Liuzhou Iron&Steel (SHSE:601003) Has Debt But No Earnings; Should You Worry?
Liuzhou Iron&Steel (SHSE:601003) Has Debt But No Earnings; Should You Worry?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. We note that Liuzhou Iron&Steel Co., Ltd (SHSE:601003) does have debt on its balance sheet. But is this debt a concern to shareholders?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:「最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。」因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們注意到,柳州鋼鐵股份有限公司(SHSE: 601003)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?
When Is Debt Dangerous?
債務何時危險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
債務是幫助企業增長的工具,但是如果企業無法還清貸款人的債務,那麼債務就任其擺佈。最終,如果公司無法履行償還債務的法律義務,股東們可能會一無所獲。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。考慮公司的債務水平的第一步是同時考慮其現金和債務。
How Much Debt Does Liuzhou Iron&Steel Carry?
柳州鋼鐵有多少債務?
The chart below, which you can click on for greater detail, shows that Liuzhou Iron&Steel had CN¥30.5b in debt in June 2024; about the same as the year before. However, it does have CN¥5.33b in cash offsetting this, leading to net debt of about CN¥25.2b.
您可以點擊下圖了解更多詳情,該圖表顯示,柳州鋼鐵在2024年6月有305元人民幣的債務;與前一年大致相同。但是,它確實有53.3元人民幣的現金抵消了這一點,淨負債約爲252元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240903/0-916044131264dcc5287b148f635382ac-0-21973f8705ca3606aaaabfae56ed039b.png/big)
How Healthy Is Liuzhou Iron&Steel's Balance Sheet?
柳州鋼鐵的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Liuzhou Iron&Steel had liabilities of CN¥25.7b due within 12 months and liabilities of CN¥19.6b due beyond that. Offsetting these obligations, it had cash of CN¥5.33b as well as receivables valued at CN¥2.34b due within 12 months. So its liabilities total CN¥37.6b more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據,我們可以看出,柳州鋼鐵公司在12個月內到期的負債爲257元人民幣,之後到期的負債爲196元人民幣。除了這些債務外,它還有53.3元人民幣的現金以及價值23.4元人民幣的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出376元人民幣。
The deficiency here weighs heavily on the CN¥6.87b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, Liuzhou Iron&Steel would likely require a major re-capitalisation if it had to pay its creditors today. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Liuzhou Iron&Steel can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
這裏的缺陷嚴重影響了這家68.7元人民幣的公司本身,就好像一個孩子在裝滿書本、運動裝備和喇叭的巨大揹包的重壓下掙扎一樣。因此,我們絕對認爲股東需要密切關注這個問題。畢竟,如果柳州鋼鐵今天必須向債權人付款,可能需要進行大規模的資本重組。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定柳州鋼鐵能否隨着時間的推移加強其資產負債表。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。
Over 12 months, Liuzhou Iron&Steel reported revenue of CN¥80b, which is a gain of 9.3%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的12個月中,柳州鋼鐵公佈的收入爲800元人民幣,增長了9.3%,儘管它沒有報告任何利息和稅前收益。這種增長速度對我們的口味來說有點慢,但要創造一個世界需要所有類型。
Caveat Emptor
Caveat Emptor
Importantly, Liuzhou Iron&Steel had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥271m at the EBIT level. Combining this information with the significant liabilities we already touched on makes us very hesitant about this stock, to say the least. Of course, it may be able to improve its situation with a bit of luck and good execution. But we think that is unlikely, given it is low on liquid assets, and burned through CN¥377m in the last year. So we consider this a high risk stock and we wouldn't be at all surprised if the company asks shareholders for money before long. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Liuzhou Iron&Steel is showing 2 warning signs in our investment analysis , you should know about...
重要的是,柳州鋼鐵去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了27100萬元人民幣。至少可以說,將這些信息與我們已經談到的重大負債相結合,使我們對這萬億美元的股票非常猶豫。當然,只要有一點運氣和良好的執行力,它也許能夠改善局面。但我們認爲這不太可能,因爲它的流動資產不足,去年消耗了37700萬元人民幣。因此,我們認爲這是一隻高風險股票,如果該公司不久之後向股東要錢,我們一點也不會感到驚訝。資產負債表顯然是分析債務時需要關注的領域。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。請注意,柳州鋼鐵在我們的投資分析中顯示出兩個警告信號,您應該知道...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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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。