Is Shanghai Huayi Group (SHSE:600623) Using Too Much Debt?
Is Shanghai Huayi Group (SHSE:600623) Using Too Much Debt?
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. Importantly, Shanghai Huayi Group Corporation Limited (SHSE:600623) does carry debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理Li·Lu曾說過,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的資本損失。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。重要的是上海華誼集團有限公司(上海證券交易所:600623)確實背負著債務。但更重要的問題是:這筆債務造成了多大的風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般來說,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。如果情況真的變得很糟糕,貸款人可以控制業務。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。在考慮一家公司的債務水準時,第一步是同時考慮其現金和債務。
See our latest analysis for Shanghai Huayi Group
查看我們對上海華誼集團的最新分析
What Is Shanghai Huayi Group's Debt?
上海華誼集團的債務是什麼?
As you can see below, at the end of June 2023, Shanghai Huayi Group had CN¥12.3b of debt, up from CN¥10.2b a year ago. Click the image for more detail. But it also has CN¥15.0b in cash to offset that, meaning it has CN¥2.67b net cash.
如下所示,截至2023年6月底,上海華誼集團的債務為人民幣123億元,高於一年前的人民幣102億元。單擊圖像瞭解更多詳細資訊。但它也有人民幣150億元的現金來抵消,這意味著它有人民幣26.7億元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231012/0-1809509537a8add855fc40d1f9b3794b-0-61a935a951aa4505ec156c751219635d.png/big)
A Look At Shanghai Huayi Group's Liabilities
上海華誼集團負債情況一瞥
We can see from the most recent balance sheet that Shanghai Huayi Group had liabilities of CN¥23.9b falling due within a year, and liabilities of CN¥9.57b due beyond that. On the other hand, it had cash of CN¥15.0b and CN¥4.60b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥13.9b.
從最近的資產負債表可以看到,上海華誼集團有239億元人民幣的負債在一年內到期,還有95.7億元人民幣的負債在一年內到期。另一方面,它有150億加元的現金和46億元的應收賬款在一年內到期。因此,它的負債超過了現金和(近期)應收賬款的總和139億元。
Given this deficit is actually higher than the company's market capitalization of CN¥12.6b, we think shareholders really should watch Shanghai Huayi Group's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. Given that Shanghai Huayi Group has more cash than debt, we're pretty confident it can handle its debt, despite the fact that it has a lot of liabilities in total. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shanghai Huayi Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
鑑於這一赤字實際上高於該公司126億元的市值,我們認為股東們真的應該關注上海華誼集團的債務水準,就像父母第一次看孩子騎車一樣。假設,如果該公司被迫通過以當前股價籌集資金來償還債務,將需要極大的稀釋。考慮到上海華誼集團的現金多於債務,我們相當有信心它有能力處理債務,儘管它總共有很多負債。毫無疑問,我們從資產負債表中瞭解到的債務最多。但你不能完全孤立地看待債務,因為上海華誼集團需要盈利來償還債務。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
Over 12 months, Shanghai Huayi Group saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在過去的12個月裡,上海華誼集團的收入相當穩定,沒有公佈正的息稅前收益。雖然這不會給人留下深刻的印象,但也不算太糟糕。
So How Risky Is Shanghai Huayi Group?
那麼,上海華誼集團的風險有多大呢?
Although Shanghai Huayi Group had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥523m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Given the lack of transparency around future revenue (and cashflow), we're nervous about this one, until it makes its first big sales. To us, it is a high risk play. 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. We've identified 3 warning signs with Shanghai Huayi Group , and understanding them should be part of your investment process.
儘管上海華誼集團在過去12個月中出現息稅前利潤(EBIT)虧損,但它實現了5.23億元的法定利潤。因此,當你考慮到它有淨現金和法定利潤時,它的股票風險可能並不像看起來那樣高,至少在短期內是這樣。考慮到未來收入(和現金流)缺乏透明度,我們對這款產品感到緊張,直到它做出第一筆大銷售。對我們來說,這是一場高風險的比賽。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。我們已經確定了三個警告信號與上海華誼集團合作,瞭解他們應該是你投資過程的一部分。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.