Is Ronglian Group (SZSE:002642) Using Debt In A Risky Way?
Is Ronglian Group (SZSE:002642) Using Debt In A Risky Way?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We note that Ronglian Group Ltd. (SZSE:002642) does have debt on its balance sheet. But is this debt a concern to shareholders?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李璐对此毫不掩饰,他说:“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。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们注意到,荣联集团有限公司(SZSE:002642)的资产负债表上确实有债务。但是这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
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 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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有当公司无法通过筹集资金或自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法偿还债权人,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事就是综合考虑其现金和债务。
See our latest analysis for Ronglian Group
查看我们对荣联集团的最新分析
What Is Ronglian Group's Net Debt?
融联集团的净负债是多少?
The chart below, which you can click on for greater detail, shows that Ronglian Group had CN¥317.6m in debt in September 2023; about the same as the year before. However, it does have CN¥424.3m in cash offsetting this, leading to net cash of CN¥106.7m.
您可以点击下图了解更多详细信息,该图表显示,2023年9月,荣联集团的债务为3.176亿元人民币;与前一年大致相同。但是,它确实有4.243亿元人民币的现金抵消了这一点,净现金为1.067亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231126/0-a92159fe49d4db6fb2801d1a2af616a8-0-f0c3e68066e2fe0024dc5ba164750296.png/big)
How Healthy Is Ronglian Group's Balance Sheet?
荣联集团的资产负债表有多健康?
According to the last reported balance sheet, Ronglian Group had liabilities of CN¥1.35b due within 12 months, and liabilities of CN¥20.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥424.3m as well as receivables valued at CN¥966.4m due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
根据上次公布的资产负债表,荣联集团在12个月内到期的负债为13.5亿元人民币,12个月后到期的负债为2,060万元人民币。为了抵消这些债务,它有4.243亿元人民币的现金以及价值9.664亿元人民币的应收账款,将在12个月内到期。因此,其总负债与其短期流动资产几乎完全匹配。
Having regard to Ronglian Group's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥6.11b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Ronglian Group boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Ronglian Group 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.
考虑到融联集团的规模,其流动资产与总负债似乎非常平衡。因此,尽管很难想象这家61.1亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,荣联集团拥有净现金,因此可以说它没有沉重的债务负担!在分析债务水平时,资产负债表显然是起点。但是你不能完全孤立地看待债务;因为荣联集团需要收益来偿还这笔债务。因此,在考虑债务时,绝对值得一看收益趋势。点击此处查看交互式快照。
In the last year Ronglian Group had a loss before interest and tax, and actually shrunk its revenue by 22%, to CN¥3.0b. To be frank that doesn't bode well.
去年,荣联集团在利息和税前出现亏损,实际收入减少了22%,至30亿元人民币。坦率地说,这并不是一个好兆头。
So How Risky Is Ronglian Group?
那么荣联集团的风险有多大?
While Ronglian Group lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥184m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. 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. Be aware that Ronglian Group is showing 1 warning sign in our investment analysis , you should know about...
尽管荣联集团在利息税前收益(EBIT)水平上亏损,但实际上它产生了正的自由现金流人民币1.84亿元人民币。因此,尽管亏损,但考虑到净现金,它似乎没有太大的短期资产负债表风险。由于去年的收入增长平平,我们认为投资机会并不特别有吸引力。在分析债务水平时,资产负债表显然是起点。但是,并非所有的投资风险都存在于资产负债表中——远非如此。请注意,荣联集团在我们的投资分析中显示了1个警告信号,你应该知道...
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,那么请立即查看我们的独家净现金增长股票清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。