Here's Why Shantou Wanshun New Material Group (SZSE:300057) Can Afford Some Debt
Here's Why Shantou Wanshun New Material Group (SZSE:300057) Can Afford Some Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. We note that Shantou Wanshun New Material Group Co., Ltd. (SZSE:300057) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
David Iben說得很好,“波動性並不是我們關心的風險。我們關心的是避免永久性資本損失。”因此,聰明的人們似乎知道,債務-通常涉及破產-是一個非常重要的因素,當你評估一個公司的風險時。我們注意到,汕頭萬順新材料集團股份有限公司(SZSE: 300057)確實在其資產負債表上擁有債務。但更重要的問題是:這筆債務造成了多少風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果企業不能償還債權人的債務,那麼它就存在於債權人的恩惠之下。如果情況變得非常糟糕,債權人可以掌控企業。然而,更常見的情況是(儘管仍然很昂貴),公司必須以低廉的股價稀釋股東,只是爲了控制債務。當然,債務的好處在於,它通常代表廉價資本,特別是當它用於取代具有高回報率的公司擴大再投資的稀釋時。考慮企業使用的債務量時,首要任務是看其現金和債務總額。
How Much Debt Does Shantou Wanshun New Material Group Carry?
汕頭萬順新材料集團所承載的債務有多少?
The image below, which you can click on for greater detail, shows that at March 2024 Shantou Wanshun New Material Group had debt of CN¥3.10b, up from CN¥2.65b in one year. However, it also had CN¥2.23b in cash, and so its net debt is CN¥870.0m.
下面的圖表(可單擊以獲取更詳細信息)顯示,在2024年3月,汕頭萬順新材料集團的債務爲31億元人民幣,較去年的26.5億元人民幣增加。但它也有22.3億元人民幣的現金,因此其淨債務爲8.7億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240522/0-ef5bb71cbd8c240d75f527140a4ff29a-0-f74096000ea847d731fd0715512d803e.png/big)
How Healthy Is Shantou Wanshun New Material Group's Balance Sheet?
汕頭萬順新材料集團的資產負債表狀況如何?
The latest balance sheet data shows that Shantou Wanshun New Material Group had liabilities of CN¥3.76b due within a year, and liabilities of CN¥970.3m falling due after that. Offsetting these obligations, it had cash of CN¥2.23b as well as receivables valued at CN¥1.70b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥797.5m.
最新的資產負債表數據顯示,汕頭萬順新材料集團有3.76億元人民幣的短期債務,以及970.3萬元人民幣的到期債務。抵消這些債務的是,它有22.3億元人民幣的現金,以及12個月內到期的應收賬款價值17億元人民幣。因此,其負債總額超過了其現金和(即將到期的)應收賬款總和797.5萬元人民幣。
Of course, Shantou Wanshun New Material Group has a market capitalization of CN¥4.98b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shantou Wanshun New Material Group will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
當然,汕頭萬順新材料集團的市值爲49.8億元人民幣,因此這些負債可能是可管理的。儘管如此,很明顯我們應該繼續監測其資產負債表,以免變得更糟。毫無疑問,我們從資產負債表中了解到債務的最多。但由於汕頭萬順新材料集團需要盈利來還貸款,因此您不能完全孤立地看待債務。因此,在考慮債務時,要考慮牢記盈利趨勢。點此獲取交互式快照。
In the last year Shantou Wanshun New Material Group had a loss before interest and tax, and actually shrunk its revenue by 2.3%, to CN¥5.5b. That's not what we would hope to see.
在過去的一年中,汕頭萬順新材料集團淨利潤利息和稅前虧損,並且實際上將其營收縮減了2.3%,至55億元人民幣。這不是我們希望看到的。
Caveat Emptor
買方自負。
Over the last twelve months Shantou Wanshun New Material Group produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥46m. 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. Another cause for caution is that is bled CN¥584m in negative free cash flow over the last twelve months. 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 example Shantou Wanshun New Material Group has 2 warning signs (and 1 which is potentially serious) we think you should know about.
在過去12個月中,汕頭萬順新材料集團的利息和稅前利潤(EBIT)損失。具體來說,EBIT損失爲4600萬元人民幣。考慮到上述負債,這並不能使我們對公司使用如此多的債務產生太多信心。因此,我們認爲其資產負債表有點緊張,儘管還在可修復範圍內。還有一個值得警惕的原因是它在過去12個月中的自由現金流爲負584萬元人民幣。因此,我們認爲該股票非常風險。在分析債務水平時,資產負債表是開始的明顯位置。但最終,每個公司都可能存在超出資產負債表之外的風險。例如,汕頭萬順新材料集團存在2個警示信號(其中一個是可能非常嚴重的),我們認爲您應該知道這些風險。
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.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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