These 4 Measures Indicate That JiangXi Tianxin Pharmaceutical (SHSE:603235) Is Using Debt Reasonably Well
These 4 Measures Indicate That JiangXi Tianxin Pharmaceutical (SHSE:603235) Is Using Debt Reasonably Well
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, JiangXi Tianxin Pharmaceutical Co., Ltd. (SHSE:603235) does carry debt. But is this debt a concern to shareholders?
禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,江西天心藥業股份有限公司(SHSE: 603235)確實有債務。但是這筆債務是股東關心的問題嗎?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。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本,從而永久稀釋股東。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。考慮公司的債務水平的第一步是同時考慮其現金和債務。
What Is JiangXi Tianxin Pharmaceutical's Debt?
江西天心藥業的債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 JiangXi Tianxin Pharmaceutical had CN¥220.0m of debt, an increase on none, over one year. But it also has CN¥2.38b in cash to offset that, meaning it has CN¥2.16b net cash.
你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,江西天心藥業在一年內有22000萬元人民幣的債務,比沒有增加。但它也有23.8元人民幣的現金來抵消這一點,這意味着它的淨現金爲21.6元人民幣。
![1724456361108](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42822742-0-4a843ca20c7edf2a0781c859b34f79c7.webp/bigjpg)
A Look At JiangXi Tianxin Pharmaceutical's Liabilities
看看江西天心藥業的負債
Zooming in on the latest balance sheet data, we can see that JiangXi Tianxin Pharmaceutical had liabilities of CN¥508.9m due within 12 months and liabilities of CN¥386.2m due beyond that. On the other hand, it had cash of CN¥2.38b and CN¥353.5m worth of receivables due within a year. So it can boast CN¥1.84b more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,江西天心藥業在12個月內到期的負債爲50890萬元人民幣,在此之後到期的負債爲38620萬元人民幣。另一方面,它有一年內到期的現金爲23.8元人民幣和價值35350萬元人民幣的應收賬款。因此,它擁有比總負債多18.4元人民幣的流動資產。
This surplus suggests that JiangXi Tianxin Pharmaceutical is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that JiangXi Tianxin Pharmaceutical has more cash than debt is arguably a good indication that it can manage its debt safely.
這種盈餘表明,江西天心藥業正在以一種看似既安全又保守的方式使用債務。鑑於它很容易獲得足夠的短期流動性,我們認爲其貸款機構不會有任何問題。簡而言之,江西天心藥業的現金多於債務這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。
On the other hand, JiangXi Tianxin Pharmaceutical's EBIT dived 13%, over the last year. If that rate of decline in earnings continues, the company could find itself in a tight spot. When analysing debt levels, the balance sheet is the obvious place to start. But it is JiangXi Tianxin Pharmaceutical'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.
另一方面,江西天心藥業的息稅前利潤比去年下降了13%。如果收益的下降速度持續下去,該公司可能會陷入困境。在分析債務水平時,資產負債表是顯而易見的起點。但是,影響未來資產負債表狀況的是江西天心藥業的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While JiangXi Tianxin Pharmaceutical has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, JiangXi Tianxin Pharmaceutical produced sturdy free cash flow equating to 53% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管江西天心藥業的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,江西天心藥業產生了穩健的自由現金流,相當於其息稅前利潤的53%,與我們的預期差不多。這種冷硬現金意味着它可以在需要時減少債務。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case JiangXi Tianxin Pharmaceutical has CN¥2.16b in net cash and a decent-looking balance sheet. So we are not troubled with JiangXi Tianxin Pharmaceutical's debt use. 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. Be aware that JiangXi Tianxin Pharmaceutical is showing 3 warning signs in our investment analysis , and 2 of those make us uncomfortable...
儘管調查公司的債務總是明智的,但在本案中,江西天心藥業的淨現金爲21.6元人民幣,資產負債表看起來不錯。因此,我們對江西天心藥業的債務使用並不感到困擾。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。請注意,江西天心藥業在我們的投資分析中顯示出3個警告信號,其中2個讓我們感到不舒服...
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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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。