Does Guangzhou Haozhi IndustrialLtd (SZSE:300503) Have A Healthy Balance Sheet?
Does Guangzhou Haozhi IndustrialLtd (SZSE:300503) Have A Healthy Balance Sheet?
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 Guangzhou Haozhi Industrial Co.,Ltd. (SZSE:300503) makes use of debt. But is this debt a concern to shareholders?
David·伊本說得好,波動不是我們關心的風險,我們關心的是避免資本的永久性損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。與許多其他公司一樣廣州浩志實業有限公司。(SZSE:300503)利用債務。但這筆債務對股東來說是一個擔憂嗎?
When Is Debt Dangerous?
債務在什麼時候是危險的?
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. 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. 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. 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。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來說,債務可以成為一個非常好的工具。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。
Check out our latest analysis for Guangzhou Haozhi IndustrialLtd
查看我們對廣州浩志實業有限公司的最新分析
What Is Guangzhou Haozhi IndustrialLtd's Net Debt?
廣州浩志實業有限公司的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Guangzhou Haozhi IndustrialLtd had CN¥626.1m of debt, an increase on CN¥529.8m, over one year. However, because it has a cash reserve of CN¥131.6m, its net debt is less, at about CN¥494.4m.
你可以點擊下圖查看歷史數據,但它顯示,截至2023年6月,廣州浩志實業有限公司的債務為6.261億元,比一年前增加了5.298億元。然而,由於它擁有1.316億加元的現金儲備,其淨債務較少,約為4.944億加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231019/0-48fbab7274e7396700e5bd3696930c19-0-0e155aa65e6b002464c54a0523df8b66.png/big)
How Strong Is Guangzhou Haozhi IndustrialLtd's Balance Sheet?
廣州浩志實業有限公司的資產負債表有多強?
We can see from the most recent balance sheet that Guangzhou Haozhi IndustrialLtd had liabilities of CN¥835.0m falling due within a year, and liabilities of CN¥558.4m due beyond that. Offsetting this, it had CN¥131.6m in cash and CN¥499.4m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥762.4m.
從最近的資產負債表可以看出,廣州浩志實業有限公司有8.35億加元的負債在一年內到期,還有5.584億加元的負債在一年內到期。作為抵消,它有1.316億加元的現金和4.994億加元的應收賬款在12個月內到期。因此,其負債比現金和(近期)應收賬款之和高出7.624億元。
Since publicly traded Guangzhou Haozhi IndustrialLtd shares are worth a total of CN¥4.92b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Guangzhou Haozhi IndustrialLtd'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.
由於上市的廣州浩志實業股份有限公司股票總價值為49.2億元人民幣,這樣的負債水準似乎不太可能構成重大威脅。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨著時間的推移而變化。當你分析債務時,資產負債表顯然是你關注的領域。但廣州浩志實業有限公司的收益將影響未來資產負債表的表現。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
In the last year Guangzhou Haozhi IndustrialLtd had a loss before interest and tax, and actually shrunk its revenue by 6.8%, to CN¥953m. That's not what we would hope to see.
去年,廣州浩志實業有限公司息稅前虧損,實際營收縮水6.8%,至9.53億元人民幣。這不是我們希望看到的。
Caveat Emptor
告誡買入者
Importantly, Guangzhou Haozhi IndustrialLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥19m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any 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¥25m into a profit. So to be blunt we do think it is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Guangzhou Haozhi IndustrialLtd .
重要的是,廣州浩志實業有限公司去年出現息稅前利潤(EBIT)虧損。具體地說,息稅前虧損為人民幣1900萬元。當我們看到這一點,並回憶起資產負債表上相對於現金的負債時,在我們看來,該公司有任何債務似乎是不明智的。坦率地說,我們認為資產負債表遠遠不能與之匹配,儘管隨著時間的推移,它可能會得到改善。如果它將過去12個月2500萬元的虧損扭虧為盈,我們會感覺更好。因此,坦率地說,我們確實認為這是有風險的。在分析債務水準時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。為此,您應該意識到1個個警告標誌我們發現了廣州浩志實業有限公司。
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.
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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.