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We Think Jinneng Science&TechologyLtd (SHSE:603113) Is Taking Some Risk With Its Debt
We Think Jinneng Science&TechologyLtd (SHSE:603113) Is Taking Some Risk With Its 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 can see that Jinneng Science&Techology Co.,Ltd (SHSE:603113) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Jinneng Science&TechologyLtd
How Much Debt Does Jinneng Science&TechologyLtd Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Jinneng Science&TechologyLtd had debt of CN¥1.94b, up from CN¥1.75b in one year. However, its balance sheet shows it holds CN¥3.31b in cash, so it actually has CN¥1.37b net cash.
SHSE:603113 Debt to Equity History August 25th 2022How Healthy Is Jinneng Science&TechologyLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Jinneng Science&TechologyLtd had liabilities of CN¥5.08b due within 12 months and liabilities of CN¥1.23b due beyond that. On the other hand, it had cash of CN¥3.31b and CN¥1.16b worth of receivables due within a year. So its liabilities total CN¥1.83b more than the combination of its cash and short-term receivables.
While this might seem like a lot, it is not so bad since Jinneng Science&TechologyLtd has a market capitalization of CN¥8.81b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Jinneng Science&TechologyLtd also has more cash than debt, so we're pretty confident it can manage its debt safely.
The modesty of its debt load may become crucial for Jinneng Science&TechologyLtd if management cannot prevent a repeat of the 82% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Jinneng Science&TechologyLtd 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Jinneng Science&TechologyLtd 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. Over the last three years, Jinneng Science&TechologyLtd saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While Jinneng Science&TechologyLtd does have more liabilities than liquid assets, it also has net cash of CN¥1.37b. So while Jinneng Science&TechologyLtd does not have a great balance sheet, it's certainly not too bad. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 3 warning signs with Jinneng Science&TechologyLtd (at least 1 which is potentially serious) , and understanding them should be part of your investment process.
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.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们可以看到金能科技股份有限公司(上海证券交易所:603113)确实在其业务中使用债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对金能科技全息有限公司的最新分析
金能科技股份有限公司背负着多少债务?
你可以点击查看更多详细信息的下图显示,截至2022年6月,金能科技全息有限公司的债务为19.4亿加元,高于一年内的17.5亿加元。然而,其资产负债表显示,它持有人民币33.1亿元的现金,因此它实际上拥有人民币13.7亿元的净现金。
上证综指:603113债转股历史2022年8月25日金能科技的资产负债表有多健康?
放大最新的资产负债表数据,我们可以看到,金能科技全息有限公司有50.8亿加元的负债在12个月内到期,超过12个月的负债有12.3亿加元到期。另一方面,一年内有33.1亿元现金和11.6亿元应收账款到期。因此,它的负债总额为人民币18.3亿元,比现金和短期应收账款的总和还要多。
虽然这看起来可能很多,但并不是很糟糕,因为金能科技全息有限公司的市值为人民币88.1亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。虽然它确实有值得注意的负债,但金能科技全息有限公司的现金也多于债务,因此我们非常有信心它能够安全地管理其债务。
如果管理层不能防止去年息税前利润削减82%的情况重演,其适度的债务负担可能对晋能科技有限公司至关重要。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定金能科技有限公司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。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。虽然晋能科技的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,金能科技全息有限公司的自由现金流总额为大幅负值。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
总结
虽然金能科技股份有限公司的负债确实多于流动资产,但它也有13.7亿元的净现金。因此,尽管晋能科技股份有限公司的资产负债表不是很好,但肯定不是太糟糕。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了三个警告信号与晋能科技全息有限公司(至少1家可能是严重的)合作,了解他们应该是你投资过程的一部分。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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