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Is Jiangsu JieJie MicroelectronicsLtd (SZSE:300623) A Risky Investment?
Is Jiangsu JieJie MicroelectronicsLtd (SZSE:300623) A Risky Investment?
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 Jiangsu JieJie Microelectronics Co.,Ltd. (SZSE:300623) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Jiangsu JieJie MicroelectronicsLtd
What Is Jiangsu JieJie MicroelectronicsLtd's Debt?
As you can see below, at the end of March 2022, Jiangsu JieJie MicroelectronicsLtd had CN¥1.44b of debt, up from CN¥865.8m a year ago. Click the image for more detail. But on the other hand it also has CN¥2.03b in cash, leading to a CN¥589.1m net cash position.
SZSE:300623 Debt to Equity History September 15th 2022How Strong Is Jiangsu JieJie MicroelectronicsLtd's Balance Sheet?
We can see from the most recent balance sheet that Jiangsu JieJie MicroelectronicsLtd had liabilities of CN¥648.2m falling due within a year, and liabilities of CN¥1.47b due beyond that. Offsetting these obligations, it had cash of CN¥2.03b as well as receivables valued at CN¥524.3m due within 12 months. So it actually has CN¥434.8m more liquid assets than total liabilities.
This surplus suggests that Jiangsu JieJie MicroelectronicsLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Jiangsu JieJie MicroelectronicsLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
The good news is that Jiangsu JieJie MicroelectronicsLtd has increased its EBIT by 7.2% over twelve months, which should ease any concerns about debt repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Jiangsu JieJie MicroelectronicsLtd's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Jiangsu JieJie MicroelectronicsLtd 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, Jiangsu JieJie MicroelectronicsLtd 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 we empathize with investors who find debt concerning, you should keep in mind that Jiangsu JieJie MicroelectronicsLtd has net cash of CN¥589.1m, as well as more liquid assets than liabilities. And it also grew its EBIT by 7.2% over the last year. So we are not troubled with Jiangsu JieJie MicroelectronicsLtd's debt use. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Jiangsu JieJie MicroelectronicsLtd (1 is potentially serious!) that you should be aware of before investing here.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们注意到江苏杰杰微电子有限公司。(SZSE:300623)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
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。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对江苏捷杰微电子有限公司的最新分析
江苏捷捷微电子有限公司的债务是什么?
如下所示,截至2022年3月底,江苏捷捷微电子有限公司的债务为14.4亿元人民币,高于一年前的8.658亿元人民币。单击图像了解更多详细信息。但另一方面,它也拥有20.3亿加元的现金,导致净现金头寸为5.891亿加元。
深交所:300623债转股历史2022年9月15日江苏捷捷微电子的资产负债表有多强?
从最近的资产负债表中我们可以看到,江苏捷杰微电子有限公司有6.482亿元的负债在一年内到期,超过一年的负债有14.7亿元。为了抵消这些债务,该公司有20.3亿加元的现金和5.243亿加元的应收账款在12个月内到期。所以它实际上有4.348亿元人民币更多流动资产超过总负债。
这一盈余表明,江苏捷捷微电子有限公司的资产负债表比较保守,很可能会毫不费力地消除债务。简而言之,江苏杰杰微电子有限公司现金多于债务的事实可以说是一个很好的迹象,表明它可以安全地管理债务。
好消息是,江苏杰杰微电子有限公司的息税前利润在12个月内增长了7.2%,这应该会缓解人们对债务偿还的担忧。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是未来的收益将决定江苏捷捷微电子有限公司未来保持健康资产负债表的能力。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然江苏杰杰微电子有限公司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,江苏杰杰微电子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
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,江苏捷杰微电子有限公司拥有5.891亿元人民币的净现金,流动资产多于负债。它的息税前利润也比去年增长了7.2%。因此,我们对江苏捷捷微电子有限公司的债务使用并不感到困扰。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现江苏捷杰微电子有限公司的2个警示标志(%1可能很严重!)在这里投资之前你应该意识到这一点。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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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