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Health Check: How Prudently Does Jiangsu Hongdou IndustrialLTD (SHSE:600400) Use Debt?

Health Check: How Prudently Does Jiangsu Hongdou IndustrialLTD (SHSE:600400) Use Debt?

健康检查:江苏红豆实业有限公司(SHSE: 600400)如何谨慎地使用债务?
Simply Wall St ·  01/17 19:05

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Hongdou Industrial Co.,LTD (SHSE:600400) does have debt on its balance sheet. But is this debt a concern to shareholders?

由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们注意到,江苏红豆实业有限公司, LTD(上海证券交易所股票代码:600400)的资产负债表上确实有债务。但是这笔债务是股东关心的问题吗?

When Is Debt A Problem?

债务何时会成为问题?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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 step when considering a company's debt levels is to consider 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。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东,这样才能控制债务。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的一个非常好的工具。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。

Check out our latest analysis for Jiangsu Hongdou IndustrialLTD

查看我们对江苏红豆实业有限公司的最新分析

What Is Jiangsu Hongdou IndustrialLTD's Net Debt?

江苏红豆实业有限公司的净负债是多少?

As you can see below, at the end of September 2023, Jiangsu Hongdou IndustrialLTD had CN¥1.17b of debt, up from CN¥640.0m a year ago. Click the image for more detail. But it also has CN¥1.24b in cash to offset that, meaning it has CN¥77.0m net cash.

如下所示,截至2023年9月底,江苏红豆实业有限公司的债务为11.7亿元人民币,高于去年同期的6.40亿元人民币。点击图片了解更多详情。但它也有12.4亿元的现金来抵消这一点,这意味着它拥有7,700万元的净现金。

debt-equity-history-analysis
SHSE:600400 Debt to Equity History January 18th 2024
SHSE: 600400 2024 年 1 月 18 日债务与股权比率的历史记录

How Strong Is Jiangsu Hongdou IndustrialLTD's Balance Sheet?

江苏红豆实业有限公司的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that Jiangsu Hongdou IndustrialLTD had liabilities of CN¥1.64b due within 12 months and liabilities of CN¥423.5m due beyond that. Offsetting these obligations, it had cash of CN¥1.24b as well as receivables valued at CN¥704.2m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥119.6m.

放大最新的资产负债表数据,我们可以看到,江苏红豆实业有限公司在12个月内到期的负债为16.4亿元人民币,之后到期的负债为4.235亿元人民币。除这些债务外,它有12.4亿元人民币的现金以及价值7.042亿元人民币的应收账款将在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额1.196亿元人民币。

Having regard to Jiangsu Hongdou IndustrialLTD's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥6.87b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Jiangsu Hongdou IndustrialLTD boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Jiangsu Hongdou IndustrialLTD can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

考虑到江苏红豆实业有限公司的规模,其流动资产与总负债的平衡似乎良好。因此,这家68.7亿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。尽管负债可观,但江苏红豆实业有限公司拥有净现金,因此可以公平地说,它没有沉重的债务负担!毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务的未来盈利能力将决定江苏红豆实业有限公司能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

In the last year Jiangsu Hongdou IndustrialLTD had a loss before interest and tax, and actually shrunk its revenue by 6.7%, to CN¥2.2b. We would much prefer see growth.

去年,江苏红豆实业有限公司在利息和税前出现亏损,实际收入减少了6.7%,至22亿元人民币。我们更希望看到增长。

So How Risky Is Jiangsu Hongdou IndustrialLTD?

那么江苏红豆实业有限公司的风险有多大?

Although Jiangsu Hongdou IndustrialLTD had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥8.0m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Jiangsu Hongdou IndustrialLTD (of which 1 can't be ignored!) you should know about.

尽管江苏红豆实业有限公司在过去十二个月中出现了息税前收益(EBIT)亏损,但其法定利润为800万元人民币。因此,从面值来看,考虑到现金,我们认为短期内风险不大。在我们看到息税前利润为正数之前,我们对该股持谨慎态度,尤其是因为收入增长相当温和。在分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表中,远非如此。这些风险可能很难发现。每家公司都有它们,我们已经发现了江苏红豆实业有限公司的3个警告标志(其中1个不容忽视!)你应该知道。

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.

毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的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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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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