Health Check: How Prudently Does Sansteel MinGuangLtd.Fujian (SZSE:002110) Use Debt?
Health Check: How Prudently Does Sansteel MinGuangLtd.Fujian (SZSE:002110) Use Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Sansteel MinGuang Co.,Ltd.,Fujian (SZSE:002110) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
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,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。我们注意到,三钢明光有限公司,Ltd.,福建(SZSE:002110)的资产负债表上确实有债务。但是,股东是否应该担心其债务的使用?
When Is Debt A Problem?
债务何时会成为问题?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款,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。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。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 Sansteel MinGuangLtd.Fujian's Net Debt?
福建三钢闽光有限公司的净负债是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Sansteel MinGuangLtd.Fujian had CN¥16.5b of debt, an increase on CN¥12.3b, over one year. On the flip side, it has CN¥7.97b in cash leading to net debt of about CN¥8.58b.
你可以点击下图查看历史数字,但它显示,截至2024年3月,福建三钢矿光有限公司在一年内有165亿元人民币的债务,比123亿加元人民币有所增加。另一方面,它拥有79.7亿元的现金,净负债约为8.58亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240523/0-2ef753396f61d41b9950baeea653d4f4-0-00f0cf3d31856658347582162de14fc5.png/big)
How Healthy Is Sansteel MinGuangLtd.Fujian's Balance Sheet?
福建三钢闽光有限公司的资产负债表有多健康?
Zooming in on the latest balance sheet data, we can see that Sansteel MinGuangLtd.Fujian had liabilities of CN¥28.4b due within 12 months and liabilities of CN¥3.93b due beyond that. Offsetting these obligations, it had cash of CN¥7.97b as well as receivables valued at CN¥4.11b due within 12 months. So its liabilities total CN¥20.3b more than the combination of its cash and short-term receivables.
放大最新的资产负债表数据,我们可以看到,三钢矿光有限公司在12个月内到期的负债为284亿元人民币,之后到期的负债为39.3亿元人民币。除了这些债务外,它还有79.7亿加元的现金以及价值41.1亿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203亿元人民币。
The deficiency here weighs heavily on the CN¥9.11b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Sansteel MinGuangLtd.Fujian would probably need a major re-capitalization if its creditors were to demand repayment. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Sansteel MinGuangLtd.Fujian's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这里的缺陷严重影响了这家91.1亿元人民币的公司本身,就好像一个孩子在装满书本、运动装备和喇叭的巨大背包的重压下挣扎一样。因此,毫无疑问,我们将密切关注其资产负债表。归根结底,如果债权人要求还款,三钢闽光有限公司可能需要进行大规模的资本重组。在分析债务水平时,资产负债表是显而易见的起点。但是,未来收益将决定福建三钢矿业有限公司未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
In the last year Sansteel MinGuangLtd.Fujian had a loss before interest and tax, and actually shrunk its revenue by 7.1%, to CN¥47b. That's not what we would hope to see.
去年,福建三钢矿光有限公司在利息和税前出现亏损,实际收入减少了7.1%,至470亿元人民币。这不是我们希望看到的。
Caveat Emptor
Caveat Emptor
Importantly, Sansteel MinGuangLtd.Fujian had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥47m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it burned through CN¥1.9b in negative free cash flow over the last year. So suffice it to say we consider the stock to be risky. 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. For example, we've discovered 3 warning signs for Sansteel MinGuangLtd.Fujian that you should be aware of before investing here.
重要的是,福建三钢矿业有限公司去年出现了息税前收益(EBIT)亏损。具体而言,息税前利润亏损为4700万元人民币。当我们将其与巨额负债一起看时,我们对公司并不特别有信心。它需要迅速改善其运营,我们才会对此感兴趣。尤其是因为它在过去一年中消耗了19亿元人民币的负自由现金流。因此,只要说我们认为这只股票有风险就足够了。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。例如,我们发现了福建三钢矿业有限公司的三个警告信号,在投资这里之前,你应该注意这些信号。
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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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。