Is Guangxi Wuzhou Zhongheng GroupLtd (SHSE:600252) Using Debt In A Risky Way?
Is Guangxi Wuzhou Zhongheng GroupLtd (SHSE:600252) Using Debt In A Risky Way?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. As with many other companies Guangxi Wuzhou Zhongheng Group Co.,Ltd (SHSE:600252) makes use of debt. But should shareholders be worried about its use of debt?
由伯克希爾哈撒韋的Li·芒格支持的外部基金經理Lu直言不諱地說,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣廣西梧州中恆集團有限公司(上海證券交易所:600252)利用債務。但股東是否應該擔心它的債務使用情況?
When Is Debt Dangerous?
債務在什麼時候是危險的?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。如果情況真的變得很糟糕,貸款人可以控制業務。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。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。當我們檢查債務水準時,我們首先同時考慮現金和債務水準。
View our latest analysis for Guangxi Wuzhou Zhongheng GroupLtd
查看我們對廣西梧州中恆集團有限公司的最新分析
How Much Debt Does Guangxi Wuzhou Zhongheng GroupLtd Carry?
廣西梧州中恆集團有限公司背負著多少債務?
The image below, which you can click on for greater detail, shows that Guangxi Wuzhou Zhongheng GroupLtd had debt of CN¥1.55b at the end of June 2023, a reduction from CN¥2.02b over a year. But on the other hand it also has CN¥4.02b in cash, leading to a CN¥2.47b net cash position.
下圖顯示,截至2023年6月底,廣西梧州中恆集團有限公司的債務為15.5億加元,較一年內的20.2億加元有所減少。但另一方面,它也有40.2億加元的現金,導致24.7億加元的淨現金頭寸。
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How Strong Is Guangxi Wuzhou Zhongheng GroupLtd's Balance Sheet?
廣西梧州中恆集團的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Guangxi Wuzhou Zhongheng GroupLtd had liabilities of CN¥2.28b due within 12 months and liabilities of CN¥865.9m due beyond that. Offsetting this, it had CN¥4.02b in cash and CN¥1.70b in receivables that were due within 12 months. So it can boast CN¥2.57b more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,廣西梧州中恆集團有限公司有22.8億加元的負債在12個月內到期,還有8.659億加元的負債在12個月內到期。作為抵消,它有40.2億加元的現金和17.億加元的應收賬款在12個月內到期。因此,它的流動資產比總計負債。
This excess liquidity suggests that Guangxi Wuzhou Zhongheng GroupLtd is taking a careful approach to debt. Due to its strong net asset position, it is not likely to face issues with its lenders. Simply put, the fact that Guangxi Wuzhou Zhongheng GroupLtd has more cash than debt is arguably a good indication that it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But it is Guangxi Wuzhou Zhongheng GroupLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
這種過剩的流動性表明,廣西梧州中恆集團有限公司正在謹慎地處理債務問題。由於其強大的淨資產狀況,它不太可能面臨與貸款人的問題。簡而言之,廣西梧州中恆集團有限公司現金多於債務的事實可以說是一個很好的跡象,表明它可以安全地管理債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但廣西梧州中恆集團有限公司的收益將影響未來資產負債表的表現。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
Over 12 months, Guangxi Wuzhou Zhongheng GroupLtd reported revenue of CN¥3.0b, which is a gain of 22%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在過去的12個月裡,廣西梧州中恆集團有限公司公佈的收入為人民幣30億元,增長22%,儘管該公司沒有公佈任何息稅前收益。如果運氣好的話,該公司將能夠以增長的方式實現盈利。
So How Risky Is Guangxi Wuzhou Zhongheng GroupLtd?
那麼,廣西梧州中恆集團有限公司的風險有多大?
While Guangxi Wuzhou Zhongheng GroupLtd lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥59m. 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 22% 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. For instance, we've identified 3 warning signs for Guangxi Wuzhou Zhongheng GroupLtd (1 is significant) you should be aware of.
雖然廣西梧州中恆集團有限公司在息稅前收益(EBIT)水準上虧損,但它實際上錄得了5900萬元的賬面利潤。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22%的收入增長,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。例如,我們已經確定廣西梧州中恆集團有限公司3個警示標誌(1是重要的)您應該知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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.