These 4 Measures Indicate That Zhejiang Shuanghuan DrivelineLtd (SZSE:002472) Is Using Debt Reasonably Well
These 4 Measures Indicate That Zhejiang Shuanghuan DrivelineLtd (SZSE:002472) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Zhejiang Shuanghuan Driveline Co.,Ltd. (SZSE:002472) does carry debt. But the more important question is: how much risk is that debt creating?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。重要的是,浙江雙環傳動有限公司, Ltd.(深圳證券交易所:002472)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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有吸引力的價格籌集資金來輕鬆履行債務和其他負債時,債務和其他負債就會面臨風險。資本主義的重要組成部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業將被銀行家無情地清算。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權資本,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其債務,並從自己的利益出發。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。
How Much Debt Does Zhejiang Shuanghuan DrivelineLtd Carry?
浙江雙環傳動有限公司揹負了多少債務?
As you can see below, Zhejiang Shuanghuan DrivelineLtd had CN¥2.12b of debt at September 2023, down from CN¥3.52b a year prior. However, because it has a cash reserve of CN¥1.39b, its net debt is less, at about CN¥738.5m.
如下所示,截至2023年9月,浙江雙環傳動有限公司的債務爲21.2億元人民幣,低於去年同期的35.2億元人民幣。但是,由於其現金儲備爲13.9億元人民幣,其淨負債較少,約爲7.385億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240215/0-13930c8fb92e917655bf5efe4d30150f-0-f7331095d84f397e45a10619cea93aed.png/big)
How Strong Is Zhejiang Shuanghuan DrivelineLtd's Balance Sheet?
浙江雙環傳動有限公司的資產負債表有多強?
The latest balance sheet data shows that Zhejiang Shuanghuan DrivelineLtd had liabilities of CN¥3.80b due within a year, and liabilities of CN¥1.27b falling due after that. Offsetting this, it had CN¥1.39b in cash and CN¥2.36b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.32b.
最新的資產負債表數據顯示,浙江雙環傳動有限公司的負債爲38.0億元人民幣,此後到期的負債爲12.7億元人民幣。與此相抵消的是,它有13.9億加元的現金和23.6億元人民幣的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額13.2億元人民幣。
Of course, Zhejiang Shuanghuan DrivelineLtd has a market capitalization of CN¥19.2b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
當然,浙江雙環傳動有限公司的市值爲192億元人民幣,因此這些負債可能是可以控制的。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。
Zhejiang Shuanghuan DrivelineLtd has a low net debt to EBITDA ratio of only 0.52. And its EBIT easily covers its interest expense, being 15.0 times the size. So we're pretty relaxed about its super-conservative use of debt. Also positive, Zhejiang Shuanghuan DrivelineLtd grew its EBIT by 28% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Zhejiang Shuanghuan DrivelineLtd 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.
浙江雙環傳動有限公司的淨負債與息稅折舊攤銷前利潤的比率很低,僅爲0.52。而且其息稅前利潤很容易彌補其利息支出,是其規模的15.0倍。因此,我們對它超保守的債務使用相當放鬆。同樣樂觀的是,浙江雙環傳動有限公司的息稅前利潤在去年增長了28%,這將使未來更容易償還債務。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。但最終,該業務未來的盈利能力將決定浙江雙環傳動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. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Considering the last three years, Zhejiang Shuanghuan DrivelineLtd actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
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。因此,合乎邏輯的步驟是研究息稅前利潤與實際自由現金流相匹配的比例。考慮到過去三年,浙江雙環傳動有限公司實際上總體上出現了現金流出。對於自由現金流不可靠的公司來說,債務風險要大得多,因此股東應該希望過去的支出能夠在未來產生自由現金流。
Our View
我們的觀點
The good news is that Zhejiang Shuanghuan DrivelineLtd's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. When we consider the range of factors above, it looks like Zhejiang Shuanghuan DrivelineLtd is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. Over time, share prices tend to follow earnings per share, so if you're interested in Zhejiang Shuanghuan DrivelineLtd, you may well want to click here to check an interactive graph of its earnings per share history.
好消息是,浙江雙環DriveLineLtd表現出用息稅前利潤支付利息支出的能力,這讓我們感到高興,就像毛茸茸的小狗對待幼兒一樣。但是我們必須承認,我們發現其將息稅前利潤轉換爲自由現金流會產生相反的效果。當我們考慮上述一系列因素時,浙江雙環DriveLinelTD使用債務似乎相當明智。儘管這帶來了一些風險,但也可以提高股東的回報。隨着時間的推移,股價往往會跟隨每股收益,因此,如果你對浙江雙環傳動有限公司感興趣,你很可能想點擊這裏查看其每股收益歷史的交互式圖表。
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。