Zhuzhou Tianqiao Crane (SZSE:002523) Has Debt But No Earnings; Should You Worry?
Zhuzhou Tianqiao Crane (SZSE:002523) Has Debt But No Earnings; Should You Worry?
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. Importantly, Zhuzhou Tianqiao Crane Co., Ltd. (SZSE:002523) does carry debt. But the real question is whether this debt is making the company risky.
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。重要的是,株洲天桥起重机有限公司(深圳证券交易所:002523)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。
When Is Debt A Problem?
债务何时会成为问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, plenty of companies use debt to fund growth, without any negative consequences. 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。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,许多公司使用债务为增长提供资金,而不会产生任何负面影响。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。
What Is Zhuzhou Tianqiao Crane's Debt?
株洲天桥起重机的债务是什么?
As you can see below, at the end of September 2023, Zhuzhou Tianqiao Crane had CN¥360.5m of debt, up from CN¥257.2m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥777.0m in cash, so it actually has CN¥416.5m net cash.
如下所示,截至2023年9月底,株洲天桥起重机的债务为3.605亿元人民币,高于去年同期的2.572亿元人民币。点击图片查看更多细节。但是,其资产负债表显示其持有7.77亿元的现金,因此实际净现金为4.165亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240304/0-01756c8b7e3b00ba69be395dcaec1db1-0-eb3e812cc052cfb01bd7f0561e04e07e.png/big)
How Strong Is Zhuzhou Tianqiao Crane's Balance Sheet?
株洲天桥起重机的资产负债表有多强?
According to the last reported balance sheet, Zhuzhou Tianqiao Crane had liabilities of CN¥1.62b due within 12 months, and liabilities of CN¥184.6m due beyond 12 months. On the other hand, it had cash of CN¥777.0m and CN¥1.55b worth of receivables due within a year. So it actually has CN¥518.8m more liquid assets than total liabilities.
根据上次报告的资产负债表,株洲天桥起重机的负债为16.2亿元人民币,12个月以后到期的负债为1.846亿元人民币。另一方面,它有一年内到期的7.770亿元现金和价值15.5亿元人民币的应收账款。所以它实际上有5.188亿元人民币 更多 流动资产超过总负债。
This short term liquidity is a sign that Zhuzhou Tianqiao Crane could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Zhuzhou Tianqiao Crane boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Zhuzhou Tianqiao Crane 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.
这种短期流动性表明,株洲天桥起重机可能会轻松还清债务,因为其资产负债表远未捉襟见肘。简而言之,株洲天桥起重机拥有净现金,因此可以说它没有沉重的债务负担!毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是你不能完全孤立地看待债务;因为株洲天桥起重机需要收益来偿还债务。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。
In the last year Zhuzhou Tianqiao Crane had a loss before interest and tax, and actually shrunk its revenue by 13%, to CN¥1.5b. We would much prefer see growth.
去年,株洲天桥起重机在利息和税前出现亏损,实际收入减少了13%,至15亿元人民币。我们更希望看到增长。
So How Risky Is Zhuzhou Tianqiao Crane?
那么株洲天桥起重机的风险有多大?
Although Zhuzhou Tianqiao Crane had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥923k. So taking that on face value, and considering the cash, we don't think its very risky in the near term. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Zhuzhou Tianqiao Crane is showing 3 warning signs in our investment analysis , and 1 of those is potentially serious...
尽管株洲天桥起重机在过去十二个月中出现了息税前收益(EBIT)亏损,但其法定利润为92.3万元人民币。因此,从面值来看,考虑到现金,我们认为短期内风险不大。由于去年的收入增长平平,我们认为投资机会并不特别引人注目。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意,株洲天桥起重机在我们的投资分析中显示出3个警告信号,其中一个可能很严重...
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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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。