Huaren Pharmaceutical (SZSE:300110) Has A Pretty Healthy Balance Sheet
Huaren Pharmaceutical (SZSE:300110) Has A Pretty Healthy Balance Sheet
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. Importantly, Huaren Pharmaceutical Co., Ltd. (SZSE:300110) does carry debt. But is this debt a concern to shareholders?
David Iben说得好:“波动性并不是我们关心的风险,我们关心的是避免永久性资本损失。”因此,聪明的资金似乎知道,通常涉及破产的债务是评估公司风险的一个非常重要的因素。重要的是,华仁药业(SZSE:300110)确实有债务。但是这种债务是否让股东担忧呢?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. 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. 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.
一般来说,当公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是利用自己的现金流。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。然而,更常见(但仍然昂贵)的情况是,公司必须以廉价的股票价格稀释股东权益,以控制债务。话虽如此,最常见的情况是,公司合理管理其债务,并以自己的利益为出发点。考虑公司的债务水平时的第一步是将其现金和债务放在一起考虑。
What Is Huaren Pharmaceutical's Net Debt?
华仁药业的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that Huaren Pharmaceutical had CN¥1.06b of debt in March 2024, down from CN¥1.52b, one year before. However, it also had CN¥112.2m in cash, and so its net debt is CN¥947.0m.
您可以点击下面的图表查看历史数据,但它显示,华仁药业在2024年3月有10.6亿元的债务,低于一年前的15.2亿元。但是,它也有1.122亿元的现金,因此其净债务为9470万元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-893c7210f24165543a54d226be92f3ca-0-12419fffefd43c98d4290edcc375f812.png/big)
How Healthy Is Huaren Pharmaceutical's Balance Sheet?
华仁药业的资产负债表状况如何?
The latest balance sheet data shows that Huaren Pharmaceutical had liabilities of CN¥1.53b due within a year, and liabilities of CN¥652.1m falling due after that. Offsetting this, it had CN¥112.2m in cash and CN¥2.15b in receivables that were due within 12 months. So it can boast CN¥77.3m more liquid assets than total liabilities.
最新财务报表数据显示,华仁药业有15.3亿元的负债需在一年内到期,而之后则有6,521万元的负债需到期。与此相抵消的是,它有1.122亿元的现金和21.5亿元的应收账款需在12个月内到期。因此,它可以夸口比总负债多7730万元的流动资产。这种情况表明,华仁药业的资产负债表看起来相当稳健,因为其总负债大约等于其流动资产。所以,虽然很难想象这家市值42亿元的公司会为现金而挣扎,但我们仍认为值得监控其资产负债表。
This state of affairs indicates that Huaren Pharmaceutical'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¥4.20b company is struggling for cash, we still think it's worth monitoring its balance sheet.
这种状态表明,华仁药业的资产负债表看起来非常稳健,因为其总负债与其流动资产几乎相等。因此,虽然很难想象这家市值42亿元的公司会为现金而挣扎,但我们仍认为值得监控其资产负债表。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
为了对公司的债务相对于其收益进行规模适应,我们计算其净债务与利息、税、折旧和摊销前收益(EBITDA)之比及其税前收益(EBIT)与利息支出之比(利息保障倍数)。因此,我们既考虑到不包括折旧和摊销费用在内的收益,又包括折旧和摊销费用的收益相对于债务。
Huaren Pharmaceutical's net debt is sitting at a very reasonable 2.0 times its EBITDA, while its EBIT covered its interest expense just 6.1 times last year. While that doesn't worry us too much, it does suggest the interest payments are somewhat of a burden. Importantly, Huaren Pharmaceutical grew its EBIT by 40% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Huaren Pharmaceutical will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
华仁药业的净债务正好是其EBITDA的2.0倍,而其EBIt去年只覆盖了其利息支出的6.1倍。虽然这并不让我们太担心,但确实表明利息支出有些负担。重要的是,华仁药业去年的EBit增长了40%,这种增长将使其更容易处理其债务。在分析债务水平时,资产负债表是一个显而易见的起点。但是,您不能完全孤立地看待债务;因为华仁药业需要盈利来服务这些债务。因此,在考虑债务时,一定要看看盈利趋势。单击此处查看交互式快照。
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. During the last three years, Huaren Pharmaceutical produced sturdy free cash flow equating to 58% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最后,企业需要自由现金流来偿还债务;会计利润无法解决这个问题。因此,我们总是检查多少EBIt转化为自由现金流。在过去的三年中,华仁药业产生了牢固的自由现金流,相当于其EBit的58%,与我们预期的差不多。这种冰冷的现金意味着它可以在想要时减少其债务。
Our View
我们的观点
Happily, Huaren Pharmaceutical's impressive EBIT growth rate implies it has the upper hand on its debt. And its conversion of EBIT to free cash flow is good too. Zooming out, Huaren Pharmaceutical seems to use debt quite reasonably; and that gets the nod from us. While debt does bring risk, when used wisely it can also bring a higher return on equity. Over time, share prices tend to follow earnings per share, so if you're interested in Huaren Pharmaceutical, you may well want to click here to check an interactive graph of its earnings per share history.
令人高兴的是,华仁药业令人印象深刻的EBIt增长率意味着它对其债务具有优势。它将EBIt转换为自由现金流的能力也很好。总的来说,华仁药业似乎非常合理地使用债务;这得到了我们的认可。虽然债务确实带来风险,但明智地使用债务也可以带来更高的股本回报。随着时间的推移,股价往往会跟随每股收益,因此如果您对华仁药业感兴趣,您可能想单击此处,检查其每股收益历史记录的交互式图表。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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