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Xinhuanet (SHSE:603888) Could Easily Take On More Debt

Xinhuanet (SHSE:603888) Could Easily Take On More Debt

新华网(上海证券交易所代码:603888)很容易承担更多债务
Simply Wall St ·  04/28 20:09

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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Xinhuanet Co., Ltd. (SHSE:603888) does use debt in its business. 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。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们可以看到,新华网有限公司(上海证券交易所代码:603888)确实在其业务中使用了债务。但真正的问题是这笔债务是否使公司面临风险。

Why Does Debt Bring Risk?

为什么债务会带来风险?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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 think about a company's use of debt, we first look at cash and debt together.

一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然昂贵)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。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。

What Is Xinhuanet's Debt?

什么是新华网的债务?

The image below, which you can click on for greater detail, shows that at March 2024 Xinhuanet had debt of CN¥30.4m, up from none in one year. However, it does have CN¥3.18b in cash offsetting this, leading to net cash of CN¥3.15b.

您可以点击下图查看更多详情,该图片显示,截至2024年3月,新华网的债务为3,040万元人民币,高于一年的无债务。但是,它确实有31.8亿元的现金抵消了这一点,净现金为31.5亿元人民币。

debt-equity-history-analysis
SHSE:603888 Debt to Equity History April 29th 2024
SHSE: 603888 2024 年 4 月 29 日债务与股权比率的历史记录

How Strong Is Xinhuanet's Balance Sheet?

新华网的资产负债表有多强?

The latest balance sheet data shows that Xinhuanet had liabilities of CN¥999.9m due within a year, and liabilities of CN¥459.7m falling due after that. Offsetting this, it had CN¥3.18b in cash and CN¥393.7m in receivables that were due within 12 months. So it actually has CN¥2.11b more liquid assets than total liabilities.

最新的资产负债表数据显示,新华网的负债为9.999亿元人民币,此后到期的负债为4.597亿元人民币。与此相抵消的是,它有31.8亿元的现金和3.937亿元人民币的应收账款将在12个月内到期。所以它实际上有211亿元人民币 更多 流动资产超过总负债。

This surplus suggests that Xinhuanet is using debt in a way that is appears to be both safe and conservative. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Xinhuanet boasts net cash, so it's fair to say it does not have a heavy debt load!

这种盈余表明,新华网正在以一种看似既安全又保守的方式使用债务。由于它拥有充足的资产,因此不太可能与贷款人发生麻烦。简而言之,新华网拥有净现金,因此可以公平地说,它没有沉重的债务负担!

Even more impressive was the fact that Xinhuanet grew its EBIT by 180% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. 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 Xinhuanet 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.

更令人印象深刻的是,新华网的息税前利润在十二个月内增长了180%。如果这种增长得以维持,将使未来几年的债务更加易于管理。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;因为新华网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. While Xinhuanet has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Xinhuanet 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。尽管Xinhuanet的资产负债表上有净现金,但仍值得一看其将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。令所有股东感到高兴的是,在过去三年中,新华网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。

Summing Up

总结

While it is always sensible to investigate a company's debt, in this case Xinhuanet has CN¥3.15b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 267% of that EBIT to free cash flow, bringing in CN¥404m. The bottom line is that we do not find Xinhuanet's debt levels at all concerning. 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. Be aware that Xinhuanet is showing 1 warning sign in our investment analysis , you should know about...

尽管调查公司的债务总是明智的,但在这种情况下,Xinhuanet的净现金为31.5亿元人民币,资产负债表看起来不错。最重要的是,它将息税前利润的267%转换为自由现金流,带来了4.04亿元人民币的收入。最重要的是,我们认为新华网的债务水平根本不令人担忧。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。请注意,新华网在我们的投资分析中显示了1个警告信号,你应该知道...

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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