We Think Teyi Pharmaceutical GroupLtd (SZSE:002728) Can Stay On Top Of Its Debt
We Think Teyi Pharmaceutical GroupLtd (SZSE:002728) Can Stay On Top Of Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Teyi Pharmaceutical Group Co.,Ltd (SZSE:002728) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
沃伦•巴菲特曾经说过:“波动性远非风险的同义词。” 当你考察一个公司的风险时,自然会考虑到其资产负债表,因为企业崩溃时往往涉及债务。我们注意到特一药业股份有限公司(SZSE:002728)的资产负债表上确实有债务。但真正的问题是这些债务是否会让公司变得风险高企。
When Is Debt Dangerous?
债务何时有危险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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 step when considering a company's debt levels is to consider its cash and debt together.
当一家公司无法通过自由现金流或者以有吸引力的价格筹集资本的方式轻松履行债务义务的时候,债务和其他负债就会变得很危险。资本主义的一部分是“创造性破坏”过程,失败的企业会被其银行家无情地清算。尽管这并不是太常见,我们经常看到负债累累的公司因贷款人迫使其以一个窘迫的价格筹集资本,从而对股东进行永久性的稀释。话虽如此,最常见的情况是公司合理控制其债务,以此获得优势。考虑一家公司的债务水平时的第一步是将其现金和负债合并考虑。
What Is Teyi Pharmaceutical GroupLtd's Net Debt?
特一药业股份有限公司的净债务是多少?
As you can see below, Teyi Pharmaceutical GroupLtd had CN¥453.0m of debt at June 2024, down from CN¥589.7m a year prior. However, it does have CN¥514.2m in cash offsetting this, leading to net cash of CN¥61.2m.
正如您在下面看到的那样,特一药业股份有限公司于2024年6月有4.53亿元人民币的债务,低于一年前的5.897亿元人民币。但是,它确实有5.142亿元人民币的现金抵消,导致净现金为0.612亿元人民币。
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A Look At Teyi Pharmaceutical GroupLtd's Liabilities
我们可以从最近的资产负债表中看到,特一药业股份有限公司有5.448亿元人民币的债务到期,并有3.5亿元人民币的长期债务。抵消这些义务,它拥有5.142亿元人民币的现金以及在12个月内到期的应收账款价值1.185亿元人民币。所以它实际上比总负债多了0.529亿元人民币的流动资产。
We can see from the most recent balance sheet that Teyi Pharmaceutical GroupLtd had liabilities of CN¥544.8m falling due within a year, and liabilities of CN¥35.0m due beyond that. Offsetting these obligations, it had cash of CN¥514.2m as well as receivables valued at CN¥118.5m due within 12 months. So it actually has CN¥52.9m more liquid assets than total liabilities.
考虑到特一药业股份有限公司的规模,它的流动资产与总负债的平衡似乎很好。因此,这家403亿元人民币的公司非常不可能缺乏现金,但仍然值得关注其资产负债表。简而言之,特一药业股份有限公司拥有净现金,因此可以说其负债较轻!
Having regard to Teyi Pharmaceutical GroupLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥4.03b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, Teyi Pharmaceutical GroupLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
如果管理层无法阻止EBIT去年削减59%的情形,那么其较小的债务负载可能会变得至关重要。当一个公司的收益下滑时,有时会发现它与贷款人的关系变得紧张。显然,当您分析债务时,需要关注资产负债表。但最终,业务的未来盈利能力将决定特一药业股份有限公司是否能够逐步加强其资产负债表。因此,如果您想了解专业人士的看法,您可能会发现此分析师盈利预测的免费报告很有趣。
The modesty of its debt load may become crucial for Teyi Pharmaceutical GroupLtd if management cannot prevent a repeat of the 59% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 Teyi Pharmaceutical GroupLtd 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,一个企业需要自由现金流来偿还债务;账面利润并不能解决问题。特一药业股份有限公司虽然在其资产负债表上有净现金,但仍值得我们关注它将其利润息税折旧及摊销(EBIT)转化为自由现金流的能力,以帮助我们理解它是如何快速积累(或消耗)该现金余额的。在过去的三年中,特一药业股份有限公司产生的自由现金流非常充裕,相当于其EBIT的61%,与我们的预期相当。这些自由现金流使该公司在适当时可以偿还债务。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Teyi Pharmaceutical GroupLtd 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. During the last three years, Teyi Pharmaceutical GroupLtd produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
虽然调查一家公司的债务始终是明智的,但在这种情况下,特一药业股份有限公司有6,120万元人民币的净现金和一个看起来不错的资产负债表。因此,我们并不担心特一药业股份有限公司的债务使用。当您分析债务时,显然需要关注资产负债表。但并非所有投资风险都存在于资产负债表上,离它还很远。为此,您应该了解我们发现的特一药业股份有限公司3个警告信号(其中1个让我们有点不舒服)。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Teyi Pharmaceutical GroupLtd has CN¥61.2m in net cash and a decent-looking balance sheet. So we are not troubled with Teyi Pharmaceutical GroupLtd's debt use. 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 learn about the 3 warning signs we've spotted with Teyi Pharmaceutical GroupLtd (including 1 which makes us a bit uncomfortable) .
沃伦•巴菲特曾经说过:“波动性远非风险的同义词。” 当你考察一个公司的风险时,自然会考虑到其资产负债表,因为企业崩溃时往往涉及债务。我们注意到特一药业股份有限公司(SZSE:002728)的资产负债表上确实有债务。但真正的问题是这些债务是否会让公司变得风险高企。正如您在下面看到的那样,特一药业股份有限公司于2024年6月有4.53亿元人民币的债务,低于一年前的5.897亿元人民币。但是,它确实有5.142亿元人民币的现金抵消,导致净现金为0.612亿元人民币。我们可以从最近的资产负债表中看到,特一药业股份有限公司有5.448亿元人民币的债务到期,并有3.5亿元人民币的长期债务,抵消这些义务,它拥有5.142亿元人民币的现金以及在12个月内到期的应收账款价值1.185亿元人民币,所以它实际上比总负债多了0.529亿元人民币的流动资产。考虑到特一药业股份有限公司的规模,它的流动资产与总负债的平衡似乎很好。因此,这家403亿元人民币的公司非常不可能缺乏现金,但仍然值得关注其资产负债表。简而言之,特一药业股份有限公司拥有净现金,因此可以说其负债较轻!虽然调查一家公司的债务始终是明智的,但在这种情况下,特一药业股份有限公司有6,120万元人民币的净现金和一个看起来不错的资产负债表。因此,我们并不担心特一药业股份有限公司的债务使用。当您分析债务时,显然需要关注资产负债表。但并非所有投资风险都存在于资产负债表上,离它还很远。为此,您应该了解我们发现的特一药业股份有限公司3个警告信号(其中1个让我们有点不舒服)。
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,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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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。