Is Guangzhou Haozhi IndustrialLtd (SZSE:300503) Using Too Much Debt?
Is Guangzhou Haozhi IndustrialLtd (SZSE:300503) Using Too Much Debt?
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Guangzhou Haozhi Industrial Co.,Ltd. (SZSE:300503) makes use of debt. But the real question is whether this debt is making the company risky.
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永久損失。」 當我們考慮一個公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致災難。 與許多其他公司一樣,昊志機電(SZSE:300503)利用了債務。 但真正的問題是這些債務是否使公司變得風險更高。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
對於一個公司來說,債務和其他負債在無法輕鬆履行這些義務時會變得風險更高,無論是通過自由現金流還是以有吸引力的價格籌集資本。 最終,如果公司無法履行償還債務的法定義務,股東可能一無所有。 然而,更常見的(但仍然昂貴)情況是,公司必須以低廉的股價稀釋股東權益,以簡單地控制債務。 話雖如此,最常見的情況是公司合理地管理其債務-並使其對自己有利。 考慮一個企業使用多少債務時,首要任務是看它的現金和債務總額。
How Much Debt Does Guangzhou Haozhi IndustrialLtd Carry?
昊志機電股份有限公司承擔了多少債務?
The chart below, which you can click on for greater detail, shows that Guangzhou Haozhi IndustrialLtd had CN¥630.7m in debt in June 2024; about the same as the year before. On the flip side, it has CN¥73.9m in cash leading to net debt of about CN¥556.8m.
下面的圖表顯示,你可以點擊查看更詳細的信息,顯示昊志機電於2024年6月有63070萬人民幣的債務,與前一年大致相同。 另一方面,它有7390萬人民幣的現金,導致淨債務約爲55680萬人民幣。
How Healthy Is Guangzhou Haozhi IndustrialLtd's Balance Sheet?
昊志機電的資產負債表狀況如何?
Zooming in on the latest balance sheet data, we can see that Guangzhou Haozhi IndustrialLtd had liabilities of CN¥930.0m due within 12 months and liabilities of CN¥535.1m due beyond that. Offsetting these obligations, it had cash of CN¥73.9m as well as receivables valued at CN¥690.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥700.2m.
放大最新資產負債表數據,我們可以看到廣州昊志機電有93000萬元的短期到期負債和53510萬元的長期到期負債。 抵消這些義務,它有7390萬元現金以及69090萬元的應收款項,這些應收款項將在12個月內到期。 因此,其負債超過了其現金和(短期)應收款項的總和70020萬元。
Since publicly traded Guangzhou Haozhi IndustrialLtd shares are worth a total of CN¥4.62b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
由於廣州昊志機電的上市股票總值爲46.2億元,這種水平的負債似乎不太可能構成重大威脅。 話雖如此,顯然我們應繼續監測其資產負債表,以防情況變得更糟。
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批發俱樂部控股公司的淨債務只有EBITDA的0.62倍。而其EBIT輕鬆覆蓋其利息費用,比例爲12.6倍。因此,我們對其超級保守的債務使用感到相當放心。雖然BJ批發俱樂部控股公司在EBIT方面沒有取得太多進展,但至少其盈利保持穩定。當分析債務水平時,資產負債表是顯然的切入點。但歸根結底,企業未來的盈利能力將決定BJ批發俱樂部控股公司能否隨着時間的推移加強資產負債表。因此,如果你要關注未來,可以查看一下這份免費的分析報告,了解分析師的盈利預測。
Weak interest cover of 0.28 times and a disturbingly high net debt to EBITDA ratio of 5.3 hit our confidence in Guangzhou Haozhi IndustrialLtd like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. One redeeming factor for Guangzhou Haozhi IndustrialLtd is that it turned last year's EBIT loss into a gain of CN¥10m, over the last twelve months. 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 Haozhi IndustrialLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
0.28倍的薄利覆蓋率和5.3倍的淨債務/息稅折舊攤銷前利潤比率給我們對廣州昊志機電的信懇智能造成了沉重打擊。 這意味着我們認爲其債務負擔沉重。廣州昊志機電的一個值得稱道的因素是,它將去年的息稅前虧損轉爲了近12個月的1000萬元盈利。 當你分析債務時,資產負債表顯然是需要關注的地方。 但你不能孤立地看待債務;因爲廣州昊志機電需要盈利來支付債務。 因此,在考慮債務時,查看盈利趨勢絕對是值得的。 點擊這裏查看互動快照。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. Over the last year, Guangzhou Haozhi IndustrialLtd saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,一家公司只能用現金來償還債務,而不是用會計利潤。因此,檢查其收益在利息和稅前(EBIT)轉化爲實際自由現金流的比例是很重要的。在過去一年裏,廣州昊志機電有相當大的負自由現金流總額。雖然投資者無疑希望這種情況會在適當的時候出現反轉,但這確實意味着它對債務的使用更具風險。
Our View
我們的觀點
To be frank both Guangzhou Haozhi IndustrialLtd's interest cover and its track record of converting EBIT to free cash flow make us rather uncomfortable with its debt levels. Having said that, its ability to handle its total liabilities isn't such a worry. Overall, we think it's fair to say that Guangzhou Haozhi IndustrialLtd has enough debt that there are some real risks around the balance sheet. 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. However, not all investment risk resides within the balance sheet - far from it. For example - Guangzhou Haozhi IndustrialLtd has 2 warning signs we think you should be aware of.
坦率地說,廣州昊志機電的利息保障和將EBIT轉化爲自由現金流的歷史記錄讓我們對其債務水平感到相當不安。話雖如此,它處理總負債的能力並不令人擔憂。總的來說,我們認爲可以公平地說廣州昊志機電有足夠的債務,負債表上存在一些真正的風險。如果一切順利,也許會有所回報,但這筆債務的下行風險是永久損失的更大風險。毫無疑問,我們從負債表中最多了解債務。然而,並非所有的投資風險都存在於負債表中 - 遠非如此。例如 - 廣州昊志機電有 2 個警示信號,我們認爲您應該注意。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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