Does Vantone Neo Development Group (SHSE:600246) Have A Healthy Balance Sheet?
Does Vantone Neo Development Group (SHSE:600246) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. We can see that Vantone Neo Development Group Co., Ltd. (SHSE:600246) does use debt in its business. But is this debt a concern to shareholders?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“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。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们可以看到,万通新开发集团有限公司(上海证券交易所股票代码:600246)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
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. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东,这样才能控制债务。当然,债务可能是企业的重要工具,尤其是资本密集型企业。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。
See our latest analysis for Vantone Neo Development Group
查看我们对Vantone Neo开发集团的最新分析
What Is Vantone Neo Development Group's Net Debt?
万通新开发集团的净负债是多少?
The image below, which you can click on for greater detail, shows that Vantone Neo Development Group had debt of CN¥1.90b at the end of September 2023, a reduction from CN¥2.10b over a year. However, it does have CN¥1.68b in cash offsetting this, leading to net debt of about CN¥219.4m.
您可以点击下图查看更多详情,该图片显示,截至2023年9月底,万通新开发集团的债务为19.0亿元人民币,较一年内的21.0亿元人民币有所减少。但是,它确实有16.8亿加元的现金抵消了这一点,净负债约为2.194亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-9954662ac7cd342e200835cdac3c452e-0-536548f7b31d7da8cef6766ab9e3916b.png/big)
How Strong Is Vantone Neo Development Group's Balance Sheet?
万通新开发集团的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Vantone Neo Development Group had liabilities of CN¥1.05b due within 12 months and liabilities of CN¥1.88b due beyond that. On the other hand, it had cash of CN¥1.68b and CN¥863.0m worth of receivables due within a year. So it has liabilities totalling CN¥388.6m more than its cash and near-term receivables, combined.
放大最新的资产负债表数据,我们可以看到,万通新开发集团在12个月内到期的负债为10.5亿元人民币,之后到期的负债为18.8亿元人民币。另一方面,它有一年内到期的16.8亿元现金和价值8.630亿元人民币的应收账款。因此,它的负债总额比现金和短期应收账款的总和多出3.886亿元人民币。
Since publicly traded Vantone Neo Development Group shares are worth a total of CN¥11.3b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Vantone Neo Development Group'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.
由于上市的Vantone Neo Development Group股票总价值为113亿元人民币,因此这种负债水平似乎不太可能构成重大威胁。但是,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而发生变化。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益将决定Vantone Neo Development Group未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Over 12 months, Vantone Neo Development Group reported revenue of CN¥525m, which is a gain of 26%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去的12个月中,Vantone Neo开发集团公布的收入为5.25亿元人民币,增长了26%,尽管它没有报告任何利息和税前收益。股东们可能对它能够实现盈利抱有疑虑。
Caveat Emptor
Caveat Emptor
While we can certainly appreciate Vantone Neo Development Group's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. To be specific the EBIT loss came in at CN¥179m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥242m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Vantone Neo Development Group , and understanding them should be part of your investment process.
尽管我们当然可以理解Vantone Neo开发集团的收入增长,但其息税前收益(EBIT)亏损并不理想。具体而言,息税前利润亏损为1.79亿元人民币。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的信心。坦率地说,我们认为资产负债表远非匹配,尽管可以随着时间的推移而改善。例如,我们不希望看到去年2.42亿元人民币的亏损重演。因此,我们确实认为这只股票风险很大。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。我们已经向Vantone Neo开发集团确定了1个警告信号,并了解它们应该成为您投资过程的一部分。
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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