Is SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) A Risky Investment?
Is SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) A Risky Investment?
Warren Buffett famously said, '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. Importantly, SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD (SHSE:601399) does carry debt. But is this debt a concern to shareholders?
沃伦·巴菲特曾经说过:“波动性与风险远非同义词。”因此,当考虑任何一只股票的风险时,需要考虑到债务,因为过多的债务可能会拖垮一家公司。值得注意的是,国机重装集团股份有限公司(SHSE:601399)确实存在债务。但这些债务是否会让股东担忧呢?
When Is Debt Dangerous?
债务何时有危险?
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. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但如果一家企业无法偿还债权人,那么它将完全受制于他们。资本主义的一个重要方面是“创造性破坏”这个过程,即失败的企业会被银行家无情地清算。然而,更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东,只是为了控制债务。当然,债务对于企业来说可以是一个重要的工具,尤其是对于大量资本的企业。当我们考虑公司使用债务时,首先要看现金和债务的总体情况。
How Much Debt Does SINOMACH HEAVY EQUIPMENT GROUPLTD Carry?
国机重装集团有多少债务?
The image below, which you can click on for greater detail, shows that SINOMACH HEAVY EQUIPMENT GROUPLTD had debt of CN¥3.01b at the end of September 2024, a reduction from CN¥3.50b over a year. However, its balance sheet shows it holds CN¥7.71b in cash, so it actually has CN¥4.71b net cash.
下面的图片,您可以点击查看更详细信息,显示国机重装集团在2024年9月底的债务为30.1亿元人民币,比一年前的35亿元人民币有所减少。但其资产负债表显示其持有77.1亿元人民币的现金,因此实际上净现金为47.1亿元人民币。

A Look At SINOMACH HEAVY EQUIPMENT GROUPLTD's Liabilities
国机重装集团有限公司的负债情况
The latest balance sheet data shows that SINOMACH HEAVY EQUIPMENT GROUPLTD had liabilities of CN¥13.5b due within a year, and liabilities of CN¥3.36b falling due after that. Offsetting this, it had CN¥7.71b in cash and CN¥7.95b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.20b more than its cash and near-term receivables, combined.
最新资产负债表数据显示,国机重装集团有限公司的到期负债中,有135亿人民币是一年内到期的,33.6亿人民币是随后到期的。与此相抵,其手头现金为77.1亿人民币,应收账款为79.5亿人民币,这些应收账款在12个月内到期。因此,其负债总额比其现金和近期应收账款合计多出12亿人民币。
Given SINOMACH HEAVY EQUIPMENT GROUPLTD has a market capitalization of CN¥23.8b, 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. Despite its noteworthy liabilities, SINOMACH HEAVY EQUIPMENT GROUPLTD boasts net cash, so it's fair to say it does not have a heavy debt load!
考虑到国机重装集团有限公司的市值为238亿人民币,很难相信这些负债会构成太大威胁。但是,有足够的负债使我们一定会建议股东继续关注资产负债表的持续变化。尽管其负债值得关注,国机重装集团有限公司自有净现金,可以说其负债并不沉重!
Better yet, SINOMACH HEAVY EQUIPMENT GROUPLTD grew its EBIT by 461% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. 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 SINOMACH HEAVY EQUIPMENT GROUPLTD 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.
更好的是,国机重装集团有限公司去年的EBIt增长了461%,这是一个令人印象深刻的改善。这种提升将使其未来更容易偿还债务。资产负债表显然是分析债务时要关注的重点。但是不能孤立地看待债务;因为国机重装集团有限公司将需要盈利来偿还债务。因此,在考虑债务时,着实值得关注盈利趋势。单击此处查看交互式快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While SINOMACH HEAVY EQUIPMENT GROUPLTD 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. Happily for any shareholders, SINOMACH HEAVY EQUIPMENT GROUPLTD actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
最后,一家企业需要自由现金流来偿还债务;会计利润并不能解决问题。虽然国机重装集团有限公司在资产负债表上拥有净现金,但仍然值得关注其将息税前利润(EBIt)转化为自由现金流的能力,以帮助我们了解其现金余额是如何迅速增加(或减少)的。令股东欣喜的是,国机重装集团有限公司在过去三年实际上产生的自由现金流比EBIt还要多。这种强劲的现金生成活动让我们如同穿着蜜蜂服的小狗一样心生温暖。
Summing Up
总之
While it is always sensible to look at a company's total liabilities, it is very reassuring that SINOMACH HEAVY EQUIPMENT GROUPLTD has CN¥4.71b in net cash. And it impressed us with free cash flow of CN¥636m, being 194% of its EBIT. So we don't think SINOMACH HEAVY EQUIPMENT GROUPLTD's use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of SINOMACH HEAVY EQUIPMENT GROUPLTD's earnings per share history for free.
虽然查看公司的总负债总是明智的,但国机重装有47.1亿人民币的净现金,这让人感到非常安心。并且它给我们留下了63600万人民币的自由现金流的深刻印象,这相当于其EBIt的194%。所以我们认为国机重装的债务使用并不冒险。在大多数其他指标之上,我们认为追踪每股收益增长速度是至关重要的,无论增长多快。如果您也意识到这一点,那么您很幸运,因为今天您可以免费查看国机重装的每股收益历史的互动图表。
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.
当一切尘埃落定时,有时更容易专注于那些甚至不需要债务的公司。读者可以立即免费查看零净债务的成长股列表。
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.
对这篇文章有反馈吗?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。