Hebei Huijin Group (SZSE:300368) Is Making Moderate Use Of Debt
Hebei Huijin Group (SZSE:300368) Is Making Moderate Use Of 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.' 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. We note that Hebei Huijin Group Co., Ltd. (SZSE:300368) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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。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。我們注意到河北匯金集團有限公司。(SZSE:300368)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
When Is Debt Dangerous?
債務在什麼時候是危險的?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. When we think about a company's use of debt, we first look at cash and debt together.
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,債務的好處是,它往往代表著廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
View our latest analysis for Hebei Huijin Group
查看我們對河北匯金集團的最新分析
What Is Hebei Huijin Group's Debt?
河北匯金集團的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that Hebei Huijin Group had CN¥672.9m of debt in June 2023, down from CN¥875.9m, one year before. However, it also had CN¥128.4m in cash, and so its net debt is CN¥544.5m.
你可以點擊下圖查看歷史數據,但它顯示,2023年6月,河北匯金集團的債務為6.729億元人民幣,低於一年前的8.759億元人民幣。然而,它也有1.284億加元的現金,因此其淨債務為5.445億加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231024/0-d5834d33481f2ff73b745e70e1cf8ee2-0-1c7a17fc60317d947f793a5251dcbf03.png/big)
How Healthy Is Hebei Huijin Group's Balance Sheet?
河北匯金集團的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Hebei Huijin Group had liabilities of CN¥1.62b due within 12 months and liabilities of CN¥651.2m due beyond that. Offsetting these obligations, it had cash of CN¥128.4m as well as receivables valued at CN¥1.07b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.07b.
放大最新的資產負債表數據,我們可以看到,河北匯金集團有16.2億元的負債在12個月內到期,還有6.512億元的負債在12個月內到期。作為這些債務的抵消,該公司有1.284億加元的現金以及價值10.7億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和10.7億元。
While this might seem like a lot, it is not so bad since Hebei Huijin Group has a market capitalization of CN¥3.71b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. There's no doubt that we learn most about debt from the balance sheet. But it is Hebei Huijin Group'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.
雖然這看起來可能很多,但並不是很糟糕,因為河北匯金集團的市值為人民幣37.1億元,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。毫無疑問,我們從資產負債表中瞭解到的債務最多。但影響未來資產負債表表現的是河北匯金集團的盈利情況。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 Hebei Huijin Group had a loss before interest and tax, and actually shrunk its revenue by 64%, to CN¥401m. To be frank that doesn't bode well.
去年,河北匯金集團息稅前虧損,實際營收縮水64%,至4.01億元。坦率地說,這不是一個好兆頭。
Caveat Emptor
告誡買入者
Not only did Hebei Huijin Group's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥37m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. We would feel better if it turned its trailing twelve month loss of CN¥281m into a profit. So in short it's a really risky stock. 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. We've identified 2 warning signs with Hebei Huijin Group , and understanding them should be part of your investment process.
河北匯金集團不僅在過去12個月中收入下滑,而且息稅前收益(EBIT)也出現了負增長。事實上,在息稅前利潤水準上,它虧損了3700萬元人民幣。考慮到除了上面提到的債務,我們對公司應該使用如此多的債務沒有太大的信心。因此,我們認為它的資產負債表有點緊張,但並不是無法修復。如果它將過去12個月2.81億元的虧損扭虧為盈,我們會感覺更好。因此,簡而言之,這是一隻非常有風險的股票。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。我們已經確定了兩個警告信號與河北匯金集團合作,瞭解他們應該是你投資過程的一部分。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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.