Is Jianshe Industry Group (Yunnan) (SZSE:002265) Weighed On By Its Debt Load?
Is Jianshe Industry Group (Yunnan) (SZSE:002265) Weighed On By Its Debt Load?
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Jianshe Industry Group (Yunnan) Co., Ltd. (SZSE:002265) does use debt in its business. But should shareholders be worried about its use of debt?
由伯克希爾哈撒韋的Li·芒格支持的外部基金經理Lu直言不諱地說,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們可以看到建設實業集團(雲南)有限公司。(SZSE:002265)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
Why Does Debt Bring Risk?
為什麼債務會帶來風險?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。如果情況真的變得很糟糕,貸款人可以控制業務。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們檢查債務水準時,我們首先同時考慮現金和債務水準。
See our latest analysis for Jianshe Industry Group (Yunnan)
查看我們對建社實業集團(雲南)的最新分析
What Is Jianshe Industry Group (Yunnan)'s Debt?
什麼是劍社實業集團(雲南)的S債?
The image below, which you can click on for greater detail, shows that at June 2023 Jianshe Industry Group (Yunnan) had debt of CN¥280.0m, up from CN¥75.0m in one year. However, it does have CN¥2.57b in cash offsetting this, leading to net cash of CN¥2.29b.
下圖顯示,截至2023年6月,建社實業集團(雲南)的債務為2.80億加元,高於一年內的7500萬加元。你可以點擊查看更多細節。然而,它確實有25.7億加元的現金抵消了這一點,導致淨現金22.9億加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231022/0-04c4bc4cb517a2afe22924d6ec8ceefd-0-9dcafcc80c281a6fbb09533537a42735.png/big)
How Strong Is Jianshe Industry Group (Yunnan)'s Balance Sheet?
建社實業集團(雲南)S資產負債表到底有多強?
According to the last reported balance sheet, Jianshe Industry Group (Yunnan) had liabilities of CN¥4.63b due within 12 months, and liabilities of CN¥643.1m due beyond 12 months. Offsetting these obligations, it had cash of CN¥2.57b as well as receivables valued at CN¥1.70b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥999.5m.
根據最新報告的資產負債表,建設實業集團(雲南)有46.3億加元的負債在12個月內到期,6.431億加元的負債在12個月後到期。作為對這些債務的抵消,該公司有25.7億加元的現金以及價值17.億加元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出9.995億元。
Of course, Jianshe Industry Group (Yunnan) has a market capitalization of CN¥12.1b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Jianshe Industry Group (Yunnan) boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jianshe Industry Group (Yunnan)'s earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
當然,建社實業集團(雲南)的市值為121億元人民幣,因此這些負債可能是可控的。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。儘管債務值得注意,但建社實業集團(雲南)擁有淨現金,因此可以說它沒有沉重的債務負擔!當你分析債務時,資產負債表顯然是你關注的領域。但是,影響未來資產負債表狀況的是建社實業集團(雲南)S的盈利情況。因此,在考慮債務時,絕對值得關注盈利趨勢。點擊此處查看互動快照。
In the last year Jianshe Industry Group (Yunnan) had a loss before interest and tax, and actually shrunk its revenue by 31%, to CN¥4.3b. To be frank that doesn't bode well.
去年,建社實業集團(雲南)息稅前虧損,實際營收縮水31%,至43億加元。坦率地說,這不是一個好兆頭。
So How Risky Is Jianshe Industry Group (Yunnan)?
那麼,建設實業集團(雲南)的風險有多大?
Although Jianshe Industry Group (Yunnan) had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥269m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Jianshe Industry Group (Yunnan) that you should be aware of.
儘管建社實業集團(雲南)在過去12個月中出現息稅前利潤(EBIT)虧損,但其法定利潤為2.69億元人民幣。因此,當你考慮到它有淨現金和法定利潤時,它的股票風險可能並不像看起來那樣高,至少在短期內是這樣。在我們看到一些積極的息稅前利潤,我們對該股有點謹慎,尤其是因為收入增長相當溫和。在分析債務水準時,資產負債表顯然是一個起點。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。例如,我們已經確定建設實業集團(雲南)的2個警示標誌這一點你應該知道.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.