Zhong Fu Tong Group (SZSE:300560) Has A Pretty Healthy Balance Sheet
Zhong Fu Tong Group (SZSE:300560) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Zhong Fu Tong Group Co., Ltd. (SZSE:300560) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们注意到,中富通集团有限公司(深交所股票代码:300560)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。考虑公司的债务水平的第一步是同时考虑其现金和债务。
What Is Zhong Fu Tong Group's Net Debt?
中富通集团的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Zhong Fu Tong Group had CN¥769.7m of debt, an increase on CN¥696.8m, over one year. However, it also had CN¥656.1m in cash, and so its net debt is CN¥113.6m.
你可以点击下图查看历史数字,但它显示,截至2023年9月,忠富通集团在一年内有7.697亿元人民币的债务,比6.968亿元人民币的债务有所增加。但是,它也有6.561亿加元的现金,因此其净负债为1.136亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240226/0-cc98e4f491af210a721189b9f9581117-0-48ec3f56d8a62e29bf2f202d9902e59c.png/big)
How Healthy Is Zhong Fu Tong Group's Balance Sheet?
中富通集团的资产负债表有多健康?
The latest balance sheet data shows that Zhong Fu Tong Group had liabilities of CN¥1.48b due within a year, and liabilities of CN¥127.2m falling due after that. Offsetting these obligations, it had cash of CN¥656.1m as well as receivables valued at CN¥1.26b due within 12 months. So it can boast CN¥312.9m more liquid assets than total liabilities.
最新的资产负债表数据显示,中富通集团的负债为14.8亿元人民币,之后到期的负债为1.272亿元人民币。除了这些债务外,它还有6.561亿元的现金以及价值12.6亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出3.129亿元人民币 总 负债。
This surplus suggests that Zhong Fu Tong Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty.
这种盈余表明中富通集团的资产负债表比较保守,可以毫不费力地消除债务。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们通过以下方法来衡量公司的债务负担与其盈利能力:将其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),并计算其利息和税前收益(EBIT)支付利息支出(利息保障)的难易程度。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
Zhong Fu Tong Group's net debt is sitting at a very reasonable 2.5 times its EBITDA, while its EBIT covered its interest expense just 2.5 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Importantly, Zhong Fu Tong Group's EBIT fell a jaw-dropping 48% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Zhong Fu Tong Group will need earnings to service that debt. 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.
去年,中富通集团的净负债相当于其息税折旧摊销前利润的2.5倍,而其息税前利润仅为利息支出的2.5倍。尽管这并不让我们太担心,但这确实表明利息的支付有些负担。重要的是,中富通集团的息税前利润在过去十二个月中下降了惊人的48%。如果这种盈利趋势继续下去,那么偿还债务就像放猫坐过山车一样容易。在分析债务水平时,资产负债表是显而易见的起点。但是你不能完全孤立地看待债务;因为中富通集团需要收益来偿还债务。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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Happily for any shareholders, Zhong Fu Tong Group actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。因此,值得检查一下息税前利润中有多少是由自由现金流支持的。令所有股东感到高兴的是,在过去三年中,中富通集团产生的自由现金流实际上超过了息税前利润。在保持贷款人的支持方面,没有什么比流入的现金更好的了。
Our View
我们的观点
Zhong Fu Tong Group's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. In particular, we are dazzled with its conversion of EBIT to free cash flow. When we consider all the factors mentioned above, we do feel a bit cautious about Zhong Fu Tong Group's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. 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 4 warning signs for Zhong Fu Tong Group you should be aware of, and 2 of them are significant.
尽管我们考虑的其他因素要好得多,但根据该分析,中富通集团的息税前利润增长率确实为负数。特别是,它将息税前利润转换为自由现金流令我们眼花缭乱。当我们考虑上述所有因素时,我们对中富通集团的债务使用确实有些谨慎。尽管债务在更高的潜在回报方面确实有其上行空间,但我们认为股东们一定应该考虑债务水平如何使股票更具风险。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:我们已经发现了你应该注意的中富通集团的4个警告信号,其中两个信号很重要。
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。
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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。