These 4 Measures Indicate That Yunnan Botanee Bio-Technology GroupLTD (SZSE:300957) Is Using Debt Reasonably Well
These 4 Measures Indicate That Yunnan Botanee Bio-Technology GroupLTD (SZSE:300957) Is Using Debt Reasonably Well
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Yunnan Botanee Bio-Technology Group Co.LTD (SZSE:300957) does carry debt. But the more important question is: how much risk is that debt creating?
霍华德•马克思说得好:与其担心股价波动,不如担心永久损失的可能性……我知道的每个实践投资者都很担心这一点。所以当你考虑任何股票的风险时,需要考虑债务,因为太多的债务会让一家公司沉没。重要的是,云南博天地生物科技集团股份有限公司(SZSE:300957)确实负债。但更重要的问题是:这些债务创造了多大的风险?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.
一般来说,只有当公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是使用其自己的现金流。最终,如果公司无法履行其偿还债务的法定义务,股东可能最终拿不到任何东西。不过,更常见的(但仍然昂贵)情况是,公司必须以低廉的股价稀释股东,以控制债务。话虽如此,通常的情况是公司合理地管理债务 - 并且获得了自身利益。当我们思考公司的债务利用时,我们首先看现金和债务。
What Is Yunnan Botanee Bio-Technology GroupLTD's Debt?
云南博天地生物科技集团股份有限公司的债务状况是什么?
The image below, which you can click on for greater detail, shows that at March 2024 Yunnan Botanee Bio-Technology GroupLTD had debt of CN¥170.1m, up from none in one year. However, its balance sheet shows it holds CN¥2.95b in cash, so it actually has CN¥2.78b net cash.
下面的图片可以放大查看,显示在2024年3月,云南博天地生物科技集团股份有限公司有1.7亿人民币的债务,而一年前则没有。然而,其资产负债表显示其持有29.5亿人民币的现金,因此其净现金为27.8亿人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240612/0-6a297be85c31c400c5f59e5368588f4d-0-d502beb19d7a8328d4f2ad1241f8c9fd.png/big)
A Look At Yunnan Botanee Bio-Technology GroupLTD's Liabilities
看一下云南博天地生物科技集团股份有限公司的负债状况
According to the last reported balance sheet, Yunnan Botanee Bio-Technology GroupLTD had liabilities of CN¥743.6m due within 12 months, and liabilities of CN¥207.6m due beyond 12 months. On the other hand, it had cash of CN¥2.95b and CN¥682.5m worth of receivables due within a year. So it actually has CN¥2.69b more liquid assets than total liabilities.
根据最后披露的资产负债表,云南博天地生物科技集团股份有限公司有743.6万元的负债到期,以及207.6万元的长期负债到期。另一方面,它拥有29.5亿人民币的现金和6,825万元的应收账款到期在一年内。因此,它实际上有26.9亿元。比总负债还多出了更多的流动资产。
This short term liquidity is a sign that Yunnan Botanee Bio-Technology GroupLTD could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Yunnan Botanee Bio-Technology GroupLTD has more cash than debt is arguably a good indication that it can manage its debt safely.
这种短期流动性表明云南博天地生物科技集团股份有限公司可以轻松偿还债务,因为其资产负债表并不过度拉伸。简而言之,云南博天地生物科技集团股份有限公司拥有更多的现金而不是债务的事实,可能表明它可以安全地管理其债务。
In fact Yunnan Botanee Bio-Technology GroupLTD's saving grace is its low debt levels, because its EBIT has tanked 33% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Yunnan Botanee Bio-Technology GroupLTD can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
事实上,云南博天地生物科技集团股份有限公司的救赎之处在于其较低的债务水平,因为其EBIT在过去十二个月内下降了33%。当一家公司看到其盈利大幅下降时,它有时会发现与贷款人的关系变得不好。毫无疑问,我们从资产负债表中了解到大部分债务的情况,但最终业务的未来盈利能力将决定云南博天地生物科技集团股份有限公司能否随着时间的推移加强其资产负债表。因此,如果你专注于未来,可以查看这份免费报告,显示分析师对利润的预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Yunnan Botanee Bio-Technology GroupLTD 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. Over the most recent three years, Yunnan Botanee Bio-Technology GroupLTD recorded free cash flow worth 50% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
但我们最后的考虑也很重要,因为一家公司不能用纸质利润来偿还债务,它需要真金白银的现金。云南博天地生物科技集团股份有限公司可能在资产负债表上有净现金,但是看一下公司将其利润税前利润(EBIT)转化为自由现金流的情况也很有意思,因为这两者将影响该公司管理债务的需求和能力。在最近的三年中,云南博天地生物科技集团股份有限公司记录了价值50%的EBIT的自由现金流,这大约是正常的,因为自由现金流不包括利息和税收。冷硬的现金意味着它可以在需要时减少其债务。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Yunnan Botanee Bio-Technology GroupLTD has net cash of CN¥2.78b, as well as more liquid assets than liabilities. So we are not troubled with Yunnan Botanee Bio-Technology GroupLTD's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Be aware that Yunnan Botanee Bio-Technology GroupLTD is showing 2 warning signs in our investment analysis , you should know about...
虽然我们理解投资者对债务感到担忧,但你应该记住,云南博天地生物科技集团股份有限公司持有净现金27.8亿元,以及比负债更多的流动资产。因此,我们不会为云南博天地生物科技集团股份有限公司的债务使用感到烦恼。毫无疑问,我们从资产负债表中了解到大部分债务的情况,但并不是所有的投资风险都存在于资产负债表中。请注意,根据我们的投资分析,云南博天地生物科技集团股份有限公司正在显示2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.
总的来说,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,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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