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Jinzai Food GroupLtd (SZSE:003000) Could Easily Take On More Debt

Jinzai Food GroupLtd (SZSE:003000) Could Easily Take On More Debt

金在食品集团有限公司(SZSE:003000)可以轻松承担更多债务
Simply Wall St ·  2024/11/30 06:25

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Jinzai Food Group Co.,Ltd. (SZSE:003000) makes use of debt. But is this debt a concern to shareholders?

传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。与许多其他公司一样,Jinzai Food Group Co., Ltd.(深圳证券交易所:003000)使用债务。但是这笔债务是股东关心的问题吗?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。

How Much Debt Does Jinzai Food GroupLtd Carry?

Jinzai Food Group Ltd背负了多少债务?

As you can see below, at the end of September 2024, Jinzai Food GroupLtd had CN¥250.0m of debt, up from CN¥100.0m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥491.7m in cash, so it actually has CN¥241.7m net cash.

如下所示,截至2024年9月底,金仔食品集团有限公司的债务为25000万元人民币,高于去年同期的10000万加元。点击图片查看更多细节。但是,其资产负债表显示它持有49170万元人民币的现金,因此它实际上有24170万元的净现金。

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SZSE:003000 Debt to Equity History November 29th 2024
SZSE: 003000 2024 年 11 月 29 日债务与股权比率历史记录

A Look At Jinzai Food GroupLtd's Liabilities

看看Jinzai Food GroupLtd的负债

The latest balance sheet data shows that Jinzai Food GroupLtd had liabilities of CN¥585.8m due within a year, and liabilities of CN¥30.5m falling due after that. Offsetting these obligations, it had cash of CN¥491.7m as well as receivables valued at CN¥19.0m due within 12 months. So its liabilities total CN¥105.6m more than the combination of its cash and short-term receivables.

最新的资产负债表数据显示,Jinzai Food Group Ltd的负债为58580万元人民币,此后到期的负债为3050万元人民币。除了这些债务外,它还有49170万元人民币的现金以及价值1900万加元的应收账款,将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出10560万元人民币。

Having regard to Jinzai Food GroupLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥5.89b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Jinzai Food GroupLtd also has more cash than debt, so we're pretty confident it can manage its debt safely.

考虑到Jinzai Food GroupLtd的规模,其流动资产与总负债似乎保持了良好的平衡。因此,这家58.9元人民币的公司现金短缺的可能性很小,但仍然值得关注资产负债表。尽管确实有值得注意的负债,但Jinzai Food GroupLtd的现金也多于债务,因此我们非常有信心它可以安全地管理债务。

On top of that, Jinzai Food GroupLtd grew its EBIT by 52% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Jinzai Food GroupLtd 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.

最重要的是,Jinzai Food GroupLtd在过去十二个月中将其息税前利润增长了52%,这种增长将使其更容易处理债务。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务的未来盈利能力将决定Jinzai Food GroupLtd能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Jinzai Food GroupLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. In the last three years, Jinzai Food GroupLtd's free cash flow amounted to 48% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.

最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。尽管Jinzai Food GroupLtd的资产负债表上有净现金,但仍值得一看其将利息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在过去三年中,Jinzai Food GroupLtd的自由现金流占其息税前利润的48%,低于我们的预期。在偿还债务方面,这并不好。

Summing Up

总结

We could understand if investors are concerned about Jinzai Food GroupLtd's liabilities, but we can be reassured by the fact it has has net cash of CN¥241.7m. And it impressed us with its EBIT growth of 52% over the last year. So is Jinzai Food GroupLtd's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Jinzai Food GroupLtd .

我们可以理解投资者是否担心Jinzai Food GroupLtd的负债,但它的净现金为24170万元人民币,这一事实可以使我们放心。去年,它的息税前利润增长了52%,给我们留下了深刻的印象。那么Jinzai Food GroupLtd的债务有风险吗?在我们看来,情况并非如此。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。为此,你应该注意我们在Jinzai Food GroupLtd身上发现的1个警告标志。

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,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。

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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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