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Does Shandong Jinjing Science & Technology StockLtd (SHSE:600586) Have A Healthy Balance Sheet?

Does Shandong Jinjing Science & Technology StockLtd (SHSE:600586) Have A Healthy Balance Sheet?

山東金晶科技股份有限公司(SHSE:600586)是否擁有健康的資產負債表?
Simply Wall St ·  2024/11/30 08:32

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Shandong Jinjing Science & Technology Stock Co.,Ltd (SHSE:600586) makes use of debt. But is this debt a concern to shareholders?

禾倫·巴菲特曾經說過,「波動性與風險遠非同義詞。」因此,看起來聰明的投資者知道,債務——通常涉及破產的因素——在評估公司風險時非常重要。像許多其他公司一樣,山東金晶科技股份有限公司(SHSE:600586)利用債務。但這種債務是否會讓股東擔憂呢?

When Is Debt A Problem?

什麼時候負債才是一個問題?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

當公司無法用自由現金流或以有吸引力的價格籌集資本,償還債務變得困難時,債務和其他負債對業務構成風險。 最終,如果公司無法履行償還債務的法律義務,股東可能一文不值。 然而,更普遍(但仍然痛苦)的情況是,公司以低價籌集新的股本資本,從而永久性地稀釋股東。 儘管如此,最常見的情況是公司合理處理債務並從中受益。 當我們考慮債務水平時,首先考慮現金和債務水平,二者加起來。

What Is Shandong Jinjing Science & Technology StockLtd's Net Debt?

山東金晶科技股份有限公司的淨債務是多少?

The chart below, which you can click on for greater detail, shows that Shandong Jinjing Science & Technology StockLtd had CN¥2.45b in debt in September 2024; about the same as the year before. However, because it has a cash reserve of CN¥2.15b, its net debt is less, at about CN¥302.7m.

下面的圖表顯示,山東金晶科技股份有限公司在2024年9月有24.5億人民幣的債務,與前一年大致相同。然而,由於它有21.5億人民幣的現金儲備,因此其淨債務較少,大約爲30270萬元人民幣。

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SHSE:600586 Debt to Equity History November 30th 2024
SHSE:600586債務權益歷史數據2024年11月30日

A Look At Shandong Jinjing Science & Technology StockLtd's Liabilities

瀏覽一下山東金晶科技股份有限公司的負債情況

Zooming in on the latest balance sheet data, we can see that Shandong Jinjing Science & Technology StockLtd had liabilities of CN¥4.20b due within 12 months and liabilities of CN¥954.6m due beyond that. Offsetting these obligations, it had cash of CN¥2.15b as well as receivables valued at CN¥856.6m due within 12 months. So its liabilities total CN¥2.15b more than the combination of its cash and short-term receivables.

放大最新資產負債表數據,我們可以看到山東金晶科技股份有限公司的負債中,有42億人民幣要在12個月內到期,以及95460萬人民幣要在此之後到期。抵消這些義務的是,它擁有21.5億人民幣的現金,以及85660萬人民幣的應收賬款在12個月內到期。因此,其負債總計超出現金和短期應收賬款的組合215億人民幣。

Shandong Jinjing Science & Technology StockLtd has a market capitalization of CN¥8.48b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.

山東金晶科技股份有限公司的市值爲84.8億人民幣,因此很可能可以籌集資金以改善其資產負債表,如果需要的話。然而,仍然值得密切關注其償還債務的能力。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。

While Shandong Jinjing Science & Technology StockLtd's low debt to EBITDA ratio of 0.26 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 6.4 times last year does give us pause. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. Shandong Jinjing Science & Technology StockLtd's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shandong Jinjing Science & Technology StockLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

雖然山東金晶科技股份有限公司的債務與EBITDA的比率只有0.26,表明只是適度使用債務,但事實上去年EBIt僅覆蓋了利息開支的6.4倍,這讓我們有些擔憂。但利息支付顯然足以讓我們思考其債務的可負擔性。山東金晶科技股份有限公司的EBIt在過去一年基本持平,但考慮到其並沒有太多債務,這不應成爲問題。在分析債務水平時,資產負債表是明顯的起點。但與其它任何事物相比,未來的盈利將確定山東金晶科技股份有限公司維持健康資產負債表的能力。因此,如果你關注未來,你可以查看這份免費報告,顯示分析師的盈利預測。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Shandong Jinjing Science & Technology StockLtd produced sturdy free cash flow equating to 67% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

但我們的最終考慮也很重要,因爲公司無法用紙面利潤支付債務; 它需要冰冷的現金。 因此,邏輯上是看看實際自由現金流匹配的EBIt比例。 在過去的三年中,山東金晶科技股份有限公司產生了堅實的自由現金流,相當於其EBIt的67%,大約符合我們的預期。 這筆冰冷的現金意味着它可以在需要時減少債務。

Our View

我們的觀點

Happily, Shandong Jinjing Science & Technology StockLtd's impressive net debt to EBITDA implies it has the upper hand on its debt. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! All these things considered, it appears that Shandong Jinjing Science & Technology StockLtd can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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 Shandong Jinjing Science & Technology StockLtd is showing 2 warning signs in our investment analysis , you should know about...

令人高興的是,山東金晶科技股份有限公司令人印象深刻的淨債務與EBITDA之比意味着它在債務方面佔上風。 而好消息並不止於此,因爲它將EBIt轉化爲自由現金流的能力也支持了這一印象! 綜合考慮所有這些因素,山東金晶科技股份有限公司似乎可以輕鬆處理其當前的債務水平。 當然,雖然這種槓桿可以提高股本回報,但它也帶來更多風險,因此值​​得密切關注這一點。 在分析債務水平時,資產負債表是顯而易見的起點。 但最終,每家公司都可能承擔資產負債表之外存在的風險。 請注意,山東金晶科技股份有限公司在我們的投資分析中顯示出2個警告信號,您應該了解…

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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