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Does Xinxiang Chemical Fiber (SZSE:000949) Have A Healthy Balance Sheet?

Does Xinxiang Chemical Fiber (SZSE:000949) Have A Healthy Balance Sheet?

新乡化纤(SZSE: 000949)的资产负债表是否良好?
Simply Wall St ·  01/22 22:38

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.' 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 can see that Xinxiang Chemical Fiber Co., Ltd. (SZSE:000949) does use debt in its business. But should shareholders be worried about its use of debt?

大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到,新乡化纤有限公司(深圳证券交易所代码:000949)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?

What Risk Does Debt Bring?

债务会带来什么风险?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. 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 think about a company's use of debt, we first look at cash and debt together.

一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务的好处是它通常代表廉价资本,尤其是当它用高回报率进行再投资的能力取代了公司的稀释时。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。

Check out our latest analysis for Xinxiang Chemical Fiber

查看我们对新乡化纤的最新分析

What Is Xinxiang Chemical Fiber's Net Debt?

新乡化纤的净负债是多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2023 Xinxiang Chemical Fiber had CN¥4.45b of debt, an increase on CN¥4.00b, over one year. On the flip side, it has CN¥1.47b in cash leading to net debt of about CN¥2.98b.

你可以点击下图查看历史数字,但它显示,截至2023年9月,新乡化纤在一年内有44.5亿元人民币的债务,比4.00亿元人民币有所增加。另一方面,它拥有14.7亿元的现金,净负债约为29.8亿元人民币。

debt-equity-history-analysis
SZSE:000949 Debt to Equity History January 23rd 2024
SZSE: 000949 2024 年 1 月 23 日债务与股本比率的历史记录

How Strong Is Xinxiang Chemical Fiber's Balance Sheet?

新乡化纤的资产负债表有多强?

We can see from the most recent balance sheet that Xinxiang Chemical Fiber had liabilities of CN¥3.13b falling due within a year, and liabilities of CN¥3.27b due beyond that. Offsetting this, it had CN¥1.47b in cash and CN¥1.36b in receivables that were due within 12 months. So its liabilities total CN¥3.57b more than the combination of its cash and short-term receivables.

我们可以从最新的资产负债表中看出,新乡化纤的负债为31.3亿元人民币,一年后到期的负债为32.7亿元人民币。与此相抵消的是,它有14.7亿元的现金和13.6亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出35.7亿元人民币。

This is a mountain of leverage relative to its market capitalization of CN¥4.14b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Xinxiang Chemical Fiber 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.

相对于其41.4亿元人民币的市值,这是一座巨大的杠杆率。如果其贷款人要求其支撑资产负债表,股东可能会面临严重的稀释。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是你不能完全孤立地看待债务;因为新乡化纤需要收益来偿还债务。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。

Over 12 months, Xinxiang Chemical Fiber made a loss at the EBIT level, and saw its revenue drop to CN¥7.1b, which is a fall of 13%. That's not what we would hope to see.

在过去的12个月中,新乡化纤在息税前利润水平上出现亏损,收入降至71亿元人民币,下降了13%。这不是我们希望看到的。

Caveat Emptor

Caveat Emptor

While Xinxiang Chemical Fiber's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost CN¥109m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through CN¥408m of cash over the last year. So in short it's a really risky stock. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Xinxiang Chemical Fiber .

尽管新乡化纤收入的下降就像开玩笑一样令人心动,但可以说,其息税前收益(EBIT)亏损的吸引力更小。事实上,它在息税前利润水平上损失了1.09亿元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。坦率地说,我们认为资产负债表远非匹配,尽管可以随着时间的推移而改善。但是,去年它消耗了4.08亿加元的现金,这无济于事。因此,简而言之,这是一只非常有风险的股票。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。为此,你应该注意我们在新乡化纤中发现的两个警告信号。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么立即查看我们的净现金增长股票的独家清单。

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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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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。

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