These 4 Measures Indicate That Guangdong Chj IndustryLtd (SZSE:002345) Is Using Debt Safely
These 4 Measures Indicate That Guangdong Chj IndustryLtd (SZSE:002345) Is Using Debt Safely
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Guangdong Chj Industry Co.,Ltd. (SZSE:002345) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
傳奇基金經理李錄(得到了查理·芒格的支持)曾說過:「最大的投資風險不是價格的波動性,而是你是否會遭受永久性的資本損失。」所以當你考慮任何給定的股票有多大風險時,需要考慮債務,因爲過多的債務可能會拖累一家公司。我們注意到,潮宏基股份有限公司(SZSE:002345)確實在其資產負債表上有債務。但真正的問題是,這些債務是否使公司變得有風險。
When Is Debt Dangerous?
債務何時有危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
債務有助於企業,直到企業無法償還債務,無論是通過新的資本還是通過自由現金流。最終,如果公司無法履行償還債務的法定義務,股東可能一無所獲。儘管這種情況並不常見,但我們經常看到負債累累的公司因爲債權人迫使其以低估價格籌資而永久稀釋股東。然而,通過稀釋,債務對於需要資本以高回報率投資增長的企業來說,可以成爲一種非常好的工具。當我們考慮一家公司對債務的使用時,我們首先看現金和債務的合計。
What Is Guangdong Chj IndustryLtd's Net Debt?
廣東潮宏基股份有限公司的淨債務是多少?
As you can see below, Guangdong Chj IndustryLtd had CN¥513.0m of debt at June 2024, down from CN¥741.3m a year prior. However, it does have CN¥598.6m in cash offsetting this, leading to net cash of CN¥85.6m.
正如您下面所看到的,截至2024年6月,廣東潮宏基股份有限公司的債務爲51300萬人民幣,比去年同期的74130萬人民幣有所下降。然而,其現金爲59860萬人民幣,抵消了這筆債務,導致淨現金爲8560萬人民幣。
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How Strong Is Guangdong Chj IndustryLtd's Balance Sheet?
廣東潮宏基實業有限公司的資產負債表有多堅實?
Zooming in on the latest balance sheet data, we can see that Guangdong Chj IndustryLtd had liabilities of CN¥1.82b due within 12 months and liabilities of CN¥188.0m due beyond that. Offsetting this, it had CN¥598.6m in cash and CN¥321.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.09b.
深入研究最新的資產負債表數據,我們可以看到廣東潮宏基實業有限公司有短期到期的人民幣18.2億的負債,以及超過12個月到期的人民幣18.8億的負債。 與此相抵,它擁有人民幣5.986億的現金和人民幣3.217億的應收賬款,這些應收賬款在12個月內到期。因此,其負債總額超過現金和(短期)應收賬款的和約10.9億人民幣。
This deficit isn't so bad because Guangdong Chj IndustryLtd is worth CN¥4.02b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, Guangdong Chj IndustryLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
這個赤字並不嚴重,因爲廣東潮宏基實業有限公司的價值爲40.2億人民幣,因此可能能夠籌集足夠的資金來彌補其資產負債表,如果有需要的話。然而,仍然值得密切關注其償債能力。儘管有顯著的負債,廣東潮宏基實業有限公司擁有淨現金,因此可以說它沒有沉重的債務負擔!
Another good sign is that Guangdong Chj IndustryLtd has been able to increase its EBIT by 22% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Guangdong Chj IndustryLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
另一個好兆頭是,廣東潮宏基實業有限公司能夠在十二個月內將其EBIt提高22%,這使得償還債務變得更容易。毫無疑問,我們從資產負債表上了解最多關於債務。但最終,業務的未來盈利能力將決定廣東潮宏基實業有限公司是否能隨着時間加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現觀察分析師利潤預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Guangdong Chj IndustryLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Guangdong Chj IndustryLtd recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
最後,儘管稅務人員可能喜歡會計利潤,但放貸人只接受冰冷的現金。廣東潮宏基實業有限公司的資產負債表上可能有淨現金,但看一看企業如何將利息和稅前利潤(EBIt)轉化爲自由現金流是令人感興趣的,因爲這將影響其對債務的需求和管理能力。在過去的三年中,廣東潮宏基實業有限公司的自由現金流價值已經達到其EBIt的82%,這比我們通常預期的要強。這使其處於一個非常強勁的償債位置。
Summing Up
總之
Although Guangdong Chj IndustryLtd's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥85.6m. And it impressed us with free cash flow of CN¥409m, being 82% of its EBIT. So we don't think Guangdong Chj IndustryLtd's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Guangdong Chj IndustryLtd is showing 1 warning sign in our investment analysis , you should know about...
雖然潮宏基的資產負債表並不特別強大,但由於總負債的存在,它擁有淨現金金額爲CN¥8560萬,這顯然是正面的。並且令人印象深刻的是,其自由現金流達到CN¥40900萬,相當於其EBIt的82%。所以我們認爲潮宏基的債務使用不具有風險。在分析債務時,資產負債表顯然是需要關注的區域。但是最終,每家公司都可能存在超出資產負債表範疇的風險。請注意,潮宏基在我們的投資分析中顯示了1個警告信號,您需要了解...。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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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。