司的风险时,考虑其资产负债表就很自然,因为一个公司破产经常涉及债务。重要的问题是,这些债务产生多少风险?江苏云意电气股份有限公司(SZSE:300304)的确有债务,但更重要的问题是:这些债务产生了多少风险?
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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.
债务对于公司资金链的补充是好的,在公司有创业板或其他板块投资以获取高回报率的时候,债务是很有用的。在最坏的情况下,如果一个公司无法偿还其债权人,那么公司将会破产。虽然这种情况不太常见,但我们常常看到负债累累的公司因贷方迫使其以低价提高资本以永久性稀释股东而导致股东利益受损。与股东头寸稀释相比,债务是企业获取资金所需的极好工具。当考虑一家公司使用多少债务时,首先要做的是看它的现金和债务总额。
What Is Jiangsu Yunyi ElectricLtd's Debt?
江苏云意电气有限公 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的债务情况是什么?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Jiangsu Yunyi ElectricLtd had CN¥120.0m of debt, an increase on CN¥79.1m, over one year. However, it does have CN¥1.74b in cash offsetting this, leading to net cash of CN¥1.62b.
您可以单击以下图形以获取历史数据,但它显示截至2024年3月,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的债务总额为人民币1.2亿元,较去年增加了人民币7,910万元。但是,它的现金为人民币17.4亿元,净现金为人民币16.2亿元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240621/0-b147912e3a433c07138f0a223e17a1f3-0-340e6aa51c9562e3b56c3095d5fbd283.png/big)
How Strong Is Jiangsu Yunyi ElectricLtd's Balance Sheet?
江苏云意电气有限公 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的资产负债表状况如何?
Zooming in on the latest balance sheet data, we can see that Jiangsu Yunyi ElectricLtd had liabilities of CN¥776.9m due within 12 months and liabilities of CN¥123.2m due beyond that. On the other hand, it had cash of CN¥1.74b and CN¥598.7m worth of receivables due within a year. So it can boast CN¥1.44b more liquid assets than total liabilities.
关注最新的资产负债表数据可以发现,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)应付短期借款为人民币7.769亿元,非流动负债为人民币1.232亿元。反之,它有现金17.4亿元和一年内应收账款59.87亿元。因此,它拥有比负债更多的流动资产1.44亿元。总负债。
This excess liquidity suggests that Jiangsu Yunyi ElectricLtd is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Jiangsu Yunyi ElectricLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
这种多余的流动资产表明了江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)采取了谨慎的债务做法。因为它拥有大量的资产,所以它不太可能遇到债权人的麻烦。简而言之,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)有比债务更多的现金无疑是一个良好的指标,说明它可以安全地处理债务。
Even more impressive was the fact that Jiangsu Yunyi ElectricLtd grew its EBIT by 134% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jiangsu Yunyi ElectricLtd's earnings that will influence how the balance sheet holds up in the future. 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.
更有说服力的是,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)在过去十二个月中增加了134%的息税前利润(即EBIT)。如果保持这种增长,未来几年内的债务管理将会更加容易。资产负债表清晰地是在分析负债时需要关注的领域。但江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的盈利情况将会影响资产负债表在未来的抗风险能力。因此,如果您想进一步了解它的收益情况,可以查看其长期收益趋势的图形。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Jiangsu Yunyi ElectricLtd 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. Looking at the most recent three years, Jiangsu Yunyi ElectricLtd recorded free cash flow of 37% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,虽然税务机构可能喜欢会计利润,但贷款人只接受冰冷的现金。江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的净现金或许在资产负债表上,但了解企业将息税前利润转换为自由现金流的情况仍然很有意义,因为这将影响其管理债务的需求和能力。从最近三年的数据来看,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的自由现金流仅为息税前利润的37%,这比我们预期的要弱。在偿还债务方面,这并不好。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Jiangsu Yunyi ElectricLtd has net cash of CN¥1.62b, as well as more liquid assets than liabilities. And we liked the look of last year's 134% year-on-year EBIT growth. So we don't think Jiangsu Yunyi ElectricLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Jiangsu Yunyi ElectricLtd (1 is concerning) you should be aware of.
虽然我们同情那些担心债务的投资者,但您应该记住,江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)有人民币16.2亿元的净现金,以及更多的流动资产而非负债。我们喜欢去年134%的年同比息税前利润增长。因此,我们认为江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)对债务的利用并不冒险。在分析债务水平时,资产负债表是显而易见的起点。然而,并不是所有的投资风险都存在于资产负债表之内,甚至远远不止如此。例如,我们已经确定江苏云意电气有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)存在两个警示信号(其中一个令人担忧),您应该注意。
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.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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