Is China Shipbuilding Industry Group Power (SHSE:600482) Weighed On By Its Debt Load?
Is China Shipbuilding Industry Group Power (SHSE:600482) Weighed On By Its Debt Load?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. As with many other companies China Shipbuilding Industry Group Power Co., Ltd. (SHSE:600482) makes use of debt. But the more important question is: how much risk is that debt creating?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·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。与许多其他公司一样,中国船舶工业集团电力有限公司(SHSE: 600482)也使用债务。但更重要的问题是:这笔债务会带来多大的风险?
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. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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 thing to do when considering how much debt a business uses is to look at its cash and debt 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。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。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。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is China Shipbuilding Industry Group Power's Debt?
中国船舶工业集团鲍尔的债务是多少?
The image below, which you can click on for greater detail, shows that at September 2023 China Shipbuilding Industry Group Power had debt of CN¥10.7b, up from CN¥8.48b in one year. But it also has CN¥25.2b in cash to offset that, meaning it has CN¥14.5b 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,中国船舶工业集团电力公司的债务为107亿元人民币,高于一年内的84.8亿元人民币。但它也有252亿元人民币的现金来抵消这一点,这意味着它的净现金为145亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240318/0-7235e1129f227e05eb81954ddd83e200-0-b6983050850c1b224f447704d616a00b.png/big)
How Healthy Is China Shipbuilding Industry Group Power's Balance Sheet?
中国船舶工业集团Power的资产负债表有多健康?
According to the last reported balance sheet, China Shipbuilding Industry Group Power had liabilities of CN¥37.1b due within 12 months, and liabilities of CN¥12.9b due beyond 12 months. On the other hand, it had cash of CN¥25.2b and CN¥22.5b worth of receivables due within a year. So its liabilities total CN¥2.36b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,中国船舶工业集团电力的负债为371亿元人民币,12个月后到期的负债为129亿元人民币。另一方面,它有一年内到期的现金为252亿元人民币,还有价值225亿元人民币的应收账款。因此,其负债总额比其现金和短期应收账款的总额高出23.6亿元人民币。
Of course, China Shipbuilding Industry Group Power has a market capitalization of CN¥43.5b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, China Shipbuilding Industry Group Power 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 it is future earnings, more than anything, that will determine China Shipbuilding Industry Group Power's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
当然,中国船舶工业集团的市值为435亿元人民币,因此这些负债可能是可以控制的。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。尽管负债值得关注,但中国船舶工业集团电力公司拥有净现金,因此可以公平地说,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,未来收益将决定中国造船工业集团Power未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, China Shipbuilding Industry Group Power reported revenue of CN¥42b, which is a gain of 5.7%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,中国船舶工业集团电力公布的收入为420亿元人民币,增长了5.7%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
So How Risky Is China Shipbuilding Industry Group Power?
那么,中国船舶工业集团的权力风险有多大?
Although China Shipbuilding Industry Group Power had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥443m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. For example - China Shipbuilding Industry Group Power has 1 warning sign we think you should be aware of.
尽管中国造船工业集团电力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4.43亿元人民币。因此,从面值来看,考虑到现金,我们认为短期内风险不大。在我们看到息税前利润为正数之前,我们对该股持谨慎态度,尤其是因为收入增长相当温和。在分析债务水平时,资产负债表是显而易见的起点。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。例如,中国船舶工业集团Power有1个警告标志,我们认为你应该注意。
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。
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。