Huafon Microfibre (Shanghai) (SZSE:300180) Is Making Moderate Use Of Debt
Huafon Microfibre (Shanghai) (SZSE:300180) Is Making Moderate Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Huafon Microfibre (Shanghai) Co., Ltd. (SZSE:300180) makes use of debt. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾经说过，“波动性与风险远非同义词。”因此，当您评估一家公司的风险时，通常涉及破产的债务是一个非常重要的因素。跟许多其他公司一样，华峰超纤（上海）股份有限公司（SZSE：300180）也使用债务。但真正的问题是，这种债务是否使公司变得更加冒险。
Why Does Debt Bring Risk?
为什么债务会带来风险？
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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地偿还债务（通过筹集资本或使用自有现金流）时，债务才会成为真正的问题。如果情况变得非常糟糕，贷方可以接管企业。然而，更常见的（但仍然很昂贵）情况是公司必须以便宜的股价稀释股东，以控制债务。当然，债务对于企业来说也可以是一个重要的工具，特别是资本投入高的企业。当我们考虑一家公司的债务使用情况时，我们首先关注现金和债务的总和。
What Is Huafon Microfibre (Shanghai)'s Net Debt?
华峰超纤（上海）的净债务是多少？
The chart below, which you can click on for greater detail, shows that Huafon Microfibre (Shanghai) had CN¥1.93b in debt in March 2024; about the same as the year before. However, it also had CN¥254.2m in cash, and so its net debt is CN¥1.67b.
下面的图表显示，您可以单击以查看更多细节，华峰超纤（上海）于2024年3月有19.3亿元人民币的债务，与去年大致相同。然而，它还有2.542亿元人民币的现金，因此其净债务为16.7亿人民币。
How Strong Is Huafon Microfibre (Shanghai)'s Balance Sheet?
华峰超纤（上海）的资产负债表有多坚强？
The latest balance sheet data shows that Huafon Microfibre (Shanghai) had liabilities of CN¥2.04b due within a year, and liabilities of CN¥708.1m falling due after that. Offsetting this, it had CN¥254.2m in cash and CN¥1.07b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.42b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示，华峰超纤（上海）有204亿元人民币的短期负债和7081万元人民币的长期负债。与此相应的是，它有2.542亿元人民币的现金和1.07亿元人民币的应收账款，这些应收账款在12个月内到期。因此，它的负债总额比其现金和短期应收账款要多1.42亿元人民币。
Huafon Microfibre (Shanghai) has a market capitalization of CN¥6.46b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. There's no doubt that we learn most about debt from the balance sheet. But it is Huafon Microfibre (Shanghai)'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.
华峰超纤（上海）的市值为64.6亿元人民币，因此如果需要，它很可能筹集资金来改善其资产负债表。但我们绝对希望关注是否会承担过多的风险。毫无疑问，我们从资产负债表中了解到大多数关于债务的信息。但是，华峰超纤（上海）的收益将影响其资产负债表未来的表现。因此，如果您想了解更多关于收益的信息，可以查看其长期收益趋势图。
In the last year Huafon Microfibre (Shanghai) wasn't profitable at an EBIT level, but managed to grow its revenue by 18%, to CN¥4.8b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在过去一年中，华峰超纤（上海）在EBIt水平上尚未盈利，但将其营业收入增长了18％，达到48亿元人民币。该增长速度对我们来说有点慢，但不同的公司有不同的发展速度。
Caveat Emptor
买方自负。
Over the last twelve months Huafon Microfibre (Shanghai) produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥94m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much 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¥182m. So in short it's a really risky stock. 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. Case in point: We've spotted 2 warning signs for Huafon Microfibre (Shanghai) you should be aware of.
在过去的12个月中，华峰超纤（上海）创业板产生了利息和税前（EBIT）损失。具体来说，EBIt损失为9400万元人民币。考虑到上述负债，让我们对公司使用如此多的债务没有太多信心。坦白地说，我们认为其资产负债表远未达到匹配状态，尽管它可能会随着时间的推移而改善。例如，我们不想看到去年18200万元人民币的亏损重演。总之，这是一只非常冒险的股票。资产负债表显然是分析债务的关键领域。但是，每个公司最终都可能存在超出资产负债表范围的风险。例如，我们已发现华峰超纤（上海）的2个警示信号，您应该意识到。
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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