Is Henan Huanghe Whirlwind (SHSE:600172) Using Debt In A Risky Way?
Is Henan Huanghe Whirlwind (SHSE:600172) Using Debt In A Risky Way?
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.' 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. As with many other companies Henan Huanghe Whirlwind Co., Ltd. (SHSE:600172) makes use of debt. But should shareholders be worried about its use of debt?
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。”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。與許多其他公司一樣,河南黃河旋風股份有限公司(SHSE: 600172)也使用債務。但是,股東是否應該擔心其債務的使用?
When Is Debt A Problem?
債務何時會成爲問題?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業發展的工具,但是如果企業無法還清貸款人,那麼債務就任由他們擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們研究債務水平時,我們首先將現金和債務水平放在一起考慮。
What Is Henan Huanghe Whirlwind's Debt?
河南黃河旋風的債務是什麼?
The image below, which you can click on for greater detail, shows that Henan Huanghe Whirlwind had debt of CN¥4.55b at the end of September 2023, a reduction from CN¥4.86b over a year. However, it does have CN¥773.4m in cash offsetting this, leading to net debt of about CN¥3.78b.
您可以點擊下圖查看更多詳情,該圖片顯示,河南黃河旋風截至2023年9月底的債務爲45.5億元人民幣,較一年內的48.6億元人民幣有所減少。但是,它確實有7.734億元的現金抵消了這一點,淨負債約爲37.8億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240213/0-7d5474036616d24936720a58b3aa687e-0-2ee856f606b9038a746b2c6accd220a4.png/big)
How Healthy Is Henan Huanghe Whirlwind's Balance Sheet?
河南黃河旋風的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Henan Huanghe Whirlwind had liabilities of CN¥6.08b due within 12 months and liabilities of CN¥455.7m due beyond that. On the other hand, it had cash of CN¥773.4m and CN¥1.13b worth of receivables due within a year. So it has liabilities totalling CN¥4.63b 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,河南黃河旋風在12個月內到期的負債爲60.8億元人民幣,之後到期的負債爲4.557億元人民幣。另一方面,它有一年內到期的現金爲7.734億元人民幣,還有價值11.3億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46.3億元人民幣。
When you consider that this deficiency exceeds the company's CN¥3.89b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Henan Huanghe Whirlwind's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
當你考慮到這一缺口超過了公司38.9億元人民幣的市值時,你很可能會傾向於仔細審查資產負債表。假設,如果公司被迫通過按當前股價籌集資金來償還負債,則需要進行極其嚴重的稀釋。資產負債表顯然是分析債務時需要關注的領域。但是,影響未來資產負債表狀況的是河南黃河旋風的收益。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
Over 12 months, Henan Huanghe Whirlwind made a loss at the EBIT level, and saw its revenue drop to CN¥2.0b, which is a fall of 20%. That makes us nervous, to say the least.
在過去的12個月中,河南黃河旋風在息稅前利潤水平上出現虧損,收入降至20億元人民幣,下降了20%。至少可以說,這讓我們感到緊張。
Caveat Emptor
Caveat Emptor
Not only did Henan Huanghe Whirlwind's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥92m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. For example, we would not want to see a repeat of last year's loss of CN¥416m. In the meantime, we consider the stock to be risky. For riskier companies like Henan Huanghe Whirlwind 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,河南黃河旋風不僅收入下滑,而且還產生了負的息稅前收益(EBIT)。具體而言,息稅前利潤虧損爲9200萬元人民幣。當我們將其與巨額負債一起看時,我們對公司並不特別有信心。它需要迅速改善其運營,我們才會對此感興趣。例如,我們不希望看到去年4.16億元人民幣的虧損重演。同時,我們認爲該股票存在風險。對於像河南黃河旋風這樣的風險較高的公司,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的利潤、收入和運營現金流的交互式圖表。
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。