Is Guangzhou Haige Communications Group (SZSE:002465) Using Too Much Debt?
Is Guangzhou Haige Communications Group (SZSE:002465) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. As with many other companies Guangzhou Haige Communications Group Incorporated Company (SZSE:002465) makes use of debt. But should shareholders be worried about its use of debt?
传奇基金经理李露(由查理·芒格支持)曾经说过:“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。与许多其他公司一样,广州海格通信集团股份有限公司(深圳证券交易所:002465)也使用债务。但是,股东是否应该担心其债务的使用?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。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。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。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 Guangzhou Haige Communications Group's Net Debt?
广州海格通信集团的净负债是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Guangzhou Haige Communications Group had debt of CN¥2.00b, up from CN¥606.0m in one year. But on the other hand it also has CN¥4.57b in cash, leading to a CN¥2.57b net cash position.
您可以点击下图查看更多详情,该图片显示,截至2024年3月,广州海格通信集团的债务为20亿元人民币,高于一年内的6.06亿元人民币。但另一方面,它也有45.7亿元的现金,净现金状况为257亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240522/0-ba9234bbb7044fed9153b7127725439f-0-79909aab833955d5bf6e5b239fc4943a.png/big)
A Look At Guangzhou Haige Communications Group's Liabilities
看看广州海格通信集团的负债
We can see from the most recent balance sheet that Guangzhou Haige Communications Group had liabilities of CN¥5.16b falling due within a year, and liabilities of CN¥601.4m due beyond that. Offsetting these obligations, it had cash of CN¥4.57b as well as receivables valued at CN¥6.70b due within 12 months. So it can boast CN¥5.51b more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,广州海格通信集团的负债为51.6亿元人民币,一年后到期的负债为6.014亿元人民币。除了这些债务外,它还有45.7亿元人民币的现金以及价值67.0亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出55.1亿元人民币 总 负债。
This excess liquidity suggests that Guangzhou Haige Communications Group is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Guangzhou Haige Communications Group has more cash than debt is arguably a good indication that it can manage its debt safely.
这种过剩的流动性表明广州海格通信集团正在对债务采取谨慎的态度。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,广州海格通信集团的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
But the other side of the story is that Guangzhou Haige Communications Group saw its EBIT decline by 5.3% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Guangzhou Haige Communications Group'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.
但故事的另一面是,广州海格通信集团的息税前利润比去年下降了5.3%。这种下降如果持续下去,显然会使债务更难处理。在分析债务水平时,资产负债表是显而易见的起点。但是,未来收益将决定广州海格通信集团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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Guangzhou Haige Communications Group 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, Guangzhou Haige Communications Group 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。广州海格通信集团的资产负债表上可能有净现金,但研究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,广州海格通信集团烧毁了大量现金。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 it is always sensible to investigate a company's debt, in this case Guangzhou Haige Communications Group has CN¥2.57b in net cash and a decent-looking balance sheet. So we are not troubled with Guangzhou Haige Communications Group'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. Be aware that Guangzhou Haige Communications Group is showing 2 warning signs in our investment analysis , you should know about...
尽管调查公司的债务总是明智的,但在本案中,广州海格通信集团拥有25.7亿元人民币的净现金和不错的资产负债表。因此,我们对广州海格通信集团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。请注意,广州海格通信集团在我们的投资分析中显示出两个警告信号,您应该知道...
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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