Qingdao Hanhe CableLtd (SZSE:002498) Seems To Use Debt Quite Sensibly
Qingdao Hanhe CableLtd (SZSE:002498) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 Qingdao Hanhe Cable Co.,Ltd (SZSE:002498) does use debt in its business. But the real question is whether this debt is making the company risky.
傳奇基金經理李露(由查理·芒格支持)曾經說過:“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。我們可以看到青島漢和電纜有限公司, Ltd(深圳證券交易所:002498)確實在其業務中使用債務。但真正的問題是這筆債務是否使公司面臨風險。
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
Check out our latest analysis for Qingdao Hanhe CableLtd
查看我們對青島漢和電纜有限公司的最新分析
What Is Qingdao Hanhe CableLtd's Net Debt?
青島漢和有線電視有限公司的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that Qingdao Hanhe CableLtd had CN¥1.11b of debt in September 2023, down from CN¥1.15b, one year before. However, its balance sheet shows it holds CN¥1.43b in cash, so it actually has CN¥328.3m net cash.
你可以點擊下圖查看歷史數字,但它顯示青島漢和電纜有限公司在2023年9月有11.1億元人民幣的債務,低於一年前的11.5億元人民幣。但是,其資產負債表顯示其持有14.3億元人民幣的現金,因此實際淨現金爲3.283億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240120/0-24caebc868ebe561b9522e30a415f285-0-ee1adf5eabd4c85bb85744e1ea5221b4.png/big)
How Strong Is Qingdao Hanhe CableLtd's Balance Sheet?
青島漢和有線電視有限公司的資產負債表有多強?
We can see from the most recent balance sheet that Qingdao Hanhe CableLtd had liabilities of CN¥2.61b falling due within a year, and liabilities of CN¥143.3m due beyond that. On the other hand, it had cash of CN¥1.43b and CN¥4.55b worth of receivables due within a year. So it actually has CN¥3.23b more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,青島漢和電纜有限公司的負債爲26.1億元人民幣,一年後到期的負債爲1.433億元人民幣。另一方面,它有一年內到期的現金爲14.3億元人民幣,還有價值45.5億元人民幣的應收賬款。所以它實際上有323億元人民幣 更多 流動資產超過總負債。
This excess liquidity suggests that Qingdao Hanhe CableLtd is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Qingdao Hanhe CableLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
這種過剩的流動性表明青島漢和電纜有限公司正在對債務採取謹慎的態度。由於它擁有充足的資產,因此不太可能與貸款人發生麻煩。簡而言之,青島漢和電纜有限公司的現金多於債務,這一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。
The good news is that Qingdao Hanhe CableLtd has increased its EBIT by 5.1% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Qingdao Hanhe CableLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
好消息是,青島漢和電纜有限公司在十二個月內將其息稅前利潤增長了5.1%,這將緩解對債務償還的任何擔憂。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務的未來盈利能力將決定青島漢和電纜有限公司能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Qingdao Hanhe CableLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Qingdao Hanhe CableLtd recorded free cash flow of 21% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。青島漢和電纜有限公司的資產負債表上可能有淨現金,但仍然值得關注的是,該企業如何將其利息稅前收益(EBIT)轉換爲自由現金流,因爲這將影響其對債務的需求和管理能力。從最近三年來看,青島漢和電纜有限公司的自由現金流佔其息稅前利潤的21%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Qingdao Hanhe CableLtd has net cash of CN¥328.3m, as well as more liquid assets than liabilities. On top of that, it increased its EBIT by 5.1% in the last twelve months. So is Qingdao Hanhe CableLtd's debt a risk? It doesn't seem so to us. 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. For example, we've discovered 1 warning sign for Qingdao Hanhe CableLtd that you should be aware of before investing here.
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,青島漢和電纜有限公司的淨現金爲3.283億元人民幣,流動資產比負債還多。最重要的是,它在過去十二個月中將息稅前利潤增長了5.1%。那麼青島漢和電纜有限公司的債務有風險嗎?在我們看來,情況並非如此。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存在的風險。例如,我們發現了青島漢和電纜有限公司的1個警告信號,在這裏投資之前,您應該注意這一點。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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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。