Does Guangzhou Haozhi IndustrialLtd (SZSE:300503) Have A Healthy Balance Sheet?
Does Guangzhou Haozhi IndustrialLtd (SZSE:300503) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Guangzhou Haozhi Industrial Co.,Ltd. (SZSE:300503) makes use of debt. But is this debt a concern to shareholders?
David·伊本说得好，波动不是我们关心的风险，我们关心的是避免资本的永久性损失。当我们考虑一家公司的风险有多大时，我们总是喜欢看它对债务的使用，因为债务过重可能导致破产。与许多其他公司一样广州浩志实业有限公司。(SZSE：300503)利用债务。但这笔债务对股东来说是一个担忧吗？
When Is Debt Dangerous?
债务在什么时候是危险的？
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. If things get really bad, the lenders can take control of the business. 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. The first step when considering a company's debt levels is to consider its 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。如果情况真的变得很糟糕，贷款人可以控制业务。然而，一种更常见(但仍令人痛苦)的情景是，它不得不以低价筹集新的股本，从而永久性地稀释股东。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。在考虑一家公司的债务水平时，第一步是同时考虑其现金和债务。
Check out our latest analysis for Guangzhou Haozhi IndustrialLtd
查看我们对广州浩志实业有限公司的最新分析
What Is Guangzhou Haozhi IndustrialLtd's Net Debt?
广州浩志实业有限公司的净负债是多少？
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Guangzhou Haozhi IndustrialLtd had CN¥626.1m of debt, an increase on CN¥529.8m, over one year. However, because it has a cash reserve of CN¥131.6m, its net debt is less, at about CN¥494.4m.
你可以点击下图查看历史数据，但它显示，截至2023年6月，广州浩志实业有限公司的债务为6.261亿元，比一年前增加了5.298亿元。然而，由于它拥有1.316亿加元的现金储备，其净债务较少，约为4.944亿加元。
How Strong Is Guangzhou Haozhi IndustrialLtd's Balance Sheet?
广州浩志实业有限公司的资产负债表有多强？
We can see from the most recent balance sheet that Guangzhou Haozhi IndustrialLtd had liabilities of CN¥835.0m falling due within a year, and liabilities of CN¥558.4m due beyond that. Offsetting this, it had CN¥131.6m in cash and CN¥499.4m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥762.4m.
从最近的资产负债表可以看出，广州浩志实业有限公司有8.35亿加元的负债在一年内到期，还有5.584亿加元的负债在一年内到期。作为抵消，它有1.316亿加元的现金和4.994亿加元的应收账款在12个月内到期。因此，其负债比现金和(近期)应收账款之和高出7.624亿元。
Since publicly traded Guangzhou Haozhi IndustrialLtd shares are worth a total of CN¥4.92b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Guangzhou Haozhi IndustrialLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
由于上市的广州浩志实业股份有限公司股票总价值为49.2亿元人民币，这样的负债水平似乎不太可能构成重大威胁。然而，我们确实认为值得关注其资产负债表的实力，因为它可能会随着时间的推移而变化。当你分析债务时，资产负债表显然是你关注的领域。但广州浩志实业有限公司的收益将影响未来资产负债表的表现。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。
In the last year Guangzhou Haozhi IndustrialLtd had a loss before interest and tax, and actually shrunk its revenue by 6.8%, to CN¥953m. That's not what we would hope to see.
去年，广州浩志实业有限公司息税前亏损，实际营收缩水6.8%，至9.53亿元人民币。这不是我们希望看到的。
Caveat Emptor
告诫买入者
Importantly, Guangzhou Haozhi IndustrialLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥19m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of CN¥25m into a profit. So to be blunt we do think it is risky. 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. To that end, you should be aware of the 1 warning sign we've spotted with Guangzhou Haozhi IndustrialLtd .
重要的是，广州浩志实业有限公司去年出现息税前利润(EBIT)亏损。具体地说，息税前亏损为人民币1900万元。当我们看到这一点，并回忆起资产负债表上相对于现金的负债时，在我们看来，该公司有任何债务似乎是不明智的。坦率地说，我们认为资产负债表远远不能与之匹配，尽管随着时间的推移，它可能会得到改善。如果它将过去12个月2500万元的亏损扭亏为盈，我们会感觉更好。因此，坦率地说，我们确实认为这是有风险的。在分析债务水平时，资产负债表显然是一个起点。然而，并非所有投资风险都存在于资产负债表中--远非如此。为此，您应该意识到1个警告标志我们发现了广州浩志实业有限公司。
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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