We Think China National Medicines (SHSE:600511) Can Manage Its Debt With Ease
We Think China National Medicines (SHSE:600511) Can Manage Its Debt With Ease
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.' 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 China National Medicines Corporation Ltd. (SHSE:600511) does use debt in its business. But is this debt a concern to shareholders?
伯克希尔哈撒韦基金会支持的外部基金经理李录并不掩饰他的看法,他认为“最大的投资风险不在价格波动,而在于你是否会遭受资本永久性损失。”在考察一个公司的风险时,自然会考虑其资产负债表,因为如果一个企业倒闭,通常涉及到债务。我们可以看到国药股份有限公司(上海证券交易所:600511)在经营中使用了债务。但是这个债务是否会让股东感到担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
当债务和其他负债无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行义务时,它们就会对企业构成风险。如果情况变得非常糟糕,贷款人可以接管企业。虽然这种情况不太常见,但我们经常看到负债企业因为贷款人强迫它们以低价格筹集资金而不断稀释股东的权益。当然,债务可以成为企业的重要工具,特别是那些投入资金较大的企业。在考虑一个公司的债务水平时,第一步是考虑它的现金和债务的组合。
What Is China National Medicines's Net Debt?
中国国药的净债务是多少?
As you can see below, China National Medicines had CN¥183.8m of debt at March 2024, down from CN¥252.9m a year prior. However, it does have CN¥9.29b in cash offsetting this, leading to net cash of CN¥9.11b.
如下所示,中国国药股份有限公司截至2024年3月的债务为1.838亿元人民币,较一年前的2.529亿元人民币有所减少。然而,它有92.9亿元人民币的现金抵消了这笔债务,形成了91.1亿元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240528/0-11a98dfd9f4189bf507acf3d2ade5aa5-0-cf38987ed2fa5d6b1371bdbae8d5d288.png/big)
How Strong Is China National Medicines' Balance Sheet?
我们可以从最近的资产负债表中看到,中国国药股份有限公司有137亿元人民币的到期负债及其它短期负债,还有11.7亿元人民币的长期负债。相应的,它有92.9亿元人民币的现金和148亿元人民币的应收账款在12个月内到期。因此,它比负债多了921亿元人民币的流动资产。
We can see from the most recent balance sheet that China National Medicines had liabilities of CN¥13.7b falling due within a year, and liabilities of CN¥1.17b due beyond that. Offsetting this, it had CN¥9.29b in cash and CN¥14.8b in receivables that were due within 12 months. So it can boast CN¥9.21b more liquid assets than total liabilities.
这个过剩的流动资产表明中国国药股份有限公司的资产负债表几乎和福特·诺克斯(Fort Knox)一样强大。从这个角度来看,贷款人应该感觉像一个黑带空手道大师的爱人一样安全。简言之,中国国药拥有现金净额,因此可以说它没有重负债。 总负债。
This excess liquidity is a great indication that China National Medicines' balance sheet is almost as strong as Fort Knox. On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, China National Medicines boasts net cash, so it's fair to say it does not have a heavy debt load!
中国国药股份有限公司虽然在2024年经营利润增长相对平稳,但由于其几乎没有债务,这不应该成为问题。在分析债务时,显然应该关注资产负债表。但无论如何,未来的盈利,而非其他任何因素,将决定中国国药股份有限公司维持健康资产负债表的能力。因此,如果你关注未来,可以查看这份免费的分析师利润预测报告。
China National Medicines's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine China National Medicines'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.
最后,一个企业需要自由现金流来偿还债务;会计利润是不够的。中国国药股份有限公司可能在资产负债表上有净现金,但查看其将利润(利息和税前利润(EBIT))转化为自由现金流的能力很有趣,因为这将影响其管理负债的需求和能力。在过去的三年中,中国国药股份有限公司产生了非常强劲的自由现金流,相当于其EBIt的90%,超出了我们的预期。这使它处于非常强大的偿债位置。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. China National Medicines 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, China National Medicines generated free cash flow amounting to a very robust 90% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
虽然我们理解认为债务令人担忧的投资者,但你应该记住,中国国药股份有限公司有91.1亿元人民币的净现金和更多的流动资产而不是负债。并且它给我们留下了20亿元人民币的自由现金流的深刻印象,相当于其EBIT的90%。因此,我们认为中国国药股份有限公司使用债务是不冒险的。在分析债务时,显然应该关注资产负债表。但无论如何,每个公司都可能存在资产负债表之外的风险。对此,你应该知道我们在中国国药股份有限公司注意到的1个警示信号。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that China National Medicines has net cash of CN¥9.11b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥2.0b, being 90% of its EBIT. So we don't think China National Medicines's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with China National Medicines .
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.' 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 China National Medicines Corporation Ltd. (SHSE:600511) does use debt in its business. But is this debt a concern to shareholders?
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,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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