Hainan Haiyao (SZSE:000566) Is Making Moderate Use Of Debt
Hainan Haiyao (SZSE:000566) Is Making Moderate Use Of Debt
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 Hainan Haiyao Co., Ltd. (SZSE:000566) makes use of debt. But should shareholders be worried about its use of debt?
传奇基金经理Li·Lu曾说过，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海南海药股份有限公司(SZSE：000566)利用债务。但股东是否应该担心它的债务使用情况？
When Is Debt A Problem?
什么时候债务是个问题？
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. 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. 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.
一般来说，只有当一家公司无法轻松偿还债务时，债务才会成为一个真正的问题，无论是通过筹集资金还是用自己的现金流。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。然而，通过取代稀释，对于需要资本投资于高回报率增长的企业来说，债务可以成为一个非常好的工具。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 Hainan Haiyao
查看我们对海南海药的最新分析
What Is Hainan Haiyao's Debt?
海南海药的债务是什么？
As you can see below, Hainan Haiyao had CN¥4.40b of debt, at March 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥1.18b in cash, and so its net debt is CN¥3.22b.
正如你在下面看到的，截至2023年3月，海南海药的债务为44亿元人民币，与前一年大致相同。您可以单击图表查看更多详细信息。然而，它也有11.8亿元现金，因此其净债务为32.2亿元。
How Healthy Is Hainan Haiyao's Balance Sheet?
海南海药的资产负债表有多健康？
We can see from the most recent balance sheet that Hainan Haiyao had liabilities of CN¥3.98b falling due within a year, and liabilities of CN¥1.37b due beyond that. On the other hand, it had cash of CN¥1.18b and CN¥1.22b worth of receivables due within a year. So it has liabilities totalling CN¥2.95b more than its cash and near-term receivables, combined.
从最近的资产负债表可以看出，海南海药有39.8亿元的负债在一年内到期，还有13.7亿元的负债在一年内到期。另一方面，它有11.8亿元现金和12.2亿元人民币的应收账款在一年内到期。因此，该公司的负债总额为人民币29.5亿元，比现金和近期应收账款加起来还要多。
While this might seem like a lot, it is not so bad since Hainan Haiyao has a market capitalization of CN¥5.83b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Hainan Haiyao will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
虽然这看起来可能很多，但并不是很糟糕，因为海南海药的市值为人民币58.3亿元，因此如果需要的话，它可能会通过筹集资本来加强其资产负债表。然而，仍值得密切关注其偿债能力。毫无疑问，我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务，因为海南海药需要盈利来偿还债务。因此，当考虑债务时，绝对值得关注收益趋势。点击此处查看互动快照。
Over 12 months, Hainan Haiyao made a loss at the EBIT level, and saw its revenue drop to CN¥1.7b, which is a fall of 17%. We would much prefer see growth.
在过去的12个月里，海南海药的息税前利润出现亏损，其收入降至人民币17亿元，降幅为17%。我们更希望看到增长。
Caveat Emptor
告诫买入者
While Hainan Haiyao's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost CN¥123m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥143m in negative free cash flow over the last twelve months. So suffice it to say we do consider the stock to be risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 2 warning signs with Hainan Haiyao (at least 1 which is concerning) , and understanding them should be part of your investment process.
虽然海南海药收入的下降令人心碎，但可以说，它的息税前利润(EBIT)亏损就更没有吸引力了。事实上，在息税前利润水平上，它亏损了1.23亿元。考虑到除了上面提到的债务，我们对公司应该使用如此多的债务没有太大的信心。因此，我们认为它的资产负债表有点紧张，但并不是无法修复。另一个值得警惕的原因是，在过去的12个月里，自由现金流为负1.43亿元。因此，可以说，我们确实认为这只股票是有风险的。毫无疑问，我们从资产负债表中了解到的债务最多。然而，并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了两个警告信号与海南海耀合作(至少有1个是相关的)，了解他们应该是你投资过程的一部分。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然，如果你是那种喜欢在没有债务负担的情况下购买股票的投资者，那么不要犹豫，今天就来看看我们的净现金成长型股票独家名单。
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