These 4 Measures Indicate That Shandong Jinjing Science & Technology StockLtd (SHSE:600586) Is Using Debt Safely
These 4 Measures Indicate That Shandong Jinjing Science & Technology StockLtd (SHSE:600586) Is Using Debt Safely
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Shandong Jinjing Science & Technology Stock Co.,Ltd (SHSE:600586) makes use of debt. But is this debt a concern to shareholders?
有人认为,作为投资者,波动性而不是债务是思考风险的最佳方式,但沃伦·巴菲特曾经说过,"波动性远非风险的代名词"。所以看来明智的投资者知道,债务(通常与破产有关)是评估一家公司风险程度时的一个非常重要的因素。正如许多其他公司一样,山东晋京科技股份有限公司(SHSE:600586)使用债务。但这笔债务是否让股东担忧?
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
负债可以帮助公司,直到它在新资本或自由现金流方面出现困难。最终,如果公司无法履行偿还负债的法律义务,股东可能一无所有。然而,一种更为常见(但仍然痛苦)的情况是,它必须以低价筹集新的股本资本,从而永久稀释股东的利益。当然,负债的好处在于,它通常代表着便宜的资本,特别是当它取代具有高回报率再投资能力的公司的稀释时。考虑公司使用多少负债时,首先要做的是将其现金和负债放在一起看。
How Much Debt Does Shandong Jinjing Science & Technology StockLtd Carry?
山东晋京科技股份有限公司承载了多少债务?
As you can see below, at the end of June 2024, Shandong Jinjing Science & Technology StockLtd had CN¥2.44b of debt, up from CN¥2.25b a year ago. Click the image for more detail. On the flip side, it has CN¥2.35b in cash leading to net debt of about CN¥96.7m.
如下所示,截至2024年6月底,山东晋京科技股份有限公司的债务为人民币24.4亿,比去年的人民币22.5亿增加。点击图像以获取更多详细信息。另一方面,它有人民币23.5亿的现金,从而形成了净债务约为人民币9670万。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240821/0-865e94f75adc3ee6da63ea1ee4b86cc2-0-6e5dd19102a44a9ded79ffdacb6c5e33.png/big)
A Look At Shandong Jinjing Science & Technology StockLtd's Liabilities
浏览山东晋京科技股份有限公司的负债情况
Zooming in on the latest balance sheet data, we can see that Shandong Jinjing Science & Technology StockLtd had liabilities of CN¥4.63b due within 12 months and liabilities of CN¥889.6m due beyond that. Offsetting this, it had CN¥2.35b in cash and CN¥941.4m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.23b.
深入分析最新资产负债表数据,可以看到山东晋京科技股份有限公司的短期负债为46.3亿人民币,超过12个月的负债为88960万人民币。与此相抵,公司目前有23.5亿人民币的现金和94140万人民币的应收账款,这些款项在12个月内到期。因此,公司的负债超过其现金和(近期)应收账款的总和,达到22.3亿人民币。
Shandong Jinjing Science & Technology StockLtd has a market capitalization of CN¥7.40b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. But either way, Shandong Jinjing Science & Technology StockLtd has virtually no net debt, so it's fair to say it does not have a heavy debt load!
山东晋京科技股份有限公司的市值为74亿人民币,因此,如果有需要,公司很可能筹集资金来改善其资产负债表。但无论如何,仔细审视其偿债能力仍然是值得的。然而,山东晋京科技股份有限公司实际上几乎没有净债务,因此可以说负债并不重大!
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过将公司的净债务与其息税折旧摊销前利润(EBITDA)相除,并计算其息税前利润(EBIT)如何覆盖其利息费用(利息覆盖率)来衡量公司的债务负担相对于其盈利能力。因此,我们同时考虑债务的绝对数量以及所支付的利率。
With debt at a measly 0.073 times EBITDA and EBIT covering interest a whopping 14.9 times, it's clear that Shandong Jinjing Science & Technology StockLtd is not a desperate borrower. Indeed relative to its earnings its debt load seems light as a feather. On top of that, Shandong Jinjing Science & Technology StockLtd grew its EBIT by 81% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Shandong Jinjing Science & Technology StockLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
负债只占0.073倍息税折旧摊销前利润(EBITDA),而息税折旧摊销前利润(EBIT)覆盖利息达到惊人的14.9倍,显然山东晋京科技股份有限公司并不是急需借款的地步。实际上,相对于其收入,公司的负债看起来轻如鸿毛。除此之外,过去12个月内,山东晋京科技股份有限公司的息税折旧摊销前利润(EBIT)增长了81%,这种增长将有助于偿还债务。资产负债表显然是分析债务时需要关注的重点。不过,未来的收入才是决定山东晋京科技股份有限公司是否能维持健康资产负债表的最重要因素。因此,如果你专注于未来,可以查看分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Shandong Jinjing Science & Technology StockLtd generated free cash flow amounting to a very robust 83% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最后,一家公司只能用冷硬现金而不是会计利润来偿还债务。因此,我们总是检查有多少达成净利润转化为自由现金流。在过去三年中,山东晋青科技股份有限公司产生的自由现金流达到了非常强劲的EBIt的83%,超出了我们的预期。这使其在偿还债务方面处于非常强劲的位置。
Our View
我们的观点
Happily, Shandong Jinjing Science & Technology StockLtd's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Considering this range of factors, it seems to us that Shandong Jinjing Science & Technology StockLtd is quite prudent with its debt, and the risks seem well managed. So we're not worried about the use of a little leverage on the balance sheet. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - Shandong Jinjing Science & Technology StockLtd has 2 warning signs we think you should be aware of.
令人欣喜的是,山东晋青科技股份有限公司令人印象深刻的利息覆盖率意味着该公司在债务方面占据了上风。好消息还不止于此,该公司将EBIt转化为自由现金流的能力也支持了这种印象!考虑到这一系列因素,我们认为山东晋青科技股份有限公司在处理债务方面非常谨慎,风险似乎得到了很好的管理。因此,我们对资产负债表上的少量杠杆使用并不担心。在分析债务时,资产负债表显然是要重点关注的领域。然而,并非所有的投资风险都存在于资产负债表中,相去甚远。例如——山东晋青科技股份有限公司存在两个我们认为您应该注意到的警示标志。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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