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Jiangsu Gian Technology (SZSE:300709) Has A Pretty Healthy Balance Sheet
Jiangsu Gian Technology (SZSE:300709) Has A Pretty Healthy Balance Sheet
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 Jiangsu Gian Technology Co., Ltd. (SZSE:300709) makes use of debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Jiangsu Gian Technology
What Is Jiangsu Gian Technology's Debt?
As you can see below, Jiangsu Gian Technology had CN¥330.6m of debt at June 2022, down from CN¥511.7m a year prior. But it also has CN¥643.3m in cash to offset that, meaning it has CN¥312.7m net cash.
SZSE:300709 Debt to Equity History September 16th 2022A Look At Jiangsu Gian Technology's Liabilities
The latest balance sheet data shows that Jiangsu Gian Technology had liabilities of CN¥1.49b due within a year, and liabilities of CN¥95.1m falling due after that. Offsetting these obligations, it had cash of CN¥643.3m as well as receivables valued at CN¥676.5m due within 12 months. So it has liabilities totalling CN¥260.5m more than its cash and near-term receivables, combined.
Since publicly traded Jiangsu Gian Technology shares are worth a total of CN¥5.53b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Jiangsu Gian Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
Also positive, Jiangsu Gian Technology grew its EBIT by 27% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Jiangsu Gian Technology'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Jiangsu Gian Technology 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. During the last three years, Jiangsu Gian Technology burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
We could understand if investors are concerned about Jiangsu Gian Technology's liabilities, but we can be reassured by the fact it has has net cash of CN¥312.7m. And it impressed us with its EBIT growth of 27% over the last year. So we are not troubled with Jiangsu Gian Technology's debt use. 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. Case in point: We've spotted 4 warning signs for Jiangsu Gian Technology you should be aware of, and 1 of them makes us a bit uncomfortable.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。与许多其他公司一样江苏吉安科技有限公司。(SZSE:300709)利用债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对江苏吉安科技的最新分析
江苏吉安科技的债务是什么?
如下所示,截至2022年6月,江苏吉安科技的债务为3.306亿元人民币,低于一年前的5.117亿元人民币。但它也有6.433亿加元的现金来抵消,这意味着它有3.127亿加元的净现金。
深圳证交所:300709债转股历史2022年9月16日江苏吉安科技的负债状况
最新的资产负债表数据显示,江苏吉安科技有14.9亿元人民币的负债在一年内到期,9510万元的负债在一年内到期。作为这些债务的抵消,该公司有6.433亿加元的现金和6.765亿加元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多2.605亿元。
由于江苏吉安科技的上市股票总价值为人民币55.3亿元,这种负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。尽管江苏吉安科技的负债值得注意,但它拥有净现金,所以可以说它没有沉重的债务负担!
同样积极的是,江苏吉安科技去年息税前利润增长了27%,这应该会让它在未来更容易偿还债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定江苏吉安科技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,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。虽然江苏吉安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,江苏吉安科技烧掉了大量现金。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
如果投资者担心江苏吉安科技的负债,我们可以理解,但我们可以放心的是,该公司拥有3.127亿元人民币的净现金。去年息税前利润增长了27%,给我们留下了深刻的印象。因此,我们对江苏吉安科技的债务使用并不感到困扰。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。一个恰当的例子:我们发现了江苏吉安科技的4个警示标志你应该知道,其中的一个让我们有点不舒服。
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。
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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