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Does Shenzhen Hepalink Pharmaceutical Group (SZSE:002399) Have A Healthy Balance Sheet?
Does Shenzhen Hepalink Pharmaceutical Group (SZSE:002399) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Shenzhen Hepalink Pharmaceutical Group Co., Ltd. (SZSE:002399) does use debt in its business. But the more important question is: how much risk is that debt creating?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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.
See our latest analysis for Shenzhen Hepalink Pharmaceutical Group
How Much Debt Does Shenzhen Hepalink Pharmaceutical Group Carry?
The image below, which you can click on for greater detail, shows that at March 2022 Shenzhen Hepalink Pharmaceutical Group had debt of CN¥6.24b, up from CN¥5.71b in one year. On the flip side, it has CN¥4.46b in cash leading to net debt of about CN¥1.78b.
SZSE:002399 Debt to Equity History August 20th 2022How Strong Is Shenzhen Hepalink Pharmaceutical Group's Balance Sheet?
The latest balance sheet data shows that Shenzhen Hepalink Pharmaceutical Group had liabilities of CN¥5.73b due within a year, and liabilities of CN¥2.64b falling due after that. Offsetting this, it had CN¥4.46b in cash and CN¥1.90b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.01b.
Since publicly traded Shenzhen Hepalink Pharmaceutical Group shares are worth a total of CN¥20.1b, 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.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
While Shenzhen Hepalink Pharmaceutical Group's low debt to EBITDA ratio of 1.5 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 5.4 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. If Shenzhen Hepalink Pharmaceutical Group can keep growing EBIT at last year's rate of 11% over the last year, then it will find its debt load easier to manage. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shenzhen Hepalink Pharmaceutical 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Shenzhen Hepalink Pharmaceutical Group saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Shenzhen Hepalink Pharmaceutical Group's conversion of EBIT to free cash flow was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. But on the bright side, its ability to to grow its EBIT isn't too shabby at all. Looking at all the angles mentioned above, it does seem to us that Shenzhen Hepalink Pharmaceutical Group is a somewhat risky investment as a result of its debt. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - Shenzhen Hepalink Pharmaceutical Group has 2 warning signs we think you should be aware of.
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.
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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到深圳市海普力克藥業集團有限公司。(SZSE:002399)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
債務會帶來什麼風險?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對深圳海普林藥業集團的最新分析
深圳海普林藥業集團揹負着多少債務?
下面的圖片,你可以點擊查看更多詳細信息,顯示截至2022年3月,深圳海普林藥業集團的債務為62.4億加元,高於一年內的57.1億加元。另一方面,它擁有人民幣44.6億元的現金,導致淨債務約為人民幣17.8億元。
深圳證交所:002399債轉股歷史2022年8月20日深圳海普林藥業集團的資產負債表有多強?
最新的資產負債表數據顯示,深圳海普林藥業集團一年內到期負債57.3億元,一年內到期負債26.4億元。作為抵消,它有44.6億加元的現金和19.0億加元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出20.1億元。
由於上市的深圳海普林藥業集團的股票總價值為人民幣201億元,這種負債水平似乎不太可能構成重大威脅。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨着時間的推移而變化。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
儘管深圳海普瑞藥業集團的債務與EBITDA之比只有1.5,這表明它只是適度使用債務,但去年EBIT僅覆蓋了5.4倍的利息支出,這一事實確實讓我們感到猶豫。因此,我們建議密切關注融資成本對業務的影響。如果深圳海普林藥業集團能夠保持去年11%的息税前利潤增長速度,那麼它的債務負擔將更容易管理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定深圳海普瑞藥業集團能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們總是檢查EBIT中有多少轉化為自由現金流。在過去的三年裏,深圳海普林藥業集團的自由現金流總體上出現了大幅負增長。儘管投資者無疑預計這種情況會在適當的時候逆轉,但這顯然意味着它使用債務的風險更大。
我們的觀點
深圳海普林藥業集團將息税前利潤轉換為自由現金流對這一分析是一個真正的負面影響,儘管我們考慮的其他因素對其影響要好得多。但從好的方面來看,它增長息税前利潤的能力一點也不差。綜上所述,在我們看來,深圳海普林藥業集團由於其債務,確實是一項有一定風險的投資。這不一定是一件壞事,因為槓桿可以提高股本回報率,但這是需要注意的。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如-深圳海普林藥業集團2個警告標誌我們認為你應該意識到。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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