We Think Keli Motor Group (SZSE:002892) Is Taking Some Risk With Its Debt
We Think Keli Motor Group (SZSE:002892) Is Taking Some Risk With Its Debt
Warren Buffett famously said, '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. We can see that Keli Motor Group Co., Ltd. (SZSE:002892) does use debt in its business. But the more important question is: how much risk is that debt creating?
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,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,科利汽车集团有限公司(深圳证券交易所:002892)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, 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.
债务是帮助企业发展的工具,但是如果企业无法还清贷款人,那么债务就任由他们摆布。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)的情况是它必须以低价筹集新的股权资本,从而永久稀释股东。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,要做的第一件事是将现金和债务放在一起考虑。
What Is Keli Motor Group's Net Debt?
科利汽车集团的净负债是多少?
As you can see below, at the end of September 2023, Keli Motor Group had CN¥167.5m of debt, up from CN¥79.0m a year ago. Click the image for more detail. But it also has CN¥575.8m in cash to offset that, meaning it has CN¥408.3m net cash.
如下所示,截至2023年9月底,科利汽车集团的债务为1.675亿元人民币,高于去年同期的7,900万元人民币。点击图片查看更多细节。但它也有5.758亿元的现金来抵消这一点,这意味着它的净现金为4.083亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240228/0-7a087f000ad64077d59e86a84d97bf9c-0-8e42c5386defd97c7346dccd8c244898.png/big)
How Strong Is Keli Motor Group's Balance Sheet?
科利汽车集团的资产负债表有多强?
According to the last reported balance sheet, Keli Motor Group had liabilities of CN¥390.4m due within 12 months, and liabilities of CN¥179.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥575.8m as well as receivables valued at CN¥395.3m due within 12 months. So it actually has CN¥401.2m more liquid assets than total liabilities.
根据上次报告的资产负债表,科利汽车集团的负债为3.904亿元人民币,12个月后到期的负债为1.796亿元人民币。除这些债务外,它有5.758亿元的现金以及价值3.953亿元人民币的应收账款将在12个月内到期。所以它实际上有4.012亿元人民币 更多 流动资产超过总负债。
This surplus suggests that Keli Motor Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Keli Motor Group boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明凯利汽车集团的资产负债表保守,可以毫不费力地消除债务。简而言之,科利汽车集团拥有净现金,因此可以公平地说,它没有沉重的债务负担!
The modesty of its debt load may become crucial for Keli Motor Group if management cannot prevent a repeat of the 39% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Keli Motor Group's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
如果管理层无法阻止去年削减39%的息税前利润,那么适度的债务负担对凯利汽车集团来说可能变得至关重要。当一家公司看到盈利下降时,它有时会发现与贷款机构的关系恶化。资产负债表显然是分析债务时需要关注的领域。但是,影响未来资产负债表状况的是凯利汽车集团的收益。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Keli Motor Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Keli Motor Group burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。凯利汽车集团的资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,科利汽车集团烧毁了大量现金。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case Keli Motor Group has CN¥408.3m in net cash and a decent-looking balance sheet. So while Keli Motor Group does not have a great balance sheet, it's certainly not too bad. 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. To that end, you should be aware of the 2 warning signs we've spotted with Keli Motor Group .
尽管调查公司的债务总是明智的,但在本案中,凯利汽车集团的净现金为4.083亿元人民币,资产负债表看起来不错。因此,尽管凯利汽车集团的资产负债表不佳,但肯定还不错。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。为此,你应该注意我们在凯利汽车集团发现的两个警告信号。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的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。