Is Guangzhou Guangri StockLtd (SHSE:600894) Weighed On By Its Debt Load?
Is Guangzhou Guangri StockLtd (SHSE:600894) Weighed On By Its Debt Load?
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.' 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. We note that Guangzhou Guangri Stock Co.,Ltd. (SHSE:600894) does have debt on its balance sheet. But is this debt a concern to shareholders?
霍華德·馬克斯(Howard Marks)非常形象地表達了這一點,他表示,與其擔心股價的波動性,倒不如擔心永久性損失的可能性...我認識的每一個實際投資者都會擔心這一點。因此,看起來聰明的投資者知道,債務(通常涉及破產)是評估公司風險時的一個非常重要因素。我們注意到廣州廣日股份股份有限公司(SHSE:600894)確實在資產負債表上有債務。但這筆債務是否令股東們擔憂呢?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. 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.
債務在幫助企業直到企業出現償還困難,無論是通過新資本還是通過自由現金流。資本主義的一個重要組成部分就是「創造性毀滅」的過程,失敗的企業會被它們的銀行無情清算。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,以便控制債務。當然,債務對企業而言可以是一個重要工具,特別是對於資本密集型企業。在考慮公司的債務水平時的第一步是綜合考慮其現金和債務。
What Is Guangzhou Guangri StockLtd's Debt?
廣州廣日股份有限公司的債務是什麼?
As you can see below, at the end of June 2024, Guangzhou Guangri StockLtd had CN¥87.7m of debt, up from CN¥53.6m a year ago. Click the image for more detail. But on the other hand it also has CN¥4.81b in cash, leading to a CN¥4.72b net cash position.
正如您在下面所看到的,在2024年6月底,廣州廣日股份有限公司的債務爲8.77億元人民幣,比一年前的5.36億元人民幣增加。點擊圖片查看更多詳細信息。但另一方面,它也有48.1億元人民幣的現金,導致淨現金頭寸爲472億元人民幣。
![1724981834898](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240830/43095110-0-e570e3f8340b6a9ef333f3e6d48645a5.webp/bigjpg)
How Strong Is Guangzhou Guangri StockLtd's Balance Sheet?
廣日股份的資產負債表有多強?
The latest balance sheet data shows that Guangzhou Guangri StockLtd had liabilities of CN¥4.71b due within a year, and liabilities of CN¥172.8m falling due after that. On the other hand, it had cash of CN¥4.81b and CN¥2.59b worth of receivables due within a year. So it can boast CN¥2.52b more liquid assets than total liabilities.
最新的資產負債表數據顯示,廣日股份有CN¥47.1億的一年內到期負債,以及CN¥17280萬的到期後到期負債。另一方面,它有CN¥48.1億的現金和CN¥25.9億的一年內到期應收款項。因此,它擁有CN¥25.2億的更多流動資產,超過了總負債。
This surplus suggests that Guangzhou Guangri StockLtd is using debt in a way that is appears to be both safe and conservative. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Guangzhou Guangri StockLtd boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Guangzhou Guangri StockLtd will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
這份盈餘表顯示,廣日股份在使用債務方面似乎是安全且保守的。因爲它有大量資產,所以不太可能與債權人發生麻煩。簡而言之,廣日股份擁有淨現金,因此可以說它沒有沉重的債務負擔!資產負債表顯然是你分析債務時需要關注的領域。但是你不能將債務完全孤立地看待,因爲廣日股份將需要盈利來償還債務。所以如果你想更多地了解它的盈利情況,不妨查看一下其長期盈利趨勢的圖表。
In the last year Guangzhou Guangri StockLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 7.4%, to CN¥7.3b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的一年裏,廣日股份在EBIt水平上沒有盈利,但其營業收入增長了7.4%,達到CN¥73億。對於我們的口味來說,這種增長速度有點慢,但世界需要各種各樣的公司。
So How Risky Is Guangzhou Guangri StockLtd?
那麼廣日股份有多大的風險?
While Guangzhou Guangri StockLtd lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥700m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Guangzhou Guangri StockLtd you should know about.
雖然廣日股份在利息和稅前利潤(EBIT)水平上虧損,但實際上盈利了CN¥70000萬。因此,從表面上看,並考慮到現金,我們認爲近期風險並不大。在過去一年中,收入增長中庸,我們並不認爲這是一個特別吸引人的投資機會。資產負債表顯然是你分析債務時需要關注的領域。但是,並不是所有的投資風險都存在於資產負債表中,遠非如此。這些風險很難發現。每家公司都有風險,我們發現了廣日股份的1個警告信號,你應該知道。
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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