Hybio Pharmaceutical (SZSE:300199) Is Carrying A Fair Bit Of Debt
Hybio Pharmaceutical (SZSE:300199) Is Carrying A Fair Bit Of Debt
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 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. Importantly, Hybio Pharmaceutical Co., Ltd. (SZSE:300199) does carry debt. But the real question is whether this debt is making the company risky.
受到巴菲特的查理·芒格支持的外部基金經理李露毫不掩飾地表示:『最大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。』因此,當考慮任何給定股票的風險時,顯然你需要考慮債務,因爲過多的債務可能會使公司陷入困境。重要的是,翰宇藥業(SZSE:300199)確實揹負着債務。但真正的問題是,這些債務是否使公司變得風險較大。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業成長的一個工具,但如果一家公司無法償還其貸款人,那麼它便處於對方的擺佈之下。資本主義的一個重要方面是『創造性的破壞』過程,失敗的企業往往被其銀行家無情清算。然而,更常見(但依然痛苦)的情況是,公司必須以低價籌集新的股本,從而永久性稀釋股東的股份。當然,債務的優勢在於,它通常代表着便宜的資本,特別是在替代一個能夠以高收益率再投資的公司的稀釋時。考慮企業使用多少債務時,首先要做的就是同時查看其現金和債務。
What Is Hybio Pharmaceutical's Debt?
翰宇藥業的債務情況如何?
As you can see below, at the end of September 2024, Hybio Pharmaceutical had CN¥1.85b of debt, up from CN¥1.74b a year ago. Click the image for more detail. However, it also had CN¥137.8m in cash, and so its net debt is CN¥1.71b.
正如您在下面看到的,截至2024年9月底,翰宇藥業的債務爲18.5億人民幣,高於一年前的17.4億人民幣。點擊圖片獲取更多詳細信息。然而,公司還擁有13780萬人民幣的現金,因此其淨債務爲17.1億人民幣。
How Healthy Is Hybio Pharmaceutical's Balance Sheet?
翰宇藥業的資產負債表健康嗎?
According to the last reported balance sheet, Hybio Pharmaceutical had liabilities of CN¥1.29b due within 12 months, and liabilities of CN¥1.10b due beyond 12 months. On the other hand, it had cash of CN¥137.8m and CN¥111.9m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.14b.
根據最近報告的資產負債表,翰宇藥業在12個月內有負債12.9億人民幣,12個月後有負債11億人民幣。另一方面,它有13780萬人民幣的現金以及11910萬人民幣的應收賬款在一年內到期。因此,它的負債比現金和(短期)應收賬款之和多出21.4億人民幣。
Of course, Hybio Pharmaceutical has a market capitalization of CN¥11.8b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Hybio Pharmaceutical will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
當然,翰宇藥業的市值爲118億人民幣,因此這些負債可能是可控的。但負債水平足夠高,我們當然建議股東持續關注資產負債表的變化。在分析債務水平時,資產負債表顯然是一個明顯的起點。但你不能孤立地看待債務;因爲翰宇藥業需要利潤來償還債務。因此,在考慮債務時,查看盈利趨勢絕對是值得的。點擊這裏查看互動快照。
Over 12 months, Hybio Pharmaceutical made a loss at the EBIT level, and saw its revenue drop to CN¥405m, which is a fall of 30%. That makes us nervous, to say the least.
在過去的12個月裏,翰宇藥業在EBIT層面虧損,營業收入降至40500萬人民幣,下降了30%。這讓我們感到非常不安。
Caveat Emptor
買者自負盈虧
Not only did Hybio Pharmaceutical's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥249m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of CN¥368m into a profit. So we do think this stock is quite risky. For riskier companies like Hybio Pharmaceutical I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
不僅翰宇藥業的營業收入在過去12個月有所下滑,而且它的利息和稅前收益(EBIT)也出現了負數。具體而言,EBIT虧損爲24900萬人民幣。考慮到上述負債,這讓我們對公司使用如此多的債務缺乏信心。坦率地說,我們認爲資產負債表遠未達到理想狀態,儘管隨着時間的推移可能會有所改善。如果它能夠將最近12個月的虧損36800萬人民幣轉變爲盈利,我們會感到更好。因此,我們確實認爲這隻股票相當危險。對於像翰宇藥業這樣的風險較高的公司,我總喜歡關注長期的盈利和收入趨勢。幸運的是,您可以點擊查看我們關於其盈利、收入和經營現金流的互動圖表。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,今天就來發現我們獨家的淨現金成長股票列表。
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這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。