Zhejiang Sunriver Culture TourismLtd (SHSE:600576) Has A Rock Solid Balance Sheet
Zhejiang Sunriver Culture TourismLtd (SHSE:600576) Has A Rock Solid Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Zhejiang Sunriver Culture Tourism Co.,Ltd. (SHSE:600576) makes use of debt. But is this debt a concern to shareholders?
霍华德·马克斯很好地表达了这一点,他说,与其担心股价波动,不如担心“永久性损失的可能性是我担心的风险......我知道的每个实际的投资者都担心这个。”因此,聪明的投资者知道,通常涉及破产的债务是评估公司风险的一个非常重要的因素。就像许多其他公司一样,浙江祥源文旅股份有限公司(SHSE: 600576)利用债务。但这些债务是否会让股东感到担忧呢?
When Is Debt Dangerous?
债务何时有危险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般来说,当公司无法轻松偿还债务,要么通过筹措资本,要么通过自有的现金流时,债务才会成为真正的问题。在最坏的情况下,如果公司无法偿付债权人,它可能会破产。 虽然这不太常见,但我们经常看到负债的公司因为贷方价格低迷而永久稀释股东。 当然,债务的优点在于它通常代表着廉价的资本,特别是当它取代具有高回报率再投资能力的公司。 当我们考虑公司使用债务时,我们首先看现金和债务的总和。
What Is Zhejiang Sunriver Culture TourismLtd's Debt?
浙江祥源文旅股份有限公司的债务是什么?
The image below, which you can click on for greater detail, shows that at March 2024 Zhejiang Sunriver Culture TourismLtd had debt of CN¥377.4m, up from CN¥83.9m in one year. But on the other hand it also has CN¥430.0m in cash, leading to a CN¥52.6m net cash position.
下面的图像,您可以点击以获取更多详细信息,显示截至2024年3月,浙江祥源文旅股份有限公司的债务为CN¥377.4,比一年前的CN¥83.9增加,但另一方面,它也有CN¥430.0现金,导致了CN¥52.6红净现金头寸。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240528/0-d37401827ae05e777e0a6625cd3d83b6-0-a2c0007a43bfa64644400251fe77c4e5.png/big)
How Healthy Is Zhejiang Sunriver Culture TourismLtd's Balance Sheet?
浙江祥源文旅股份有限公司的资产负债表状况如何?
According to the last reported balance sheet, Zhejiang Sunriver Culture TourismLtd had liabilities of CN¥335.3m due within 12 months, and liabilities of CN¥543.7m due beyond 12 months. Offsetting this, it had CN¥430.0m in cash and CN¥94.9m in receivables that were due within 12 months. So it has liabilities totalling CN¥354.1m more than its cash and near-term receivables, combined.
根据最后一份财务报表,浙江祥源文旅股份有限公司的总负债为CN¥3353.0万,应在12个月内偿还,负债为CN¥5437.0万,应超过12个月才能偿还。抵消这一点的是,它有4300.0万现金和9490.0万应于12个月内到期的应收账款。因此,它的负债总额超过其现金和短期应收账款的总额3541.0万。
Since publicly traded Zhejiang Sunriver Culture TourismLtd shares are worth a total of CN¥5.58b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Zhejiang Sunriver Culture TourismLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
既然公开交易的浙江祥源文旅股份共价值CN¥55.8亿,似乎这种负债水平不会构成重大威胁。话虽如此,很明显我们应该继续监控其资产负债表情况,以防情况恶化。尽管有显着的负债,浙江祥源文旅股份仍然有净现金收益,可以公平地说,它没有沉重的债务负担!
Better yet, Zhejiang Sunriver Culture TourismLtd grew its EBIT by 102% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Zhejiang Sunriver Culture TourismLtd can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
更好的是,浙江祥源文旅股份有限公司去年将其EBIt提高了102%,这是一个令人印象深刻的改进。如果保持这种增长,则未来几年的债务就会更加可控。当您分析债务时,资产负债表显然是关注的重点区域。但是,最终业务的未来盈利能力将决定浙江祥源文旅股份有限公司是否能够逐步增强其资产负债表。因此,如果您关注未来,可以查看此免费报告,显示分析师的利润预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Zhejiang Sunriver Culture TourismLtd 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. Over the last three years, Zhejiang Sunriver Culture TourismLtd actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
但是,我们的最终考虑也很重要,因为一家公司无法用纸制利润支付债务;它需要冷硬现金。虽然浙江祥源文旅股份有限公司在资产负债表上持有净现金头寸,但是查看其经营业绩之前利息和税前利润(EBIt)如何转换自由现金流的能力也很有趣,因为这将影响其管理债务的需要和能力。在过去的三年中,浙江祥源文旅股份有限公司实际上产生的自由现金流比EBIt还要多。这种强大的现金转换方式让我们和Daft Punk音乐会上降落的人们一样兴奋。
Summing Up
总之
We could understand if investors are concerned about Zhejiang Sunriver Culture TourismLtd's liabilities, but we can be reassured by the fact it has has net cash of CN¥52.6m. The cherry on top was that in converted 310% of that EBIT to free cash flow, bringing in CN¥147m. So is Zhejiang Sunriver Culture TourismLtd's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in Zhejiang Sunriver Culture TourismLtd, you may well want to click here to check an interactive graph of its earnings per share history.
我们可以理解如果投资者担心浙江祥源文旅股份有限公司的负债,但是我们可以放心,因为它有5260.0万的净现金收益。最后的奇妙之处是,将310%的EBIt转化为自由现金流,带来了14700.0万元的收入。所以,浙江祥源文旅股份公司的债务是否构成风险?对我们来说似乎不是这样。随着时间的推移,股价往往会遵循每股收益,因此,如果您对浙江祥源文旅股份公司感兴趣,您可能想单击此处,以查看其每股收益历史的互动图表。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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