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Jilin Electric PowerLtd (SZSE:000875) Has No Shortage Of Debt

Jilin Electric PowerLtd (SZSE:000875) Has No Shortage Of Debt

亚联发展电力股份有限公司(SZSE:000875)没有债务短缺问题。
Simply Wall St ·  08/06 22:45

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We note that Jilin Electric Power Co.,Ltd. (SZSE:000875) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

大卫·伊本说得好:“波动性并不是我们关心的风险。我们关心的是避免资本永久损失。”看来聪明的投资者明白负债——通常与破产有关——在评估公司风险时是一个非常重要的因素。我们注意到吉电股份股份有限公司(SZSE:000875)的财务报表上确实有债务。但更重要的问题是:这笔债务造成了多少风险?

What Risk Does Debt Bring?

债务带来了什么风险?

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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.

债务对企业有帮助,直到企业无法偿还,无论是通过新的资本还是通过自由现金流。如果情况真的很糟糕,贷款人可以控制企业。然而,更频繁(但仍然昂贵)的情况是一家公司必须以低廉的价格发行股票,永久性地稀释股东,以稳固其资产负债表。当然,债务可以成为企业的重要工具,尤其是在资本密集型企业中。在我们审查债务水平时,我们首先考虑现金和债务水平。

What Is Jilin Electric PowerLtd's Net Debt?

吉电股份股份有限公司的净负债是多少?

The image below, which you can click on for greater detail, shows that at June 2024 Jilin Electric PowerLtd had debt of CN¥50.9b, up from CN¥44.4b in one year. On the flip side, it has CN¥1.40b in cash leading to net debt of about CN¥49.5b.

下面的图片为细节请点击。可以看到,吉电股份股份有限公司在2024年6月份的债务为509亿元人民币,比去年的444亿元人民币增长了。另一方面,它有14亿元人民币的现金,从而形成约495亿元人民币的净债务。

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SZSE:000875 Debt to Equity History August 7th 2024
SZSE:000875负债股本比历史记录2024年8月7日

How Healthy Is Jilin Electric PowerLtd's Balance Sheet?

吉电股份股份有限公司的财务状况怎样?

Zooming in on the latest balance sheet data, we can see that Jilin Electric PowerLtd had liabilities of CN¥16.0b due within 12 months and liabilities of CN¥42.7b due beyond that. Offsetting these obligations, it had cash of CN¥1.40b as well as receivables valued at CN¥11.0b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥46.3b.

放大最新的资产负债表数据,我们可以看到吉电股份股份有限公司有160亿元人民币的负债到期在12个月内,427亿元人民币的负债则超过了12个月。抵消这些负债,它拥有14亿元人民币的现金以及110亿元人民币的应收款项即将在12个月内到期。因此,它的负债超过了它现金和(近期)应收账款的总和,达到了463亿元人民币。这个不平衡让这家规模为138亿元人民币的公司笼罩在阴影之下,如同高耸于凡人之上的巨人。因此,我们会密切关注它的资产负债表,毫无疑问。归根结底,如果其债权人要求偿还,吉电股份股份有限公司可能需要进行重大的再融资。

This deficit casts a shadow over the CN¥13.8b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Jilin Electric PowerLtd would probably need a major re-capitalization if its creditors were to demand repayment.

吉电股份股份有限公司股东面临高净负债比率(7.2)和利息覆盖率相当薄弱的双重打击。负债负担相当沉重。值得注意的是,吉电股份股份有限公司的EBIt在过去一年里几乎没有变化,这并不理想,考虑到其负债负担。当分析债务水平时,资产负债表显然是开始的地方。但归根结底,企业未来的盈利能力将决定吉电股份股份有限公司能否随着时间推移加强其资产负债表。所以,如果您想了解专业人士的看法,您可能会发现这份关于分析师盈利预测的免费报告很有趣。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (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).

我们通过查看净债务与利息、税、折旧和摊销前收益(EBITDA)之比以及计算其利息支出由收益前利息和税(EBIT)覆盖的程度来度量一家公司的债务负载相对于其收益能力的程度。此方法的优点在于我们同时考虑了债务的绝对量(以净债务为EBITDA)以及与该债务相关的实际利息支出(以其利息覆盖倍数计算)。

Jilin Electric PowerLtd shareholders face the double whammy of a high net debt to EBITDA ratio (7.2), and fairly weak interest coverage, since EBIT is just 2.5 times the interest expense. The debt burden here is substantial. Notably, Jilin Electric PowerLtd's EBIT was pretty flat over the last year, which isn't ideal given the debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Jilin Electric PowerLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

最后,虽然税务部门可能喜欢会计利润,但贷款方只接受冷硬的现金。因此,逻辑上就是查看那些实际自由现金流量与EBIt相匹配的部分比例。在过去三年里,吉电股份股份有限公司烧掉了很多现金。虽然投资者毫无疑问期望这种情况会在不久的将来发生逆转,但它显然意味着它的债务使用更加冒险。

Finally, while the tax-man may adore accounting profits, lenders only accept 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, Jilin Electric PowerLtd burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

就表面而言,吉电股份股份有限公司将EBIt转换为自由现金流的方式,使我们对股票感到犹豫不决,而总负债水平的高低像一年中最繁忙的那一天的一个空餐厅一样不太吸引人。但至少它的EBIt增长率并不那么糟糕。考虑到讨论的数据点,我们认为吉电股份股份有限公司负债过高。这种风险对于某些人来说是可以接受的,但对我们来说明显不能令人满意。在分析债务水平时,资产负债表显然是开始的地方。但归根结底,每家公司都可能存在超出资产负债表的风险。例如:我们发现吉电股份股份有限公司存在2个警告信号,您应该注意,其中1个不能被忽视。

Our View

我们的观点

On the face of it, Jilin Electric PowerLtd's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But at least its EBIT growth rate is not so bad. After considering the datapoints discussed, we think Jilin Electric PowerLtd has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. 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. Case in point: We've spotted 2 warning signs for Jilin Electric PowerLtd you should be aware of, and 1 of them can't be ignored.

总的来说,吉电股份股份有限公司的EBIt转换为自由现金流的情况让我们对这支股票感到犹豫不决,其总负债的水平也不比全年最繁忙的夜晚的一个空餐厅引人注目。但至少它的EBIt增长率还不错。经过考虑所讨论的数据点后,我们认为吉电股份股份有限公司的负债过高。这种风险对于某些人来说是可以接受的,但对我们来说明显不能令人满意。当分析债务水平时,资产负债表显然是开始的地方。但归根结底,每家公司都可能存在超出资产负债表的风险。例如:我们发现吉电股份股份有限公司存在2个警告信号,您应该注意,其中1个不能被忽视。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。

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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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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