Does Vantone Neo Development Group (SHSE:600246) Have A Healthy Balance Sheet?
Does Vantone Neo Development Group (SHSE:600246) Have A Healthy Balance Sheet?
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.' 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 can see that Vantone Neo Development Group Co., Ltd. (SHSE:600246) does use debt in its business. But is this debt a concern to shareholders?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,萬通新開發集團有限公司(上海證券交易所股票代碼:600246)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。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,債務可能是企業的重要工具,尤其是資本密集型企業。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。
See our latest analysis for Vantone Neo Development Group
查看我們對Vantone Neo開發集團的最新分析
What Is Vantone Neo Development Group's Net Debt?
萬通新開發集團的淨負債是多少?
The image below, which you can click on for greater detail, shows that Vantone Neo Development Group had debt of CN¥1.90b at the end of September 2023, a reduction from CN¥2.10b over a year. However, it does have CN¥1.68b in cash offsetting this, leading to net debt of about CN¥219.4m.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月底,萬通新開發集團的債務爲19.0億元人民幣,較一年內的21.0億元人民幣有所減少。但是,它確實有16.8億加元的現金抵消了這一點,淨負債約爲2.194億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-9954662ac7cd342e200835cdac3c452e-0-536548f7b31d7da8cef6766ab9e3916b.png/big)
How Strong Is Vantone Neo Development Group's Balance Sheet?
萬通新開發集團的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Vantone Neo Development Group had liabilities of CN¥1.05b due within 12 months and liabilities of CN¥1.88b due beyond that. On the other hand, it had cash of CN¥1.68b and CN¥863.0m worth of receivables due within a year. So it has liabilities totalling CN¥388.6m more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到,萬通新開發集團在12個月內到期的負債爲10.5億元人民幣,之後到期的負債爲18.8億元人民幣。另一方面,它有一年內到期的16.8億元現金和價值8.630億元人民幣的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出3.886億元人民幣。
Since publicly traded Vantone Neo Development Group shares are worth a total of CN¥11.3b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Vantone Neo Development Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
由於上市的Vantone Neo Development Group股票總價值爲113億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益將決定Vantone Neo Development Group未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
Over 12 months, Vantone Neo Development Group reported revenue of CN¥525m, which is a gain of 26%, 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個月中,Vantone Neo開發集團公佈的收入爲5.25億元人民幣,增長了26%,儘管它沒有報告任何利息和稅前收益。股東們可能對它能夠實現盈利抱有疑慮。
Caveat Emptor
Caveat Emptor
While we can certainly appreciate Vantone Neo Development Group's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. To be specific the EBIT loss came in at CN¥179m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥242m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Vantone Neo Development Group , and understanding them should be part of your investment process.
儘管我們當然可以理解Vantone Neo開發集團的收入增長,但其息稅前收益(EBIT)虧損並不理想。具體而言,息稅前利潤虧損爲1.79億元人民幣。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的信心。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。例如,我們不希望看到去年2.42億元人民幣的虧損重演。因此,我們確實認爲這隻股票風險很大。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經向Vantone Neo開發集團確定了1個警告信號,並了解它們應該成爲您投資過程的一部分。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。
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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。