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These 4 Measures Indicate That Luyin Investment GroupLtd (SHSE:600784) Is Using Debt Extensively

These 4 Measures Indicate That Luyin Investment GroupLtd (SHSE:600784) Is Using Debt Extensively

這四個指標表明陸銀投資集團有限公司(上交所代碼:600784)在廣泛使用債務。
Simply Wall St ·  2024/12/05 08:02

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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Luyin Investment Group Co.,Ltd. (SHSE:600784) does use debt in its business. But the real question is whether this debt is making the company risky.

由巴菲特的查理·芒格支持的外部基金經理李錄直言不諱地表示,"最大的投資風險不是價格的波動,而是你是否會遭受永久性資本損失。" 在審視一家公司的風險時,考慮其資產負債表是再自然不過的,因爲債務常常是企業倒閉時牽扯的問題。我們可以看到,魯銀投資集團有限公司(SHSE:600784)確實在其業務中使用債務。但真正的問題是,這些債務是否使公司變得風險高。

What Risk Does Debt Bring?

What Risk Does Debt Bring?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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 think about a company's use of debt, we first look at cash and debt together.

債務可以爲企業提供幫助,直到企業無法通過新資本或者自由現金流償還爲止。最壞的情況下,如果企業無法付清債權人,公司可能會破產。然而,在更爲普遍但仍然代價高昂的情況下,公司必須以折價的價格發行股票,從而永久稀釋股東權益,以解決資產負債表問題。當然,債務可以成爲企業的重要工具,特別是對於資本密集型企業而言。當考慮企業使用債務時,我們首先會關注現金和債務的總體情況。

What Is Luyin Investment GroupLtd's Debt?

魯銀投資集團有限公司的債務是多少?

As you can see below, Luyin Investment GroupLtd had CN¥1.27b of debt at September 2024, down from CN¥1.39b a year prior. On the flip side, it has CN¥341.4m in cash leading to net debt of about CN¥931.3m.

如您所見,魯銀投資集團有限公司在2024年9月的債務爲12.7億人民幣,比一年前的13.9億人民幣有所下降。另一方面,它的現金爲34140萬人民幣,導致淨債務大約爲93130萬人民幣。

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SHSE:600784 Debt to Equity History December 5th 2024
SHSE:600784債務對股本歷史 2024年12月5日

How Strong Is Luyin Investment GroupLtd's Balance Sheet?

魯銀投資集團有限公司的資產負債表有多強?

The latest balance sheet data shows that Luyin Investment GroupLtd had liabilities of CN¥1.34b due within a year, and liabilities of CN¥714.9m falling due after that. On the other hand, it had cash of CN¥341.4m and CN¥748.1m worth of receivables due within a year. So it has liabilities totalling CN¥970.4m more than its cash and near-term receivables, combined.

最新的資產負債表數據表明,魯銀投資集團有限公司有13.4億人民幣的負債在一年內到期,71490萬人民幣的負債將在之後到期。另一方面,它有34140萬人民幣的現金和74810萬人民幣的應收款項在一年內到期。因此,它的負債總額比現金和短期應收款項多97040萬人民幣。

While this might seem like a lot, it is not so bad since Luyin Investment GroupLtd has a market capitalization of CN¥4.47b, 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.

雖然這看起來很多,但也並不算太糟,因爲魯銀投資集團有限公司的市值爲44.7億人民幣,因此如果有需要,它很可能通過籌集資本來增強其資產負債表。但是,很明顯我們應該仔細審視它是否能夠管理其債務而不稀釋股份。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。

We'd say that Luyin Investment GroupLtd's moderate net debt to EBITDA ratio ( being 1.7), indicates prudence when it comes to debt. And its commanding EBIT of 132 times its interest expense, implies the debt load is as light as a peacock feather. It is just as well that Luyin Investment GroupLtd's load is not too heavy, because its EBIT was down 23% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But it is Luyin Investment GroupLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

我們認爲魯銀投資集團有限公司適度的淨債務與EBITDA比率(爲1.7)表明在債務方面的謹慎。而其EBIT是利息費用的132倍,這意味着債務負擔輕如孔雀羽毛。魯銀投資集團有限公司的負擔並不重,因爲其EBIT在過去一年下降了23%。當一家公司看到其收益大幅下滑時,有時會發現與貸方的關係變得緊張。毫無疑問,我們從資產負債表中學到的關於債務的知識是最多的。但影響資產負債表未來表現的,將是魯銀投資集團有限公司的收益。因此,在考慮債務時,觀察收益趨勢絕對是值得的。點擊此處查看交互式快照。

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. In the last three years, Luyin Investment GroupLtd created free cash flow amounting to 8.9% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.

最後,一家企業需要自由現金流來償還債務;會計利潤並不能滿足需求。因此,邏輯的步驟是查看EBIT中有多少比例與實際的自由現金流相匹配。在過去三年中,魯銀投資集團有限公司創造的自由現金流僅佔其EBIT的8.9%,表現並不理想。這種低水平的現金轉換削弱了其管理和償還債務的能力。

Our View

我們的觀點

Luyin Investment GroupLtd's EBIT growth rate and conversion of EBIT to free cash flow definitely weigh on it, in our esteem. But the good news is it seems to be able to cover its interest expense with its EBIT with ease. When we consider all the factors discussed, it seems to us that Luyin Investment GroupLtd is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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 1 warning sign for Luyin Investment GroupLtd you should know about.

魯銀投資集團有限公司的EBIT增長率以及EBIT轉化爲自由現金流的能力顯然對我們來說很重要。但好消息是,它似乎能夠輕鬆覆蓋其利息支出。當我們考慮所有討論過的因素時,我們認爲魯銀投資集團有限公司在使用債務時存在一定風險。因此,儘管這種槓桿確實提高了股本回報率,我們並不希望看到它在此基礎上進一步增加。資產負債表顯然是分析債務時要關注的重點。然而,並非所有投資風險都存在於資產負債表內——遠非如此。這些風險可能很難被發現。每家公司都有這些風險,而我們發現了魯銀投資集團有限公司的一個警告信號,你需要知道。

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.

當一切塵埃落定時,有時更容易專注於那些甚至不需要債務的公司。讀者可以立即免費查看零淨債務的成長股列表。

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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.

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