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Is Lingyuan Iron & Steel (SHSE:600231) Using Debt Sensibly?

Is Lingyuan Iron & Steel (SHSE:600231) Using Debt Sensibly?

凌源钢铁(SHSE: 600231)是否明智地使用债务?
Simply Wall St ·  01/18 20:21

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.' 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 can see that Lingyuan Iron & Steel Co., Ltd. (SHSE:600231) does use debt in its business. But is this debt a concern to shareholders?

传奇基金经理李露(由查理·芒格支持)曾经说过:“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。我们可以看到,凌源钢铁有限公司(SHSE: 600231)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?

What Risk Does Debt Bring?

债务会带来什么风险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 examine debt levels, we first consider both cash and debt levels, together.

债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的极好工具。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。

View our latest analysis for Lingyuan Iron & Steel

查看我们对凌源钢铁的最新分析

How Much Debt Does Lingyuan Iron & Steel Carry?

凌源钢铁背负了多少债务?

The image below, which you can click on for greater detail, shows that at September 2023 Lingyuan Iron & Steel had debt of CN¥1.91b, up from CN¥1.68b in one year. But it also has CN¥2.45b in cash to offset that, meaning it has CN¥539.3m net cash.

您可以点击下图查看更多详情,该图片显示,截至2023年9月,凌源钢铁的债务为19.1亿元人民币,高于一年内的16.8亿元人民币。但它也有24.5亿元人民币的现金来抵消这一点,这意味着它的净现金为5.393亿元人民币。

debt-equity-history-analysis
SHSE:600231 Debt to Equity History January 19th 2024
SHSE: 600231 2024 年 1 月 19 日债务与股权比率的历史记录

How Healthy Is Lingyuan Iron & Steel's Balance Sheet?

凌源钢铁的资产负债表有多健康?

According to the last reported balance sheet, Lingyuan Iron & Steel had liabilities of CN¥6.99b due within 12 months, and liabilities of CN¥1.37b due beyond 12 months. Offsetting these obligations, it had cash of CN¥2.45b as well as receivables valued at CN¥937.8m due within 12 months. So its liabilities total CN¥4.96b more than the combination of its cash and short-term receivables.

根据上次报告的资产负债表,凌源钢铁的负债为69.9亿元人民币,12个月后到期的负债为13.7亿元人民币。抵消这些债务后,该公司有24.5亿元人民币的现金以及价值9.378亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出49.6亿元人民币。

This is a mountain of leverage relative to its market capitalization of CN¥5.68b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. While it does have liabilities worth noting, Lingyuan Iron & Steel also has more cash than debt, so we're pretty confident it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Lingyuan Iron & Steel's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.

相对于其5.68亿元人民币的市值,这是一座巨大的杠杆率。这表明,如果公司需要迅速支撑资产负债表,股东将被严重稀释。尽管凌源钢铁确实有值得注意的负债,但其现金也多于债务,因此我们非常有信心它可以安全地管理债务。资产负债表显然是分析债务时需要关注的领域。但是,影响未来资产负债表状况的是凌源钢铁的收益。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。

In the last year Lingyuan Iron & Steel had a loss before interest and tax, and actually shrunk its revenue by 17%, to CN¥20b. We would much prefer see growth.

去年,凌源钢铁在利息和税前出现亏损,实际收入减少了17%,至200亿元人民币。我们更希望看到增长。

So How Risky Is Lingyuan Iron & Steel?

那么凌源钢铁的风险有多大?

Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Lingyuan Iron & Steel lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through CN¥1.2b of cash and made a loss of CN¥826m. However, it has net cash of CN¥539.3m, so it has a bit of time before it will need more capital. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Lingyuan Iron & Steel you should be aware of.

从统计学上讲,亏损的公司比赚钱的公司风险更大。事实是,在过去的十二个月中,凌源钢铁的息税前收益(EBIT)亏损。事实上,在那段时间里,它消耗了12亿加元的现金,损失了8.26亿元人民币。但是,它的净现金为5.393亿元人民币,因此在需要更多资金之前还有一段时间。总而言之,我们对此有点怀疑,因为在没有自由现金流的情况下,这似乎相当危险。资产负债表显然是分析债务时需要关注的领域。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。一个很好的例子:我们发现了凌源钢铁公司的一个警告标志,你应该注意。

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,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。

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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.

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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。

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