Does Sinostone(Guangdong)Ltd (SZSE:001212) Have A Healthy Balance Sheet?
Does Sinostone(Guangdong)Ltd (SZSE:001212) Have A Healthy Balance Sheet?
We can see from the most recent balance sheet that Sinostone(Guangdong)Ltd had liabilities of CN¥147.3m falling due within a year, and liabilities of CN¥451.5m due beyond that. Offsetting this, it had CN¥1.07b in cash and CN¥167.2m in receivables that were due within 12 months. So it actually has CN¥640.5m more liquid assets than total liabilities. 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.' 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. Importantly, Sinostone(Guangdong) Co.,Ltd. (SZSE:001212) does carry debt. But is this debt a concern to shareholders?
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。”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。重要的是，中石化工（广东）有限公司, Ltd.（深圳证券交易所：001212）确实有债务。但是这笔债务是股东关心的问题吗？
When Is Debt Dangerous?
债务何时危险？
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 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
债务可以为企业提供帮助，直到企业难以偿还债务，无论是新资本还是自由现金流。资本主义的重要组成部分是 “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。当然，债务可以成为企业的重要工具，尤其是资本密集型企业。当我们研究债务水平时，我们首先要同时考虑现金和债务水平。
What Is Sinostone(Guangdong)Ltd's Debt?
什么是华石（广东）有限公司的债务？
As you can see below, at the end of September 2023, Sinostone(Guangdong)Ltd had CN¥416.5m of debt, up from CN¥16.4m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥1.07b in cash, so it actually has CN¥655.6m net cash.
如下所示，截至2023年9月底，中国石化（广东）有限公司的债务为4.165亿元人民币，高于去年同期的1,640万元人民币。点击图片查看更多细节。但是，其资产负债表显示其持有10.7亿元人民币的现金，因此实际上拥有6.556亿元人民币的净现金。
A Look At Sinostone(Guangdong)Ltd's Liabilities
看看华石（广东）有限公司的负债
We can see from the most recent balance sheet that Sinostone(Guangdong)Ltd had liabilities of CN¥147.3m falling due within a year, and liabilities of CN¥451.5m due beyond that. Offsetting this, it had CN¥1.07b in cash and CN¥167.2m in receivables that were due within 12 months. So it actually has CN¥640.5m more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出，中国石化（广东）有限公司的负债为1.473亿元人民币，一年后到期的负债为4.515亿元人民币。与此相抵消的是，它有10.7亿加元的现金和1.672亿元人民币的应收账款将在12个月内到期。所以它实际上有6.405亿元人民币 更多 流动资产超过总负债。
This excess liquidity suggests that Sinostone(Guangdong)Ltd is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Sinostone(Guangdong)Ltd boasts net cash, so it's fair to say it does not have a heavy debt load!
这种过剩的流动性表明中国石化（广东）有限公司正在谨慎对待债务。鉴于它很容易获得足够的短期流动性，我们认为其贷款机构不会有任何问题。简而言之，华石（广东）有限公司拥有净现金，因此可以公平地说，它没有沉重的债务负担！
On the other hand, Sinostone(Guangdong)Ltd's EBIT dived 18%, over the last year. If that rate of decline in earnings continues, the company could find itself in a tight spot. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Sinostone(Guangdong)Ltd 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.
另一方面，华石（广东）有限公司的息税前利润比去年下降了18％。如果收益的下降速度持续下去，该公司可能会陷入困境。资产负债表显然是分析债务时需要关注的领域。但是你不能完全孤立地看待债务；因为中石化工（广东）有限公司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. Sinostone(Guangdong)Ltd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Sinostone(Guangdong)Ltd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
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。Sinostone（广东）有限公司的资产负债表上可能有净现金，但看看该企业如何将其利息税前收益（EBIT）转换为自由现金流仍然很有趣，因为这将影响其对债务的需求和管理能力。在过去的三年中，华石（广东）有限公司烧掉了大量现金。尽管这可能是增长支出的结果，但它确实使债务风险大大增加。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Sinostone(Guangdong)Ltd has net cash of CN¥655.6m, as well as more liquid assets than liabilities. So we are not troubled with Sinostone(Guangdong)Ltd's debt use. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Sinostone(Guangdong)Ltd (of which 2 are a bit concerning!) you should know about.
虽然我们同情那些认为债务令人担忧的投资者，但您应该记住，华石（广东）有限公司的净现金为6.556亿元人民币，流动资产也比负债还多。因此，我们对中国石化（广东）有限公司的债务使用并不感到困扰。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。这些风险可能很难发现。每家公司都有它们，我们已经发现了中国石化（广东）有限公司的3个警告标志（其中2个有点令人担忧！）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。
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