Sichuan HongdaLtd (SHSE:600331) Is Making Moderate Use Of Debt
Sichuan HongdaLtd (SHSE:600331) Is Making Moderate Use Of Debt
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.' 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, Sichuan Hongda Co.,Ltd (SHSE:600331) does carry debt. But is this debt a concern to shareholders?
伯克希尔哈撒韦旗下资金经理人陆李明,讲到“最大的投资风险不是价格波动,而是你是否会遭受永久性资本损失”的时候十分明确。因此,如果你想到某只股票的风险究竟有多大,就应该考虑到它的债务,因为太多的债务可能会导致公司破产。但值得注意的是,四川宏达股份有限公司(SHSE:600331)确实存在着不少债务,这会不会让股东感到担忧呢?
When Is Debt Dangerous?
债务何时有危险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业成长的工具,但如果企业无法偿还其贷款人,那么它就处于他们的控制之下。最终,如果公司不能履行偿还债务的法律义务,股东可能会一无所有。然而,更常见(但仍然痛苦)的情况是,公司必须以低价筹集新的股权资本,从而永久性地稀释股东。当然,债务的好处是,它通常代表着廉价资本,特别是当它替换具有高回报率再投资能力的公司的稀释时。当我们考虑公司的债务使用时,我们首先查看现金和债务的总体情况。
What Is Sichuan HongdaLtd's Net Debt?
四川宏达股份有限公司的净负债是多少?
As you can see below, Sichuan HongdaLtd had CN¥710.6m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of CN¥207.1m, its net debt is less, at about CN¥503.5m.
正如下面所示,四川宏达股份有限公司在2024年3月份有71,060万元的债务,与前一年大致相同。您可以点击图表以了解更详细的信息。然而,由于它拥有20,710万元的现金储备,因此其净债务较少,约为50,350万元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240701/0-590196cddeeb25e86b774be1f076a179-0-f9dac4513dd7295af6204f176a8753fa.png/big)
How Healthy Is Sichuan HongdaLtd's Balance Sheet?
四川宏达股份有限公司的资产负债表状况如何?
We can see from the most recent balance sheet that Sichuan HongdaLtd had liabilities of CN¥1.74b falling due within a year, and liabilities of CN¥19.3m due beyond that. Offsetting these obligations, it had cash of CN¥207.1m as well as receivables valued at CN¥255.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.30b.
我们可以从最近的资产负债表看出,四川宏达股份有限公司短期内到期的债务为1.74亿人民币,长期到期的债务为1930万人民币。抵消这些债务的是,它有2071万元的现金以及价值为2557万元的应收款项,这些应收款项在12个月内到期。因此,它的负债超过现金和(短期)应收款项的总和13亿元人民币。
Of course, Sichuan HongdaLtd has a market capitalization of CN¥11.8b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. There's no doubt that we learn most about debt from the balance sheet. But it is Sichuan HongdaLtd's earnings that will influence how the balance sheet holds up in the future. 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.
当然,四川宏达股份有限公司有118亿元人民币的市值,因此这些负债可能是可以承受的。话虽如此,很明显我们还需要继续监控它的资产负债表,以免变得更糟。毫无疑问,我们大多数了解债务的信息都来自于资产负债表。但是,正是四川宏达股份有限公司的收益将影响资产负债表的将来的状况。因此,如果您想了解更多关于其收益的信息,可以查看该公司长期收益趋势的图表。
In the last year Sichuan HongdaLtd had a loss before interest and tax, and actually shrunk its revenue by 4.2%, to CN¥2.9b. That's not what we would hope to see.
在过去的一年中,四川宏达股份有限公司利息和税前亏损,并将其营业收入缩减了4.2%,至29亿元人民币。这不是我们想看到的结果。
Caveat Emptor
买方自负。
Importantly, Sichuan HongdaLtd had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥49m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥110m. So we do think this stock is quite risky. For riskier companies like Sichuan HongdaLtd I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
重要的是,四川宏达股份有限公司去年在息税前盈利(EBIT)上亏损了。事实上,它在EBIT水平上的亏损达到了4900万元人民币。事实上,在考虑到其资产负债表上的负债相对于现金时,我们认为公司拥有任何债务是不明智的。坦率地说,我们认为公司的资产负债表还远远跟不上财务状况,尽管它可以随着时间的推移而改善。例如,我们不希望看到去年损失了1.1亿元人民币的情况重现。因此,我们认为这支股票非常风险。对于风险更高的公司,例如四川宏达股份有限公司,我总是喜欢关注其长期利润和营收趋势。幸运的是,您可以单击查看其利润、营收和经营性现金流的交互图表。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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