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Is Hunan SilverLtd (SZSE:002716) Using Debt Sensibly?

Is Hunan SilverLtd (SZSE:002716) Using Debt Sensibly?

湖南白銀有限公司(深圳證券交易所:002716)是否明智地使用債務?
Simply Wall St ·  05/21 02:08

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Hunan Silver Co.,Ltd. (SZSE:002716) does carry debt. But is this debt a concern to shareholders?

由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,湖南白銀有限公司, Ltd.(深圳證券交易所:002716)確實有債務。但是這筆債務是股東關心的問題嗎?

When Is Debt A Problem?

債務何時會成爲問題?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.

債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。

What Is Hunan SilverLtd's Debt?

湖南白銀有限公司的債務是多少?

As you can see below, Hunan SilverLtd had CN¥335.5m of debt at March 2024, down from CN¥690.5m a year prior. But on the other hand it also has CN¥491.7m in cash, leading to a CN¥156.2m net cash position.

如下所示,截至2024年3月,湖南白銀有限公司的債務爲3.355億元人民幣,低於去年同期的6.905億元人民幣。但另一方面,它也有4.917億元的現金,淨現金狀況爲1.562億元人民幣。

debt-equity-history-analysis
SZSE:002716 Debt to Equity History May 21st 2024
SZSE: 002716 債券與股本的比率記錄 2024 年 5 月 21 日

A Look At Hunan SilverLtd's Liabilities

看看湖南白銀有限公司的負債

According to the last reported balance sheet, Hunan SilverLtd had liabilities of CN¥1.85b due within 12 months, and liabilities of CN¥964.3m due beyond 12 months. On the other hand, it had cash of CN¥491.7m and CN¥46.7m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.28b.

根據上次報告的資產負債表,湖南白銀有限公司的負債爲18.5億元人民幣,12個月後到期的負債爲9.643億元人民幣。另一方面,它有一年內到期的現金爲4.917億元人民幣,還有價值4,670萬元人民幣的應收賬款。因此,其負債比其現金和(短期)應收賬款總額高出22.8億元人民幣。

While this might seem like a lot, it is not so bad since Hunan SilverLtd has a market capitalization of CN¥11.1b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, Hunan SilverLtd 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 Hunan SilverLtd'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.

儘管這可能看起來很多,但還不錯,因爲湖南銀業有限公司的市值爲111億元人民幣,因此如果需要,它可能會通過籌集資金來加強資產負債表。但是,仍然值得仔細研究其償還債務的能力。儘管負債可觀,但湖南銀業有限公司擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!在分析債務水平時,資產負債表是顯而易見的起點。但是,影響未來資產負債表狀況的是湖南銀業有限公司的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。

Over 12 months, Hunan SilverLtd reported revenue of CN¥5.6b, which is a gain of 59%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.

在過去的12個月中,湖南銀業有限公司公佈的收入爲56億元人民幣,增長了59%,儘管它沒有報告任何利息和稅前收益。運氣好的話,該公司將能夠實現盈利。

So How Risky Is Hunan SilverLtd?

那麼湖南白銀有限公司的風險有多大?

Although Hunan SilverLtd had an earnings before interest and tax (EBIT) loss over the last twelve months, it generated positive free cash flow of CN¥52m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. One positive is that Hunan SilverLtd is growing revenue apace, which makes it easier to sell a growth story and raise capital if need be. But that doesn't change our opinion that the stock is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Hunan SilverLtd that you should be aware of before investing here.

儘管湖南銀業有限公司在過去十二個月中出現了息稅前收益(EBIT)虧損,但它創造了5200萬元人民幣的正自由現金流。因此,從面值來看,考慮到淨現金狀況,我們認爲該股在短期內風險不大。一個積極因素是,湖南銀業有限公司的收入正在迅速增長,這使得推銷成長故事並在需要時籌集資金變得更加容易。但這並不能改變我們對股票有風險的看法。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了湖南白銀有限公司的兩個警告信號,在這裏投資之前,您應該注意這些信號。

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.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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