Is CanSino Biologics (HKG:6185) Using Debt In A Risky Way?
Is CanSino Biologics (HKG:6185) Using Debt In A Risky Way?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, CanSino Biologics Inc. (HKG:6185) does carry debt. But the more important question is: how much risk is that debt creating?
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当你研究公司的资产负债表的风险时,自然会考虑它的资产负债表,因为企业倒闭时通常会涉及债务。重要的是,康希诺生物制剂公司(HKG: 6185)确实有债务。但更重要的问题是:这笔债务造成了多少风险?
When Is Debt A Problem?
债务何时会成为问题?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会变得有风险。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然很痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。
View our latest analysis for CanSino Biologics
查看我们对康希诺生物的最新分析
What Is CanSino Biologics's Net Debt?
康希诺生物的净负债是多少?
As you can see below, at the end of September 2023, CanSino Biologics had CN¥2.36b of debt, up from CN¥2.22b a year ago. Click the image for more detail. But on the other hand it also has CN¥4.34b in cash, leading to a CN¥1.98b net cash position.
如下所示,截至2023年9月底,康希诺生物的债务为23.6亿元人民币,高于去年同期的22.2亿元人民币。点击图片了解更多详情。但另一方面,它也有43.4亿元人民币的现金,净现金头寸为19.8亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231205/0-f56f7fa73d465aa55b38d271969e2b8d-0-3f7c4fe85dff139dc32ac2bc384fd592.png/big)
How Strong Is CanSino Biologics' Balance Sheet?
康希诺生物的资产负债表有多强劲?
Zooming in on the latest balance sheet data, we can see that CanSino Biologics had liabilities of CN¥2.47b due within 12 months and liabilities of CN¥1.35b due beyond that. On the other hand, it had cash of CN¥4.34b and CN¥660.7m worth of receivables due within a year. So it actually has CN¥1.19b more liquid assets than total liabilities.
纵观最新的资产负债表数据,我们可以看到,康希诺生物在12个月内到期的负债为24.7亿元人民币,此后到期的负债为13.5亿元人民币。另一方面,它在一年内有43.4亿元人民币的现金和价值6.607亿元人民币的应收账款。所以它实际上有 11.9 亿元人民币 更多 流动资产超过总负债。
This short term liquidity is a sign that CanSino Biologics could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, CanSino Biologics boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine CanSino Biologics's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这种短期流动性表明,康希诺生物很可能可以轻松偿还债务,因为其资产负债表远未捉襟见肘。简而言之,康希诺生物拥有净现金,因此可以说它没有沉重的债务负担!在分析债务水平时,资产负债表显然是起点。但是,未来的收益,比什么都重要,将决定康希诺生物未来维持健康资产负债表的能力。因此,如果你专注于未来,你可以查看这份显示分析师利润预测的免费报告。
Over 12 months, CanSino Biologics made a loss at the EBIT level, and saw its revenue drop to CN¥503m, which is a fall of 74%. That makes us nervous, to say the least.
在过去的12个月中,康希诺生物在息税前利润水平上出现亏损,收入下降至5.03亿元人民币,下降了74%。至少可以说,这让我们感到紧张。
So How Risky Is CanSino Biologics?
那么 Cansino Biologics 有多危险?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months CanSino Biologics lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥1.9b and booked a CN¥1.4b accounting loss. But at least it has CN¥1.98b on the balance sheet to spend on growth, near-term. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. For example, we've discovered 1 warning sign for CanSino Biologics that you should be aware of before investing here.
就其本质而言,亏损的公司比那些盈利历史悠久的公司风险更大。事实是,在过去的十二个月中,康希诺生物制剂在息税前收益(EBIT)方面亏损。同期,它的自由现金流出为负19亿元人民币,会计亏损为14亿元人民币。但至少它在资产负债表上有19.8亿元人民币可以在短期内用于增长。尽管其资产负债表似乎具有足够的流动性,但如果一家公司不定期产生自由现金流,债务总是会让我们有些紧张。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外的风险。例如,我们发现了 CanSino Biologics 的 1 个警告信号,在这里投资之前你应该注意这些信号。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。