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Zhuzhou Times New Material Technology (SHSE:600458) Seems To Use Debt Quite Sensibly

Zhuzhou Times New Material Technology (SHSE:600458) Seems To Use Debt Quite Sensibly

時代新材(SHSE:600458)似乎合理地使用債務。
Simply Wall St ·  09/06 19:44

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.' 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. As with many other companies Zhuzhou Times New Material Technology Co., Ltd. (SHSE:600458) makes use of debt. But is this debt a concern to shareholders?

大衛·伊本說得好,他說:「波動性不是我們關心的風險。我們關心的是避免資本的永久損失。」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。與許多其他公司一樣,株洲時代新材料科技股份有限公司(SHSE:600458)也使用債務。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 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. 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. 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 examine debt levels, we first consider both cash and debt levels, together.

債務爲企業提供幫助,直到企業難以用新的資本或自由現金流還清債務。最終,如果公司無法履行償還債務的法律義務,股東可能一無所有地離開。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的一個非常好的工具。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。

What Is Zhuzhou Times New Material Technology's Debt?

株洲時代新材料科技的債務是多少?

The chart below, which you can click on for greater detail, shows that Zhuzhou Times New Material Technology had CN¥1.91b in debt in June 2024; about the same as the year before. However, it does have CN¥2.14b in cash offsetting this, leading to net cash of CN¥229.9m.

您可以點擊下圖查看更多詳情,該圖表顯示,株洲時代新材料科技在2024年6月的債務爲19.1元人民幣;與前一年大致相同。但是,它確實有21.4元人民幣的現金抵消了這一點,淨現金爲22990萬元人民幣。

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SHSE:600458 Debt to Equity History September 6th 2024
SHSE: 600458 2024 年 9 月 6 日債務與股權比率的歷史記錄

How Strong Is Zhuzhou Times New Material Technology's Balance Sheet?

株洲時代新材料科技的資產負債表有多強?

The latest balance sheet data shows that Zhuzhou Times New Material Technology had liabilities of CN¥10.9b due within a year, and liabilities of CN¥2.07b falling due after that. On the other hand, it had cash of CN¥2.14b and CN¥8.55b worth of receivables due within a year. So its liabilities total CN¥2.32b more than the combination of its cash and short-term receivables.

最新的資產負債表數據顯示,株洲時代新材料科技的負債爲109元人民幣,此後到期的負債爲20.7元人民幣。另一方面,它有一年內到期的現金爲21.4元人民幣和價值85.5元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出23.2元人民幣。

While this might seem like a lot, it is not so bad since Zhuzhou Times New Material Technology has a market capitalization of CN¥7.20b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Zhuzhou Times New Material Technology also has more cash than debt, so we're pretty confident it can manage its debt safely.

儘管這可能看起來很多,但還不錯,因爲株洲時代新材料科技的市值爲72元人民幣,因此如果需要,它可能會通過籌集資金來加強資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。儘管它確實有值得注意的負債,但株洲時代新材料科技的現金也多於債務,因此我們非常有信心它可以安全地管理債務。

Better yet, Zhuzhou Times New Material Technology grew its EBIT by 106% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. 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 Zhuzhou Times New Material Technology 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.

更好的是,株洲時代新材料科技去年的息稅前利潤增長了106%,這是一個了不起的改善。這種提振將使未來償還債務變得更加容易。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。但最終,該業務未來的盈利能力將決定株洲時代新材料科技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。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. Zhuzhou Times New Material Technology 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. During the last three years, Zhuzhou Times New Material Technology 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,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。株洲時代新材料科技的資產負債表上可能有淨現金,但看看該企業如何將其利息稅前收益(EBIT)轉換爲自由現金流仍然很有趣,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,株洲時代新材料科技燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。

Summing Up

總結

Although Zhuzhou Times New Material Technology'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¥229.9m. And it impressed us with its EBIT growth of 106% over the last year. So we don't have any problem with Zhuzhou Times New Material Technology's use of debt. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Zhuzhou Times New Material Technology you should know about.

儘管由於負債總額,株洲時代新材料科技的資產負債表並不是特別強勁,但其淨現金爲22990萬元人民幣顯然是樂觀的。去年,它的息稅前利潤增長了106%,給我們留下了深刻的印象。因此,我們對株洲時代新材料科技使用債務沒有任何問題。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。這些風險可能很難發現。每家公司都有它們,我們已經發現了兩個你應該知道的株洲時代新材料科技的警告標誌。

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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