Here's Why Hongli Zhihui GroupLtd (SZSE:300219) Can Manage Its Debt Responsibly
Here's Why Hongli Zhihui GroupLtd (SZSE:300219) Can Manage Its Debt Responsibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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, Hongli Zhihui Group Co.,Ltd. (SZSE:300219) does carry debt. But is this debt a concern to shareholders?
傳奇基金經理李錄(查理·芒格支持的)曾說過:「最大的投資風險不是價格的波動,而是你是否會遭受永久性資本損失。」因此,當你考慮任何特定股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可能會使公司陷入困境。重要的是,鴻利智彙集團有限公司(深圳證券交易所代碼:300219)確實負有債務。但是,這些債務對股東來說是個問題嗎?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業成長的工具,但如果企業無法償還貸款方,那麼它就處於貸款方的控制之下。最終,如果公司無法履行其法律義務償還債務,股東可能會一無所獲。雖然這種情況並不常見,但我們常常看到負債公司因貸款方強迫它們以低價籌集資本而永久性稀釋股東權益。然而,通過替代稀釋,債務可以成爲需要資本來投資於高回報增長的企業的極好工具。考慮企業使用多少債務時,首先要做的是將其現金和債務一起查看。
How Much Debt Does Hongli Zhihui GroupLtd Carry?
鴻利智彙集團有限公司負有多少債務?
The image below, which you can click on for greater detail, shows that Hongli Zhihui GroupLtd had debt of CN¥866.4m at the end of September 2024, a reduction from CN¥1.12b over a year. However, it also had CN¥828.2m in cash, and so its net debt is CN¥38.1m.
下圖(你可以點擊以獲取更多細節)顯示,鴻利智彙集團有限公司在2024年9月底負債爲86640萬人民幣,較去年111億人民幣有所減少。然而,它也有82820萬人民幣的現金,因此其淨債務爲3810萬人民幣。

How Strong Is Hongli Zhihui GroupLtd's Balance Sheet?
鴻利智彙集團的資產負債表有多強?
The latest balance sheet data shows that Hongli Zhihui GroupLtd had liabilities of CN¥2.69b due within a year, and liabilities of CN¥391.1m falling due after that. Offsetting this, it had CN¥828.2m in cash and CN¥1.67b in receivables that were due within 12 months. So it has liabilities totalling CN¥579.5m more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,鴻利智彙集團的短期負債爲26.9億元,長期負債爲39110萬元。相應的,鴻利智彙集團在現金方面有82820萬元,以及在12個月內到期的應收賬款爲16.7億元。因此,它的負債總額比現金和短期應收賬款的總和多出57950萬元。
Since publicly traded Hongli Zhihui GroupLtd shares are worth a total of CN¥5.84b, 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. Carrying virtually no net debt, Hongli Zhihui GroupLtd has a very light debt load indeed.
鑑於上市的鴻利智彙集團股份總值爲58.4億元,這一負債水平似乎不會構成重大威脅。不過,顯然我們應該繼續關注其資產負債表,以免它惡化。幾乎沒有淨債務的鴻利智彙集團的確承擔着輕微的債務負擔。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
Hongli Zhihui GroupLtd has net debt of just 0.14 times EBITDA, suggesting it could ramp leverage without breaking a sweat. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. The modesty of its debt load may become crucial for Hongli Zhihui GroupLtd if management cannot prevent a repeat of the 66% cut to EBIT over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Hongli Zhihui GroupLtd 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.
鴻利智彙集團的淨債務僅爲EBITDA的0.14倍,這表明它可以在不費吹灰之力的情況下增加槓桿。令人驚訝的是,儘管有淨債務,它過去12個月實際收取的利息超過了必須支付的利息。因此,可以毫無疑問地說,這家公司在保持冷靜的情況下可以承擔債務。其適度的債務負擔可能對鴻利智彙集團至關重要,特別是如果管理層無法防止EBIT在過去一年中減少66%的情況再度發生。在償還債務方面,下降的收益和含糖飲料對你的健康一樣無能爲力。毫無疑問,我們從資產負債表中學到了很多關於債務的知識。然而,你不能完全孤立地看待債務;因爲鴻利智彙集團需要收益來償還這些債務。因此,如果你想了解更多關於其收益的信息,查看這張長期收益趨勢的圖表可能值得一看。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Hongli Zhihui GroupLtd recorded free cash flow worth 57% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
但我們最後的考慮同樣重要,因爲一家公司不能用紙面利潤來償還債務;它需要真實的現金。因此,我們總是檢查EBIT有多少被轉化爲自由現金流。在最近三年中,宏力智彙集團的自由現金流佔EBIT的57%,這在正常範圍內,因爲自由現金流不包括利息和稅收。這一自由現金流使公司在合適的時候具備償還債務的良好基礎。
Our View
我們的觀點
Hongli Zhihui GroupLtd's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. Considering this range of data points, we think Hongli Zhihui GroupLtd is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Hongli Zhihui GroupLtd you should know about.
宏力智彙集團的EBIT增長率在本次分析中是真正的負面因素,儘管我們考慮的其他因素則相對較好。毫無疑問,它用EBIT覆蓋利息支出的能力相當出色。考慮到這一系列數據點,我們認爲宏力智彙集團在管理其債務水平方面處於良好位置。儘管如此,負擔相當沉重,因此我們建議任何股東密切關注此事。毫無疑問,我們從資產負債表中學到的關於債務的知識是最爲重要的。然而,並非所有的投資風險都存在於資產負債表中——遠非如此。這些風險可能很難被發現。每家公司都有這些風險,而我們發現了宏力智彙集團的3個警示信號,你需要知道。
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.
當一切塵埃落定時,有時更容易專注於那些甚至不需要債務的公司。讀者可以立即免費查看零淨債務的成長股列表。
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