Xinlun New Materials (SZSE:002341) Is Carrying A Fair Bit Of Debt
Xinlun New Materials (SZSE:002341) Is Carrying A Fair Bit Of Debt
As you can see below, Xinlun New Materials had CN¥1.79b of debt at June 2023, down from CN¥2.70b a year prior. Net debt is about the same, since the it doesn't have much cash. Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Xinlun New Materials Co., Ltd. (SZSE:002341) does carry debt. But the real question is whether this debt is making the company risky.
馬克斯說得很好，他不是擔心股價波動，而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。重要的是新倫新材料有限公司。(SZSE：002341)確實有債務。但真正的問題是，這筆債務是否讓該公司面臨風險。
What Risk Does Debt Bring?
債務會帶來什麼風險？
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業發展的一種工具，但如果一家企業無法償還貸款人的債務，那麼它就只能聽從貸款人的擺佈。如果情況真的變得很糟糕，貸款人可以控制業務。然而，更常見(但代價仍然高昂)的情況是，一家公司必須以極低的價格發行股票，永久性地稀釋股東的股份，只是為了支撐其資產負債表。當然，許多公司利用債務為增長提供資金，沒有任何負面後果。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。
View our latest analysis for Xinlun New Materials
查看我們對新倫新材料的最新分析
How Much Debt Does Xinlun New Materials Carry?
新倫新材料背負著多少債務？
As you can see below, Xinlun New Materials had CN¥1.79b of debt at June 2023, down from CN¥2.70b a year prior. Net debt is about the same, since the it doesn't have much cash.
如下所示，截至2023年6月，新倫新材料的債務為人民幣17.9億元，低於一年前的人民幣27.億元。淨債務大致相同，因為它沒有太多現金。
How Strong Is Xinlun New Materials' Balance Sheet?
新倫新材料的資產負債表有多強？
According to the last reported balance sheet, Xinlun New Materials had liabilities of CN¥3.07b due within 12 months, and liabilities of CN¥671.2m due beyond 12 months. Offsetting these obligations, it had cash of CN¥28.2m as well as receivables valued at CN¥605.9m due within 12 months. So it has liabilities totalling CN¥3.11b more than its cash and near-term receivables, combined.
根據最新上報的資產負債表，新倫新材有30.7億加元的負債在12個月內到期，6.712億加元的負債在12個月後到期。作為這些債務的抵消，該公司有2820萬加元的現金以及6.059億加元的應收賬款在12個月內到期。因此，它的負債總額比現金和近期應收賬款加起來還要多人民幣31.1億元。
This is a mountain of leverage relative to its market capitalization of CN¥4.33b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. There's no doubt that we learn most about debt from the balance sheet. But it is Xinlun New Materials's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
與其43.3億元的市值相比，這是一個堆積如山的槓桿。如果它的貸款人要求它支撐資產負債表，股東可能會面臨嚴重的稀釋。毫無疑問，我們從資產負債表中瞭解到的債務最多。但影響未來資產負債表表現的將是新倫新材料的盈利情況。因此，當考慮債務時，絕對值得關注收益趨勢。點擊此處查看互動快照。
In the last year Xinlun New Materials had a loss before interest and tax, and actually shrunk its revenue by 20%, to CN¥781m. To be frank that doesn't bode well.
去年，新倫新材料息稅前虧損，收入縮水20%，至7.81億元。坦率地說，這不是一個好兆頭。
Caveat Emptor
告誡買入者
Not only did Xinlun New Materials's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Its EBIT loss was a whopping CN¥666m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥17m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. 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. We've identified 2 warning signs with Xinlun New Materials (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
新倫新材料不僅在過去12個月裡收入下滑，而且息稅前收益(EBIT)也出現了負增長。其息稅前利潤損失高達6.66億元人民幣。當我們看到這一點，並回憶起資產負債表上相對於現金的負債時，在我們看來，該公司有任何債務似乎是不明智的。因此，我們認為它的資產負債表有點緊張，但並不是無法修復。另一個值得警惕的原因是，在過去的12個月裡，中國的自由現金流為負1700萬元。因此，坦率地說，我們認為這是有風險的。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。我們已經確定了兩個警告信號與新倫新材料(至少1個，這是有點不愉快)，並瞭解他們應該是你投資過程的一部分。
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.
歸根結底，關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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