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We Think Tianjin Pharmaceutical Da Ren Tang Group (SHSE:600329) Can Manage Its Debt With Ease

We Think Tianjin Pharmaceutical Da Ren Tang Group (SHSE:600329) Can Manage Its Debt With Ease

我们认为天津药品大仁堂集团(SHSE:600329)可以轻松管理其债务
Simply Wall St ·  11/13 06:59

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 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. We note that Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited (SHSE:600329) does have debt on its balance sheet. But should shareholders be worried about its use of debt?

霍华德·马克斯说道过,'我担心的风险是永久性损失的可能性……而我认识的每位实践投资者也都对此感到担忧。' 因此,当你考虑任何特定股票的风险时,显然需要考虑债务,因为过多的债务可能会拖垮一家公司。我们注意到,达仁堂(SHSE:600329)在其资产负债表上确实有债务。但是股东应该担心它的债务使用吗?

When Is Debt A Problem?

什么时候负债才是一个问题?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.

债务是帮助企业增长的工具,但如果企业无法偿还债权人,那么它存在于债权人的掌控之下。在最坏的情况下,如果企业无法偿还债务,可能会破产。然而,更常见(但仍然痛苦)的情况是,企业必须以较低价格筹集新的股本资本,从而永久性地稀释股东的利益。当然,债务的好处在于,它通常代表廉价资本,特别是当它取代了公司中能够以高回报率进行再投资的稀释时。在我们考察债务水平时,首先要考虑现金和债务水平。

What Is Tianjin Pharmaceutical Da Ren Tang Group's Debt?

达仁堂的债务情况是什么?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 Tianjin Pharmaceutical Da Ren Tang Group had CN¥1.28b of debt, an increase on CN¥772.5m, over one year. But it also has CN¥1.50b in cash to offset that, meaning it has CN¥216.9m net cash.

你可以点击下面的图形查看历史数据,但它显示截至2024年9月,达仁堂的债务为12.8亿人民币,比一年前的77250万人民币有所增加。但它还有15亿人民币的现金来抵消这些债务,这意味着它的净现金为21690万人民币。

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SHSE:600329 Debt to Equity History November 12th 2024
SHSE:600329债务与股本历史 2024年11月12日

A Look At Tianjin Pharmaceutical Da Ren Tang Group's Liabilities

关于达仁堂集团的负债情况

According to the last reported balance sheet, Tianjin Pharmaceutical Da Ren Tang Group had liabilities of CN¥4.19b due within 12 months, and liabilities of CN¥323.7m due beyond 12 months. Offsetting this, it had CN¥1.50b in cash and CN¥2.91b in receivables that were due within 12 months. So it has liabilities totalling CN¥108.9m more than its cash and near-term receivables, combined.

根据最新的资产负债表,达仁堂的负债为41.9亿人民币,12个月内到期的负债为32370万人民币。抵消这些负债的是15亿人民币的现金和29.1亿人民币的应收账款,这些账款在12个月内到期。因此,其负债总额比现金和短期应收账款的总和多10890万人民币。

This state of affairs indicates that Tianjin Pharmaceutical Da Ren Tang Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥23.2b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Tianjin Pharmaceutical Da Ren Tang Group boasts net cash, so it's fair to say it does not have a heavy debt load!

这种情况表明,达仁堂的资产负债表看起来相当稳健,因为其总负债大约等于其流动资产。因此,这家232亿人民币的公司不太可能出现现金短缺,但仍需要关注其资产负债表。尽管负债不少,达仁堂却拥有净现金,因此可以公平地说它并没有沉重的债务负担!

Tianjin Pharmaceutical Da Ren Tang Group's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Tianjin Pharmaceutical Da Ren Tang Group 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.

达仁堂的息税前利润在过去一年里平稳,但考虑到其负债不高,这不应该是个问题。在分析债务水平时,资产负债表是显而易见的起点。但最终,业务的未来盈利能力将决定达仁堂能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的看法,可能会发现这份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. While Tianjin Pharmaceutical Da Ren Tang Group 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 most recent three years, Tianjin Pharmaceutical Da Ren Tang Group recorded free cash flow worth 78% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.

最后,尽管税务机关可能喜欢会计利润,但贷款人只接受现金。虽然达仁堂的资产负债表上有净现金,但仍值得关注其将营业利润(EBIT)转化为自由现金流的能力,以帮助我们了解它是如何快速增加(或减少)现金余额的。在最近的三年中,达仁堂记录的自由现金流占其EBIT的78%,这基本上是正常的,考虑到自由现金流不包括利息和税。这笔现金意味着它可以在需要时减少债务。

Summing Up

总之

While it is always sensible to look at a company's total liabilities, it is very reassuring that Tianjin Pharmaceutical Da Ren Tang Group has CN¥216.9m in net cash. The cherry on top was that in converted 78% of that EBIT to free cash flow, bringing in CN¥1.0b. So is Tianjin Pharmaceutical Da Ren Tang Group's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example - Tianjin Pharmaceutical Da Ren Tang Group has 1 warning sign we think you should be aware of.

虽然查看一家公司的总负债总是明智的,但达仁堂有21690万人民币的净现金,这让人感到很欣慰。最令人满意的是,他们将78%的EBIT转化为自由现金流,带来了10亿人民币。那么,达仁堂的债务是个风险吗?在我们看来似乎不是。在分析债务水平时,资产负债表显然是一个好的起点。不过,并非所有的投资风险都在资产负债表中,远非如此。例如,达仁堂有1个我们认为你应该注意的警告信号。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。

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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.

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