Does Shanghai Haixin Group (SHSE:600851) Have A Healthy Balance Sheet?
Does Shanghai Haixin Group (SHSE:600851) Have A Healthy Balance Sheet?
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. We note that Shanghai Haixin Group Co., Ltd. (SHSE:600851) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍华德·马克斯说得很好,与其担心股价波动,不如担心“永久性损失的可能性...我认识的每一个实际投资者都在担心。”因此,当你考虑一个股票有多大风险时,需要考虑负债,因为过多的负债可能会让一家公司陷入困境。我们注意到上海海欣集团股份有限公司(SHSE:600851)确实在其资产负债表上有负债。但是这些负债是否令股东们担忧呢?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
当一家公司无法通过自由现金流或以较优惠的价格募资来轻松履行债务时,债务和其他负债变得有风险。在最极端的情况下,如果一家公司无法偿还债权人,就可能会破产。然而,更常见的情况是,一家公司不得不以大幅折价的价格发行股票,永久性地稀释股东的利益,以维持其资产负债表。尽管如此,最常见的情况是一家公司合理控制其债务,并将其作为自身的优势。当我们考虑一家公司的债务使用情况时,我们首先要看现金和债务两者的总体情况。
How Much Debt Does Shanghai Haixin Group Carry?
上海海欣集团承担了多少债务?
As you can see below, at the end of March 2024, Shanghai Haixin Group had CN¥37.0m of debt, up from CN¥27.7m a year ago. Click the image for more detail. However, it does have CN¥762.8m in cash offsetting this, leading to net cash of CN¥725.8m.
正如您在下面看到的,在2024年3月底,上海海欣集团的债务总额为3700万人民币,比一年前的2770万人民币增加了。点击图片获取更多详情。然而,它的现金为76280万人民币,可抵消这笔债务,从而获得净现金72580万人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-c99def250629e0e1f901c1e6608b8012-0-e3a87ae77c95fb17f733c62d1b2f2610.png/big)
A Look At Shanghai Haixin Group's Liabilities
我们可以从最近的资产负债表中看到,上海海欣集团的一年内到期的负债为33750万人民币,到期超过一年的负债为42930万人民币。与此同时,它拥有76280万人民币的现金和15850万人民币的应收账款,均在12个月内到期。因此,它拥有比...
We can see from the most recent balance sheet that Shanghai Haixin Group had liabilities of CN¥337.5m falling due within a year, and liabilities of CN¥429.3m due beyond that. Offsetting this, it had CN¥762.8m in cash and CN¥158.5m in receivables that were due within 12 months. So it can boast CN¥154.5m more liquid assets than total liabilities.
这种短期流动性表明,上海海欣集团可以轻松偿还债务,因为其资产负债表远未过度。简而言之,上海海欣集团拥有净现金,所以可以说其负债不重!总负债。
This short term liquidity is a sign that Shanghai Haixin Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Shanghai Haixin Group boasts net cash, so it's fair to say it does not have a heavy debt load!
更令人印象深刻的是,上海海欣集团在12个月内将挣得的息税前利润增长了340%。这将使其更容易偿还债务..
Even more impressive was the fact that Shanghai Haixin Group grew its EBIT by 340% over twelve months. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Shanghai Haixin Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
在分析债务时,资产负债表显然是重点。但你不能孤立地看待债务,因为上海海欣集团需要盈利来偿还债务。因此,如果您想了解更多关于其盈利方面的情况,可以查看其长期盈利趋势的图表。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Shanghai Haixin 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 two years, Shanghai Haixin Group burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后一个考虑因素同样重要,因为一家公司无法用纸面利润偿还债务;它需要的是硬通货现金。虽然上海海欣集团的资产负债表上拥有净现金,但关注一家企业如何将息税前利润转化为自由现金流仍然很有意义,因为这将影响企业管理债务的需要和能力。在过去的两年中,上海海欣集团用掉了很多现金。虽然投资者无疑期待这种情况在不久的将来会有所改观,但这显然意味着它使用债务的风险更高。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Shanghai Haixin Group has CN¥725.8m in net cash and a decent-looking balance sheet. And we liked the look of last year's 340% year-on-year EBIT growth. So we don't have any problem with Shanghai Haixin Group's use of debt. 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. We've identified 1 warning sign with Shanghai Haixin Group , and understanding them should be part of your investment process.
虽然调查一家公司的债务总是很明智的,但在这种情况下,上海海欣集团拥有72580万人民币的净现金和一个外观不错的资产负债表。我们还看到了去年年增长率为340%的息税前利润。因此,我们对上海海欣集团的债务使用没有任何问题。从资产负债表中可以了解债务的情况,但最终,每家公司都可能面临超出资产负债表之外的风险。我们已经发现上海海欣集团存在1个警示信号,了解这些信号应该成为您的投资过程的一部分。
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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