Is Guangzhou Automobile Group (HKG:2238) A Risky Investment?
Is Guangzhou Automobile Group (HKG:2238) A Risky Investment?
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.' 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 Guangzhou Automobile Group Co., Ltd. (HKG:2238) does have debt on its balance sheet. But is this debt a concern to shareholders?
David·伊本說得好,波動不是我們關心的風險,我們關心的是避免資本的永久性損失。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們注意到廣汽集團股份有限公司。(HKG:2238)的資產負債表上確實有債務。但這筆債務對股東來說是一個擔憂嗎?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
See our latest analysis for Guangzhou Automobile Group
參見我們對廣汽集團的最新分析
What Is Guangzhou Automobile Group's Net Debt?
廣汽集團的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Guangzhou Automobile Group had CN¥25.0b of debt, an increase on CN¥14.6b, over one year. But on the other hand it also has CN¥54.6b in cash, leading to a CN¥29.6b net cash position.
你可以點擊下圖查看歷史數據,但它顯示,截至2023年6月,廣汽集團的債務為25億元人民幣,比一年前增加了146億元人民幣。但另一方面,它也有546億加元的現金,導致296億加元的淨現金頭寸。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231005/0-de0249e8f932606f2d2684084f988684-0-495b0c6ccf910b00ba19e3b9aaaab8cc.png/big)
How Strong Is Guangzhou Automobile Group's Balance Sheet?
廣汽集團的資產負債表有多強?
According to the last reported balance sheet, Guangzhou Automobile Group had liabilities of CN¥63.7b due within 12 months, and liabilities of CN¥15.2b due beyond 12 months. Offsetting this, it had CN¥54.6b in cash and CN¥31.6b in receivables that were due within 12 months. So it actually has CN¥7.33b more liquid assets than total liabilities.
根據最新上報的資產負債表,廣汽集團有637億加元的負債在12個月內到期,152億加元的負債在12個月後到期。作為抵消,它有546億加元的現金和316億加元的應收賬款在12個月內到期。所以它實際上有73.3億元人民幣更多流動資產超過總負債。
This short term liquidity is a sign that Guangzhou Automobile Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Guangzhou Automobile Group has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Guangzhou Automobile Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
這種短期流動性是一個跡象,表明廣汽集團很可能可以輕鬆償還債務,因為其資產負債表遠未捉襟見肘。簡而言之,廣汽集團的現金多於債務,這可以說是一個很好的跡象,表明它可以安全地管理債務。在分析債務水準時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定廣汽集團能否隨著時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
Over 12 months, Guangzhou Automobile Group reported revenue of CN¥123b, which is a gain of 37%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在過去的12個月裡,廣汽集團報告了123B加元的收入,增長了37%,儘管它沒有報告任何息稅前收益。股東們可能會祈禱它能以自己的方式增長並實現盈利。
So How Risky Is Guangzhou Automobile Group?
那麼,廣汽集團的風險有多大呢?
While Guangzhou Automobile Group lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥5.3b. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Keeping in mind its 37% revenue growth over the last year, we think there's a decent chance the company is on track. There's no doubt fast top line growth can cure all manner of ills, for a stock. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 3 warning signs we've spotted with Guangzhou Automobile Group .
雖然廣汽集團在息稅前收益(EBIT)水準上出現了虧損,但它實際上錄得了53億元的賬面利潤。因此,從表面上看,考慮到現金,我們認為短期內風險不是很大。考慮到該公司去年營收增長了37%,我們認為該公司很有可能走上正軌。毫無疑問,對於一隻股票來說,快速的營收增長可以治癒所有的疾病。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。為此,您應該意識到3個警示標誌我們已經看到了廣汽集團。
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.
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.