Is Jin Tong Ling Technology Group (SZSE:300091) A Risky Investment?
Is Jin Tong Ling Technology Group (SZSE:300091) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Jin Tong Ling Technology Group Co., Ltd. (SZSE:300091) does carry debt. But is this debt a concern to shareholders?
沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們考慮一家公司的風險時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。重要的是,金通靈科技集團有限公司(深交所代碼:300091)確實有債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時會成爲問題?
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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以爲企業提供幫助,直到企業難以償還債務,無論是新資本還是自由現金流。歸根結底,如果公司無法履行償還債務的法律義務,股東可能一無所有地離開。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。
View our latest analysis for Jin Tong Ling Technology Group
查看我們對金通靈科技集團的最新分析
What Is Jin Tong Ling Technology Group's Net Debt?
金通靈科技集團的淨負債是多少?
As you can see below, Jin Tong Ling Technology Group had CN¥1.81b of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥306.5m in cash, and so its net debt is CN¥1.51b.
如下所示,截至2023年9月,金通靈科技集團的債務爲18.1億元人民幣,與前一年大致持平。您可以單擊圖表以獲取更多詳細信息。但是,它也有3.065億元人民幣的現金,因此其淨負債爲151億元人民幣。
How Strong Is Jin Tong Ling Technology Group's Balance Sheet?
金通靈科技集團的資產負債表有多強勁?
We can see from the most recent balance sheet that Jin Tong Ling Technology Group had liabilities of CN¥3.36b falling due within a year, and liabilities of CN¥486.9m due beyond that. Offsetting these obligations, it had cash of CN¥306.5m as well as receivables valued at CN¥2.33b due within 12 months. So its liabilities total CN¥1.22b more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,金通靈科技集團在一年內到期的負債爲33.6億元人民幣,此後到期的負債爲4.869億元人民幣。爲了抵消這些債務,它有3.065億元人民幣的現金以及價值23.3億元人民幣的應收賬款,將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出12.2億元人民幣。
Jin Tong Ling Technology Group has a market capitalization of CN¥4.21b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is Jin Tong Ling Technology Group'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.
金通靈科技集團的市值爲42.1億元人民幣,因此,如果有需要,它很可能會籌集資金來改善資產負債表。但很明顯,我們絕對應該仔細研究它能否在不稀釋的情況下管理債務。在分析債務水平時,資產負債表顯然是起點。但是,金通靈科技集團的收益將影響資產負債表未來的表現。因此,在考慮債務時,絕對值得一看收益趨勢。點擊此處查看交互式快照。
In the last year Jin Tong Ling Technology Group had a loss before interest and tax, and actually shrunk its revenue by 5.9%, to CN¥1.4b. We would much prefer see growth.
去年,金通靈科技集團在利息和稅前出現虧損,實際收入減少了5.9%,至14億元人民幣。我們更希望看到增長。
Caveat Emptor
Caveat Emptor
Importantly, Jin Tong Ling Technology Group had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥345m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥375m. So to be blunt we do think it is risky. 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. Be aware that Jin Tong Ling Technology Group is showing 2 warning signs in our investment analysis , you should know about...
重要的是,金通靈科技集團去年出現利息稅前收益(EBIT)虧損。具體而言,息稅前利潤損失爲3.45億元人民幣。當我們審視這個問題並回顧其資產負債表上相對於現金的負債時,我們認爲該公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管隨着時間的推移可能會有所改善。例如,我們不希望看到去年3.75億元人民幣的虧損重演。因此,坦率地說,我們確實認爲這是有風險的。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。請注意,金通靈科技集團在我們的投資分析中顯示了兩個警告信號,您應該知道...
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.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。