These 4 Measures Indicate That GuangDong Suqun New MaterialLtd (SZSE:301489) Is Using Debt Reasonably Well
These 4 Measures Indicate That GuangDong Suqun New MaterialLtd (SZSE:301489) 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 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 GuangDong Suqun New Material Co.,Ltd. (SZSE:301489) makes use of debt. But should shareholders be worried about its use of debt?
大衛·伊本說得很好,'波動性不是我們關心的風險。我們關心的是避免資本的永久損失。'因此,聰明人知道,債務通常涉及破產,是評估公司風險的一個非常重要的因素。與許多其他公司一樣,廣東速群新材料股份有限公司(SZSE:301489)利用債務。但股東們應該擔心該公司使用債務嗎?
When Is Debt Dangerous?
債務何時有危險?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有在公司無法輕鬆償還債務時(無論是通過籌集資本還是靠自己的現金流),債務才會成爲一個真正的問題。如果情況變得非常糟糕,放貸人可能會控制業務。然而,更常見的(但仍然令人痛苦的)情況是,公司必須以低價格籌集新的股權資本,從而永久性地稀釋股東的股票。當然,債務可以是企業的一種重要工具,尤其是對於資本密集型企業而言。在考慮一家公司的債務水平時,第一步是將其現金和債務一起考慮。
What Is GuangDong Suqun New MaterialLtd's Debt?
廣東速群新材料有限公司的債務是什麼?
The image below, which you can click on for greater detail, shows that GuangDong Suqun New MaterialLtd had debt of CN¥10.8m at the end of March 2024, a reduction from CN¥130.7m over a year. However, it does have CN¥459.7m in cash offsetting this, leading to net cash of CN¥448.9m.
下面的圖片顯示,廣東速群新材料有限公司在2024年3月底的債務爲1080萬人民幣,比一年前的13070萬人民幣有所減少。然而,它有45970萬人民幣的現金來抵消這一數額,導致淨現金爲44890萬人民幣。
![1724454353287](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240824/42820426-0-74c8d82a292071d690a9c91d55777c8d.webp/bigjpg)
How Strong Is GuangDong Suqun New MaterialLtd's Balance Sheet?
廣東素群新材料有限公司的資產負債表有多強?
We can see from the most recent balance sheet that GuangDong Suqun New MaterialLtd had liabilities of CN¥195.2m falling due within a year, and liabilities of CN¥20.0m due beyond that. Offsetting these obligations, it had cash of CN¥459.7m as well as receivables valued at CN¥195.0m due within 12 months. So it can boast CN¥439.5m more liquid assets than total liabilities.
我們可以從最近的資產負債表看出,廣東素群新材料有限公司有一年內到期的負債爲人民幣19520萬,而超過一年的負債爲人民幣2000萬。抵消這些義務的是,它有人民幣45970萬的現金以及價值人民幣19500萬的應收賬款在12個月內到期。所以它擁有人民幣43950萬的流動資產更多於總負債。
This surplus suggests that GuangDong Suqun New MaterialLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that GuangDong Suqun New MaterialLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
這個盈餘表明廣東素群新材料有限公司有保守的資產負債表,很可能可以輕鬆清償債務。簡而言之,廣東素群新材料有限公司擁有比債務更多的現金,可以認爲這是一個能夠安全管理債務的良好跡象。
But the bad news is that GuangDong Suqun New MaterialLtd has seen its EBIT plunge 16% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 GuangDong Suqun New MaterialLtd 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.
但不好的消息是,廣東素群新材料有限公司在過去12個月裏看到其息稅折舊攤銷前利潤(EBIt)下降了16%。我們認爲,這種表現如果經常出現,可能會給股票帶來困難。資產負債表顯然是你在分析債務時要關注的領域。但最終業務的未來盈利能力將決定廣東素群新材料有限公司是否能夠隨着時間強化其資產負債表。所以,如果你專注於未來,可以查看這份顯示分析師盈利預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While GuangDong Suqun New MaterialLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, GuangDong Suqun New MaterialLtd saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,公司只能用現金而不是會計利潤償還債務。雖然廣東素群新材料有限公司在資產負債表上有淨現金,但它的利用息稅折舊攤銷前利潤(EBIT)轉換爲自由現金流的能力仍值得一看,以幫助我們了解它是如何迅速積累(或蝕減)這筆現金。在過去三年裏,廣東素群新材料有限公司出現了相當大的負自由現金流。雖然這可能是爲了增長支出的結果,但確實使債務更加風險。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case GuangDong Suqun New MaterialLtd has CN¥448.9m in net cash and a decent-looking balance sheet. So we are not troubled with GuangDong Suqun New MaterialLtd's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with GuangDong Suqun New MaterialLtd (including 1 which can't be ignored) .
雖然調查一家公司的債務總是明智的,但廣東速群新材料有44890萬人民幣的淨現金和一張看起來不錯的資產負債表。因此,我們對廣東速群新材料的債務使用不感到困擾。資產負債表顯然是分析債務時要重點關注的地方。但最終,每家公司都可能存在超出資產負債表範圍的風險。爲此,您應該了解我們在廣東速群新材料發現的2個警示信號(包括1個不容忽視的信號)。
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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