Ningbo Ronbay New Energy TechnologyLtd (SHSE:688005) Has A Somewhat Strained Balance Sheet
Ningbo Ronbay New Energy TechnologyLtd (SHSE:688005) Has A Somewhat Strained Balance Sheet
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. As with many other companies Ningbo Ronbay New Energy Technology Co.,Ltd. (SHSE:688005) makes use of debt. But is this debt a concern to shareholders?
有人认为,作为投资者,波动性而不是债务是考虑风险的最佳方式,但沃伦·巴菲特曾经说过:“波动性与风险远非同义词。”因此,当你考虑某只股票有多大风险时,考虑债务可能是显而易见的,因为过高的债务可能会拖垮一家公司。正如其他许多公司一样,宁波容百新能科技股份有限公司(SHSE:688005)也使用债务。但是,这种债务是否令股东们担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
债务可以为企业提供帮助,直到企业无法通过新资本或自由现金流偿还债务为止。最终,如果企业无法履行偿还债务的法律义务,股东可能一文不值。虽然这种情况不太常见,但我们经常看到负债公司因为债权人迫使它们以被压价的价格筹集资金而不断稀释股东利益。然而,通过稀释来替代,债务可以成为需要资本以高回报率投资增长的企业的一种非常好的工具。在考虑一家公司的债务水平时,首要步骤是综合考虑其现金和债务。
How Much Debt Does Ningbo Ronbay New Energy TechnologyLtd Carry?
宁波容百新能科技股份有限公司持有多少债务?
The image below, which you can click on for greater detail, shows that at June 2024 Ningbo Ronbay New Energy TechnologyLtd had debt of CN¥7.40b, up from CN¥5.57b in one year. However, it also had CN¥5.34b in cash, and so its net debt is CN¥2.07b.
您可以点击下方的图片以获得更详细的信息。数据显示,到2024年6月,宁波容百新能科技股份有限公司的债务为74亿人民币,相比一年前的55.7亿人民币有所增加。然而,它也持有53.4亿人民币的现金,因此其净债务为20.7亿人民币。
![1724632718546](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240826/42841138-0-eadae29349f87520baf20566a02c01bc.webp/bigjpg)
A Look At Ningbo Ronbay New Energy TechnologyLtd's Liabilities
关注宁波容百新能母基有关债务
Zooming in on the latest balance sheet data, we can see that Ningbo Ronbay New Energy TechnologyLtd had liabilities of CN¥8.71b due within 12 months and liabilities of CN¥6.01b due beyond that. Offsetting these obligations, it had cash of CN¥5.34b as well as receivables valued at CN¥7.47b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.91b.
通过最新的资产负债表数据,我们可以看到宁波容百新能母基有870亿人民币的债务在12个月内到期,其后有601亿人民币的债务。 抵消这些债务的是,它有534亿人民币的现金以及747亿人民币的应收款项将在12个月内到期。 因此,其债务超过其现金和(近期)应收款项的总和191亿人民币。
Given Ningbo Ronbay New Energy TechnologyLtd has a market capitalization of CN¥9.68b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
鉴于宁波容百新能母基的市值为968亿人民币,很难相信这些债务会构成很大威胁。 但有足够的债务,我们当然建议股东继续监控资产负债表。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
BJ批发俱乐部控股公司的净债务只有EBITDA的0.62倍。而其EBIT轻松覆盖其利息费用,比例为12.6倍。因此,我们对其超级保守的债务使用感到相当放心。虽然BJ批发俱乐部控股公司在EBIT方面没有取得太多进展,但至少其盈利保持稳定。当分析债务水平时,资产负债表是显然的切入点。但归根结底,企业未来的盈利能力将决定BJ批发俱乐部控股公司能否随着时间的推移加强资产负债表。因此,如果你要关注未来,可以查看一下这份免费的分析报告,了解分析师的盈利预测。
With a debt to EBITDA ratio of 2.2, Ningbo Ronbay New Energy TechnologyLtd uses debt artfully but responsibly. And the alluring interest cover (EBIT of 7.9 times interest expense) certainly does not do anything to dispel this impression. Shareholders should be aware that Ningbo Ronbay New Energy TechnologyLtd's EBIT was down 67% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. 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 Ningbo Ronbay New Energy TechnologyLtd 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.
宁波容百新能母基的债务与EBITDA比率为2.2,使用债务手法巧妙而负责任。 而令人着迷的利息覆盖率(EBIt相对于利息支出的比率为7.9倍)确实没有消除这一印象。 股东应注意,宁波容百能母基去年的EBIt下降了67%。 如果这种收益趋势持续下去,那么偿还债务将会像把猫赶上过山车一样困难。 毫无疑问,我们从资产负债表上最能了解债务。 但最终业务的未来盈利能力将决定宁波容百新能母基能否随着时间加强其资产负债表。 因此,如果您想知道专业人士的看法,您可能会发现这份有关分析师盈利预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Ningbo Ronbay New Energy TechnologyLtd 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.
最后,虽然税务部门可能喜欢会计利润,但贷款人却只接受冰冷的现金。所以我们始终检查有多少利润被转化为自由现金流。在过去的三年中,宁波容百新能源技术有限公司的自由现金流总计表现出了相当大的负面增长。虽然这可能是出于企业发展的支出,但却使得债务风险更加高。
Our View
我们的观点
On the face of it, Ningbo Ronbay New Energy TechnologyLtd's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Looking at the bigger picture, it seems clear to us that Ningbo Ronbay New Energy TechnologyLtd's use of debt is creating risks for the company. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. 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 Ningbo Ronbay New Energy TechnologyLtd is showing 3 warning signs in our investment analysis , you should know about...
表面上看,宁波容百新能源技术有限公司从EBIT到自由现金流的转化让我们对该股持谨慎态度,其EBIT增长率也不比一年中最繁忙的夜晚那个空无一人的餐厅更引人入胜。但至少它能够以EBIT来覆盖其利息费用,这是令人鼓舞的。从大局来看,我们认为宁波容百新能源技术有限公司的债务使用正在为公司带来风险。如果一切顺利的话,这可能会带来回报,但这种债务的下行风险更大,可能会造成永久性损失。毫无疑问,我们从资产负债表中了解到的信息对于债务的了解最为重要,但最终,每家公司都可能存在超出资产负债表范畴的风险。请注意,在我们的投资分析中,宁波容百新能源技术有限公司显示了3个警示信号,你应该了解一下......
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
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。
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。