Here's Why Guangzhou Haige Communications Group (SZSE:002465) Can Manage Its Debt Responsibly
Here's Why Guangzhou Haige Communications Group (SZSE:002465) Can Manage Its Debt Responsibly
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Guangzhou Haige Communications Group Incorporated Company (SZSE:002465) does use debt in its business. But should shareholders be worried about its use of debt?
有人说波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾著名地说:‘波动性与风险远非同义词。’ 当我们考虑一家公司有多大的风险时,我们总是喜欢查看它的债务使用情况,因为债务过重可能导致毁灭。我们可以看到,海格通信(SZSE:002465)确实在其业务中使用了债务。但是,股东应该担心它的债务使用吗?
When Is Debt Dangerous?
债务何时会变得危险?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法轻松履行这些义务时,债务和其他负债就变得风险性,比如无法通过自由现金流或以有吸引力的价格筹集资金。资本主义的一个重要组成部分是‘创造性破坏’的过程,失败的企业会被他们的银行无情地清算。然而,更常见(但仍然代价高昂)的情况是,企业不得不以超低价格发行股票,永久稀释股东,仅仅是为了修复其资产负债表。尽管如此,最常见的情况是企业合理管理其债务,并从中获益。当我们检查债务水平时,我们首先会同时考虑现金和债务水平。
What Is Guangzhou Haige Communications Group's Net Debt?
海格通信的净债务是多少?
As you can see below, at the end of September 2024, Guangzhou Haige Communications Group had CN¥3.17b of debt, up from CN¥1.21b a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥5.18b in cash, so it actually has CN¥2.00b net cash.
正如你在下面看到的,截至2024年9月底,海格通信的债务为31.7亿人民币,较去年12.1亿人民币有所增加。点击图片了解更多详细信息。不过,其资产负债表显示其持有51.8亿人民币现金,因此实际上拥有20亿净现金。
How Healthy Is Guangzhou Haige Communications Group's Balance Sheet?
广州海格通信的资产负债表健康吗?
We can see from the most recent balance sheet that Guangzhou Haige Communications Group had liabilities of CN¥6.07b falling due within a year, and liabilities of CN¥1.53b due beyond that. Offsetting these obligations, it had cash of CN¥5.18b as well as receivables valued at CN¥7.62b due within 12 months. So it actually has CN¥5.20b more liquid assets than total liabilities.
从最新的资产负债表中可以看到,广州海格通信拥有到期在一年内的负债为60.7亿元人民币,以及超过一年的负债为15.3亿元人民币。抵消这些义务后,它拥有51.8亿元人民币的现金以及76.2亿元人民币的应收账款在12个月内到期。因此,它实际上有52亿元人民币的流动资产超过总负债。
It's good to see that Guangzhou Haige Communications Group has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Guangzhou Haige Communications Group boasts net cash, so it's fair to say it does not have a heavy debt load!
令人欣慰的是,广州海格通信的资产负债表上有足够的流动性,这表明其对负债的管理相对保守。由于资产丰富,因此不太可能在贷款方那里遇到麻烦。简而言之,广州海格通信的净现金状况良好,所以可以说它并没有负担过重的债务!
It is just as well that Guangzhou Haige Communications Group's load is not too heavy, because its EBIT was down 41% over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Guangzhou Haige Communications 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.
广州海格通信的负担不重是件好事,因为其息税前利润(EBIT)在过去一年下降了41%。如果这种趋势持续下去,下降的收益最终可能会使即使是适度的债务也变得相当风险。毫无疑问,我们从资产负债表上学到的关于债务的信息最多。但最终,企业未来的盈利能力将决定广州海格通信是否能够随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的看法,您可能会发现这份关于分析师利润预测的免费报告非常有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Guangzhou Haige Communications Group 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. During the last three years, Guangzhou Haige Communications Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
但是我们最后考虑的因素也很重要,因为一家公司不能通过纸面利润来偿还债务;它需要真金白银。广州海格通信的资产负债表上可能有净现金,但考察企业将息税前利润(EBIT)转化为自由现金流的能力仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去三年中,广州海格通信烧掉了大量现金。虽然这可能是由于增长支出所致,但确实使债务变得更加风险。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case Guangzhou Haige Communications Group has CN¥2.00b in net cash and a decent-looking balance sheet. So we are not troubled with Guangzhou Haige Communications Group's debt use. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Guangzhou Haige Communications Group .
虽然调查一家公司的债务始终是明智的,但在这种情况下,海格通信拥有20亿人民币的净现金和良好的资产负债表。因此,我们对海格通信的债务使用并不感到担忧。当分析债务水平时,资产负债表显然是一个好的起点。但归根结底,每家公司都可能存在资产负债表之外的风险。为此,你应该意识到我们发现的海格通信的2个警告信号。
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,专注于没有净债务的公司往往更好。你可以访问我们的特别公司列表(所有公司都有盈利增长的记录)。这是免费的。
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