Hangcha Group (SHSE:603298) Seems To Use Debt Quite Sensibly
Hangcha Group (SHSE:603298) 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 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 Hangcha Group Co., Ltd (SHSE:603298) makes use of debt. But should shareholders be worried about its use of debt?
戴维·伊本说得好,“波动性不是我们关心的风险,我们关心的是避免资本永久损失。”因此,聪明人知道,债务(通常涉及破产)是评估公司风险的重要因素之一。与许多其他公司一样,杭叉集团股份有限公司(SHSE:603298)利用债务。但是股东们应该担心这种使用债务的情况吗?
What Risk Does Debt Bring?
债务带来了什么风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为真正的问题,不管是通过融资还是凭借自身现金流。最坏的情况是,如果公司无法偿还其债权人,公司可能会破产。然而,更频繁的(但仍然很昂贵)情况是公司必须以折价的价格发行股票,永久稀释股东,只是为了强化其资产负债表。当然,债务可以成为企业中重要的工具,特别是对于重资产的企业。在考虑一家公司的债务水平时,第一步是考虑其现金和债务。
How Much Debt Does Hangcha Group Carry?
杭叉集团承担了多少债务?
As you can see below, at the end of March 2024, Hangcha Group had CN¥929.4m of debt, up from CN¥873.1m a year ago. Click the image for more detail. However, it does have CN¥3.99b in cash offsetting this, leading to net cash of CN¥3.06b.
正如下图所示,在2024年3月底,杭叉集团负债CN¥92940万,比一年前的CN¥87310万增加了。点击图片以获得更多详情。 然而,它的CN¥39.9亿现金抵消了这些债务,使其净现金为CN¥30.6亿元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240727/0-3d5e280600242cd205467af77591dbae-0-8ef81e7d1e75cd59fe139d5e363fc9cd.png/big)
How Strong Is Hangcha Group's Balance Sheet?
杭叉集团的资产负债表有多强?
According to the last reported balance sheet, Hangcha Group had liabilities of CN¥5.45b due within 12 months, and liabilities of CN¥138.8m due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.99b as well as receivables valued at CN¥2.94b due within 12 months. So it actually has CN¥1.34b more liquid assets than total liabilities.
根据最近一份披露的资产负债表,杭叉集团的负债包括12个月内到期的CN¥54.5亿元和12个月后到期的CN¥13880万元。与此同时,其拥有CN¥39.9亿元的现金以及价值CN¥29.4亿元的应收账款。因此,其流动性资产比总负债多CN¥13.4亿元。
This surplus suggests that Hangcha Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Hangcha Group boasts net cash, so it's fair to say it does not have a heavy debt load!
这份盈余表明,杭叉集团拥有谨慎的资产负债表,可能很容易消除其债务。简言之,杭叉集团拥有净现金,因此可以说其没有沉重的债务负担!
On top of that, Hangcha Group grew its EBIT by 54% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Hangcha 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.
另外,杭叉集团过去12个月内的EBIt增长了54%,这种增长将使其更容易应对其债务。毫无疑问,我们从资产负债表中了解到债务的情况更多。但最终业务未来的盈利能力将决定杭叉集团是否能够随着时间的推移加强其资产负债表。因此,如果您想知道专业人士的看法,您可能会发现这份分析师盈利预测的免费报告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Hangcha 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. Looking at the most recent three years, Hangcha Group recorded free cash flow of 25% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
但我们最后的考虑也很重要,因为公司无法用虚假的利润支付债务;它需要现金。虽然杭叉集团的资产负债表上有净现金,但它的转换利润前利息、税、折旧和摊销(EBIT)为自由现金流的能力仍然值得我们关注,以帮助我们了解它正在多快地增加(或减少)这笔现金。回顾最近三年,杭叉集团记录的自由现金流为其EBIt的25%,这比我们预期的要弱。这不利于还债。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Hangcha Group has net cash of CN¥3.06b, as well as more liquid assets than liabilities. And we liked the look of last year's 54% year-on-year EBIT growth. So is Hangcha Group's debt a risk? It doesn't seem so to us. 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. To that end, you should be aware of the 1 warning sign we've spotted with Hangcha Group .
虽然我们理解投资者认为债务令人担忧,但您应该记住,杭叉集团拥有CN¥30.6亿元的净现金,以及比负债多的流动性资产。我们还喜欢去年54%年增长的EBIt。因此,杭叉集团的债务是否存在风险?对我们来说似乎不是。资产负债表显然是分析债务时的主要关注区域。然而,并非所有的投资风险都存在于资产负债表中-- 远非如此。为此,您应该了解我们在杭叉集团发现的1个警告标志。
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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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。