We Think Poly Union Chemical Holding Group (SZSE:002037) Has A Fair Chunk Of Debt
We Think Poly Union Chemical Holding Group (SZSE:002037) Has A Fair Chunk 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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Poly Union Chemical Holding Group Co., Ltd. (SZSE:002037) does carry debt. But is this debt a concern to shareholders?
传奇基金经理Li·Lu曾说过，最大的投资风险不是价格的波动，而是你是否会遭受永久性的资本损失。因此，当你评估一家公司的风险有多大时，聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。重要的是保利联合化工控股集团有限公司。(SZSE：002037)确实有债务。但这笔债务对股东来说是一个担忧吗？
When Is Debt A Problem?
什么时候债务是个问题？
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, 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.
债务帮助企业，直到企业难以偿还债务，无论是用新资本还是用自由现金流。资本主义的一部分是“创造性破坏”的过程，破产的企业被银行家无情地清算。然而，一种更常见(但仍然昂贵)的情况是，一家公司必须以低廉的股价稀释股东的股份，才能控制债务。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。
Check out our latest analysis for Poly Union Chemical Holding Group
查看我们对保利联合化工控股集团的最新分析
What Is Poly Union Chemical Holding Group's Debt?
保利联合化工控股集团的债务是什么？
As you can see below, at the end of June 2023, Poly Union Chemical Holding Group had CN¥6.67b of debt, up from CN¥5.64b a year ago. Click the image for more detail. On the flip side, it has CN¥2.02b in cash leading to net debt of about CN¥4.65b.
如下所示，截至2023年6月底，保利联合化工控股集团的债务为66.7亿元人民币，高于一年前的56.4亿元人民币。单击图像了解更多详细信息。另一方面，它有20.2亿加元的现金，导致净债务约为46.5亿加元。
A Look At Poly Union Chemical Holding Group's Liabilities
看保利联合化工控股集团的负债
According to the last reported balance sheet, Poly Union Chemical Holding Group had liabilities of CN¥10.4b due within 12 months, and liabilities of CN¥3.39b due beyond 12 months. Offsetting this, it had CN¥2.02b in cash and CN¥8.21b in receivables that were due within 12 months. So its liabilities total CN¥3.59b more than the combination of its cash and short-term receivables.
根据最新公布的资产负债表，保利联合化工控股集团有104亿加元的负债在12个月内到期，33.9亿加元的负债在12个月后到期。作为抵消，它有20.2亿加元的现金和82.1亿加元的应收账款在12个月内到期。因此，其负债总额为人民币35.9亿元，比现金和短期应收账款的总和还要多。
This is a mountain of leverage relative to its market capitalization of CN¥4.46b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Poly Union Chemical Holding 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.
相对于其44.6亿元的市值，这是一个堆积如山的杠杆。如果它的贷款人要求它支撑资产负债表，股东可能会面临严重的稀释。当你分析债务时，资产负债表显然是你关注的领域。但影响未来资产负债表表现的是保利联合化工控股集团的盈利情况。因此，当考虑债务时，绝对值得关注收益趋势。点击此处查看互动快照。
In the last year Poly Union Chemical Holding Group wasn't profitable at an EBIT level, but managed to grow its revenue by 13%, to CN¥7.0b. We usually like to see faster growth from unprofitable companies, but each to their own.
去年，保利联合化工控股集团没有实现息税前利润，但收入增长了13%，达到人民币70亿元。我们通常喜欢看到不盈利的公司实现更快的增长，但每个公司都有自己的特点。
Caveat Emptor
告诫买入者
Importantly, Poly Union Chemical Holding Group had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥360m. 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. However, it doesn't help that it burned through CN¥415m of cash over the last year. So suffice it to say we consider the stock very risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Poly Union Chemical Holding Group that you should be aware of.
重要的是，保利联合化工控股集团去年出现了息税前收益(EBIT)亏损。具体地说，息税前亏损为3.6亿加元。考虑到除了上面提到的债务，我们对公司应该使用如此多的债务没有太大的信心。因此，我们认为它的资产负债表有点紧张，但并不是无法修复。然而，它在过去一年里烧掉了4.15亿元人民币的现金，这也于事无补。因此，可以说，我们认为这只股票风险很大。在分析债务水平时，资产负债表显然是一个起点。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。例如，我们已经确定保利联合化工控股集团的2个警告标志这一点你应该知道。
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。
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.
对这篇文章有什么反馈吗？担心内容吗？ 保持联系直接与我们联系。或者，也可以给编辑组发电子邮件，地址是implywallst.com。
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。