Xinlun New Materials (SZSE:002341) Is Carrying A Fair Bit Of Debt
Xinlun New Materials (SZSE:002341) Is Carrying A Fair Bit Of Debt
As you can see below, Xinlun New Materials had CN¥1.79b of debt at June 2023, down from CN¥2.70b a year prior. Net debt is about the same, since the it doesn't have much cash. 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.' 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. Importantly, Xinlun New Materials Co., Ltd. (SZSE:002341) does carry debt. But the real question is whether this debt is making the company risky.
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。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。重要的是新伦新材料有限公司。(SZSE：002341)确实有债务。但真正的问题是，这笔债务是否让该公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险？
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业发展的一种工具，但如果一家企业无法偿还贷款人的债务，那么它就只能听从贷款人的摆布。如果情况真的变得很糟糕，贷款人可以控制业务。然而，更常见(但代价仍然高昂)的情况是，一家公司必须以极低的价格发行股票，永久性地稀释股东的股份，只是为了支撑其资产负债表。当然，许多公司利用债务为增长提供资金，没有任何负面后果。当考虑一家企业使用了多少债务时，首先要做的是把现金和债务放在一起看。
View our latest analysis for Xinlun New Materials
查看我们对新伦新材料的最新分析
How Much Debt Does Xinlun New Materials Carry?
新伦新材料背负着多少债务？
As you can see below, Xinlun New Materials had CN¥1.79b of debt at June 2023, down from CN¥2.70b a year prior. Net debt is about the same, since the it doesn't have much cash.
如下所示，截至2023年6月，新伦新材料的债务为人民币17.9亿元，低于一年前的人民币27.亿元。净债务大致相同，因为它没有太多现金。
How Strong Is Xinlun New Materials' Balance Sheet?
新伦新材料的资产负债表有多强？
According to the last reported balance sheet, Xinlun New Materials had liabilities of CN¥3.07b due within 12 months, and liabilities of CN¥671.2m due beyond 12 months. Offsetting these obligations, it had cash of CN¥28.2m as well as receivables valued at CN¥605.9m due within 12 months. So it has liabilities totalling CN¥3.11b more than its cash and near-term receivables, combined.
根据最新上报的资产负债表，新伦新材有30.7亿加元的负债在12个月内到期，6.712亿加元的负债在12个月后到期。作为这些债务的抵消，该公司有2820万加元的现金以及6.059亿加元的应收账款在12个月内到期。因此，它的负债总额比现金和近期应收账款加起来还要多人民币31.1亿元。
This is a mountain of leverage relative to its market capitalization of CN¥4.33b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. There's no doubt that we learn most about debt from the balance sheet. But it is Xinlun New Materials'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.
与其43.3亿元的市值相比，这是一个堆积如山的杠杆。如果它的贷款人要求它支撑资产负债表，股东可能会面临严重的稀释。毫无疑问，我们从资产负债表中了解到的债务最多。但影响未来资产负债表表现的将是新伦新材料的盈利情况。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 Xinlun New Materials had a loss before interest and tax, and actually shrunk its revenue by 20%, to CN¥781m. To be frank that doesn't bode well.
去年，新伦新材料息税前亏损，收入缩水20%，至7.81亿元。坦率地说，这不是一个好兆头。
Caveat Emptor
告诫买入者
Not only did Xinlun New Materials's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Its EBIT loss was a whopping CN¥666m. 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. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥17m in negative free cash flow over the last twelve months. So to be blunt we think it is 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 Xinlun New Materials (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
新伦新材料不仅在过去12个月里收入下滑，而且息税前收益(EBIT)也出现了负增长。其息税前利润损失高达6.66亿元人民币。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。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，中国的自由现金流为负1700万元。因此，坦率地说，我们认为这是有风险的。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新伦新材料(至少1个，这是有点不愉快)，并了解他们应该是你投资过程的一部分。
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.
归根结底，关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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