Is Jianshe Industry Group (Yunnan) (SZSE:002265) Using Too Much Debt?
Is Jianshe Industry Group (Yunnan) (SZSE:002265) Using Too Much 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 Jianshe Industry Group (Yunnan) Co., Ltd. (SZSE:002265) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們注意到,建設工業集團(雲南)有限公司(深交所:002265)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
What Risk Does Debt Bring?
債務會帶來什麼風險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
債務是幫助企業增長的工具,但如果企業無法還清貸方,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。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後果。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
View our latest analysis for Jianshe Industry Group (Yunnan)
查看我們對建設工業集團(雲南)的最新分析
What Is Jianshe Industry Group (Yunnan)'s Net Debt?
建設工業集團(雲南)的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Jianshe Industry Group (Yunnan) had CN¥280.0m of debt, an increase on CN¥75.0m, over one year. But on the other hand it also has CN¥2.73b in cash, leading to a CN¥2.45b net cash position.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,建設工業集團(雲南)在一年內有2.80億元人民幣的債務,比7500萬加元人民幣增加了7500萬加元。但另一方面,它也有27.3億元人民幣的現金,淨現金狀況爲24.5億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-2f993fffa0c384ccd3520af6d11576c9-0-b31d7597b63dd31080a7fdcad81f9885.png/big)
A Look At Jianshe Industry Group (Yunnan)'s Liabilities
看看建設工業集團(雲南)的負債
Zooming in on the latest balance sheet data, we can see that Jianshe Industry Group (Yunnan) had liabilities of CN¥4.84b due within 12 months and liabilities of CN¥638.4m due beyond that. Offsetting this, it had CN¥2.73b in cash and CN¥1.59b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.17b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,建設工業集團(雲南)在12個月內到期的負債爲48.4億元人民幣,之後到期的負債爲6.384億元人民幣。與此相抵消的是,它有27.3億加元的現金和15.9億元人民幣的應收賬款將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出11.7億元人民幣。
Of course, Jianshe Industry Group (Yunnan) has a market capitalization of CN¥9.59b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, Jianshe Industry Group (Yunnan) boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Jianshe Industry Group (Yunnan) will need earnings to service that debt. 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.
當然,建設工業集團(雲南)的市值爲95.9億元人民幣,因此這些負債可能是可以控制的。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。儘管負債可觀,但建設工業集團(雲南)擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!在分析債務水平時,資產負債表是顯而易見的起點。但是你不能完全孤立地看待債務;因爲建設工業集團(雲南)需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
In the last year Jianshe Industry Group (Yunnan) had a loss before interest and tax, and actually shrunk its revenue by 37%, to CN¥4.4b. That makes us nervous, to say the least.
去年,建設工業集團(雲南)在利息和稅前出現虧損,實際收入減少了37%,至44億元人民幣。至少可以說,這讓我們感到緊張。
So How Risky Is Jianshe Industry Group (Yunnan)?
那麼建設工業集團(雲南)的風險有多大?
Although Jianshe Industry Group (Yunnan) had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥206m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. To that end, you should be aware of the 4 warning signs we've spotted with Jianshe Industry Group (Yunnan) .
儘管建設工業集團(雲南)在過去十二個月中出現了息稅前收益(EBIT)虧損,但其法定利潤爲2.06億元人民幣。因此,從面值來看,考慮到現金,我們認爲短期內風險不大。在我們看到息稅前利潤爲正數之前,我們對該股持謹慎態度,尤其是因爲收入增長相當溫和。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。爲此,你應該注意我們在建設工業集團(雲南)發現的4個警告信號。
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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