Does China First Heavy Industries (SHSE:601106) Have A Healthy Balance Sheet?
Does China First Heavy Industries (SHSE:601106) Have A Healthy 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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, China First Heavy Industries (SHSE:601106) does carry debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯很好地表達了這一觀點,他說,與其擔心股價波動,「我擔心的是永久性損失的可能性...我所認識的所有實踐投資者都擔心這一點。」當你檢查企業的風險時,考慮其資產負債表是很自然的,因爲債務在企業破產時通常都會被涉及到,尤其是,中國一重(SHSE:601106)確實有債務。然而,股東們應該擔心其使用債務嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般來說,債務只有在公司無法輕鬆償還,無論是通過籌集資本還是用自己的現金流來償還時,才會變成真正的問題。資本主義的一部分是「創造性破壞」過程,在這個過程中,銀行家會無情地清算失敗的企業。然而,情況更爲常見的(但仍然昂貴)情況是,一家公司必須以低廉的股價稀釋股東,以便控制債務。然而,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。在考慮一家企業使用多少債務時,首先要做的是將其現金和債務放在一起看。
How Much Debt Does China First Heavy Industries Carry?
中國一重的債務有多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 China First Heavy Industries had CN¥21.0b of debt, an increase on CN¥18.9b, over one year. However, it does have CN¥2.46b in cash offsetting this, leading to net debt of about CN¥18.5b.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年3月,中國一重有210億元的債務,較去年增加了18.9億元。不過,它有24.6億元的現金抵消,導致淨債務約爲185億元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240727/0-13483603966f94ff97b32d8733ca6a76-0-65bbabaf3fb7907e0df96e4b7cb9ea07.png/big)
How Strong Is China First Heavy Industries' Balance Sheet?
中國一重工業的資產負債表有多強?
We can see from the most recent balance sheet that China First Heavy Industries had liabilities of CN¥18.9b falling due within a year, and liabilities of CN¥13.6b due beyond that. Offsetting this, it had CN¥2.46b in cash and CN¥14.4b in receivables that were due within 12 months. So it has liabilities totalling CN¥15.6b more than its cash and near-term receivables, combined.
我們可以從最近的資產負債表中看到,中國一重工業有189億元的短期到期負債和136億元的長期到期負債。然而,它有24.6億元現金和144億元的應收賬款,這些賬款在12個月內到期。因此,它的負債總額比現金和短期應收賬款多156億元。與其市值161億元相比,這一虧損相當大,因此它確實建議股東密切關注中國一重工業的債務使用情況。如果其放貸人要求其加強資產負債表,股東可能會面臨嚴重的股權稀釋。毫無疑問,我們從資產負債表中獲得有關債務的大部分信息。但最終,企業未來的盈利能力將決定中國一重工業是否能夠隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現這份關於分析師利潤預測的免費報告很有趣。
This deficit is considerable relative to its market capitalization of CN¥16.1b, so it does suggest shareholders should keep an eye on China First Heavy Industries' use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. 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 China First Heavy Industries 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.
在過去12個月中,中國一重工業EBIT級別出現虧損,營業收入下降至160億元,下降33%,坦率地說,這不是一個好兆頭。不僅如此,中國一重工業在過去12個月中的利潤性在EBIT級別上也是負面的。的確,在EBIT級別上它虧損了很大的19億元。當我們看到這一點並回顧其資產負債表中的負債相對於現金的情況時,我們認爲該公司持有任何債務都是不明智的。因此,我們認爲它的資產負債表有些緊張,但還未到無法修復的程度。然而,過去一年,它消耗了350萬元的現金,這並沒有幫助它。因此,坦率地說,我們認爲它很有風險。當我們看到風險更高的企業時,我們喜歡檢查他們的利潤(或虧損)如何隨着時間的推移而變化。今天,我們爲讀者提供這個交互式圖表,展示了中國一重工業的利潤、營業收入和經營性現金流如何在過去幾年中變化。
Over 12 months, China First Heavy Industries made a loss at the EBIT level, and saw its revenue drop to CN¥16b, which is a fall of 33%. To be frank that doesn't bode well.
在12個月內,中國一重工業EBIT級別出現虧損,其營業收入下降至160億元,下降33%。坦率地說,這個趨勢不是很好。
Caveat Emptor
買方自負。
Not only did China First Heavy Industries's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost a very considerable CN¥1.9b at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥3.5m of cash over the last year. So to be blunt we think it is risky. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how China First Heavy Industries's profit, revenue, and operating cashflow have changed over the last few years.
在過去12個月中,中國一重工業的營業收入下滑,其EBIT水平也呈負面。實際上,在EBIT級別上,它虧損了非常可觀的19億元。當我們看到這一點並回想起其資產負債表上的負債相對於現金的情況時,我們認爲該公司持有任何債務都是不明智的。因此,我們認爲其資產負債表有些緊張,但尚未到達無法修復的程度。但它在過去一年中消耗了350萬元的現金,這並沒有對其有所幫助。因此,坦率地說,我們認爲它很有風險。當我們關注風險更高的公司時,我們喜歡檢查它們的利潤(或虧損)隨着時間的推移而如何變化。今天,我們爲讀者提供這個可交互的圖表,展示了中國一重工業的利潤、營業收入和經營性現金流如何在過去幾年中變化。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。