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Jiangxi Bestoo EnergyLtd (SZSE:001376) Has A Rock Solid Balance Sheet

Jiangxi Bestoo EnergyLtd (SZSE:001376) Has A Rock Solid Balance Sheet

江西博杰能源有限公司(SZSE:001376)财务状况坚实
Simply Wall St ·  2024/10/13 10:47

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.' 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 Jiangxi Bestoo Energy Co.,Ltd. (SZSE:001376) does use debt in its business. But is this debt a concern to shareholders?

当大卫·伊本说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”时,他表达得很到位。当您分析一个公司的风险时,考虑到债务通常在企业倒闭时涉及其中,查看其资产负债表是再自然不过的事情。我们可以看到,江西百脱能源股份有限公司(SZSE:001376)在业务中确实使用了债务。但是这种债务对股东构成了担忧吗?

When Is Debt A Problem?

什么时候负债才是一个问题?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.

通常情况下,当一家公司无法轻易偿还债务时,债务才成为真正的问题,无论是通过资本筹集还是通过自身现金流量偿还。如果情况变得非常糟糕,贷款人可以接管企业。然而,更常见的(但仍然昂贵)情况是,一家公司必须以低廉的股价稀释股东权益,以便控制债务。然而,通过替代股权稀释,债务可以成为那些需要资本以高回报率投资增长的企业的极好工具。在评估债务水平时,我们首先考虑现金和债务水平。

What Is Jiangxi Bestoo EnergyLtd's Debt?

江西百脱能源有限公司的债务是什么?

As you can see below, Jiangxi Bestoo EnergyLtd had CN¥260.0m of debt at June 2024, down from CN¥377.1m a year prior. But it also has CN¥271.3m in cash to offset that, meaning it has CN¥11.3m net cash.

正如下文所示,江西百脱能源有限公司于2024年6月的债务为26000万人民币,较一年前的37710万人民币有所减少。但它还有27130万人民币的现金用以抵消,这意味着其净现金为1130万人民币。

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SZSE:001376 Debt to Equity History October 13th 2024
SZSE:001376资产负债历史数据2024年10月13日

A Look At Jiangxi Bestoo EnergyLtd's Liabilities

江西百拓能源有限公司负债情况一览

According to the last reported balance sheet, Jiangxi Bestoo EnergyLtd had liabilities of CN¥414.2m due within 12 months, and liabilities of CN¥27.6m due beyond 12 months. On the other hand, it had cash of CN¥271.3m and CN¥39.5m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥131.0m.

根据最近披露的负债表,江西百拓能源有限公司的短期负债为人民币41420万,超过12个月到期的负债为人民币2760万。与此同时,公司拥有一年内到期的现金为人民币27130万,应收账款价值为人民币3950万。因此,其负债超过现金和(近期)应收账款的总和为人民币13100万。

This state of affairs indicates that Jiangxi Bestoo EnergyLtd's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥7.51b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Jiangxi Bestoo EnergyLtd boasts net cash, so it's fair to say it does not have a heavy debt load!

这种状态表明江西百拓能源有限公司的资产负债表看起来相当稳健,因为其总负债几乎等于其流动资产。因此,这家规模为75.1亿人民币的公司很不可能现金短缺,但仍值得关注其资产负债表。尽管其负债值得注意,江西百拓能源有限公司拥有净现金,因此可以说它并没有沉重的债务负担!

In addition to that, we're happy to report that Jiangxi Bestoo EnergyLtd has boosted its EBIT by 37%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jiangxi Bestoo EnergyLtd'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.

除此之外,我们很高兴地宣布,江西百拓能源有限公司已将其EBIt增加了37%,从而降低了未来债务偿还的幽灵。资产负债表显然是您分析债务时要关注的区域。但恰恰是江西百拓能源有限公司的收入将影响资产负债表的未来表现。因此,如果您渴望了解更多关于其收入的信息,不妨查看一下其长期收入趋势图。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Jiangxi Bestoo EnergyLtd 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. During the last three years, Jiangxi Bestoo EnergyLtd produced sturdy free cash flow equating to 77% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

最后,虽然税务部门可能喜欢会计利润,但贷款人只接受冰冷的现金。虽然江西百拓能源有限公司的资产负债表上有净现金,但仍值得关注其将利润转化为自由现金流的能力,以帮助我们了解其正在加速(或侵蚀)现金余额的速度。在过去三年中,江西百拓能源有限公司产生了坚实的自由现金流, equivaling 维持了其EBIt的77%,与我们的预期大致相符。这笔冰冷的现金意味着它可以在希望的时候减少债务。

Summing Up

总之

We could understand if investors are concerned about Jiangxi Bestoo EnergyLtd's liabilities, but we can be reassured by the fact it has has net cash of CN¥11.3m. And it impressed us with its EBIT growth of 37% over the last year. So is Jiangxi Bestoo EnergyLtd's debt a risk? It doesn't seem so to us. 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. Be aware that Jiangxi Bestoo EnergyLtd is showing 1 warning sign in our investment analysis , you should know about...

我们可以理解投资者对江西Bestoo EnergyLtd的负债感到担忧,但事实上,它拥有1130万人民币的净现金,这让我们感到放心。而且,过去一年EBIt增长了37%,给我们留下了深刻印象。那么,江西Bestoo EnergyLtd的债务是否构成风险?在我们看来不是这样。在分析债务水平时,资产负债表是明显的起点。然而,并非所有投资风险都存在于资产负债表中 - 远非如此。请注意,江西Bestoo EnergyLtd在我们的投资分析中显示了1个警示信号,您应该知道..."

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。

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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.

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