Is Jiangsu Nonghua Intelligent Agriculture Technologyltd (SZSE:000816) Using Debt Sensibly?
Is Jiangsu Nonghua Intelligent Agriculture Technologyltd (SZSE:000816) Using Debt Sensibly?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Jiangsu Nonghua Intelligent Agriculture Technology Co.ltd (SZSE:000816) makes use of debt. But the real question is whether this debt is making the company risky.
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。與許多其他公司一樣,江蘇農華智能農業科技股份有限公司(深圳證券交易所代碼:000816)也使用債務。但真正的問題是這筆債務是否使公司面臨風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。最終,如果公司無法履行償還債務的法律義務,股東們可能會一無所獲。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
What Is Jiangsu Nonghua Intelligent Agriculture Technologyltd's Net Debt?
江蘇農華智農科技有限公司的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of December 2023 Jiangsu Nonghua Intelligent Agriculture Technologyltd had CN¥61.8m of debt, an increase on CN¥46.4m, over one year. But it also has CN¥306.9m in cash to offset that, meaning it has CN¥245.1m net cash.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年12月,江蘇農華智能農業科技有限公司在一年內有6180萬元人民幣的債務,比4,640萬元人民幣的債務有所增加。但它也有3.069億元的現金來抵消這一點,這意味着它有2.451億元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240509/0-c9f17fed1d0d5bf28d0b94a1f93f67f1-0-4186b2e27d368b382bf0b8fd2d091d0b.png/big)
How Strong Is Jiangsu Nonghua Intelligent Agriculture Technologyltd's Balance Sheet?
江蘇農華智慧農業科技有限公司的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Jiangsu Nonghua Intelligent Agriculture Technologyltd had liabilities of CN¥803.2m due within 12 months and liabilities of CN¥123.3m due beyond that. On the other hand, it had cash of CN¥306.9m and CN¥170.3m worth of receivables due within a year. So it has liabilities totalling CN¥449.4m more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,江蘇農華智能農業科技有限公司的負債爲8.032億元人民幣,12個月後到期的負債爲1.233億元人民幣。另一方面,它有一年內到期的3.069億元現金和價值1.703億元人民幣的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出4.494億元人民幣。
Since publicly traded Jiangsu Nonghua Intelligent Agriculture Technologyltd shares are worth a total of CN¥3.66b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Jiangsu Nonghua Intelligent Agriculture Technologyltd 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 it is Jiangsu Nonghua Intelligent Agriculture Technologyltd'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.
由於上市的江蘇農華智能農業科技有限公司股票總價值爲36.6億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。儘管負債可觀,但江蘇農華智農科技有限公司擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,影響未來資產負債表狀況的是江蘇農華智慧農業科技有限公司的收益。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
In the last year Jiangsu Nonghua Intelligent Agriculture Technologyltd wasn't profitable at an EBIT level, but managed to grow its revenue by 7.0%, to CN¥1.3b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
去年,江蘇農華智能農業科技有限公司在息稅前利潤水平上沒有盈利,但其收入增長了7.0%,達到13億元人民幣。就我們的口味而言,這種增長速度有點慢,但要創造一個世界需要所有類型。
So How Risky Is Jiangsu Nonghua Intelligent Agriculture Technologyltd?
那麼江蘇農華智慧農業科技有限公司的風險有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Jiangsu Nonghua Intelligent Agriculture Technologyltd lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥31m and booked a CN¥67m accounting loss. But the saving grace is the CN¥245.1m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. For riskier companies like Jiangsu Nonghua Intelligent Agriculture Technologyltd I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。事實是,在過去的十二個月中,江蘇農華智能農業科技有限公司的息稅前收益(EBIT)虧損。同期,它的自由現金流出爲負3100萬元人民幣,會計虧損爲6700萬元人民幣。但儲蓄之處是資產負債表上的2.451億元人民幣。這意味着,按照目前的速度,公司可以將增長支出保持至少兩年。總而言之,我們對這個有點懷疑,因爲在沒有自由現金流的情況下,這似乎相當危險。對於像江蘇農華智能農業科技有限公司這樣的風險較高的公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們的利潤、收入和運營現金流的交互式圖表。
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。