These 4 Measures Indicate That Jiangsu Aisen Semiconductor MaterialLtd (SHSE:688720) Is Using Debt Reasonably Well
These 4 Measures Indicate That Jiangsu Aisen Semiconductor MaterialLtd (SHSE:688720) Is Using Debt Reasonably Well
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.' 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 can see that Jiangsu Aisen Semiconductor Material Co.,Ltd. (SHSE:688720) does use debt in its business. But the more important question is: how much risk is that debt creating?
当投资人李录认为“最大的投资风险并非价格波动，而是你是否会遭受资本的永久性损失”时，深受伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理，没有任何保留。考虑到企业破产时通常伴随着债务问题，当你分析一个公司的风险性时，了解它的资产负债表非常重要。我们可以发现，江苏艾森半导体材料股份有限公司（SHSE：688720）在其业务中确实使用了债务，但更重要的问题是：这些债务创造了多少风险?
Why Does Debt Bring Risk?
为什么债务会带来风险？
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的有力工具，但如果企业无法偿还债务，则它存在于债权人的掌控下。在最坏的情况下，如果企业无法偿还债务，会导致公司破产。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股票价格稀释股东，以控制债务。当然，许多公司使用债务来资助增长，并没有受到任何负面后果的影响。当我们检查债务水平时，我们首先考虑现金和债务水平。
What Is Jiangsu Aisen Semiconductor MaterialLtd's Debt?
江苏艾森半导体材料股份有限公司的债务是什么？
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Jiangsu Aisen Semiconductor MaterialLtd had CN¥151.9m of debt, an increase on CN¥40.5m, over one year. But on the other hand it also has CN¥381.6m in cash, leading to a CN¥229.7m net cash position.
您可以单击下面的图形查看历史数据，但它显示截至2024年3月，江苏艾森半导体材料股份有限公司有1.51亿元人民币的债务，比一年前增加了4050万元人民币。另一方面，它也拥有3.816亿元人民币的现金，导致净现金位置为2.297亿元人民币。
A Look At Jiangsu Aisen Semiconductor MaterialLtd's Liabilities
我们可以从最新负债表上看到，江苏艾森半导体材料股份有限公司在一年内到期的负债为2.158亿元人民币，到期超过一年的负债为4110万元人民币。另一方面，它拥有3.816亿元人民币的现金和2.957亿元人民币的应收账款。因此，它比总负债多拥有4.204亿元人民币的流动资产。
We can see from the most recent balance sheet that Jiangsu Aisen Semiconductor MaterialLtd had liabilities of CN¥215.8m falling due within a year, and liabilities of CN¥41.1m due beyond that. On the other hand, it had cash of CN¥381.6m and CN¥295.7m worth of receivables due within a year. So it can boast CN¥420.4m more liquid assets than total liabilities.
这种短期流动性表明江苏艾森半导体材料股份有限公司很可能能够轻松偿还债务，因为它的资产负债表远未过度紧张。简而言之，江苏艾森半导体材料股份有限公司拥有净现金，因此可以说它没有沉重的债务负担!更好的是，江苏艾森半导体材料股份有限公司去年EBIT增长了155%，这是一个令人印象深刻的进步。这种增长将使它更容易偿还债务。毫无疑问，我们从资产负债表中了解到负债最多。但最终企业未来的盈利能力将决定江苏艾森半导体材料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，如果您想了解专业人士的看法，您可能会发现分析师利润预测的这份免费报告很有趣。
This short term liquidity is a sign that Jiangsu Aisen Semiconductor MaterialLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Jiangsu Aisen Semiconductor MaterialLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
最后，企业需要自由现金流来偿还债务；会计利润就无法胜任。即使江苏艾森半导体材料股份有限公司在其资产负债表上有净现金，看看其将息税前利润（EBIT）转化为自由现金流的能力仍然值得一看，以帮助我们了解它是如何迅速积累（或耗尽）这笔现金的。在过去的三年中，江苏艾森半导体材料股份有限公司累计出现了相当大的负自由现金流。尽管这可能是出于增长支出的原因，但它确实使债务更加高风险。
Better yet, Jiangsu Aisen Semiconductor MaterialLtd grew its EBIT by 155% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Jiangsu Aisen Semiconductor MaterialLtd 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.
尽管调查公司的债务总是明智的，但在这种情况下，江苏艾森半导体材料股份有限公司拥有2.297亿元人民币的净现金和看起来不错的资产负债表。它的EBIT去年增长了155%，给我们留下了深刻的印象。因此，我们对江苏艾森半导体材料股份有限公司的债务使用不感到困扰。在分析债务水平时，资产负债表是一个显而易见的起点。然而，并非所有的投资风险都存在于资产负债表中 - 离它还远着呢。这些风险很难发现。每个公司都有这些风险，我们已经发现了江苏艾森半导体材料股份有限公司的2个警告信号，你应该知道。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Jiangsu Aisen Semiconductor MaterialLtd 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, Jiangsu Aisen Semiconductor MaterialLtd saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后，企业需要自由现金流来偿还债务；会计利润就无法胜任。即使江苏艾森半导体材料股份有限公司在其资产负债表上有净现金，看看其将息税前利润（EBIT）转化为自由现金流的能力仍然值得一看，以帮助我们了解它是如何迅速积累（或耗尽）这笔现金的。在过去的三年中，江苏艾森半导体材料股份有限公司累计出现了相当大的负自由现金流。尽管这可能是出于增长支出的原因，但它确实使债务更加高风险。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Jiangsu Aisen Semiconductor MaterialLtd has CN¥229.7m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 155% over the last year. So we are not troubled with Jiangsu Aisen Semiconductor MaterialLtd's debt use. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Jiangsu Aisen Semiconductor MaterialLtd you should know about.
尽管调查公司的债务总是明智的，但在这种情况下，江苏艾森半导体材料股份有限公司拥有2.297亿元人民币的净现金和看起来不错的资产负债表。它的EBIT去年增长了155%，给我们留下了深刻的印象。因此，我们对江苏艾森半导体材料股份有限公司的债务使用不感到困扰。在分析债务水平时，资产负债表是一个显而易见的起点。然而，并非所有的投资风险都存在于资产负债表中 - 离它还远着呢。这些风险很难发现。每个公司都有这些风险，我们已经发现了江苏艾森半导体材料股份有限公司的2个警告信号，你应该知道。
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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。