Guangzhou Haozhi IndustrialLtd (SZSE:300503) Is Carrying A Fair Bit Of Debt
Guangzhou Haozhi IndustrialLtd (SZSE:300503) Is Carrying A Fair Bit Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Guangzhou Haozhi Industrial Co.,Ltd. (SZSE:300503) does carry debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾經說過,「波動性遠非同『風險』一詞。」當我們考慮一個公司的風險程度時,總是會看它的債務使用,因爲債務過多會導致滅頂之災。重要的是,昊志機電(股票代碼:SZSE:300503)確實存在債務。但真正的問題是,這些債務是否讓公司變得更加危險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,只有當一家公司無法輕鬆償還它的債務時,債務才會成爲一個真正的問題,不論是通過籌集資本還是自己的現金流。在最糟糕的情況下,如果無法償還債權人,一家公司可以破產。但是,一種更常見(但仍然痛苦)的情況是,它必須以低價籌集新的股權資本,從而永久性地稀釋股東。儘管如此,最常見的情況是公司管理其債務相當不錯,並且在其自身利益上做到了這一點。當我們檢查債務水平時,我們首先考慮現金和債務水平。
What Is Guangzhou Haozhi IndustrialLtd's Net Debt?
昊志機電的淨債務是多少?
As you can see below, Guangzhou Haozhi IndustrialLtd had CN¥707.0m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has CN¥68.5m in cash leading to net debt of about CN¥638.5m.
正如下圖所示,截至2024年3月,昊志機電的負債總額爲7.07億元人民幣,與去年大致相同。您可以單擊圖表了解更多詳情。反過來,昊志機電手頭有6850萬現金,因此淨債務約爲6.385億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-448c9c1149432831b356bf5366ed3449-0-70e3af76f7cd630124f1a159f1c876ab.png/big)
How Healthy Is Guangzhou Haozhi IndustrialLtd's Balance Sheet?
昊志機電的資產負債表狀況如何?
According to the last reported balance sheet, Guangzhou Haozhi IndustrialLtd had liabilities of CN¥822.8m due within 12 months, and liabilities of CN¥530.5m due beyond 12 months. On the other hand, it had cash of CN¥68.5m and CN¥545.8m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥739.0m.
根據上一份報告的資產負債表顯示,截至一年內,昊志機電有8228萬元人民幣的負債,而一年之後該數值爲5305萬元。另一方面,昊志機電手頭有6850萬元現金和5458萬元的應收賬款。因此,它的負債超過其現金和(短期)應收賬款之和7.39億元。
Given Guangzhou Haozhi IndustrialLtd has a market capitalization of CN¥3.80b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Guangzhou Haozhi IndustrialLtd'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.
考慮到昊志機電的市值爲38億元人民幣,很難相信這些負債會構成太大的威脅。儘管如此,顯然我們應該繼續監控它的資產負債表,以免惡化。資產負債表顯然是分析債務的重點區域。但昊志機電的收益狀況將影響它的資產負債表在未來的表現。因此,如果您想了解更多關於它長期收益趨勢的信息,可以查看這個圖表。
In the last year Guangzhou Haozhi IndustrialLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 13%, to CN¥1.1b. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的一年裏,廣州好志實業有限公司在EBIt級別上沒有盈利,但其營業收入增長了13%,達到11億元人民幣。我們通常希望看到不盈利公司的更快增長,但每個人有自己的選擇。
Caveat Emptor
買方自負。
Importantly, Guangzhou Haozhi IndustrialLtd had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥40m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through CN¥3.5m of cash over the last year. So to be blunt we think it is risky. 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. Be aware that Guangzhou Haozhi IndustrialLtd is showing 3 warning signs in our investment analysis , and 2 of those make us uncomfortable...
重要的是,廣州好志實業有限公司在過去的一年中出現了利息和稅前利潤(EBIT)虧損。事實上,它在 EBIt 級別上虧損了4000萬元人民幣。考慮到上述負債以及其他因素,我們對公司使用如此多的債務並不太有信心。坦白地說,我們認爲資產負債表遠遠不夠匹配,儘管隨着時間的推移可能會有所改善。然而,過去一年中它燒掉了350萬元人民幣的現金,這並沒有幫助解決這個問題。因此,坦率地說,我們認爲它很有風險。資產負債表顯然是分析債務時要重點關注的領域。 但最終,每家公司都可能存在資產負債表之外的風險。請注意,在我們的投資分析中,廣州好志實業有限公司顯示出了3個警示信號,其中2個讓我們感到不舒服......
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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