Jiangsu Zeyu Intelligent PowerLtd (SZSE:301179) Has A Pretty Healthy Balance Sheet
Jiangsu Zeyu Intelligent PowerLtd (SZSE:301179) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, Jiangsu Zeyu Intelligent Power Co.,Ltd. (SZSE:301179) does carry debt. But is this debt a concern to shareholders?
伯克希尔·哈撒韦公司的查理·芒格背后的外部基金经理李璐毫不避讳地表示:“最大的投资风险不是价格的波动,而是你是否会遭受资本的永久损失。”因此,看来聪明的钱知道,破产时通常涉及债务,而债务是评估公司风险程度的非常重要的因素。重要的是,江苏泽宇智能动力股份有限公司(SZSE:301179)确实有负债。但这笔债务对股东来说是一个问题吗?
When Is Debt Dangerous?
债务何时有危险?
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 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.
一般来说,当公司无法轻松还清债务时,无论是通过筹集资本还是通过自身的现金流,债务才会成为真正的问题。 如果情况变得非常糟糕,债权人可以控制业务。 然而,更常见(但仍然昂贵)的情况是公司必须以低廉的股价稀释股东权益,以便简单地控制债务。 当然,许多公司使用债务来资助增长,没有任何负面后果。 在考虑企业使用多少债务时,首先要做的就是考虑其现金和债务。
What Is Jiangsu Zeyu Intelligent PowerLtd's Debt?
江苏泽宇智能动力股份有限公司的债务情况是什么?
The image below, which you can click on for greater detail, shows that at March 2024 Jiangsu Zeyu Intelligent PowerLtd had debt of CN¥532.7m, up from CN¥288.7m in one year. But it also has CN¥2.54b in cash to offset that, meaning it has CN¥2.01b net cash.
下图显示,截至2024年3月,江苏泽宇智能动力股份有限公司的债务为53270万元人民币,比一年前的28870万元人民币增加。但它还有25.4亿人民币的现金来抵消这笔债务,这意味着它拥有20.1亿人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240529/0-e5206451ccda81e4d7ae50d3f435deaf-0-912bbd9e1b5b3cca7ade983591589357.png/big)
How Healthy Is Jiangsu Zeyu Intelligent PowerLtd's Balance Sheet?
江苏泽宇智能动力股份有限公司的资产负债表状况如何?
According to the last reported balance sheet, Jiangsu Zeyu Intelligent PowerLtd had liabilities of CN¥1.13b due within 12 months, and liabilities of CN¥1.72m due beyond 12 months. Offsetting this, it had CN¥2.54b in cash and CN¥295.0m in receivables that were due within 12 months. So it can boast CN¥1.71b more liquid assets than total liabilities.
根据最新公布的资产负债表,江苏泽宇智能动力股份有限公司应于12个月内偿还113亿元人民币的负债,应超过12个月偿还172万元人民币的负债。 抵消这个,它有25.4亿人民币的现金和2.95亿元人民币的应收账款,这些应收账款应在12个月内到期。 所以,它可以比现金资产多拥有17.1亿人民币的流动资产。总负债。
It's good to see that Jiangsu Zeyu Intelligent PowerLtd has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Jiangsu Zeyu Intelligent PowerLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
看到江苏泽宇智能动力股份有限公司的资产负债表中有充足的流动资产,这表明它就有责任管理负债。 鉴于它具有充足的短期流动性,我们认为它不会有任何问题与债权人交涉。 简而言之,江苏泽宇智能动力股份有限公司拥有净现金,因此公平地说,它不承担重债务负担!
The modesty of its debt load may become crucial for Jiangsu Zeyu Intelligent PowerLtd if management cannot prevent a repeat of the 24% cut to EBIT over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Jiangsu Zeyu Intelligent PowerLtd'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.
如果江苏泽宇智能动力股份有限公司的管理层无法防止过去一年EBIt下降24%的情况再次发生,那么其负债水平的适度性可能变得至关重要。 在支付债务方面,下降的收益对您的健康不比含糖汽水有用。 在分析负债水平时,资产负债表是显而易见的地方。 但是,将来的收益最重要,这将决定江苏泽宇智能动力股份有限公司维持健康资产负债表的能力。 因此,如果您专注于未来,可以查看此免费报告,显示分析师的利润预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Jiangsu Zeyu Intelligent PowerLtd 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 Zeyu Intelligent PowerLtd recorded free cash flow of 45% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,公司只能用冰冷的现金而不是会计利润支付债务。江苏泽宇智能动力股份有限公司可能在资产负债表上拥有净现金,但查看其将息税前收益(EBIT)转化为自由现金流的能力以及对其管理债务的需求和能力是有趣的。从最近三年的情况来看,江苏泽宇智能动力股份有限公司的自由现金流占其EBIt的比例为45%,这比我们预期的要弱。在偿还债务方面,这并不好。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Jiangsu Zeyu Intelligent PowerLtd has net cash of CN¥2.01b, as well as more liquid assets than liabilities. So we don't have any problem with Jiangsu Zeyu Intelligent PowerLtd's use of debt. 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. For instance, we've identified 2 warning signs for Jiangsu Zeyu Intelligent PowerLtd (1 shouldn't be ignored) you should be aware of.
虽然我们能理解那些认为债务令人担忧的投资者,但您应该记住,江苏泽宇智能动力股份有限公司拥有20.1亿人民币的净现金,以及比负债更多的流动资产。 因此,我们对江苏泽宇智能动力股份有限公司的债务使用没有任何问题。 在分析负债时,资产负债表显然是重点。 但是,并非所有的投资风险都在资产负债表中——远非如此。 例如,我们已经确定江苏泽宇智能动力股份有限公司存在两个警告信号(1可以忽略)。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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