Guizhou Zhongyida (SHSE:600610) Is Making Moderate Use Of Debt
Guizhou Zhongyida (SHSE:600610) Is Making Moderate Use Of Debt
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. As with many other companies Guizhou Zhongyida Co., Ltd (SHSE:600610) makes use of debt. 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。與許多其他公司一樣,貴州中益達股份有限公司(SHSE:600610)也使用債務。但真正的問題是這筆債務是否使公司面臨風險。
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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這些義務時,債務和其他負債就會變得有風險。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(但成本仍然很高)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,只是爲了支撐其資產負債表。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。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考慮。
How Much Debt Does Guizhou Zhongyida Carry?
貴州中益達揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that Guizhou Zhongyida had CN¥111.2m of debt in September 2023, down from CN¥861.8m, one year before. However, it does have CN¥44.8m in cash offsetting this, leading to net debt of about CN¥66.4m.
你可以點擊下圖查看歷史數字,但它顯示貴州中益達在2023年9月有1.112億元人民幣的債務,低於一年前的8.618億元人民幣。但是,它確實有4,480萬元的現金抵消了這一點,淨負債約爲6,640萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240229/0-94a8de3b78cebceaf3bd85b0cc50f43d-0-bfce99119bebc4eb0bf77c82a0320fab.png/big)
How Healthy Is Guizhou Zhongyida's Balance Sheet?
貴州中益達的資產負債表有多健康?
The latest balance sheet data shows that Guizhou Zhongyida had liabilities of CN¥989.7m due within a year, and liabilities of CN¥24.5m falling due after that. Offsetting these obligations, it had cash of CN¥44.8m as well as receivables valued at CN¥86.4m due within 12 months. So its liabilities total CN¥883.0m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,貴州中益達的負債爲9.897億元人民幣,此後到期的負債爲2450萬元人民幣。除了這些債務外,它還有價值4,480萬元人民幣的現金以及價值8,640萬元人民幣的應收賬款將在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額高出8.830億元人民幣。
Of course, Guizhou Zhongyida has a market capitalization of CN¥4.50b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Carrying virtually no net debt, Guizhou Zhongyida has a very light debt load indeed. 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 Guizhou Zhongyida will need earnings to service that debt. 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.
當然,貴州中益達的市值爲450億元人民幣,因此這些負債可能是可以控制的。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。貴州中益達幾乎沒有淨負債,債務負擔確實很輕。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;因爲貴州中益達需要收益來償還債務。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, Guizhou Zhongyida made a loss at the EBIT level, and saw its revenue drop to CN¥1.2b, which is a fall of 14%. That's not what we would hope to see.
在過去的12個月中,貴州中益達在息稅前利潤水平上出現虧損,收入降至12億元人民幣,下降了14%。這不是我們希望看到的。
Caveat Emptor
Caveat Emptor
Not only did Guizhou Zhongyida'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¥47m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any 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¥62m of cash over the last year. So to be blunt we think it is risky. 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. To that end, you should be aware of the 1 warning sign we've spotted with Guizhou Zhongyida .
在過去的十二個月中,貴州中益達不僅收入下滑,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4700萬元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。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,去年它消耗了6200萬加元的現金,這無濟於事。因此,坦率地說,我們認爲這是有風險的。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。爲此,你應該注意我們在貴州中益達發現的1個警告標誌。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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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。