We Think Shandong Longda Meishi (SZSE:002726) Has A Fair Chunk Of Debt
We Think Shandong Longda Meishi (SZSE:002726) Has A Fair Chunk Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies Shandong Longda Meishi Co., Ltd. (SZSE:002726) makes use of debt. But should shareholders be worried about its use of debt?
有人说,作为投资者,波动性而不是债务是考虑风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”因此,当你评估公司的风险时,聪明的货币似乎知道债务——通常与破产有关——是一个非常重要的因素。与许多其他公司一样,山东隆达美视股份有限公司(SZSE:002726)也使用债务。但是,股东是否应该担心其使用债务?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。归根结底,如果公司无法履行偿还债务的法律义务,股东可能会一无所获地离开。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。在考虑企业使用多少债务时,要做的第一件事就是同时考虑其现金和债务。
Check out our latest analysis for Shandong Longda Meishi
查看我们对山东隆达美视的最新分析
How Much Debt Does Shandong Longda Meishi Carry?
山东隆达美视背负多少债务?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Shandong Longda Meishi had CN¥2.76b of debt, an increase on CN¥2.37b, over one year. However, because it has a cash reserve of CN¥1.36b, its net debt is less, at about CN¥1.40b.
你可以点击下图查看历史数字,但它显示,截至2023年9月,山东隆达美视在一年内有27.6亿元人民币的债务,比23.7亿元人民币增加了人民币。但是,由于其现金储备为13.6亿元人民币,其净负债较少,约为14亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231212/0-a92a7176c0ff8f632f0283d56fca0eb7-0-d985191aac89bd5e4980fa6ff195e1f9.png/big)
How Healthy Is Shandong Longda Meishi's Balance Sheet?
山东隆达美视的资产负债表有多健康?
We can see from the most recent balance sheet that Shandong Longda Meishi had liabilities of CN¥3.40b falling due within a year, and liabilities of CN¥1.28b due beyond that. Offsetting these obligations, it had cash of CN¥1.36b as well as receivables valued at CN¥555.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.76b.
我们可以从最新的资产负债表中看出,山东隆达美视的负债为34.0亿元人民币,此后到期的负债为12.8亿元人民币。为了抵消这些债务,它有13.6亿元人民币的现金以及价值5.559亿元人民币的应收账款,将在12个月内到期。因此,其负债超过现金和(近期)应收账款总额27.6亿元人民币。
While this might seem like a lot, it is not so bad since Shandong Longda Meishi has a market capitalization of CN¥9.39b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shandong Longda Meishi'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.
尽管这可能看起来很多,但还不错,因为山东隆达美视的市值为93.9亿元人民币,因此,如果需要,它可能会通过筹集资金来加强资产负债表。但很明显,我们绝对应该仔细研究它能否在不稀释的情况下管理债务。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,将决定山东隆达美视未来保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。
In the last year Shandong Longda Meishi had a loss before interest and tax, and actually shrunk its revenue by 4.3%, to CN¥15b. That's not what we would hope to see.
去年,山东隆达美视出现息税前亏损,实际收入减少了4.3%,至150亿元人民币。这不是我们希望看到的。
Caveat Emptor
Caveat Emptor
Importantly, Shandong Longda Meishi had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥208m 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. However, it doesn't help that it burned through CN¥1.0b of cash over the last year. So in short it's a really risky stock. 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. Be aware that Shandong Longda Meishi is showing 1 warning sign in our investment analysis , you should know about...
重要的是,山东隆达美视去年出现利息税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了2.08亿元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大信心。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。但是,它在去年耗尽了10亿元人民币的现金,这无济于事。因此,简而言之,这是一只风险很大的股票。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。请注意,山东隆达美视在我们的投资分析中显示了1个警告信号,你应该知道...
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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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。