Here's Why Jiangsu Aidea Pharmaceutical (SHSE:688488) Can Afford Some Debt
Here's Why Jiangsu Aidea Pharmaceutical (SHSE:688488) Can Afford Some Debt
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. We note that Jiangsu Aidea Pharmaceutical Co., Ltd. (SHSE:688488) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
禾倫•巴菲特曾說:“波動性與風險遠非同義詞。”當考慮到一個公司的風險性時,我們總是會查看它的債務使用情況,因爲債務負擔過重可能導致破產。我們注意到江蘇艾迪藥業股份有限公司(SHSE:688488)的資產負債表上確實有債務。真正的問題是這些債務是否使得該公司有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
債務是幫助企業增長的工具,但如果企業無力償還貸款,那麼它存在於貸款人的憐憫下。最壞的情況是,如果企業無法償還債權人,會破產。然而,一個更頻繁(但仍然代價高昂)的情況是,企業必須以低價發行股票,以永久性稀釋股東的權益,來穩定其資產負債表。當然,債務在企業中是一個重要的工具,特別是在資本密集型企業中。考慮公司的債務水平的第一步是將其現金和債務考慮在一起。
How Much Debt Does Jiangsu Aidea Pharmaceutical Carry?
江蘇艾迪藥業承載了多少債務?
As you can see below, at the end of March 2024, Jiangsu Aidea Pharmaceutical had CN¥449.0m of debt, up from CN¥228.6m a year ago. Click the image for more detail. On the flip side, it has CN¥402.3m in cash leading to net debt of about CN¥46.7m.
正如您所見,在2024年3月底,江蘇艾迪藥業的債務總額爲人民幣449.0萬元,較上一年的人民幣228.6萬元有所增加。點擊圖片以了解更多詳情。與此相反,它有人民幣402.3萬元的現金,導致淨債務約爲人民幣46.7萬元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-e0359d2e646a7b56db77ddfed14b4bf6-0-ee2c49d3f91fedb7e57c0440f461e868.png/big)
A Look At Jiangsu Aidea Pharmaceutical's Liabilities
看着江蘇艾迪藥業的負債情況
Zooming in on the latest balance sheet data, we can see that Jiangsu Aidea Pharmaceutical had liabilities of CN¥569.1m due within 12 months and liabilities of CN¥69.6m due beyond that. Offsetting this, it had CN¥402.3m in cash and CN¥247.7m in receivables that were due within 12 months. So these liquid assets roughly match the total liabilities.
放大最新的資產負債表數據,我們可以看到,江蘇艾迪藥業的負債在12個月內應支付569.1萬元,在此期限超過,應支付69.6萬元。與此相抵,它有人民幣402.3萬元的現金和人民幣247.7萬元的應收賬款,應在12個月內到期。因此,這些流動資產與總負債大致相當。這種情形表明,江蘇艾迪藥業的資產負債表看起來相當紮實,因爲總負債只是與流動資產大致相等。因此,雖然很難想象這家市值爲56.4億元的公司會爲現金而拼命,但我們仍然認爲值得監測其資產負債表。但無論如何,江蘇艾迪藥業幾乎沒有淨債務,因此可以說它沒有承擔沉重的債務負載!資產負債表顯然是審查債務的主要方面。但決定江蘇艾迪藥業能否保持健康資產負債表的還是未來的收益。因此,如果您想了解專業人士的想法,您可能會發現對分析師盈利預測的這份免費報告很有趣。
This state of affairs indicates that Jiangsu Aidea Pharmaceutical's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥5.64b company is struggling for cash, we still think it's worth monitoring its balance sheet. But either way, Jiangsu Aidea Pharmaceutical has virtually no net debt, 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 future earnings, more than anything, that will determine Jiangsu Aidea Pharmaceutical's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
在過去的一年裏,江蘇艾迪藥業在EBIT水平上沒有盈利,但其營業收入增長了22%,達到了人民幣3.92億元。股東們很可能抱有希望,讓它增長到盈利。
In the last year Jiangsu Aidea Pharmaceutical wasn't profitable at an EBIT level, but managed to grow its revenue by 22%, to CN¥392m. Shareholders probably have their fingers crossed that it can grow its way to profits.
雖然我們當然可以欣賞江蘇艾迪藥業的營收增長,但其利潤除息前稅後(EBIT)損失並不理想。具體地,EBIT損失爲人民幣1.2億元。從積極的方面來看,企業有充足的流動資產,這給了它一個在債務成爲近期問題之前的增長和發展的時間。但在我們花費了大量時間來嘗試理解股票之前,我們要看到一些積極的自由現金流。因此,對我們來說風險太大了。資產負債表顯然是審查債務的主要方面。但最終,每個公司都可能包含超出資產負債表之外的風險。例如,我們發現了一個對於在這裏投資之前應該注意的江蘇艾迪藥業的警告信號。
Caveat Emptor
買方自負。
While we can certainly appreciate Jiangsu Aidea Pharmaceutical's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. To be specific the EBIT loss came in at CN¥120m. Looking on the brighter side, the business has adequate liquid assets, which give it time to grow and develop before its debt becomes a near-term issue. But we'd want to see some positive free cashflow before spending much time on trying to understand the stock. So it seems too risky for our taste. 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. For example, we've discovered 1 warning sign for Jiangsu Aidea Pharmaceutical that you should be aware of before investing here.
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,如果你屬於那種希望購買沒有負債負擔的股票的投資者類型,那麼今天就不要猶豫,立即查看我們獨家的淨現金增長股票列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。