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These 4 Measures Indicate That Grandtop Yongxing GroupLtd (SHSE:601033) Is Using Debt Extensively

These 4 Measures Indicate That Grandtop Yongxing GroupLtd (SHSE:601033) Is Using Debt Extensively

這4項措施表明Grandtop Yongxing Group Ltd. (SHSE:601033) 正在廣泛使用債務。
Simply Wall St ·  08/07 18:00

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, Grandtop Yongxing Group Co.,Ltd (SHSE:601033) does carry debt. But the real question is whether this debt is making the company risky.

正如David Iben所說,「波動性不是我們關心的風險。我們關心的是避免永久性的資本損失。」所以看來智慧的投資者知道,債務通常涉及破產,是評估公司風險的一個非常重要的因素。重要的是,Grandtop Yongxing Group Co。,Ltd(SHSE:601033)確實帶着債務。但真正的問題是,這些債務是否會使該公司變得更加危險。

When Is Debt Dangerous?

債務何時有危險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法通過自由現金流或按優惠價格提高資本來輕鬆滿足這些債務時,負債和其他負債變得有風險。歸根到底,如果公司無法履行償還債務的法律義務,則股東可能一無所獲。但是,更頻繁(但同樣昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以加強其資產負債表。話雖如此,最常見的情況是,公司合理地管理其債務,並用自己的利益來處理。在考慮公司的債務水平時的第一步是考慮其現金和債務的總和。

What Is Grandtop Yongxing GroupLtd's Net Debt?

Grandtop Yongxing GroupLtd的淨債務是多少?

As you can see below, Grandtop Yongxing GroupLtd had CN¥12.2b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has CN¥3.25b in cash leading to net debt of about CN¥8.95b.

正如下圖所示, Grandtop Yongxing GroupLtd在2024年3月有122億人民幣的債務,與去年大致相同。你可以點擊圖表以獲得更詳細的信息。另一方面,它有32.5億人民幣的現金,導致淨債務約爲89.5億人民幣。

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SHSE:601033 Debt to Equity History August 7th 2024
SHSE:601033的債權和股權歷史 (2024年8月7日)

A Look At Grandtop Yongxing GroupLtd's Liabilities

Grandtop Yongxing GroupLtd的負債情況

The latest balance sheet data shows that Grandtop Yongxing GroupLtd had liabilities of CN¥5.47b due within a year, and liabilities of CN¥10.3b falling due after that. Offsetting these obligations, it had cash of CN¥3.25b as well as receivables valued at CN¥1.85b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥10.6b.

最新的資產負債表數據顯示,Grandtop Yongxing GroupLtd於一年內有54.7億人民幣的到期負債和103億人民幣的逾期負債。儘管它有32.5億人民幣的現金和185億人民幣的應收款項到期在12個月內,但其負債超過現金和(短期)應收款項的合計額106億人民幣。

This is a mountain of leverage relative to its market capitalization of CN¥13.3b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.

相對於市值133億人民幣,這是同行中比較高比槓桿。如果其貸方要求其加強資產負債表,股東可能面臨嚴重稀釋。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

BJ批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。

Grandtop Yongxing GroupLtd's debt is 4.6 times its EBITDA, and its EBIT cover its interest expense 3.4 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. On a slightly more positive note, Grandtop Yongxing GroupLtd grew its EBIT at 14% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Grandtop Yongxing GroupLtd'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.

Grandtop Yongxing GroupLtd的債務是其EBITDA的4.6倍,其EBIt的利息費用覆蓋3.4倍。總體來說,這意味着,雖然我們不想看到債務水平上升,但我們認爲它可以處理其目前的槓桿。稍微更爲積極的是,Grandtop Yongxing GroupLtd在過去一年中,將其EBIt增長了14%,進一步增加了其管理債務的能力。在分析債務水平時,資產負債表是顯而易見的起點。但更重要的是,未來的盈利,而不是任何其他,將決定Grandtop Yongxing GroupLtd保持健康資產負債表的能力。因此,如果您要查看專業人士的看法,您可能會發現,分析師利潤預測的這份免費報告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Grandtop Yongxing GroupLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.

最後,企業需要自由現金流來償還債務;會計利潤是不行的。因此,邏輯的下一步是查看該EBIt中實際自由現金流所佔比例。在過去的三年中,Grandtop Yongxing GroupLtd燒了大量的現金。雖然這可能是爲了增長的支出,但這使得債務風險變得更大。

Our View

我們的觀點

Mulling over Grandtop Yongxing GroupLtd's attempt at converting EBIT to free cash flow, we're certainly not enthusiastic. But at least it's pretty decent at growing its EBIT; that's encouraging. Looking at the bigger picture, it seems clear to us that Grandtop Yongxing GroupLtd's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. 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, we've discovered 2 warning signs for Grandtop Yongxing GroupLtd (1 is a bit unpleasant!) that you should be aware of before investing here.

仔細考慮Grandtop Yongxing GroupLtd將EBIt轉化爲自由現金流的嘗試,我們並不是那麼熱情。不過至少它在增長其EBIt方面表現得相當不錯。從更大的層面來看,對我們來說,Grandtop Yongxing GroupLtd的債務使用正在爲公司製造風險。如果一切順利,可能會得到回報,但這種債務的下行風險更大。在分析債務水平時,資產負債表是顯然的起點。但最終,每個公司都可能存在超出資產負債表之外的風險。例如,我們在 Grandtop Yongxing GroupLtd中發現了2個警示信號(其中1個有點不愉快!)在此投資之前,您應該意識到這些風險。

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。

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。

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