Is Mianyang Fulin PrecisionLtd (SZSE:300432) Weighed On By Its Debt Load?
Is Mianyang Fulin PrecisionLtd (SZSE:300432) Weighed On By Its Debt Load?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. We note that Mianyang Fulin Precision Co.,Ltd. (SZSE:300432) does have debt on its balance sheet. But is this debt a concern to shareholders?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们思考一家公司的风险有多大时,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。我们注意到绵阳富林精密有限公司, Ltd.(深圳证券交易所代码:300432)的资产负债表上确实有债务。但是这笔债务是股东关心的问题吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会变得有风险。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,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。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
What Is Mianyang Fulin PrecisionLtd's Net Debt?
绵阳富林精密有限公司的净负债是多少?
The image below, which you can click on for greater detail, shows that at December 2023 Mianyang Fulin PrecisionLtd had debt of CN¥1.59b, up from CN¥535.2m in one year. However, its balance sheet shows it holds CN¥1.78b in cash, so it actually has CN¥191.1m net cash.
您可以点击下图查看更多详情,该图片显示,截至2023年12月,绵阳富林精密有限公司的债务为15.9亿元人民币,高于一年内的5.352亿元人民币。但是,其资产负债表显示其持有17.8亿元人民币的现金,因此实际上拥有1.911亿元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240429/0-deaa45788498262702845cb6bf441b40-0-ae7de234d326c6976a9683bd9efdd523.png/big)
A Look At Mianyang Fulin PrecisionLtd's Liabilities
看看绵阳富林精密有限公司的负债
According to the last reported balance sheet, Mianyang Fulin PrecisionLtd had liabilities of CN¥4.38b due within 12 months, and liabilities of CN¥708.5m due beyond 12 months. Offsetting this, it had CN¥1.78b in cash and CN¥2.19b in receivables that were due within 12 months. So its liabilities total CN¥1.12b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,绵阳富林精密有限公司的负债为43.8亿元人民币,12个月后到期的负债为7.085亿元人民币。与此相抵消的是,它有17.8亿元的现金和21.9亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出11.2亿元人民币。
Since publicly traded Mianyang Fulin PrecisionLtd shares are worth a total of CN¥8.98b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Mianyang Fulin PrecisionLtd 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 Mianyang Fulin PrecisionLtd'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.
由于上市的绵阳富林精密有限公司股票总价值为89.8亿元人民币,因此这种负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。尽管负债可观,但绵阳富林精密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!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,未来的收益将决定绵阳富林精密有限公司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, Mianyang Fulin PrecisionLtd saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在过去的12个月中,绵阳富林精密有限公司的收入保持相当稳定,并且没有公布利息和税前盈利。虽然这几乎没有给人留下深刻的印象,但也不算太糟糕。
So How Risky Is Mianyang Fulin PrecisionLtd?
那么绵阳富林精密有限公司的风险有多大?
Although Mianyang Fulin PrecisionLtd had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥19m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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 Mianyang Fulin PrecisionLtd is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
尽管绵阳富林精密有限公司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1900万元人民币。因此,当你考虑到它有净现金和法定利润时,该股票的风险可能没有看起来那么大,至少在短期内是如此。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。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,绵阳富林精密有限公司在我们的投资分析中显示了两个警告信号,其中一个不太适合我们...
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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