Does Shanghai Haixin Group (SHSE:600851) Have A Healthy Balance Sheet?
Does Shanghai Haixin Group (SHSE:600851) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Shanghai Haixin Group Co., Ltd. (SHSE:600851) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍華德·馬克斯說得很好,與其擔心股價波動,不如擔心“永久性損失的可能性...我認識的每一個實際投資者都在擔心。”因此,當你考慮一個股票有多大風險時,需要考慮負債,因爲過多的負債可能會讓一家公司陷入困境。我們注意到上海海欣集團股份有限公司(SHSE:600851)確實在其資產負債表上有負債。但是這些負債是否令股東們擔憂呢?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
當一家公司無法通過自由現金流或以較優惠的價格募資來輕鬆履行債務時,債務和其他負債變得有風險。在最極端的情況下,如果一家公司無法償還債權人,就可能會破產。然而,更常見的情況是,一家公司不得不以大幅折價的價格發行股票,永久性地稀釋股東的利益,以維持其資產負債表。儘管如此,最常見的情況是一家公司合理控制其債務,並將其作爲自身的優勢。當我們考慮一家公司的債務使用情況時,我們首先要看現金和債務兩者的總體情況。
How Much Debt Does Shanghai Haixin Group Carry?
上海海欣集團承擔了多少債務?
As you can see below, at the end of March 2024, Shanghai Haixin Group had CN¥37.0m of debt, up from CN¥27.7m a year ago. Click the image for more detail. However, it does have CN¥762.8m in cash offsetting this, leading to net cash of CN¥725.8m.
正如您在下面看到的,在2024年3月底,上海海欣集團的債務總額爲3700萬人民幣,比一年前的2770萬人民幣增加了。點擊圖片獲取更多詳情。然而,它的現金爲76280萬人民幣,可抵消這筆債務,從而獲得淨現金72580萬人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-c99def250629e0e1f901c1e6608b8012-0-e3a87ae77c95fb17f733c62d1b2f2610.png/big)
A Look At Shanghai Haixin Group's Liabilities
我們可以從最近的資產負債表中看到,上海海欣集團的一年內到期的負債爲33750萬人民幣,到期超過一年的負債爲42930萬人民幣。與此同時,它擁有76280萬人民幣的現金和15850萬人民幣的應收賬款,均在12個月內到期。因此,它擁有比...
We can see from the most recent balance sheet that Shanghai Haixin Group had liabilities of CN¥337.5m falling due within a year, and liabilities of CN¥429.3m due beyond that. Offsetting this, it had CN¥762.8m in cash and CN¥158.5m in receivables that were due within 12 months. So it can boast CN¥154.5m more liquid assets than total liabilities.
這種短期流動性表明,上海海欣集團可以輕鬆償還債務,因爲其資產負債表遠未過度。簡而言之,上海海欣集團擁有淨現金,所以可以說其負債不重!總負債。
This short term liquidity is a sign that Shanghai Haixin Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Shanghai Haixin Group boasts net cash, so it's fair to say it does not have a heavy debt load!
更令人印象深刻的是,上海海欣集團在12個月內將掙得的息稅前利潤增長了340%。這將使其更容易償還債務..
Even more impressive was the fact that Shanghai Haixin Group grew its EBIT by 340% over twelve months. That boost will make it even easier to pay down debt going forward. 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 Shanghai Haixin Group 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.
在分析債務時,資產負債表顯然是重點。但你不能孤立地看待債務,因爲上海海欣集團需要盈利來償還債務。因此,如果您想了解更多關於其盈利方面的情況,可以查看其長期盈利趨勢的圖表。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Shanghai Haixin Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last two years, Shanghai Haixin Group burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後一個考慮因素同樣重要,因爲一家公司無法用紙面利潤償還債務;它需要的是硬通貨現金。雖然上海海欣集團的資產負債表上擁有淨現金,但關注一家企業如何將息稅前利潤轉化爲自由現金流仍然很有意義,因爲這將影響企業管理債務的需要和能力。在過去的兩年中,上海海欣集團用掉了很多現金。雖然投資者無疑期待這種情況在不久的將來會有所改觀,但這顯然意味着它使用債務的風險更高。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Shanghai Haixin Group has CN¥725.8m in net cash and a decent-looking balance sheet. And we liked the look of last year's 340% year-on-year EBIT growth. So we don't have any problem with Shanghai Haixin Group's use of debt. 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. We've identified 1 warning sign with Shanghai Haixin Group , and understanding them should be part of your investment process.
雖然調查公司債務總是明智的,但在這種情況下,海欣b股有72580萬人民幣的淨現金和一份看起來不錯的資產負債表。而去年的340%的EBIt同比增長讓我們感到滿意。所以我們對海欣b股的債務使用沒有任何問題。毫無疑問,我們從資產負債表中了解債務的大部分信息。但最終,每個公司都可能存在超出資產負債表之外的風險。我們已經發現1個有關海欣b股的預警信號,了解它們應該是您投資過程中的一部分。
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,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com