We Think Jiangsu Yunyi ElectricLtd (SZSE:300304) Can Manage Its Debt With Ease
We Think Jiangsu Yunyi ElectricLtd (SZSE:300304) Can Manage Its Debt With Ease
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Jiangsu Yunyi Electric Co.,Ltd. (SZSE:300304) does carry debt. But the more important question is: how much risk is that debt creating?
霍華德·馬克斯(Howard Marks)說得好:“與其擔心股價波動,不如擔心永久性損失的可能性……我知道的每個實踐投資者都會擔心這種情況。”當你考慮一個公司的風險時,考慮其資產負債表就很自然,因爲一個公司破產經常涉及債務。重要的問題是,這些債務產生多少風險?江蘇雲意電氣股份有限公司(SZSE:300304)的確有債務,但更重要的問題是:這些債務產生了多少風險?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務對於公司資金鍊的補充是好的,在公司有創業板或其他板塊投資以獲取高回報率的時候,債務是很有用的。在最壞的情況下,如果一個公司無法償還其債權人,那麼公司將會破產。雖然這種情況不太常見,但我們常常看到負債累累的公司因貸方迫使其以低價提高資本以永久性稀釋股東而導致股東利益受損。與股東頭寸稀釋相比,債務是企業獲取資金所需的極好工具。當考慮一家公司使用多少債務時,首先要做的是看它的現金和債務總額。
What Is Jiangsu Yunyi ElectricLtd's Debt?
江蘇雲意電氣有限公 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的債務情況是什麼?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Jiangsu Yunyi ElectricLtd had CN¥120.0m of debt, an increase on CN¥79.1m, over one year. However, it does have CN¥1.74b in cash offsetting this, leading to net cash of CN¥1.62b.
您可以單擊以下圖形以獲取歷史數據,但它顯示截至2024年3月,江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的債務總額爲人民幣1.2億元,較去年增加了人民幣7,910萬元。但是,它的現金爲人民幣17.4億元,淨現金爲人民幣16.2億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240621/0-b147912e3a433c07138f0a223e17a1f3-0-340e6aa51c9562e3b56c3095d5fbd283.png/big)
How Strong Is Jiangsu Yunyi ElectricLtd's Balance Sheet?
江蘇雲意電氣有限公 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的資產負債表狀況如何?
Zooming in on the latest balance sheet data, we can see that Jiangsu Yunyi ElectricLtd had liabilities of CN¥776.9m due within 12 months and liabilities of CN¥123.2m due beyond that. On the other hand, it had cash of CN¥1.74b and CN¥598.7m worth of receivables due within a year. So it can boast CN¥1.44b more liquid assets than total liabilities.
關注最新的資產負債表數據可以發現,江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)應付短期借款爲人民幣7.769億元,非流動負債爲人民幣1.232億元。反之,它有現金17.4億元和一年內應收賬款59.87億元。因此,它擁有比負債更多的流動資產1.44億元。總負債。
This excess liquidity suggests that Jiangsu Yunyi ElectricLtd is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Jiangsu Yunyi ElectricLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
這種多餘的流動資產表明了江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)採取了謹慎的債務做法。因爲它擁有大量的資產,所以它不太可能遇到債權人的麻煩。簡而言之,江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)有比債務更多的現金無疑是一個良好的指標,說明它可以安全地處理債務。
Even more impressive was the fact that Jiangsu Yunyi ElectricLtd grew its EBIT by 134% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jiangsu Yunyi ElectricLtd'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.
更有說服力的是,江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)在過去十二個月中增加了134%的息稅前利潤(即EBIT)。如果保持這種增長,未來幾年內的債務管理將會更加容易。資產負債表清晰地是在分析負債時需要關注的領域。但江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的盈利情況將會影響資產負債表在未來的抗風險能力。因此,如果您想進一步了解它的收益情況,可以查看其長期收益趨勢的圖形。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Jiangsu Yunyi ElectricLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Jiangsu Yunyi ElectricLtd recorded free cash flow of 37% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最後,雖然稅務機構可能喜歡會計利潤,但貸款人只接受冰冷的現金。江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的淨現金或許在資產負債表上,但了解企業將息稅前利潤轉換爲自由現金流的情況仍然很有意義,因爲這將影響其管理債務的需求和能力。從最近三年的數據來看,江蘇雲意電氣有限 \u516c \u53f8(Jiangsu Yunyi ElectricLtd)的自由現金流僅爲息稅前利潤的37%,這比我們預期的要弱。在償還債務方面,這並不好。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Jiangsu Yunyi ElectricLtd has net cash of CN¥1.62b, as well as more liquid assets than liabilities. And we liked the look of last year's 134% year-on-year EBIT growth. So we don't think Jiangsu Yunyi ElectricLtd's use of debt is risky. 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 instance, we've identified 2 warning signs for Jiangsu Yunyi ElectricLtd (1 is concerning) you should be aware of.
雖然我們理解投資者對債務的擔憂,但您應該記住江蘇雲意電氣有淨現金16.2億人民幣,以及比負債更多的流動資產。去年經營利潤同比增長134%,這也讓我們滿意。因此,我們認爲江蘇雲意電氣的債務使用並不冒險。當分析債務水平時,資產負債表是明顯的起點。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。例如,我們已經發現江蘇雲意電氣存在2個警示信號(其中1個令人擔憂),您應該注意。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表,立即獲得。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com