These 4 Measures Indicate That Guangdong Chj IndustryLtd (SZSE:002345) Is Using Debt Safely
These 4 Measures Indicate That Guangdong Chj IndustryLtd (SZSE:002345) Is Using Debt Safely
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 note that Guangdong Chj Industry Co.,Ltd. (SZSE:002345) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们注意到广东 Chj 实业有限公司, Ltd.(深圳证券交易所:002345)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt Dangerous?
债务何时危险?
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. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。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。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。但是,通过取代稀释,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。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。
What Is Guangdong Chj IndustryLtd's Net Debt?
广东千佳实业有限公司的净负债是多少?
As you can see below, Guangdong Chj IndustryLtd had CN¥513.0m of debt at June 2024, down from CN¥741.3m a year prior. However, it does have CN¥598.6m in cash offsetting this, leading to net cash of CN¥85.6m.
如下所示,截至2024年6月,广东千佳实业有限公司的债务为51300万元人民币,低于去年同期的74130万加元。但是,它确实有59860万元的现金抵消了这一点,因此净现金为8560万元人民币。
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How Strong Is Guangdong Chj IndustryLtd's Balance Sheet?
广东中建实业有限公司的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Guangdong Chj IndustryLtd had liabilities of CN¥1.82b due within 12 months and liabilities of CN¥188.0m due beyond that. Offsetting this, it had CN¥598.6m in cash and CN¥321.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.09b.
放大最新的资产负债表数据,我们可以看到,广东千佳实业有限公司在12个月内到期的负债为18.2元人民币,之后到期的负债为18800万元人民币。与此相抵消的是,它有59860万元的现金和32170万元人民币的应收账款将在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额10.9元人民币。
This deficit isn't so bad because Guangdong Chj IndustryLtd is worth CN¥4.02b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, Guangdong Chj IndustryLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
这种赤字还不错,因为广东Chj IndustryLtd的市值为40.2元人民币,因此,如果需要,可能会筹集足够的资金来支撑其资产负债表。但是,仍然值得仔细研究其偿还债务的能力。尽管负债可观,但广东千佳实业有限公司拥有净现金,因此可以公平地说,它没有沉重的债务负担!
Another good sign is that Guangdong Chj IndustryLtd has been able to increase its EBIT by 22% in twelve months, making it easier to pay down 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 Guangdong Chj IndustryLtd 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.
另一个好兆头是,广东千佳实业有限公司已经能够在十二个月内将其息税前利润提高22%,从而更容易偿还债务。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,该业务未来的盈利能力将决定广东凯捷实业有限公司能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Guangdong Chj IndustryLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Guangdong Chj IndustryLtd recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。Guangdong Chj IndustryLtd的资产负债表上可能有净现金,但看看该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,广东Chj IndustryLt录得的自由现金流相当于其息税前利润的82%,比我们通常预期的要强。这使其在偿还债务方面处于非常有利的地位。
Summing Up
总结
Although Guangdong Chj IndustryLtd's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥85.6m. And it impressed us with free cash flow of CN¥409m, being 82% of its EBIT. So we don't think Guangdong Chj IndustryLtd's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Guangdong Chj IndustryLtd is showing 1 warning sign in our investment analysis , you should know about...
尽管由于负债总额的缘故,广东Chj IndustryLt的资产负债表并不是特别强劲,但其净现金为8560万元人民币显然是乐观的。它的自由现金流为40900万元人民币,占其息税前利润的82%,给我们留下了深刻的印象。因此,我们认为广东建业有限公司使用债务没有风险。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意,Guangdong Chj IndustryLtd在我们的投资分析中显示了1个警告信号,你应该知道...
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.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。