Is Hla Group (SHSE:600398) Using Too Much Debt?
Is Hla Group (SHSE:600398) Using Too Much Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Hla Group Corp., Ltd. (SHSE:600398) does use debt in its business. But the real question is whether this debt is making the company risky.
当David Iben说“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”时,他表达得很好。当我们考虑一家公司的风险程度时,总是喜欢看它的负债使用情况,因为过度负债会导致毁灭性后果。我们可以看到Hla Group Corp., Ltd. (SHSE:600398)在业务中确实使用了债务。但真正的问题是,这些债务是否会使公司变得更加危险。
What Risk Does Debt Bring?
债务带来了什么风险?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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,但如果企业无法偿还其债权人,那么就会受到他们的支配。如果情况变得非常糟糕,债权人可以控制企业。尽管这种情况不太常见,但我们经常看到负债累累的公司因贷款人迫使它们以降低价格筹集资本而导致持续性地稀释股东的资产。当然,债务对于企业来说是一个重要的工具,特别是对于有定价能力的企业来说。考虑一家企业使用多少债务时,需要做的第一件事是看它的现金和债务情况。
What Is Hla Group's Net Debt?
Hla Group的净债务是多少?
The image below, which you can click on for greater detail, shows that Hla Group had debt of CN¥768.3m at the end of March 2024, a reduction from CN¥2.82b over a year. But on the other hand it also has CN¥13.4b in cash, leading to a CN¥12.6b net cash position.
下面的图片显示Hla Group在2024年3月底的负债为76830万人民币,比去年同期下降了282亿人民币。但另一方面,它也有134亿元人民币现金,从而产生了126亿元人民币的净现金头寸。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-628a06a823bbe3fe093b9fecf1d52809-0-173e6a703288ee4df5230470d6354162.png/big)
A Look At Hla Group's Liabilities
看一下Hla Group的负债情况
The latest balance sheet data shows that Hla Group had liabilities of CN¥13.4b due within a year, and liabilities of CN¥1.00b falling due after that. Offsetting these obligations, it had cash of CN¥13.4b as well as receivables valued at CN¥1.33b due within 12 months. So it actually has CN¥365.5m more liquid assets than total liabilities.
最新的资产负债表数据显示,Hla Group有134亿元人民币的应付短期负债和10亿元人民币的应付长期负债。除此之外,公司还拥有134亿元人民币的现金和1330万人民币的应收账款(在12个月内到期)。因此,它实际上比总负债多了36550万人民币的流动资产。这种情况表明Hla Group的资产负债表看起来相当稳定,因为总负债与流动资产几乎相等。所以,尽管很难想象这家373亿元人民币的公司缺乏现金,但我们仍然认为值得监控其资产负债表。简而言之,Hla Group拥有净现金,因此可以说它没有沉重的债务负担!
This state of affairs indicates that Hla Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥37.3b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Hla Group boasts net cash, so it's fair to say it does not have a heavy debt load!
另一个好迹象是Hla Group能够在12个月内将EBIt增加23%,这使得偿还债务变得更加容易。毫无疑问,我们从资产负债表中了解到关于负债的大部分情况。但是,未来的盈利,尤其是未来的盈利,将决定Hla Group保持健康资产负债表的能力。因此,如果您想了解专业人士的看法,可能会发现这份有关分析师盈利预测的免费报告很有趣。
Another good sign is that Hla Group has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Hla Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
最后,企业需要自由现金流来偿还债务;会计利润并不能解决问题。虽然Hla Group在其资产负债表上拥有净现金,但仍值得关注其将利润税前收益转化为自由现金流的能力,以帮助我们了解它是如何快速积累(或侵蚀)其现金资产的。值得高兴的是,Hla Group在过去三年中实际上产生的自由现金流比税前收益多。这种强大的现金转换能力让我们像在Daft Punk音乐会上节奏停滞时的股民们那样兴奋不已。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Hla Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Hla Group actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
尽管调查一家公司的债务一直是明智之举,但在这种情况下,Hla Group拥有1.26亿元人民币的净现金和看起来不错的资产负债表。而且,它以47亿元人民币的自由现金流令我们印象深刻,相当于其EBIt的117%。所以我们认为Hla Group的债务使用并不具有风险。我们从资产负债表中确实可以了解大部分关于债务的情况。然而,并非所有的投资风险都存在于资产负债表中。因此,您应该知道我们在Hla Group中发现的2个警告标志。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Hla Group has CN¥12.6b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥4.7b, being 117% of its EBIT. So we don't think Hla Group's use of debt is risky. 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. To that end, you should be aware of the 2 warning signs we've spotted with Hla Group .
尽管对于一家公司的债务进行调查始终是明智之举,但在这种情况下,Hla Group拥有126亿元人民币的净现金和一份看起来不错的资产负债表。此外,其自由现金流为47亿元人民币,是EBIT的117%,这让我们印象深刻。因此,我们不认为Hla Group的债务使用存在风险。毫无疑问,我们从资产负债表中了解到最多的是关于债务的信息。然而,并非所有投资风险都存在于资产负债表中——远非如此。为此,您应该注意我们发现的2个Hla Group的警示信号。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有负债负担的股票的投资者,则今天就可以发现我们的独家净现金增长股清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
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
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。