Sichuan Biokin PharmaceuticalLtd (SHSE:688506) Has A Rock Solid Balance Sheet
Sichuan Biokin PharmaceuticalLtd (SHSE:688506) Has A Rock Solid Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Sichuan Biokin Pharmaceutical Co.,Ltd. (SHSE:688506) does carry debt. But the real question is whether this debt is making the company risky.
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當我們考慮一家公司的風險時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。重要的是,四川博康製藥有限公司, Ltd.(上海證券交易所股票代碼:688506)確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
What Is Sichuan Biokin PharmaceuticalLtd's Debt?
四川博金製藥有限公司的債務是多少?
As you can see below, at the end of March 2024, Sichuan Biokin PharmaceuticalLtd had CN¥748.8m of debt, up from CN¥479.3m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥5.83b in cash, so it actually has CN¥5.08b net cash.
如下所示,截至2024年3月底,四川博康製藥有限公司的債務爲74880萬元人民幣,高於去年同期的47930萬加元。點擊圖片查看更多細節。但是,其資產負債表顯示它持有58.3元人民幣的現金,因此實際上擁有50.8元人民幣的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-76356715a402577c5e2f89e753690a91-0-1cf767d9da432cda3b6278ad423d6bd5.png/big)
How Healthy Is Sichuan Biokin PharmaceuticalLtd's Balance Sheet?
四川百康製藥有限公司的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Sichuan Biokin PharmaceuticalLtd had liabilities of CN¥1.62b due within 12 months and liabilities of CN¥99.9m due beyond that. Offsetting these obligations, it had cash of CN¥5.83b as well as receivables valued at CN¥136.4m due within 12 months. So it actually has CN¥4.25b more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,四川博康製藥有限公司在12個月內到期的負債爲16.2元人民幣,在此之後到期的負債爲9990萬元人民幣。除了這些債務外,它還有58.3元人民幣的現金以及價值13640萬加元的應收賬款,將在12個月內到期。因此,它的流動資產實際上比總負債多出42.5元人民幣。
This surplus suggests that Sichuan Biokin PharmaceuticalLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Sichuan Biokin PharmaceuticalLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
這種盈餘表明,四川博康製藥有限公司的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,四川博金製藥有限公司的現金多於債務,這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。
It was also good to see that despite losing money on the EBIT line last year, Sichuan Biokin PharmaceuticalLtd turned things around in the last 12 months, delivering and EBIT of CN¥4.4b. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Sichuan Biokin PharmaceuticalLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
同樣令人高興的是,儘管去年在息稅前利潤線上出現虧損,但四川博金製藥有限公司在過去12個月中扭轉了局面,交付額和息稅前利潤爲44元人民幣。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定四川博康製藥有限公司未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Sichuan Biokin PharmaceuticalLtd 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. Happily for any shareholders, Sichuan Biokin PharmaceuticalLtd actually produced more free cash flow than EBIT over the last year. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管四川博金製藥有限公司的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。令所有股東感到高興的是,四川博康製藥有限公司去年產生的自由現金流實際上超過了息稅前利潤。在保持貸款人的支持方面,沒有什麼比流入的現金更好的了。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Sichuan Biokin PharmaceuticalLtd has net cash of CN¥5.08b, as well as more liquid assets than liabilities. The cherry on top was that in converted 110% of that EBIT to free cash flow, bringing in CN¥4.9b. So we don't think Sichuan Biokin PharmaceuticalLtd's use of debt is risky. 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. For example - Sichuan Biokin PharmaceuticalLtd has 1 warning sign we think you should be aware of.
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,四川博金製藥有限公司的淨現金爲50.8元人民幣,流動資產也比負債多。最重要的是,它將息稅前利潤的110%轉換爲自由現金流,帶來了49元人民幣的收入。因此,我們認爲四川博金製藥有限公司使用債務沒有風險。在分析債務水平時,資產負債表是顯而易見的起點。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,四川博康製藥有限公司有 1 個警告信號,我們認爲您應該注意。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接聯繫我們。或者,也可以發送電子郵件至編輯團隊 (at) simplywallst.com。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。