Avary Holding(Shenzhen)Co (SZSE:002938) Has A Pretty Healthy Balance Sheet
Avary Holding(Shenzhen)Co (SZSE:002938) Has A Pretty 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 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. We note that Avary Holding(Shenzhen)Co., Limited (SZSE:002938) does have debt on its balance sheet. But is this debt a concern to shareholders?
Howard·Marks說得好,“與其擔心股價波動,倒不如擔心永久性損失的風險……我認識的每個實際投資者都會擔心這個。”所以看起來明智的投資者知道,通常會涉及破產的債務是評估公司風險的非常重要的因素。我們注意到,鵬鼎控股(深圳)有限公司(SZSE:002938)負債表上確實有債務,但這些債務會對股東產生擔憂嗎?
When Is Debt Dangerous?
債務何時有危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
債務可以幫助公司,直到公司有困難支付它,無論是通過新資本還是通過自由現金流。在最壞的情況下,如果公司無法償還其債權人,公司會破產。儘管這不是太普遍,但我們經常看到負債累累的公司由於債權人迫使它們以低價籌集資本而永久性稀釋股東權益。話雖如此,最常見的情況是公司合理管理其債務,以自己的優勢爲依託。考慮公司債務水平的第一步是將其現金和債務合併考慮。
What Is Avary Holding(Shenzhen)Co's Debt?
鵬鼎控股(深圳)有限公司的債務情況是什麼?
You can click the graphic below for the historical numbers, but it shows that Avary Holding(Shenzhen)Co had CN¥3.47b of debt in March 2024, down from CN¥3.92b, one year before. However, its balance sheet shows it holds CN¥11.8b in cash, so it actually has CN¥8.32b net cash.
您可以點擊下面的圖表查看歷史數據,但它顯示鵬鼎控股(深圳)有限公司在2024年3月債務爲3470000000元人民幣,比一年前的3920000000元人民幣有所下降。然而,其資產負債表顯示它擁有11800000000元人民幣的現金,因此它實際上擁有8320000000元人民幣的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240715/0-90f04ac253598bdb2b23e8f23bdec54d-0-7820c11a269f21bced48f9df342c98bf.png/big)
How Strong Is Avary Holding(Shenzhen)Co's Balance Sheet?
鵬鼎控股(深圳)有限公司的資產負債表情況如何?
According to the last reported balance sheet, Avary Holding(Shenzhen)Co had liabilities of CN¥9.24b due within 12 months, and liabilities of CN¥783.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥11.8b as well as receivables valued at CN¥3.93b due within 12 months. So it can boast CN¥5.69b more liquid assets than total liabilities.
根據上一份公佈的資產負債表,鵬鼎控股(深圳)有限公司在12個月內有924000000元人民幣的負債,超過12個月有78360000元人民幣的負債。抵消這些義務,它擁有11800000000元人民幣的現金,以及3930000000元人民幣的應收款項,在12個月內到期。因此,它比總負債多擁有5690000000元人民幣的流動資產。
This short term liquidity is a sign that Avary Holding(Shenzhen)Co could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Avary Holding(Shenzhen)Co boasts net cash, so it's fair to say it does not have a heavy debt load!
這種短期流動性是鵬鼎控股(深圳)有限公司能夠很容易地償還債務的跡象,因爲其資產負債表遠沒有過度。簡而言之,鵬鼎控股(深圳)有限公司擁有淨現金,因此可以說它沒有重負!
It is just as well that Avary Holding(Shenzhen)Co's load is not too heavy, because its EBIT was down 44% over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Avary Holding(Shenzhen)Co 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.
鵬鼎控股(深圳)有限公司的債務負擔不太重,因爲它的EBIt在過去一年中下降了44%。萎縮的盈利(如果趨勢繼續)最終可能使一筆即使很小的債務變得相當危險。分析債務水平時,資產負債表是開始的明顯地方。但最終業務未來的盈利能力將決定鵬鼎控股(深圳)有限公司能否隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現此處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. Avary Holding(Shenzhen)Co 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 three years, Avary Holding(Shenzhen)Co generated free cash flow amounting to a very robust 82% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最後,企業需要自由現金流來償還債務;會計利潤不起作用。鵬鼎控股(深圳)有限公司可能在資產負債表上有淨現金,但看它將其利潤稅前利潤(EBIT)轉化爲自由現金流的情況也是有意思的,因爲這將影響其管理債務的需求和能力。在過去的三年裏,鵬鼎控股(深圳)有限公司產生了非常強大的自由現金流,金額達到其稅前利潤(EBIT)的82%,超過我們的預期。這使它在償還債務方面處於非常強大的地位。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Avary Holding(Shenzhen)Co has net cash of CN¥8.32b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥4.1b, being 82% of its EBIT. So we don't have any problem with Avary Holding(Shenzhen)Co's use of debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Avary Holding(Shenzhen)Co is showing 1 warning sign in our investment analysis , you should know about...
儘管我們理解投資者對負債的擔憂,但是您應該記住,鵬鼎控股(深圳)有限公司擁有8320000000元人民幣的淨現金,以及比負債更多的流動資產。它讓我們印象深刻的自由現金流爲41億元人民幣,是其稅前利潤(EBIT)的82%。所以我們對鵬鼎控股(深圳)有限公司的債務使用沒有任何問題。分析債務水平時,資產負債表是開始的明顯地方。但並非所有投資風險都存在於資產負債表中,這一點要知道......請注意,鵬鼎控股(深圳)有限公司在我們的投資分析中顯示了1個警告信號,您應該了解......
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負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至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?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。