Is Jiangsu Hongdou IndustrialLTD (SHSE:600400) Using Debt Sensibly?
Is Jiangsu Hongdou IndustrialLTD (SHSE:600400) Using Debt Sensibly?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Jiangsu Hongdou Industrial Co.,LTD (SHSE:600400) makes use of debt. But the more important question is: how much risk is that debt creating?
马克斯说得很好，他不是担心股价波动，而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。与许多其他公司一样江苏红豆实业有限公司(上海证券交易所：600400)利用债务。但更重要的问题是：这笔债务造成了多大的风险？
Why Does Debt Bring Risk?
为什么债务会带来风险？
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
债务帮助企业，直到企业难以偿还债务，无论是用新资本还是用自由现金流。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。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，在企业中，债务可以是一个重要的工具，特别是资本密集型企业。当我们考虑一家公司的债务用途时，我们首先会把现金和债务放在一起看。
Check out our latest analysis for Jiangsu Hongdou IndustrialLTD
查看我们对江苏红豆产业LTD的最新分析
What Is Jiangsu Hongdou IndustrialLTD's Debt?
江苏红豆实业LTD的债务是什么？
As you can see below, at the end of June 2023, Jiangsu Hongdou IndustrialLTD had CN¥934.0m of debt, up from CN¥486.5m a year ago. Click the image for more detail. However, it does have CN¥1.18b in cash offsetting this, leading to net cash of CN¥243.4m.
如下所示，截至2023年6月底，江苏红豆实业有限公司的债务为9.34亿加元，高于一年前的4.865亿加元。单击图像了解更多详细信息。然而，它确实有11.8亿加元的现金来抵消这一点，导致净现金2.434亿加元。
How Strong Is Jiangsu Hongdou IndustrialLTD's Balance Sheet?
江苏红豆实业LTD的资产负债表有多强？
According to the last reported balance sheet, Jiangsu Hongdou IndustrialLTD had liabilities of CN¥1.43b due within 12 months, and liabilities of CN¥427.4m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.18b as well as receivables valued at CN¥685.8m due within 12 months. So these liquid assets roughly match the total liabilities.
根据最新报告的资产负债表，江苏红豆实业有限公司有14.3亿加元的负债在12个月内到期，4.274亿加元的负债在12个月后到期。为了抵消这些债务，该公司有11.8亿加元的现金以及价值6.858亿加元的应收账款在12个月内到期。因此，这些流动资产大致相当于总负债。
This state of affairs indicates that Jiangsu Hongdou IndustrialLTD's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥7.13b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Jiangsu Hongdou IndustrialLTD boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jiangsu Hongdou IndustrialLTD's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
这种情况表明，江苏红豆实业有限公司的资产负债表看起来相当稳健，其总负债与流动资产大致相当。因此，尽管很难想象这家71.3亿元人民币的公司正在为现金而苦苦挣扎，但我们仍然认为值得监控其资产负债表。简而言之，江苏红豆实业有限公司拥有净现金，因此可以说它没有沉重的债务负担！当你分析债务时，资产负债表显然是你关注的领域。但江苏红豆实业有限责任公司的盈利将影响未来资产负债表的表现。因此，如果你热衷于了解更多关于它的收益，可能值得查看一下它的长期收益趋势图。
Over 12 months, Jiangsu Hongdou IndustrialLTD made a loss at the EBIT level, and saw its revenue drop to CN¥2.3b, which is a fall of 5.1%. We would much prefer see growth.
过去12个月，江苏红豆实业有限公司息税前利润出现亏损，收入降至23亿加元，降幅为5.1%。我们更希望看到增长。
So How Risky Is Jiangsu Hongdou IndustrialLTD?
那么，江苏红豆产业LTD的风险有多大呢？
While Jiangsu Hongdou IndustrialLTD lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥10m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 4 warning signs for Jiangsu Hongdou IndustrialLTD (2 are a bit concerning!) that you should be aware of before investing here.
虽然江苏红豆实业有限公司在息税前利润(EBIT)水平上出现亏损，但它实际上录得1000万元人民币的账面利润。因此，从表面上看，考虑到现金，我们认为短期内风险不是很大。考虑到收入增长乏力，一旦息税前利润为正，我们将对该股感到更放心。在分析债务水平时，资产负债表显然是一个起点。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。例如，我们发现江苏红豆行业LTD的4个警示标志(两个有点令人担忧！)在这里投资之前你应该意识到这一点。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
总而言之，有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费，现在。
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