We Think Anhui Xinke New MaterialsLtd (SHSE:600255) Has A Fair Chunk Of Debt
We Think Anhui Xinke New MaterialsLtd (SHSE:600255) Has A Fair Chunk Of Debt
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Anhui Xinke New Materials Co.,Ltd (SHSE:600255) does use debt in its business. But the more important question is: how much risk is that debt creating?
霍華德·馬克斯說得很好,他說:“我擔心的是永久虧損的可能性... 我認識的每位務實投資者都很擔心,而不是擔心股價的波動。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看出,安徽信科新材料有限公司, Ltd(上海證券交易所代碼:600255)確實在其業務中使用了債務。但更重要的問題是:這筆債務造成了多少風險?
When Is Debt A Problem?
債務何時會成爲問題?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
債務爲企業提供幫助,直到企業難以用新的資本或自由現金流還清債務。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。當然,債務的好處是它通常代表廉價資本,尤其是當它用高回報率進行再投資的能力取代了公司的稀釋時。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。
See our latest analysis for Anhui Xinke New MaterialsLtd
查看我們對安徽新科新材料有限公司的最新分析
What Is Anhui Xinke New MaterialsLtd's Debt?
安徽信科新材料有限公司的債務是什麼?
As you can see below, at the end of September 2023, Anhui Xinke New MaterialsLtd had CN¥698.5m of debt, up from CN¥530.4m a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥669.0m, its net debt is less, at about CN¥29.4m.
如下所示,截至2023年9月底,安徽新科新材料有限公司的債務爲6.985億元人民幣,高於去年同期的5.304億元人民幣。點擊圖片了解更多詳情。但是,由於其現金儲備爲6.690億元人民幣,其淨負債較少,約爲2940萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231118/0-d37d33ca98c9e6349c2473b3356f1586-0-cb61fb58e4b1040e8d903585882c9c82.png/big)
How Healthy Is Anhui Xinke New MaterialsLtd's Balance Sheet?
安徽信科新材料有限公司的資產負債表有多健康?
According to the last reported balance sheet, Anhui Xinke New MaterialsLtd had liabilities of CN¥1.88b due within 12 months, and liabilities of CN¥256.8m due beyond 12 months. Offsetting these obligations, it had cash of CN¥669.0m as well as receivables valued at CN¥534.5m due within 12 months. So its liabilities total CN¥929.0m more than the combination of its cash and short-term receivables.
根據上次公佈的資產負債表,安徽新科新材料有限公司在12個月內到期的負債爲18.8億元人民幣,12個月後到期的負債爲2.568億元人民幣。爲了抵消這些債務,它有6.690億元人民幣的現金以及價值爲5.345億元人民幣的應收賬款,這些應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出9.29億元人民幣。
While this might seem like a lot, it is not so bad since Anhui Xinke New MaterialsLtd has a market capitalization of CN¥4.01b, 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. But either way, Anhui Xinke New MaterialsLtd has virtually no net debt, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Anhui Xinke New MaterialsLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
儘管這可能看起來很多,但還算不錯,因爲安徽新科新材料有限公司的市值爲401億元人民幣,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。但不管怎樣,安徽新科新材料有限公司幾乎沒有淨負債,因此可以說它沒有沉重的債務負擔!資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲安徽新科新材料有限公司需要收益來償還這筆債務。因此,在考慮債務時,絕對值得一看收益趨勢。點擊此處查看交互式快照。
In the last year Anhui Xinke New MaterialsLtd had a loss before interest and tax, and actually shrunk its revenue by 7.9%, to CN¥3.0b. That's not what we would hope to see.
去年,安徽新科新材料有限公司在利息和稅前出現虧損,實際收入減少了7.9%,至30億元人民幣。這不是我們希望看到的。
Caveat Emptor
Caveat Emptor
Over the last twelve months Anhui Xinke New MaterialsLtd produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥5.2m at the EBIT level. 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. However, it doesn't help that it burned through CN¥308m of cash over the last year. So in short it's a really risky stock. For riskier companies like Anhui Xinke New MaterialsLtd I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
在過去的十二個月中,安徽新科新材料有限公司出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了520萬元人民幣。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。但是,它在去年耗盡了3.08億元人民幣的現金,這無濟於事。因此,簡而言之,這是一隻風險很大的股票。對於像安徽新科新材料有限公司這樣風險較高的公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們關於其利潤、收入和運營現金流的交互式圖表。
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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。