JA Solar Technology (SZSE:002459) Has A Somewhat Strained Balance Sheet
JA Solar Technology (SZSE:002459) Has A Somewhat Strained Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies JA Solar Technology Co., Ltd. (SZSE:002459) makes use of debt. But is this debt a concern to shareholders?
戴维德·艾本说得很好,他说:“波动性不是我们关心的风险。我们关心的是避免资本永久损失。”因此,很明显,当你考虑任何特定股票的风险时,你需要考虑债务,因为债务过多可能会拖垮一家公司。与许多其他公司一样,晶澳科技股份有限公司(SZSE:002459)利用了债务。但这种债务对股东而言是值得关注的吗?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务可以帮助业务,直到业务无法用新资本或自由现金流来偿还为止。在最坏的情况下,如果公司无法偿还债权人,它可能会破产。然而,一种(但仍然昂贵)更为常见的情况是,一家公司必须以便宜的股价稀释股东,以控制债务。当然,债务可以成为企业的重要工具,特别是资本密集型企业。在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的总体情况。
What Is JA Solar Technology's Debt?
晶澳科技的债务是什么?
As you can see below, at the end of March 2024, JA Solar Technology had CN¥19.3b of debt, up from CN¥2.42b a year ago. Click the image for more detail. However, it does have CN¥15.0b in cash offsetting this, leading to net debt of about CN¥4.30b.
正如您所看到的,截至2024年3月底,晶澳科技的债务达到193亿元人民币,比一年前的24.2亿元人民币上升。点击图片查看更多详情。然而,它有150亿元人民币的现金抵消这一债务,导致净债务约为43亿元人民币。
![1724456141339](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42820796-0-833b28a3032e5bc88f9b04234e7bdb21.webp/bigjpg)
How Strong Is JA Solar Technology's Balance Sheet?
晶澳科技的资产负债表有多强?
We can see from the most recent balance sheet that JA Solar Technology had liabilities of CN¥47.3b falling due within a year, and liabilities of CN¥24.9b due beyond that. Offsetting these obligations, it had cash of CN¥15.0b as well as receivables valued at CN¥11.2b due within 12 months. So it has liabilities totalling CN¥46.0b more than its cash and near-term receivables, combined.
从最近的资产负债表可以看出,晶澳科技有473亿人民币的短期到期负债,以及249亿人民币的长期到期负债。 抵消这些义务,它有150亿人民币的现金,以及价值112亿人民币的应收账款,其中12个月内到期。 因此,其负债总计超过现金和短期应收账款的460亿人民币。
The deficiency here weighs heavily on the CN¥30.3b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. At the end of the day, JA Solar Technology would probably need a major re-capitalization if its creditors were to demand repayment.
这里的不足严重影响着303亿人民币的公司本身,就好像一个孩子挣扎着背着一只装满了书、体育装备和小号的沉重背包一样。因此,我们确实认为股东需要密切关注这一点。归根结底,如果债权人要求偿还,晶澳科技可能需要进行重大再资本化。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
为了对公司的债务相对于其收益进行规模适应,我们计算其净债务与利息、税、折旧和摊销前收益(EBITDA)之比及其税前收益(EBIT)与利息支出之比(利息保障倍数)。因此,我们既考虑到不包括折旧和摊销费用在内的收益,又包括折旧和摊销费用的收益相对于债务。
JA Solar Technology has a low net debt to EBITDA ratio of only 0.45. And its EBIT covers its interest expense a whopping 21.4 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. It is just as well that JA Solar Technology's load is not too heavy, because its EBIT was down 31% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 JA Solar Technology 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.
晶澳科技的净债务与息税折旧摊销前利润(EBITDA)比率只有0.45。 其EBIT覆盖利息费用高达21.4倍。 因此,你可以认为它对债务的威胁不比大象对老鼠的威胁多。好在晶澳科技的负担不太重,因为其EBIT在过去一年下降了31%。 当一家公司看到其盈利大幅下滑时,有时候会发现其与债权人的关系变得紧张。 资产负债表显然是分析债务时要关注的领域。 但归根结底,业务的未来盈利能力将决定晶澳科技是否能够随着时间加强其资产负债表。 因此,如果想知道专业人士的看法,你可能会发现分析师盈利预测的免费报告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, JA Solar Technology burned a lot of cash. 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.
但我们最终的考虑也很重要,因为一家公司不能用纸面利润来偿还债务;它需要冰冷的现金。因此,我们总是检查多少EBIt被转化为自由现金流。在过去的三年里,晶澳科技烧掉了大量现金。虽然投资者无疑希望这种情况会在不久的将来逆转,但显然这意味着它对债务的使用更加冒险。
Our View
我们的观点
On the face of it, JA Solar Technology's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. We're quite clear that we consider JA Solar Technology to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 3 warning signs with JA Solar Technology (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
表面上看,晶澳科技将EBIt转化为自由现金流的情况使我们对该股持谨慎态度,其EBIt增长率并不比一年中最繁忙的夜晚里空无一人的餐厅更具吸引力。但至少它相当不错地覆盖了利息支出与其EBIT;这是令人鼓舞的。我们非常清楚地认为晶澳科技在资产负债表健康状况上真的相当风险,因此我们对这支股票几乎像饥饿的小猫一样对待自己掉进主人的鱼塘:一朝被骗,再三谨慎,俗话说得好。当你分析债务时,资产负债表显然是要重点关注的领域。但最终,每家公司都可能存在超出资产负债表之外的风险。我们已经发现了晶澳科技的3个警告信号(至少有1个有点令人不快),了解它们应该是你的投资过程的一部分。
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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