Is Hunan Huamin Holdings (SZSE:300345) A Risky Investment?
Is Hunan Huamin Holdings (SZSE:300345) 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.' 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. As with many other companies Hunan Huamin Holdings Co., Ltd. (SZSE:300345) makes use of debt. But the more important question is: how much risk is that debt creating?
David Iben說得很好,“波動性不是我們關心的風險。我們關心的是避免資本永久損失。” 當我們考慮一家公司有多大風險時,我們總是喜歡看它使用債務的情況,因爲債務過載會導致破產。和許多其他公司一樣,華民股份有利用債務的部分。但更重要的問題是: 這筆債務產生了多少風險?
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. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,只有當公司無法輕鬆還清債務時才會有真正的債務問題,要麼通過籌集資本,要麼通過現金流。最終,如果公司不能履行償還債務的法律義務,股東可能什麼都拿不到。然而,一個更普遍(但仍令人痛苦)的情況是,它必須以低價募集新的股權資本,因此永久稀釋股東。話雖如此,最常見的情況是公司合理控制其債務 - 活用其債務優勢。當我們考慮公司使用債務時,首先看現金和債務合起來。
How Much Debt Does Hunan Huamin Holdings Carry?
華民股份有多少債務?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Hunan Huamin Holdings had CN¥182.5m of debt, an increase on CN¥60.0m, over one year. But it also has CN¥287.5m in cash to offset that, meaning it has CN¥105.0m 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,華民股份的債務爲18250萬人民幣,較去年增加了6000萬人民幣。但它也有28750萬元的現金來抵消這筆債務,這意味着它有10500萬元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-9980d34a3a79b4167a24ad92c4a22760-0-329c4f8510af51d2580c19940dbabad7.png/big)
How Healthy Is Hunan Huamin Holdings' Balance Sheet?
華民股份的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Hunan Huamin Holdings had liabilities of CN¥1.38b due within 12 months and liabilities of CN¥556.0m due beyond that. Offsetting this, it had CN¥287.5m in cash and CN¥400.7m in receivables that were due within 12 months. So it has liabilities totalling CN¥1.25b more than its cash and near-term receivables, combined.
放大最新資產負債表數據,我們可以看到,華民股份有13.8億人民幣的短期到期負債和55600萬人民幣的長期到期負債。抵銷的是他有28750萬元的現金和40070萬元的應收賬款,這些應該在12個月內到期。因此,其負債合計比現金和短期應收賬款加起來多1250萬元。這個赤字還好,因爲華民股份價值37億元人民幣,因此如果需要,可能會籌集足夠的資本來支持其資產負債表。但顯然,我們一定要密切檢查它是否可以在不稀釋股東的情況下處理其債務。儘管它有着顯著的負債,但華民股份擁有淨現金,因此可以說其沒有承擔沉重的債務負擔!無疑,資產負債表可以讓我們更多地了解債務。但它是華民股份未來的盈利能力,將影響資產負債表的持續情況。因此,如果您渴望了解更多關於其收益的信息,可以查看其長期收益趨勢的圖表。
This deficit isn't so bad because Hunan Huamin Holdings is worth CN¥3.70b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. Despite its noteworthy liabilities, Hunan Huamin Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is Hunan Huamin Holdings'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.
在12個月內,華民股份報告了12億人民幣的收入,這是一項199%的增長,儘管它沒有報告任何利息和稅前收益。因此,毫無疑問,股東們都在爲增長歡呼。
Over 12 months, Hunan Huamin Holdings reported revenue of CN¥1.2b, which is a gain of 199%, although it did not report any earnings before interest and tax. So there's no doubt that shareholders are cheering for growth
在12個月內,華民股份報告了12億人民幣的營業收入,同比增長199%,儘管它沒有報告任何利息和稅前收益。因此,股東們無疑爲增長歡呼。
So How Risky Is Hunan Huamin Holdings?
我們毫不懷疑,虧損公司總的來說比盈利公司更具風險。我們注意到華民股份在過去一年中有一項利息和稅前收益虧損。事實上,這段時間裏,它燒了42700萬元現金,虧損了25100萬元。由於資產負債表只有10500萬元,因此看起來它很快就要再次籌集資本了。重要的是,華民股份的營業收入增長正在蓄勢待發。雖然不盈利的公司可能存在風險,但在這些盈利前的年份裏,它們也可以快速增長。在分析債務水平時,資產負債表是一個明顯的起點。但是,最終,每家公司都可能存在超越資產負債表的風險。例如,我們已經確定了華民股份存在的兩個警示標誌,您應該知道。
We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that Hunan Huamin Holdings had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥427m of cash and made a loss of CN¥251m. With only CN¥105.0m on the balance sheet, it would appear that its going to need to raise capital again soon. Importantly, Hunan Huamin Holdings's revenue growth is hot to trot. While unprofitable companies can be risky, they can also grow hard and fast in those pre-profit years. 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 instance, we've identified 2 warning signs for Hunan Huamin Holdings that you should be aware of.
我們毫不懷疑,虧損公司一般來說比盈利公司更具風險。我們確實注意到華民股份在過去一年中出現了利息和稅前收益(EBIT)虧損。事實上,在那段時間裏,它燒掉了42700萬人民幣的現金,並虧損了25100萬人民幣。僅有10500萬人民幣的資產負債表顯示,它需要再次籌集資金。重要的是,華民股份的營業收入增長很快。雖然盈利能力不佳的公司可能存在風險,但它們在這些盈利前的年份中也可能快速增長。在分析債務水平時,資產負債表是明顯的起點。但最終,每家公司都可能存在資產負債表之外的風險。例如,我們已經發現了華民股份2個警示信號,您應該注意到。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。