Shandong Longda Meishi (SZSE:002726) Is Making Moderate Use Of Debt
Shandong Longda Meishi (SZSE:002726) Is Making Moderate Use Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Shandong Longda Meishi Co., Ltd. (SZSE:002726) makes use of debt. But is this debt a concern to shareholders?
有人认为,作为投资者,波动性而不是债务是思考风险的最佳方式,但沃伦·巴菲特曾经说过:“波动性远非等同于风险。”因此,在评估一家公司的风险时,债务(通常与破产相关)是一个非常重要的因素。与许多其他公司一样,山东龙大美食股份有限公司(SZSE:002726)利用了债务。但是这种债务对股东来说是否是一个担忧呢?
What Risk Does Debt Bring?
债务带来了什么风险?
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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
当一个企业无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行债务和其他负债时,债务和其他负债对企业来说是有风险的。资本主义的一部分就是“创造性破坏”过程,在这个过程中,失败的企业被它们的银行家无情地清算。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为贷款人迫使它们以困境价格筹集资金而永久稀释股东。然而,在代替稀释的情况下,债务可以成为需要资本以高回报率投资增长的企业的极好工具。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 Shandong Longda Meishi Carry?
山东龙大美食负债多少?
As you can see below, at the end of March 2024, Shandong Longda Meishi had CN¥3.04b of debt, up from CN¥2.64b a year ago. Click the image for more detail. However, it does have CN¥1.09b in cash offsetting this, leading to net debt of about CN¥1.95b.
正如您下面所看到的,截至2024年3月底,山东龙大美食的债务为30.4亿人民币,比一年前的26.4亿人民币有所增加。点击图片了解更多细节。然而,它有10.9亿人民币的现金抵消了这一情况,导致净债务约为19.5亿人民币。
How Strong Is Shandong Longda Meishi's Balance Sheet?
山东龙大美食的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Shandong Longda Meishi had liabilities of CN¥2.92b due within 12 months and liabilities of CN¥1.39b due beyond that. Offsetting this, it had CN¥1.09b in cash and CN¥471.2m in receivables that were due within 12 months. So it has liabilities totalling CN¥2.75b more than its cash and near-term receivables, combined.
从最新的资产负债表数据来看,山东龙大美食在12个月内有29.2亿人民币的短期债务和13.9亿人民币的长期债务。与此相抵,它有10.9亿人民币的现金和4,712万人民币的应收账款,在12个月内到期。所以,它的债务总额超过了现金和短期应收账款的总和,达到了27.5亿人民币。
While this might seem like a lot, it is not so bad since Shandong Longda Meishi has a market capitalization of CN¥7.38b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. 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 Shandong Longda Meishi 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.
虽然这看起来似乎很多,但对于山东龙大美食来说并不算太糟糕,因为它的市值为73.8亿人民币,所以如果需要的话,它可以通过增加资本来加强资产负债表。但我们肯定要密切关注其债务是否带来了过多的风险。毫无疑问,我们从资产负债表上最能了解到债务的情况。但最终,企业的未来盈利能力将决定山东龙大美食是否能够逐步加强其资产负债表。所以,如果您想了解专业人士的观点,您可能会对分析师利润预测的免费报告感兴趣。
Over 12 months, Shandong Longda Meishi made a loss at the EBIT level, and saw its revenue drop to CN¥12b, which is a fall of 24%. To be frank that doesn't bode well.
在过去的12个月里,山东龙大美食在息税前利润(EBIT)水平上亏损,并且其营业收入下降至120亿人民币,下降了24%。坦白说,这并不是个好兆头。
Caveat Emptor
买方自负。
While Shandong Longda Meishi's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost a very considerable CN¥1.1b at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥926m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. When analysing debt levels, the balance sheet is the obvious place to start. 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 Shandong Longda Meishi .
虽然山东龙大美食下降的营业收入就像湿毯一样令人心凉,但可以说它的息税前利润(EBIT)亏损更加令人担忧。事实上,它在EBIT水平上亏损了非常可观的11亿人民币。考虑到上述的债务状况,我们并不太有信心该公司应该使用这么多的债务。所以我们认为它的资产负债表有点紧张,尽管还没有到无法修复的地步。另一个理由是,过去12个月内,它的自由现金流为负值,亏损了9,2600万人民币。所以可以说我们认为这只股票非常风险。在分析债务水平时,资产负债表是明显的起点。然而,并不是所有的投资风险都存在于资产负债表内,相反,还有很多其他因素。为此,您应该注意到我们发现山东龙大美食存在1个警示信号。
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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