Is Henan Jindan Lactic Acid TechnologyLtd (SZSE:300829) Using Too Much Debt?
Is Henan Jindan Lactic Acid TechnologyLtd (SZSE:300829) Using Too Much Debt?
The latest balance sheet data shows that Henan Jindan Lactic Acid TechnologyLtd had liabilities of CN¥754.0m due within a year, and liabilities of CN¥868.7m falling due after that. On the other hand, it had cash of CN¥548.6m and CN¥143.5m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥930.5m. 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 Henan Jindan Lactic Acid Technology Co.,Ltd. (SZSE:300829) does use debt in its business. But the real question is whether this debt is making the company risky.
大卫·艾本说得很好：‘波动性并不是我们关心的风险。我们关心的是避免资本的永久损失。’ 当你审视一家公司的风险时，自然要考虑公司的资产负债表，因为债务在企业崩溃时经常会涉及到。我们可以看到，河南金丹科技股份有限公司（SZSE:300829）确实在其业务中使用了债务。但是，真正的问题是这些债务是否让公司变得有风险。
What Risk Does Debt Bring?
债务带来了什么风险？
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业增长的工具，但如果一家公司无法偿还其债权人，那么它就处于债权人的支配之下。最终，如果公司无法履行其偿还债务的法律义务，股东可能一无所获。然而，更常见（但仍然昂贵）的情况是，公司必须以廉价的股价稀释股东，仅仅是为了控制债务。当然，债务在企业中可能是重要的工具，特别是资本密集型的业务。当考虑公司的债务水平时，第一步是将其现金和债务一并考虑。
What Is Henan Jindan Lactic Acid TechnologyLtd's Debt?
河南金丹科技有限公司的债务是什么？
As you can see below, Henan Jindan Lactic Acid TechnologyLtd had CN¥1.25b of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have CN¥548.6m in cash offsetting this, leading to net debt of about CN¥697.6m.
正如下图所示，河南金丹科技有限公司在2024年9月的债务为12.5亿人民币，与前一年差不多。您可以点击图表以获取更详细的信息。然而，它有54860万人民币的现金抵消这部分债务，导致净债务约为69760万人民币。
How Healthy Is Henan Jindan Lactic Acid TechnologyLtd's Balance Sheet?
河南金丹科技的资产负债表健康吗？
The latest balance sheet data shows that Henan Jindan Lactic Acid TechnologyLtd had liabilities of CN¥754.0m due within a year, and liabilities of CN¥868.7m falling due after that. On the other hand, it had cash of CN¥548.6m and CN¥143.5m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥930.5m.
最新的资产负债表数据显示，河南金丹科技在一年内的负债为75400万人民币，且一年后到期的负债为86870万人民币。另一方面，它有现金54860万人民币和14350万人民币的应收账款在一年内到期。因此，它的负债超过了现金和（短期）应收账款的总和93050万人民币。
While this might seem like a lot, it is not so bad since Henan Jindan Lactic Acid TechnologyLtd has a market capitalization of CN¥3.66b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
虽然这听起来很多，但并不算太糟糕，因为河南金丹科技的市值为36.6亿人民币，因此如果需要，它可能通过融资来增强其资产负债表。然而，仔细审视其偿还债务的能力仍然是值得的。
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了评估一家公司的债务与其收益的关系，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用的比率（即利息覆盖率）。通过这种方式，我们考虑了债务的绝对数量和所支付的利率。
Henan Jindan Lactic Acid TechnologyLtd has a debt to EBITDA ratio of 3.0 and its EBIT covered its interest expense 3.5 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Another concern for investors might be that Henan Jindan Lactic Acid TechnologyLtd's EBIT fell 17% in the last year. If that's the way things keep going handling the debt load will be like delivering hot coffees on a pogo stick. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Henan Jindan Lactic Acid TechnologyLtd'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.
河南金丹科技的债务与EBITDA比率为3.0，而其EBIT覆盖其利息费用3.5倍。这表明虽然债务水平相当高，但我们不至于称之为有问题。投资者的另一个担忧可能是河南金丹科技去年的EBIT下降了17%。如果事情继续这样发展，处理债务负担就像在蹦蹦床上端热咖啡一样困难。资产负债表显然是分析债务时应重点关注的领域。但影响资产负债表未来表现的将是河南金丹科技的盈利，因此，如果您想了解更多关于其盈利的信息，查看其长期盈利趋势的图表可能会值得一看。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Henan Jindan Lactic Acid TechnologyLtd 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，一家公司只能用现金来偿还债务，而不是会计利润。因此，逻辑的步骤是查看EBIT中有多少比例与实际自由现金流相匹配。在过去三年中，河南金丹科技的自由现金流总量显著为负。虽然这可能是由于增长支出的结果，但这确实使得债务风险更高。
Our View
我们的观点
To be frank both Henan Jindan Lactic Acid TechnologyLtd's EBIT growth rate and its track record of converting EBIT to free cash flow make us rather uncomfortable with its debt levels. But at least its level of total liabilities is not so bad. We're quite clear that we consider Henan Jindan Lactic Acid TechnologyLtd to be really rather risky, as a result of its balance sheet health. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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 example Henan Jindan Lactic Acid TechnologyLtd has 3 warning signs (and 1 which is concerning) we think you should know about.
坦率地说，河南金丹科技有限公司的EBIT增长率和其将EBIT转化为自由现金流的记录让我们对其债务水平感到相当不安。但至少其总负债水平并不是很糟糕。我们很清楚，由于其资产负债表的健康状况，我们认为河南金丹科技有限公司的风险相当大。因此，我们对这只股票持谨慎态度，并认为股东应该密切关注其流动性。在分析债务水平时，资产负债表显然是开始的地方。然而，并非所有投资风险都在资产负债表内——远非如此。例如，河南金丹科技有限公司有三个警告信号（以及一个令人担忧的信号），我们认为您应该了解这些情况。
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.
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.
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