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Is Shanghai No.1 PharmacyLtd (SHSE:600833) Using Debt In A Risky Way?

Is Shanghai No.1 PharmacyLtd (SHSE:600833) Using Debt In A Risky Way?

上海第一藥業有限公司(SHSE:600833)是否在以風險的方式使用債務?
Simply Wall St ·  2024/12/14 09:44

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.' 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. We can see that Shanghai No.1 Pharmacy Co.,Ltd. (SHSE:600833) does use debt in its business. But the real question is whether this debt is making the company risky.

傳奇基金經理李錄(查理·芒格支持的)曾表示,『最大的投資風險不是價格的波動,而是您是否會遭受永久性資本損失。』當我們考慮一家公司的風險時,我們總是喜歡觀察其債務使用情況,因爲債務超負荷可能導致毀滅。我們可以看到,上海第一醫藥股份有限公司(SHSE:600833)確實在其業務中使用了債務。但真正的問題是,這種債務是否使公司變得有風險。

When Is Debt A Problem?

何時債務成爲問題?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

債務對企業是有幫助的,直到企業出現還不上債務的問題,無論是通過新資本還是自由現金流。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的價格發行股份,以永久性稀釋股東的權益,僅僅是爲了穩固其資產負債表。不過,通過替代稀釋,債務可以成爲需要資本以高回報率投資於增長的企業極好的工具。考慮企業使用多少債務時,首先要做的是查看其現金和債務的整體情況。

What Is Shanghai No.1 PharmacyLtd's Net Debt?

上海第一醫藥有限公司的淨債務是多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 Shanghai No.1 PharmacyLtd had CN¥96.0m of debt, an increase on none, over one year. However, it does have CN¥406.6m in cash offsetting this, leading to net cash of CN¥310.6m.

您可以點擊下面的圖形查看歷史數據,但數據顯示截至2024年9月,上海第一醫藥有限公司的債務爲9600萬人民幣,增加了零,在一年內。 但是,它有40660萬人民幣的現金對沖這項債務,導致淨現金爲31060萬人民幣。

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SHSE:600833 Debt to Equity History December 14th 2024
SHSE:600833債務與股本歷史 2024年12月14日

How Strong Is Shanghai No.1 PharmacyLtd's Balance Sheet?

上海第一醫藥有限公司的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Shanghai No.1 PharmacyLtd had liabilities of CN¥632.2m due within 12 months and liabilities of CN¥168.1m due beyond that. Offsetting this, it had CN¥406.6m in cash and CN¥298.7m in receivables that were due within 12 months. So it has liabilities totalling CN¥95.0m more than its cash and near-term receivables, combined.

仔細查看最新的資產負債表數據,我們可以看到上海第一醫藥有限公司在12個月內有63220萬元的負債,超出12個月的負債爲16810萬元。抵消這些負債,它在現金方面有40660萬元和在12個月到期的應收款29870萬元。因此,它的負債總額比現金和短期應收款加起來多出9500萬元。

Since publicly traded Shanghai No.1 PharmacyLtd shares are worth a total of CN¥3.65b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, Shanghai No.1 PharmacyLtd boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is Shanghai No.1 PharmacyLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

由於上市的上海第一醫藥有限公司的股票總值爲36.5億元,因此這種負債水平似乎不會構成重大威脅。然而,我們認爲值得關注其資產負債表的強度,因爲它可能會隨時間變化。儘管有顯著的負債,上海第一醫藥有限公司仍然擁有淨現金,因此可以公平地說它沒有重債負擔!在分析債務水平時,資產負債表顯然是一個好的起點。但最終,上海第一醫藥有限公司的盈利能力將影響未來資產負債表的表現。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。

In the last year Shanghai No.1 PharmacyLtd had a loss before interest and tax, and actually shrunk its revenue by 16%, to CN¥1.9b. That's not what we would hope to see.

在過去一年中,上海第一醫藥有限公司在利息和稅前虧損,並且實際上營業收入下降了16%,至19億元。這並不是我們所希望看到的。

So How Risky Is Shanghai No.1 PharmacyLtd?

那麼上海第一醫藥有限公司有多大風險?

While Shanghai No.1 PharmacyLtd lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥179m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Shanghai No.1 PharmacyLtd has 2 warning signs (and 1 which is significant) we think you should know about.

雖然上海第一醫藥有限公司在利息和稅前水平上虧損,但它實際上記錄了17900萬元的紙面利潤。因此,當考慮到它擁有淨現金以及法定利潤時,股票可能並不像看起來那樣風險大,至少在短期內是這樣。在我們看到一些正面的EBIT之前,我們對這隻股票持謹慎態度,尤其是考慮到相對溫和的營業收入增長。毫無疑問,我們從資產負債表中學到的關於債務的大部分內容。但最終,每家公司都可能包含資產負債表外存在的風險。例如,上海第一醫藥有限公司有2個警告信號(其中1個是顯著的),我們認爲您應該了解。

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.

如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的業務,請查看這個自由名單,其中列出了在資產負債表上有淨現金的成長型企業。

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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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。

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