Is Sichuan Yahua Industrial Group (SZSE:002497) Using Too Much Debt?
Is Sichuan Yahua Industrial Group (SZSE:002497) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 can see that Sichuan Yahua Industrial Group Co., Ltd. (SZSE:002497) does use debt in its business. But is this debt a concern to shareholders?
有人认为,作为投资者,比起债务,波动性可能更好地反映了风险,但沃伦·巴菲特说过:“波动性与风险远非同义词。”所以,当考虑股票的风险程度时,必须考虑债务,因为过多的债务会拖垮一家公司。我们可以看到雅化集团(股票代码:SZSE:002497)确实在运营中使用了债务。但这种债务是否会令股东们担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业成长的工具,但如果企业无法偿还借款人,则存在于借款人的怜悯下。资本主义的一个部分是“创造性破坏”过程,在这个过程中,未能成功的企业会被他们的银行家无情地清算。然而,更常见的(但仍然昂贵)情况是,一家公司必须以便宜的股价稀释股东,以控制债务。话虽如此,最常见的情况是公司管理其债务得当-并且能够从中受益。当我们考虑一家公司的债务使用时,我们首先要看现金和债务的总体情况。
What Is Sichuan Yahua Industrial Group's Debt?
雅化集团的债务情况是怎样的?
As you can see below, at the end of March 2024, Sichuan Yahua Industrial Group had CN¥1.90b of debt, up from CN¥880.2m a year ago. Click the image for more detail. But it also has CN¥4.67b in cash to offset that, meaning it has CN¥2.77b net cash.
正如下图所示,在2024年3月底,雅化集团的债务总额为19亿人民币,比一年前的8,802万人民币增加了。点击该图以获取更多细节。但它也有46.7亿人民币的现金以抵消这个负债,这意味着它拥有27.7亿人民币的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240724/0-f3365b705932d5e6565b4d39defbd216-0-ba409a1fee6e8799b1c49d3fb7572eac.png/big)
How Strong Is Sichuan Yahua Industrial Group's Balance Sheet?
雅化集团的资产负债表状况如何?
According to the last reported balance sheet, Sichuan Yahua Industrial Group had liabilities of CN¥3.11b due within 12 months, and liabilities of CN¥787.0m due beyond 12 months. Offsetting this, it had CN¥4.67b in cash and CN¥2.31b in receivables that were due within 12 months. So it can boast CN¥3.08b more liquid assets than total liabilities.
根据最近披露的资产负债表,雅化集团有311亿元人民币的债务在12个月内到期,并且有7,870万人民币的债务在12个月后到期。与此相应的,它有46.7亿人民币的现金和23.1亿人民币的应收款项在12个月内到期。因此,它可以夸耀比总债务多308亿元人民币的流动资产。
This surplus strongly suggests that Sichuan Yahua Industrial Group has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Simply put, the fact that Sichuan Yahua Industrial Group has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Sichuan Yahua Industrial Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
这种盈余强烈表明雅化集团的资产负债表非常稳健(债务根本不是问题)。从这个角度来看,放贷人应该像黑带空手道大师的心上人一样感觉安全。简而言之,雅化集团的现金比债务多,可以被认为是它可以安全地管理债务的有力迹象。在分析债务水平时,资产负债表是显而易见的起点。但更重要的是,未来的盈利,而不是任何其他因素,将决定雅化集团保持健康资产负债表的能力。因此,如果你想看看专业人士的看法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
In the last year Sichuan Yahua Industrial Group had a loss before interest and tax, and actually shrunk its revenue by 28%, to CN¥11b. To be frank that doesn't bode well.
在过去的一年里,雅化集团利息和税前收益亏损,并且营业收入缩水了28%,坦率地说,这并不好。
So How Risky Is Sichuan Yahua Industrial Group?
那么,雅化集团的风险有多大?
Although Sichuan Yahua Industrial Group had an earnings before interest and tax (EBIT) loss over the last twelve months, it generated positive free cash flow of CN¥494m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. For riskier companies like Sichuan Yahua Industrial Group I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
尽管雅化集团在过去的12个月里出现了利息和税前收益亏损,但它产生了4940万元人民币的自由现金流。因此,尽管亏损,它似乎并没有太多短期资产负债风险,记住净现金。如果EBIt是正数,考虑到营收增长乏力,我们会对股票的风险感到更加舒适。对于像雅化集团这样风险较高的公司,我总是喜欢关注长期利润和营收趋势。幸运的是,你可以点击查看我们的盈利、营收和营运现金流的交互式图表。
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,如果您是那种喜欢购买没有负债负担的股票的投资者,则今天就可以发现我们的独家净现金增长股清单。
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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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。