Here's Why Mayinglong Pharmaceutical Group (SHSE:600993) Can Manage Its Debt Responsibly
Here's Why Mayinglong Pharmaceutical Group (SHSE:600993) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We can see that Mayinglong Pharmaceutical Group Co., Ltd. (SHSE:600993) does use debt in its business. But is this debt a concern to shareholders?
马克斯说得很好，他不是担心股价波动，而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此，当你考虑到任何一只股票的风险有多大时，你需要考虑债务可能是显而易见的，因为太多的债务可能会让一家公司倒闭。我们可以看到麻应龙药业集团有限公司。(上海证券交易所：600993)确实在其业务中使用债务。但这笔债务对股东来说是一个担忧吗？
Why Does Debt Bring Risk?
为什么债务会带来风险？
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
当一家企业无法轻松履行这些义务时，债务和其他债务就会变得有风险，无论是通过自由现金流还是通过以有吸引力的价格筹集资本。最终，如果公司不能履行其偿还债务的法定义务，股东可能会一无所有地离开。然而，更常见(但代价仍然高昂)的情况是，一家公司必须以极低的价格发行股票，永久性地稀释股东的股份，只是为了支撑其资产负债表。当然，许多公司利用债务为增长提供资金，没有任何负面后果。在考虑一家公司的债务水平时，第一步是同时考虑其现金和债务。
See our latest analysis for Mayinglong Pharmaceutical Group
查看我们对马英龙药业集团的最新分析
What Is Mayinglong Pharmaceutical Group's Net Debt?
马应龙药业集团的净债务是多少？
As you can see below, at the end of June 2023, Mayinglong Pharmaceutical Group had CN¥462.8m of debt, up from CN¥38.0m a year ago. Click the image for more detail. But it also has CN¥3.17b in cash to offset that, meaning it has CN¥2.71b net cash.
如下所示，截至2023年6月底，马应龙医药集团的债务为4.628亿加元，而一年前为3800万加元。单击图像了解更多详细信息。但它也有人民币31.7亿元的现金来抵消，这意味着它有人民币27.1亿元的净现金。
A Look At Mayinglong Pharmaceutical Group's Liabilities
马应龙药业集团负债情况一瞥
The latest balance sheet data shows that Mayinglong Pharmaceutical Group had liabilities of CN¥788.1m due within a year, and liabilities of CN¥604.0m falling due after that. Offsetting these obligations, it had cash of CN¥3.17b as well as receivables valued at CN¥632.0m due within 12 months. So it actually has CN¥2.41b more liquid assets than total liabilities.
最新的资产负债表数据显示，马应龙医药集团有7.881亿元人民币的负债在一年内到期，6.04亿元的负债在一年内到期。为了抵消这些债务，该公司有31.7亿加元的现金以及6.32亿加元的应收账款在12个月内到期。因此，它实际上有24.1亿元人民币更多流动资产超过总负债。
This surplus suggests that Mayinglong Pharmaceutical Group is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Mayinglong Pharmaceutical Group has more cash than debt is arguably a good indication that it can manage its debt safely.
这一盈余表明，马英龙制药集团正在以一种似乎既安全又保守的方式使用债务。考虑到它拥有充足的短期流动性，我们认为它与贷款人之间不会有任何问题。简而言之，马英龙药业集团现金多于债务的事实可以说是一个很好的迹象，表明它可以安全地管理债务。
On the other hand, Mayinglong Pharmaceutical Group's EBIT dived 12%, over the last year. If that rate of decline in earnings continues, the company could find itself in a tight spot. When analysing debt levels, the balance sheet is the obvious place to start. But it is Mayinglong Pharmaceutical Group's earnings that will influence how the balance sheet holds up in the future. 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.
另一方面，马英龙制药集团的息税前利润在过去一年里暴跌了12%。如果盈利下降的速度继续下去，该公司可能会发现自己陷入了困境。在分析债务水平时，资产负债表显然是一个起点。但马英龙药业集团的盈利将影响未来资产负债表的表现。因此，如果你热衷于了解更多关于它的收益，可能值得查看一下它的长期收益趋势图。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Mayinglong Pharmaceutical Group 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, Mayinglong Pharmaceutical Group produced sturdy free cash flow equating to 60% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后，企业需要自由现金流来偿还债务；会计利润只是不能削减这一点。马应龙制药集团的资产负债表上可能有净现金，但看看该业务将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣，因为这将影响其对债务的需求和管理债务的能力。在过去的三年里，马应龙药业集团产生了相当于息税前利润60%的稳健的自由现金流，这与我们预期的差不多。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Mayinglong Pharmaceutical Group has net cash of CN¥2.71b, as well as more liquid assets than liabilities. So is Mayinglong Pharmaceutical Group's debt a risk? It doesn't seem so to us. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with Mayinglong Pharmaceutical Group (including 1 which doesn't sit too well with us) .
虽然我们同情投资者对债务的担忧，但您应该记住，马应龙医药集团拥有27.1亿元人民币的净现金，以及更多的流动资产多于负债。那么，马应龙药业集团的债务是否存在风险？但在我们看来并非如此。毫无疑问，我们从资产负债表中了解到的债务最多。但归根结底，每家公司都可能包含存在于资产负债表之外的风险。为此，您应该了解2个警告标志我们已经发现了马英龙制药集团(包括1家不太受我们欢迎的公司)。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底，关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。