These 4 Measures Indicate That Shanghai Bairun Investment Holding Group (SZSE:002568) Is Using Debt Reasonably Well
These 4 Measures Indicate That Shanghai Bairun Investment Holding Group (SZSE:002568) Is Using Debt Reasonably Well
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Shanghai Bairun Investment Holding Group Co., Ltd. (SZSE:002568) does have debt on its balance sheet. But is this debt a concern to shareholders?
正如David Iben所说:‘波动性并不是我们关心的风险。我们关心的是避免资本永久损失。’ 因此,当您考虑任何特定股票的风险时,需要考虑负债,因为过多的债务可能会拖垮一家公司。我们注意到,百润股份有限公司(SZSE:002568)的负债表上确实有负债。但这样的债务是否会对股东构成威胁?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业成长的工具,但如果企业无力偿付债权人的款项,那么它就危在旦夕。最终,如果公司无法履行偿还债务的法律责任,股东可能会一无所有地离开。然而,一个更常见(但仍然令人痛苦)的情况是,公司必须以低价募集新的股本资本,从而永久稀释股东权益。然而,债务不仅能替代股权稀释,还可是一个企业在投资高回报的成长时所需的极好工具。当我们审查企业的债务水平时,我们首先考虑现金和债务水平的结合情况。
How Much Debt Does Shanghai Bairun Investment Holding Group Carry?
百润股份的负债规模如何?
As you can see below, Shanghai Bairun Investment Holding Group had CN¥1.73b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥1.57b in cash, and so its net debt is CN¥164.5m.
正如下图所示,百润股份于2024年3月有人民币1.73亿元的债务,与前一年大致相同。您可以单击图表以获取更多详细信息。不过,百润股份也有人民币1.57亿元的现金,因此其净债务为人民币1.645亿元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240630/0-8802474ccdc8720bfcdcfa29234f817d-0-dbd10b130562b5beea5b8cff79ba212c.png/big)
A Look At Shanghai Bairun Investment Holding Group's Liabilities
再看一下百润股份的负债情况
The latest balance sheet data shows that Shanghai Bairun Investment Holding Group had liabilities of CN¥1.82b due within a year, and liabilities of CN¥1.10b falling due after that. On the other hand, it had cash of CN¥1.57b and CN¥217.9m worth of receivables due within a year. So it has liabilities totalling CN¥1.14b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,百润股份有限公司有18.2亿元的短期负债和11亿元的长期负债。另一方面,它有15.7亿元的现金和2.179亿元的应收账款。因此,它的总负债比其现金和短期应收账款合计多出11.4亿元。
Given Shanghai Bairun Investment Holding Group has a market capitalization of CN¥17.5b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Carrying virtually no net debt, Shanghai Bairun Investment Holding Group has a very light debt load indeed.
由于百润股份市值达到了175亿元人民币,因此很难相信这些负债会构成很大的威胁。但我们认为值得关注的是其资产负债表强度,因为它可能随着时间的推移而发生变化。百润股份几乎没有净负债,负债规模非常轻。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通过查看公司的净债务与利息、税、折旧、摊销前利润(EBITDA)之比以及它的利息费用(利息覆盖率)可以衡量一个公司的债务负担与收益能力。因此,我们考虑将债务与有无计算折旧和摊销费用的收益相对比。
Shanghai Bairun Investment Holding Group's net debt is only 0.15 times its EBITDA. And its EBIT easily covers its interest expense, being 251 times the size. So we're pretty relaxed about its super-conservative use of debt. Another good sign is that Shanghai Bairun Investment Holding Group has been able to increase its EBIT by 29% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shanghai Bairun Investment Holding Group can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
百润股份的净负债仅为其息税折旧摊销前利润(EBITDA)的0.15倍。其EBIT也轻松覆盖了其利息支出,EBIT大小是利息支出的251倍。因此,我们对其超级保守的债务使用非常放心。另一个好迹象是,百润股份已经成功增长了29%的EBIT,这使得还清债务更容易。毫无疑问,我们从资产负债表中了解到了大部分有关债务方面的信息。但最终公司未来的盈利能力将决定百润股份是否能随着时间的推移增强其资产负债表。因此,如果您想知道专业人士的看法,您可能会发现这份免费的分析师盈利预测报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Considering the last three years, Shanghai Bairun Investment Holding Group actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
最后,虽然税务人员可能会喜欢会计利润,但放贷人只接受冰冷的现金。因此,逻辑上需要查看实际自由现金流配对的EBIT的比例。然而,考虑到过去三年,百润股份实际上记录了总体现金流出。对于存在不可靠自由现金流的公司来说,债务风险会更大,因此股东应该希望过去的支出将产生未来的自由现金流。
Our View
我们的观点
The good news is that Shanghai Bairun Investment Holding Group's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. When we consider the range of factors above, it looks like Shanghai Bairun Investment Holding Group is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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 Shanghai Bairun Investment Holding Group is showing 2 warning signs in our investment analysis , and 1 of those makes us a bit uncomfortable...
好消息是,百润股份通过EBIT成功覆盖其利息支出的能力令我们感到欣慰。但我们必须承认,它的EBIT转化为自由现金流具有相反的效果。综合考虑上述各种因素,百润股份使用债务相当明智。虽然这带来了一些风险,但它也可以增强股东的回报率。毫无疑问,我们从资产负债表中了解到了大部分有关债务方面的信息。但最终,每个公司都可能存在超出资产负债表范围的风险。请注意,百润股份在我们的投资分析中显示了2个警示信号,其中1个使我们感到有些不安......
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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