Would Zhejiang Wazam New MaterialsLTD (SHSE:603186) Be Better Off With Less Debt?
Would Zhejiang Wazam New MaterialsLTD (SHSE:603186) Be Better Off With Less Debt?
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.' 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. Importantly, Zhejiang Wazam New Materials Co.,LTD. (SHSE:603186) does carry debt. But the real question is whether this debt is making the company risky.
大衛·伊本說得很好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”當我們考慮一家公司的風險時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。重要的是,浙江華正新材料有限公司,有限公司。(SHSE: 603186) 確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會變得有風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然很痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事就是綜合考慮其現金和債務。
Check out our latest analysis for Zhejiang Wazam New MaterialsLTD
看看我們對浙江 Wazam 新材料有限公司的最新分析
What Is Zhejiang Wazam New MaterialsLTD's Net Debt?
浙江華正新材料有限公司的淨負債是多少?
As you can see below, at the end of September 2023, Zhejiang Wazam New MaterialsLTD had CN¥2.19b of debt, up from CN¥1.78b a year ago. Click the image for more detail. However, it also had CN¥584.3m in cash, and so its net debt is CN¥1.60b.
如下所示,截至2023年9月底,浙江華正新材料有限公司的債務爲21.9億元人民幣,高於去年同期的17.8億元人民幣。點擊圖片了解更多詳情。但是,它也有5.843億元人民幣的現金,因此其淨負債爲16.0億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231110/0-d0fd9d592fb901b80f45f3ee4360d768-0-838eb41054783004f954569b29f41fa9.png/big)
A Look At Zhejiang Wazam New MaterialsLTD's Liabilities
看看浙江華正新材料有限公司的負債
Zooming in on the latest balance sheet data, we can see that Zhejiang Wazam New MaterialsLTD had liabilities of CN¥2.86b due within 12 months and liabilities of CN¥1.44b due beyond that. On the other hand, it had cash of CN¥584.3m and CN¥1.69b worth of receivables due within a year. So it has liabilities totalling CN¥2.02b more than its cash and near-term receivables, combined.
縱觀最新的資產負債表數據,我們可以看到,浙江華正新材料有限公司在12個月內到期的負債爲28.6億元人民幣,此後到期的負債爲14.4億元人民幣。另一方面,它在一年內有5.843億元人民幣的現金和價值16.9億元人民幣的應收賬款。因此,它的負債總額比其現金和短期應收賬款的總和高出20.2億元人民幣。
While this might seem like a lot, it is not so bad since Zhejiang Wazam New MaterialsLTD has a market capitalization of CN¥5.80b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Zhejiang Wazam New MaterialsLTD 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.
儘管這可能看起來很多,但情況還不錯,因爲浙江華贊新材料有限公司的市值爲58.0億元人民幣,因此,如果需要,它可能會通過籌集資金來加強資產負債表。但很明顯,我們絕對應該仔細研究它能否在不稀釋的情況下管理債務。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務的未來盈利能力將決定浙江華正新材料有限公司能否隨着時間的推移加強其資產負債表。因此,如果你專注於未來,你可以查看這份顯示分析師利潤預測的免費報告。
In the last year Zhejiang Wazam New MaterialsLTD wasn't profitable at an EBIT level, but managed to grow its revenue by 2.6%, to CN¥3.4b. We usually like to see faster growth from unprofitable companies, but each to their own.
去年,浙江華正新材料有限公司在息稅前利潤水平上沒有實現盈利,但其收入增長了2.6%,達到34億元人民幣。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的增長。
Caveat Emptor
Caveat Emptor
Over the last twelve months Zhejiang Wazam New MaterialsLTD produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥79m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥308m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Zhejiang Wazam New MaterialsLTD (of which 1 makes us a bit uncomfortable!) you should know about.
在過去的十二個月中,浙江華正新材料有限公司出現了息稅前收益(EBIT)虧損。具體而言,息稅前利潤損失爲7900萬元人民幣。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。另一個值得謹慎的理由是,在過去的十二個月中,自由現金流爲負3.08億元人民幣。因此,只要說我們認爲這隻股票風險很高就足夠了。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外的風險。這些風險可能很難發現。每家公司都有它們,我們發現了浙江華贊新材料有限公司的兩個警告標誌(其中一個讓我們有點不舒服!)你應該知道。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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