Is Nanjing Hanrui CobaltLtd (SZSE:300618) A Risky Investment?
Is Nanjing Hanrui CobaltLtd (SZSE:300618) A Risky Investment?
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Nanjing Hanrui Cobalt Co.,Ltd. (SZSE:300618) does carry debt. But the more important question is: how much risk is that debt creating?
戴維伊本說得好:“波動性不是我們關心的風險,我們關心的是避免永久損失資本。”因此,看來明智的投資者知道,債務(通常涉及破產)是評估公司風險的非常重要的因素。重要的是,南京寒銳鈷業股份有限公司(SZSE:300618)確實有負債。但更重要的問題是:這些負債產生了多大的風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
債務能夠支持企業發展,直到企業鋪平了還債的道路,無論是通過新的資本或者自由現金流,如果企業無法滿足償還債務的法定義務,那麼股東可能毫無所獲。然而,更爲常見(但仍然令人痛苦)的情況是,企業以較低的價格籌集新的股本資本,從而永久性地稀釋股東的權益。話雖如此,最常見的情況是企業合理地管理其債務,以實現自己的利益。在考慮公司的債務水平時,第一步是考慮其現金和債務的總和。
What Is Nanjing Hanrui CobaltLtd's Net Debt?
南京寒銳鈷業有限公司的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Nanjing Hanrui CobaltLtd had CN¥1.63b of debt, an increase on CN¥1.31b, over one year. However, its balance sheet shows it holds CN¥1.80b in cash, so it actually has CN¥172.8m net cash.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年3月,南京寒銳鈷業股份有限公司負債總計爲16.3億人民幣,較去年的13.1億人民幣有所增長。但其資產負債表顯示,公司持有18億人民幣的現金,因此實際上有1.728億元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-8968be5652edf8e4727be09e8321fc73-0-1313bfa46808c779ebac283d933b493c.png/big)
How Strong Is Nanjing Hanrui CobaltLtd's Balance Sheet?
南京寒銳鈷業股份有限公司的資產負債表有多強大?
We can see from the most recent balance sheet that Nanjing Hanrui CobaltLtd had liabilities of CN¥2.33b falling due within a year, and liabilities of CN¥540.5m due beyond that. Offsetting these obligations, it had cash of CN¥1.80b as well as receivables valued at CN¥507.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥562.3m.
最新的資產負債表顯示,南京寒銳鈷業股份有限公司的負債總額爲23.3億人民幣,將在一年內到期,而5405萬人民幣將在一年後到期。抵消這些負債的是它有18億人民幣的現金以及12個月內到期的應收賬款,價值507.6萬人民幣。因此,其負債總額超過了現金和(短期)應收賬款的總和,達到5623萬元人民幣。
Given Nanjing Hanrui CobaltLtd has a market capitalization of CN¥8.03b, 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. Despite its noteworthy liabilities, Nanjing Hanrui CobaltLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
考慮到南京寒銳鈷業股份有限公司的市值爲80.3億人民幣,很難相信這些負債會構成多大的威脅。儘管如此,很明顯我們應該繼續監控其資產負債表,以免情況變得更糟。儘管其負債總額相當可觀,但是南京寒銳鈷業股份有限公司擁有淨現金,因此可以說它沒有承載過重的債務負擔!
Even more impressive was the fact that Nanjing Hanrui CobaltLtd grew its EBIT by 348% 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 ultimately the future profitability of the business will decide if Nanjing Hanrui CobaltLtd can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
更爲令人印象深刻的是,南京寒銳鈷業股份有限公司在十二個月的時間內增長了348%的稅息折舊及攤銷前利潤。這種增長將使其更容易在未來償還債務。很明顯,資產負債表是分析公司債務時重點關注的領域。但是,最終業務的未來盈利能力將決定南京寒銳鈷業股份有限公司是否能隨着時間的推移強化其資產負債表。因此,如果您關注未來,可以查看此免費報告,其中顯示了分析師的利潤預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Nanjing Hanrui CobaltLtd 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. Over the last three years, Nanjing Hanrui CobaltLtd 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,公司只能用現金而不是會計利潤償還債務。雖然南京寒銳鈷業股份有限公司的資產負債表上有淨現金,但我們仍然有必要查看其將利息、稅、折舊及攤銷前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度。在過去的三年中,南京寒銳鈷業股份有限公司總共錄得了負的自由現金流。對於一家負自由現金流的公司,負債通常更加昂貴,幾乎總是更加風險。股東們應該希望有所改善。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Nanjing Hanrui CobaltLtd has CN¥172.8m in net cash. And it impressed us with its EBIT growth of 348% over the last year. So we don't have any problem with Nanjing Hanrui CobaltLtd's use of debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Nanjing Hanrui CobaltLtd has 2 warning signs (and 1 which is a bit unpleasant) we think you should know about.
雖然查看公司的總負債始終是明智的,但南京寒銳鈷業股份有限公司有1.728億元人民幣的淨現金令人非常放心。此外,南京寒銳鈷業股份有限公司在過去一年中的稅息折舊及攤銷前利潤增長了348%令人印象深刻。因此,我們對南京寒銳鈷業股份有限公司的負債使用沒有任何問題。在分析債務水平時,資產負債表是開始的明顯位置。但是,最終每家公司都可能存在平衡表之外的風險。例如,南京寒銳鈷業股份有限公司有2個警示信號(其中1個有點令人不愉快),我們認爲您應該知道。
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.
總的來說,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,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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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.
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。
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