Is Zhejiang NHU (SZSE:002001) Using Too Much Debt?
Is Zhejiang NHU (SZSE:002001) Using Too Much Debt?
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 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. We can see that Zhejiang NHU Company Ltd. (SZSE:002001) does use debt in its business. But the real question is whether this debt is making the company risky.
霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,浙江新和成股份有限公司(深圳证券交易所:002001)确实在其业务中使用了债务。但真正的问题是这笔债务是否使公司面临风险。
What Risk Does Debt Bring?
债务会带来什么风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款,那么债务就任其摆布。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is Zhejiang NHU's Net Debt?
浙江新和大学的净负债是多少?
The image below, which you can click on for greater detail, shows that Zhejiang NHU had debt of CN¥9.70b at the end of March 2024, a reduction from CN¥10.7b over a year. However, because it has a cash reserve of CN¥4.68b, its net debt is less, at about CN¥5.02b.
您可以点击下图查看更多详情,该图片显示,截至2024年3月底,浙江新和大学的债务为97元人民币,较一年内的107元人民币有所减少。但是,由于其现金储备为46.8元人民币,其净负债较少,约为50.2元人民币。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240715/0-eeceb8d02da8f34f6531f655d2b0976b-0-021718cffc8ea4ccd5aa99315ef231b7.png/big)
A Look At Zhejiang NHU's Liabilities
看看浙江新和大学的负债
We can see from the most recent balance sheet that Zhejiang NHU had liabilities of CN¥4.90b falling due within a year, and liabilities of CN¥8.92b due beyond that. On the other hand, it had cash of CN¥4.68b and CN¥3.74b worth of receivables due within a year. So it has liabilities totalling CN¥5.40b more than its cash and near-term receivables, combined.
我们可以从最新的资产负债表中看出,浙江新和大学的负债为49元人民币将在一年内到期,在此之后到期的负债为89.2元人民币。另一方面,它有一年内到期的现金为46.8元人民币和价值37.4元人民币的应收账款。因此,它的负债总额比现金和短期应收账款的总和多出54元人民币。
Given Zhejiang NHU has a market capitalization of CN¥62.7b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
鉴于浙江新和大学的市值为627元人民币,很难相信这些负债会构成很大的威胁。但是,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而发生变化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我们使用两个主要比率来告知我们相对于收益的债务水平。第一个是净负债除以利息、税项、折旧和摊销前的收益(EBITDA),第二个是其利息和税前收益(EBIT)覆盖其利息支出(或简称利息保障)的多少倍。这样,我们既考虑债务的绝对数量,也考虑为债务支付的利率。
Zhejiang NHU has a low net debt to EBITDA ratio of only 0.96. And its EBIT covers its interest expense a whopping 26.5 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. While Zhejiang NHU doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Zhejiang NHU 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.
浙江新和大学的净负债与息税折旧摊销前利润的比率很低,仅为0.96。其息税前利润可支付高达26.5倍的利息支出。因此,你可以争辩说,它受到债务的威胁并不比大象受到老鼠的威胁更大。尽管浙江新和成在息税前利润方面似乎没有太大收益,但至少目前收益保持稳定。资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定浙江新和成能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Zhejiang NHU reported free cash flow worth 16% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。因此,我们显然需要研究该息税前利润是否会带来相应的自由现金流。在过去三年中,浙江新和大学报告的自由现金流占其息税前利润的16%,确实很低。对我们来说,低现金转换率会引发一点偏执狂,那就是偿还债务的能力。
Our View
我们的观点
On our analysis Zhejiang NHU's interest cover should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. For instance it seems like it has to struggle a bit to convert EBIT to free cash flow. When we consider all the elements mentioned above, it seems to us that Zhejiang NHU is managing its debt quite well. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Zhejiang NHU you should be aware of.
根据我们的分析,浙江新和大学的利息保障应该表明它不会在债务方面遇到太多麻烦。但是,我们的其他观察结果并不那么令人鼓舞。例如,要将息税前利润转换为自由现金流,似乎必须付出一些努力。当我们考虑上述所有因素时,在我们看来,浙江新和大学的债务管理得很好。话虽如此,负担足够沉重,我们建议所有股东密切关注。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了你应该注意的浙江新和大学的1个警告信号。
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。
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