Does Jilin Liyuan Precision Manufacturing (SZSE:002501) Have A Healthy Balance Sheet?
Does Jilin Liyuan Precision Manufacturing (SZSE:002501) Have A Healthy Balance Sheet?
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, Jilin Liyuan Precision Manufacturing Co., Ltd. (SZSE:002501) does carry debt. But the real question is whether this debt is making the company risky.
霍華德·馬克思做得很好,他說,與其擔心股票價格波動,“我擔心的是永久性損失的可能性……我認識的每一位實際投資者都很擔心。” 當您檢查一個企業的風險程度時,考慮到它的資產負債表是很自然的,因爲一般涉及債務問題才會引發企業破產。重要的是,吉林利源股份股份有限公司(SZSE:002501)確實帶有債務。但問題在於,這筆債務是否會使企業變得風險高漲。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
負債有助於企業,直到企業遇到還款的困難,無論是通過新的資本還是通過自由現金流。如果情況變得非常糟糕,放貸人可以接管企業。然而,更常見(但仍然痛苦)的情況是,它不得不以低價籌集新的股本資金,從而永久性地稀釋股東。當然,債務可以是企業的一個重要工具,特別是資本密集型企業。當我們考慮一家公司的債務使用情況時,我們首先看現金和債務結合在一起。
How Much Debt Does Jilin Liyuan Precision Manufacturing Carry?
吉林利源股份現在欠債大約爲CN¥6920萬,比去年減少了CN¥19990萬。相反,它有CN¥2400萬現金和約CN¥4520萬的淨債務。
The image below, which you can click on for greater detail, shows that Jilin Liyuan Precision Manufacturing had debt of CN¥69.2m at the end of March 2024, a reduction from CN¥199.9m over a year. On the flip side, it has CN¥24.0m in cash leading to net debt of about CN¥45.2m.
吉林利源股份有限公司的負債歷史記錄:截至2024年3月底,負債總額爲CN¥27510萬,佔總資產的比例爲24%。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240529/0-80bc971ff4a4657d9ea4016d0ee5bd0f-0-d9874dad50d8f17ead4c677b6784bd40.png/big)
How Healthy Is Jilin Liyuan Precision Manufacturing's Balance Sheet?
吉林利源股份股份有限公司的財務狀況如何?據最新披露的財務報表顯示:吉林利源股份有限公司有CN¥16670萬的短期負債和CN¥30720萬的長期負債。相對地,它有CN¥2400萬現金和CN¥17480萬的應收賬款,這些應收賬款在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組合多了CN¥27510萬。
According to the last reported balance sheet, Jilin Liyuan Precision Manufacturing had liabilities of CN¥166.7m due within 12 months, and liabilities of CN¥307.2m due beyond 12 months. Offsetting this, it had CN¥24.0m in cash and CN¥174.8m in receivables that were due within 12 months. So its liabilities total CN¥275.1m more than the combination of its cash and short-term receivables.
自上一份業績披露以來,吉林利源股份有限公司的收入下降了15%,至CN¥44300萬。其負債爲CN¥16670萬,需要在12個月內償還,並且還有CN¥30720萬的長期負債。相對的,它有CN¥2400萬的現金和CN¥17480萬應收賬款在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組合多了CN¥27510萬。
Since publicly traded Jilin Liyuan Precision Manufacturing shares are worth a total of CN¥4.54b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Carrying virtually no net debt, Jilin Liyuan Precision Manufacturing has a very light debt load indeed. There's no doubt that we learn most about debt from the balance sheet. But it is Jilin Liyuan Precision Manufacturing'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.
吉林利源股份現在的市值爲CN¥45.4億,因此這個負債水平似乎不會構成很大的威脅。然而,我們應該始終監測其資產負債表,以免情況惡化。吉林利源股份幾乎沒有淨債務負擔。通過資產負債表,我們毫無疑問可以了解大部分有關債務的信息。然而,吉林利源股份的盈利狀況將影響其未來的資產負債表情況。因此,在考慮債務時,看盈利性趨勢絕對是值得的。
In the last year Jilin Liyuan Precision Manufacturing had a loss before interest and tax, and actually shrunk its revenue by 15%, to CN¥443m. We would much prefer see growth.
在過去的一年中,吉林利源股份的利潤和稅前虧損,並將其收入縮減了15%,至CN¥44300萬。我們更希望看到其成長。
Caveat Emptor
買方自負。
While Jilin Liyuan Precision Manufacturing's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at CN¥163m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥223m of cash over the last year. So to be blunt we think it is risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Jilin Liyuan Precision Manufacturing that you should be aware of before investing here.
儘管吉林利源股份下滑的營收讓人不太舒服,但其利潤和稅前虧損情況更讓人不滿。具體而言,稅收虧損達CN¥16300萬。考慮到上述負債,讓我們沒有信心讓企業使用大量貸款。因此,我們認爲其資產負債表有些緊張,但並未到無法挽救的程度。然而,它在過去一年中消耗了將近CN¥22300萬的現金,這並不利於我們的風險控制。當然,我們可以從資產負債表中了解到債務的大部分信息。但最終,每個公司都可能存在超出資產負債表之外的風險。例如,我們在此發現了1個吉林利源股份的警示標誌,投資者在投資之前應該知道這一點。
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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