I summarize the main financial data of each pig company’s quarterly report in 2022, and get the table below to try to analyze the current financial situation of each pig company.
1. Muyuan Shares: Interest-bearing liabilities are 60.537 billion yuan, and the short-term debt balance is -23.405 billion . The short-term debt repayment pressure is extremely high. There are more inventories (pigs), but more accounts payable, the difference is -1.601 billion. Conclusion: Muyuan urgently needs financing, otherwise the short-term debt may not be paid, or the account may not be paid. Muyuan still invested a large amount of 5.914 billion in fixed assets, and the demand for funds is more urgent.
2. Wen’s shares: Interest-bearing liabilities are 38.809 billion yuan, and the short-term debt balance is 5.122 billion yuan. It is the only pig company whose cash can fully cover short-term debt . Inventories are also more than accounts payable, the difference is 8.503 billion. Conclusion: Wen’s is the financially healthiest pig company, and he will be fine if the pig price falls for a few years.
3. New Hope: Interest-bearing liabilities are 69.855 billion yuan, and the short-term debt balance is -9.965 billion . The short-term debt repayment pressure is relatively high. Fortunately, the inventory (pig) is much more than the accounts payable, and the difference is 10.036 billion. Conclusion: Although New Hope has the highest debt, fortunately most of it is long-term debt, and there will be no cash flow problem within a year. It should be noted that the operating cash flow is -17.68, and the investment in fixed assets is 3.36 billion. It is necessary to control the investment in fixed assets.
4. Zhengbang Technology: Interest-bearing debt is 21.713 billion yuan, and the short-term debt balance is -13.086 billion . The short-term debt repayment pressure is extremely high. Inventory (pig) is more than accounts payable, the difference is 3.268 billion. Conclusion: Zhengbang is in urgent need of financing, and the short-term debt will soon be repaid. Operating cash flow -1.361 billion, is still bleeding. Fixed assets have stopped investing, which seems to be very dangerous.
5. Tiankang Bio: Interest-bearing liabilities of 6.713 billion, short-term debt balance of -2.044 billion. Inventory is far more than accounts payable, the difference is 6.704 billion. Inventories can fully cover short-term debt. Conclusion: Tiankang Biotechnology is in good financial condition, and the investment in fixed assets of 128 million is very small. It seems that Tiankang is still seeking stability.
6. Tang Renshen: Interest-bearing debt is 5.603 billion, and the short-term debt balance is -1.052 billion. Inventory (pig) is more than accounts payable, the difference is 2.487 billion. Inventories can fully cover short-term debt. Conclusion: The financial status of the Tang Dynasty fetish is in good condition, and the investment in fixed assets is 844 million yuan, which is steadily invested.
$ Muyuan Shares (SZ002714)$ $ Wen’s Shares (SZ300498)$ $ New Hope (SZ000876)$
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