Here's Why Gaona Aero Material (SZSE:300034) Can Manage Its Debt Responsibly
Here's Why Gaona Aero Material (SZSE:300034) Can Manage Its Debt Responsibly
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We note that Gaona Aero Material Co., Ltd. (SZSE:300034) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”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。我們注意到,高納航空材料有限公司(深圳證券交易所代碼:300034)的資產負債表上確實有債務。但是,股東是否應該擔心其債務的使用?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt 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。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。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
What Is Gaona Aero Material's Net Debt?
Gaona Aero Material的淨負債是多少?
As you can see below, Gaona Aero Material had CN¥727.3m of debt at September 2023, down from CN¥761.5m a year prior. However, it does have CN¥613.6m in cash offsetting this, leading to net debt of about CN¥113.8m.
如下所示,截至2023年9月,高納航空材料的債務爲7.273億加元,低於去年同期的7.615億加元。但是,它確實有6.136億加元的現金抵消了這一點,淨負債約爲1.138億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-845727d1077351f8a5ccdcb71a85f757-0-cfba90a02cf431b1c4533471c42c4c65.png/big)
A Look At Gaona Aero Material's Liabilities
看看Gaona Aero Material的負債
We can see from the most recent balance sheet that Gaona Aero Material had liabilities of CN¥2.86b falling due within a year, and liabilities of CN¥633.8m due beyond that. On the other hand, it had cash of CN¥613.6m and CN¥2.65b worth of receivables due within a year. So its liabilities total CN¥232.3m more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,Gaona Aero Material的負債爲28.6億元人民幣,一年後到期的負債爲6.338億元人民幣。另一方面,它有一年內到期的現金爲6.136億元人民幣,還有價值26.5億元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出2.233億元人民幣。
Having regard to Gaona Aero Material's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥12.1b company is short on cash, but still worth keeping an eye on the balance sheet. Carrying virtually no net debt, Gaona Aero Material has a very light debt load indeed.
考慮到Gaona Aero Material的規模,其流動資產與總負債似乎保持了良好的平衡。因此,這家121億元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。Gaona Aero Material幾乎沒有淨負債,債務負擔確實很輕。
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。
Gaona Aero Material has a low net debt to EBITDA ratio of only 0.20. And its EBIT easily covers its interest expense, being 28.4 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. In addition to that, we're happy to report that Gaona Aero Material has boosted its EBIT by 58%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Gaona Aero Material 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.
Gaona Aero Material的淨負債與息稅折舊攤銷前利潤的比率很低,僅爲0.20。而且其息稅前利潤很容易彌補其利息支出,是其規模的28.4倍。因此,你可以爭辯說,它受到債務的威脅並不比大象受到老鼠的威脅更大。除此之外,我們很高興地向大家報告,Gaona Aero Material已將其息稅前利潤提高了58%,從而減少了對未來債務償還的擔憂。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定Gaona Aero Material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. Over the last three years, Gaona Aero Material recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
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。在過去的三年中,Gaona Aero Material的總自由現金流爲負。債務通常更昂貴,而且對於自由現金流爲負的公司來說,風險幾乎總是更大。股東們應該希望有所改善。
Our View
我們的觀點
Happily, Gaona Aero Material's impressive interest cover implies it has the upper hand on its debt. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. When we consider the range of factors above, it looks like Gaona Aero Material is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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 Gaona Aero Material .
令人高興的是,Gaona Aero Material令人印象深刻的利息保障意味着其債務佔了上風。但嚴峻的事實是,我們對其將息稅前利潤轉換爲自由現金流感到擔憂。當我們考慮上述一系列因素時,Gaona Aero Material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。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Gaona Aero Material中發現的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。