These 4 Measures Indicate That Shanghai Ziyan Foods (SHSE:603057) Is Using Debt Safely
These 4 Measures Indicate That Shanghai Ziyan Foods (SHSE:603057) Is Using Debt Safely
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 Shanghai Ziyan Foods Co., Ltd. (SHSE:603057) makes use of debt. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋公司的Charlie Munger支持的外部基金經理李露在說「最大的投資風險不是價格波動,而是你是否會承受資本永久損失」時並不掩飾。所以,當你考慮一支股票的風險時,需要考慮債務,因爲太多的債務可能會拖垮一家公司。與許多其他公司一樣,上海自然食品股份有限公司(SHSE:603057)使用了債務。但真正的問題在於,這些債務是否使公司變得更加風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. If things get really bad, the lenders can take control of the business. 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. 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.
當公司無法輕鬆實現債務的時候,債務和其他負債對業務會產生風險,無論是通過自由現金流還是以有吸引力的價格募集資本。 如果情況變得非常糟糕,放貸人可以控制業務。 但是,更常見的(但仍然很昂貴)情況是,公司必須以廉價的股票價格稀釋股東,只是爲了控制債務。 話雖如此,最常見的情況是公司合理地管理其債務併爲自己創造利益。 在考慮企業使用多少債務時,首先要做的是看看其現金和債務。
What Is Shanghai Ziyan Foods's Net Debt?
上海自然食品的淨債務是多少?
As you can see below, at the end of March 2024, Shanghai Ziyan Foods had CN¥199.3m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has CN¥1.23b in cash, leading to a CN¥1.03b net cash position.
如下圖所示,在2024年3月底,上海自然食品的債務總額爲1,993萬人民幣,比一年前增加了。點擊圖片查看更多細節。但另一方面,它也擁有12.3億人民幣的現金,形成了10.3億人民幣的淨現金位置。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240525/0-1011c0f4df7b2d185a4a787b3ce63d9a-0-d1bff2589f9214271fd9496cb6dc366a.png/big)
A Look At Shanghai Ziyan Foods' Liabilities
看一下上海自然食品的負債
Zooming in on the latest balance sheet data, we can see that Shanghai Ziyan Foods had liabilities of CN¥771.8m due within 12 months and liabilities of CN¥187.9m due beyond that. On the other hand, it had cash of CN¥1.23b and CN¥186.3m worth of receivables due within a year. So it can boast CN¥457.2m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到上海自然食品有77,180萬人民幣的負債在12個月內到期,另有18,790萬人民幣的負債逾期。另一方面,它有12.3億元的現金和1.863億人民幣的應收賬款到期未超過一年。因此,它可以誇耀擁有4572萬人民幣的更多流動資產。 總負債。
This short term liquidity is a sign that Shanghai Ziyan Foods could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Shanghai Ziyan Foods has more cash than debt is arguably a good indication that it can manage its debt safely.
這種短期流動性表明上海自然食品幾乎可以輕鬆地償還債務,因爲其資產負債表遠未超負荷。簡而言之,上海自然食品擁有比債務多的現金顯然是它可以安全管理債務的好跡象。
In addition to that, we're happy to report that Shanghai Ziyan Foods has boosted its EBIT by 48%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shanghai Ziyan Foods's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
此外,我們很高興地報告,上海自然食品已經增加了48%的EBIt,從而減少了未來的債務償還。當分析債務水平時,資產負債表是一個明顯的起點。但總的來說,未來的收益,更多的是會決定上海自然食品能否保持健康的資產負債表。因此,如果你想看看專業人士的意見,你可能會發現這篇關於分析師盈利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. While Shanghai Ziyan Foods has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Shanghai Ziyan Foods produced sturdy free cash flow equating to 77% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最後,企業需要自由現金流來償還債務;會計利潤無法做到這一點。雖然上海自然食品的資產負債表上有淨現金,但還是值得看看它將利潤稅前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解它正在積累(或消耗)現金的速度。在過去的三年中,上海自然食品產生了相當強勁的自由現金流,相當於其EBIt的77%,這是我們預期的。這些有形的現金意味着它可以在需要時減少債務。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Shanghai Ziyan Foods has CN¥1.03b in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 48% over the last year. So is Shanghai Ziyan Foods's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Shanghai Ziyan Foods (1 is a bit concerning!) that you should be aware of before investing here.
雖然調查一家公司的債務總是明智的,但在這種情況下,上海自然食品擁有1.03億人民幣的淨現金和看起來不錯的資產負債表。而且,它令我們印象深刻的是,它在過去一年中EBIT增長了48%。那麼,上海自然食品的債務是否有風險?我們認爲並沒有太大的風險。資產負債表顯然是分析債務時需要關注的領域。但最終,每個公司都可能存在超出資產負債表範疇的風險。例如,我們發現了2個上海自然食品的警告標誌(1個有點令人關注!),你在投資之前要注意這些。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。