Is Shenzhen Hepalink Pharmaceutical Group (SZSE:002399) A Risky Investment?
Is Shenzhen Hepalink Pharmaceutical Group (SZSE:002399) A Risky Investment?
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 Shenzhen Hepalink Pharmaceutical Group Co., Ltd. (SZSE:002399) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
霍華德·馬克斯說得好,與其擔心股價波動,不如擔心“永久損失的可能性……我知道的每一個實際投資者都這樣擔心”。所以,看來聰明的投資者知道,與破產通常有關的債務是評估一家公司風險程度時非常重要的因素。我們注意到深圳海普瑞藥業集團股份有限公司(SZSE:002399)的資產負債表上確實有債務。但股東們應該擔心它的債務使用嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
當一家公司難以通過自由現金流或以有吸引力的價格籌集資本來輕鬆地履行債務時,債務和其他負債對商業構成風險。最終,如果公司無法履行償還債務的法律義務,股東可能一文不值。雖然這不太常見,但我們經常看到負債累累的公司因貸款人強迫他們以低價募集資本而永久稀釋股東。當然,許多公司使用債務來資助增長,而沒有任何負面影響。考慮公司的債務水平的第一步是將其現金和債務結合起來。
What Is Shenzhen Hepalink Pharmaceutical Group's Debt?
深圳海普瑞藥業集團的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that Shenzhen Hepalink Pharmaceutical Group had CN¥4.86b of debt in March 2024, down from CN¥6.22b, one year before. However, it also had CN¥2.50b in cash, and so its net debt is CN¥2.35b.
你可以點擊下面的圖表查看歷史數字,但它顯示在2024年3月,深圳海普瑞藥業集團的債務爲48.6億人民幣,比一年前的62.2億人民幣少。但它也有25億人民幣的現金,因此其淨債務爲23.5億人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-5f821b1f2ebae949a827c88f82738f42-0-48d7259e7a3f8550a12e1e1a8f3e6b01.png/big)
How Strong Is Shenzhen Hepalink Pharmaceutical Group's Balance Sheet?
深圳海普瑞藥業集團的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Shenzhen Hepalink Pharmaceutical Group had liabilities of CN¥4.61b due within 12 months and liabilities of CN¥2.12b due beyond that. Offsetting these obligations, it had cash of CN¥2.50b as well as receivables valued at CN¥1.26b due within 12 months. So it has liabilities totalling CN¥2.98b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到深圳海普瑞藥業集團有461億人民幣的負債在12個月內到期,212億人民幣的負債在超過12個月後到期。抵消這些義務,它有25億人民幣的現金以及126億人民幣的應收賬款在12個月內到期。因此,它的負債總額比其現金和近期應收賬款加起來多上298億人民幣。
This deficit isn't so bad because Shenzhen Hepalink Pharmaceutical Group is worth CN¥12.8b, 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. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shenzhen Hepalink Pharmaceutical Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
這種赤字並不嚴重,因爲深圳海普瑞藥業集團價值128億元,因此如果需要,可能可以籌集足夠的資本來支持其資產負債表,但顯然我們確實應該密切關注其是否可以在不稀釋股權的情況下管理其債務。在分析債務水平時,資產負債表是明顯的起點,但未來的收入,更重要的是將決定深圳海普瑞藥業集團維持健康資產負債表的能力。因此,如果您想了解專業人士的想法,您可能會發現有關分析師利潤預測的免費報告很有趣。
Over 12 months, Shenzhen Hepalink Pharmaceutical Group made a loss at the EBIT level, and saw its revenue drop to CN¥5.5b, which is a fall of 16%. That's not what we would hope to see.
在12個月內,深圳海普瑞藥業集團在EBIt水平上虧損,並且其收入下降了16%,爲55億元人民幣。這不是我們希望看到的。
Caveat Emptor
買方自負。
Not only did Shenzhen Hepalink Pharmaceutical Group's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥134m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥695m. So in short it's a really risky stock. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Shenzhen Hepalink Pharmaceutical Group's profit, revenue, and operating cashflow have changed over the last few years.
深圳海普瑞藥業集團不僅在過去的十二個月中收入下降,而且還在利息和稅前盈利(EBIT)方面產生了負面收益。事實上,它在EBIt水平上虧損了13400萬元人民幣。當我們看看其資產負債表上的債務相對現金時,我們認爲公司擁有任何債務是不明智的。坦率地說,儘管它可以通過時間來改善,但我們認爲資產負債表遠未做好匹配的準備。例如,我們不想看到去年69500萬元人民幣的損失重演。總之,這是一支風險極高的股票。當我們看風險更高的公司時,我們喜歡檢查它們的利潤(或虧損)隨時間的趨勢。今天,我們向讀者提供這張交互式圖表,展示深圳海普瑞藥業集團的利潤、收入和營運現金流在過去幾年裏的變化。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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
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