Shanghai Zijiang Enterprise Group (SHSE:600210) Seems To Use Debt Quite Sensibly
Shanghai Zijiang Enterprise Group (SHSE:600210) Seems To Use Debt Quite Sensibly
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.' 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 can see that Shanghai Zijiang Enterprise Group Co., Ltd. (SHSE:600210) does use debt in its business. But is this debt a concern to shareholders?
David Iben说得很好,“波动性并不是我们关心的风险。我们关心的是避免永久性的资本损失。” 因此,当你考虑任何给定股票的风险时,需要考虑债务,因为过高的债务可能会拖垮一家公司。我们可以看到紫江企业股份有限公司 (SHSE :600210)在其业务中确实使用了债务,但是这种债务是否会让股东担心呢?
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, 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 examine debt levels, we first consider both cash and debt levels, together.
债务对于业务有帮助,直到企业开始无力偿还,必须通过新的资本或自由现金流进行偿还。如果公司无法履行偿还债务的法律义务,股东最终可能什么也拿不到。然而,更常见(但仍然很昂贵)的情况是,一家公司必须以便宜的股票价格稀释股东,以便控制债务。当然,债务的好处是它通常代表廉价的资本,特别是当它取代具有以高回报率再投资能力的公司股份稀释时。当我们检查债务水平时,我们首先考虑现金和负债水平。
How Much Debt Does Shanghai Zijiang Enterprise Group Carry?
紫江企业股份有限公司承担了多少债务?
The chart below, which you can click on for greater detail, shows that Shanghai Zijiang Enterprise Group had CN¥3.84b in debt in March 2024; about the same as the year before. However, it also had CN¥2.70b in cash, and so its net debt is CN¥1.14b.
下面的图表(您可以单击它以获取更多详情)显示紫江企业集团在2024年3月有38.4亿元的债务,几乎与去年持平。不过,它也有27亿元的现金,因此其净负债为11.4亿元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240723/0-bd72e4ba5cf799b7c9cae74b22d90ec2-0-808629f3e1086de235aacbedd1f03b91.png/big)
A Look At Shanghai Zijiang Enterprise Group's Liabilities
我们可以从最近的资产负债表中看到,紫江企业集团有66.4亿元的短期到期负债和12.7亿元的长期到期负债。抵消这些义务,它有27亿元的现金以及价值18.6亿元的应收款项。因此,其负债超过其现金和(短期)应收款项的总和高达33.6亿元。
We can see from the most recent balance sheet that Shanghai Zijiang Enterprise Group had liabilities of CN¥6.64b falling due within a year, and liabilities of CN¥1.27b due beyond that. Offsetting these obligations, it had cash of CN¥2.70b as well as receivables valued at CN¥1.86b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥3.36b.
紫江企业集团的市值为73亿元,因此如果需要,它完全可能筹集资金来改善其资产负债表。但是我们肯定要注意其债务是否带来了过多风险。
Shanghai Zijiang Enterprise Group has a market capitalization of CN¥7.30b, 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.
紫江企业集团的净债务/ EBITDA比率仅为0.94,其利息费用的EBIt覆盖其利息费用超过32.6倍。因此,你可以认为它受到债务威胁的程度就像大象受到老鼠的威胁一样小。好消息是,紫江企业集团在过去的12个月中增加了7.7%的EBIt,这应该缓解对债务偿还的担忧。分析债务水平时,资产负债表是显然的起点。但是,毕竟企业未来的盈利能力将决定紫江企业集团能否随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的想法,则可能会发现此免费报告的分析师利润预测有趣。
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.
Service Corporation International的债务是其EBITDA的3.5倍,而其EBIT可覆盖其利息开支的3.7倍。综合考虑,虽然我们不希望看到债务水平上升,但我们认为它可以应对当前的杠杆。好消息是,Service Corporation International在过去12个月中将其EBIT提高了2.9%,从而逐渐降低了其相对于收益的债务水平。毫无疑问,我们从资产负债表中获得了有关债务的大部分内容。但是,相对于资产负债表,更重要的是未来收益,这将决定Service Corporation International维持健康资产负债表的能力。如果您关注未来,您可以查看此免费报告,其中有分析师的利润预测。
Shanghai Zijiang Enterprise Group has a low net debt to EBITDA ratio of only 0.94. And its EBIT covers its interest expense a whopping 32.6 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. The good news is that Shanghai Zijiang Enterprise Group has increased its EBIT by 7.7% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Shanghai Zijiang Enterprise Group can strengthen its balance sheet over time. 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;会计利润无法解决问题。我们始终检查该EBIt转化为自由现金流的数量。在过去的三年中,紫江企业集团记录的自由现金流价值为其EBIt的丰厚88%,这比我们通常预期的更为强劲。这使其在偿还债务方面处于非常强的地位。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Shanghai Zijiang Enterprise Group recorded free cash flow worth a fulsome 88% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
紫江企业集团的利息覆盖倍数表明它可以像Cristiano Ronaldo对阵14岁以下门将一样轻松地处理其债务。但实话实说,我们认为其总负债水平有点削弱了这种印象。考虑到所有这些数据,我们认为紫江企业集团对债务采取了相当明智的方法。虽然这带来了一些风险,但也可能增强股东的回报。毫无疑问,我们从资产负债表中了解债务最多。但是,不是所有投资风险都在资产负债表上 - 远非如此。为此,您应该了解我们发现的一种警告信号。
Our View
我们的观点
Shanghai Zijiang Enterprise Group's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its level of total liabilities does undermine this impression a bit. Taking all this data into account, it seems to us that Shanghai Zijiang Enterprise Group takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. 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 1 warning sign we've spotted with Shanghai Zijiang Enterprise Group .
所有这些数据都表明,紫江企业集团对待债务采取了非常明智的方法。虽然这会增加一些风险,但也可能提高股东的回报。毫无疑问,我们从资产负债表中了解债务最多。但是,不是所有投资风险都在资产负债表上 - 远非如此。
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
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。