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Asymchem Laboratories (Tianjin) (SZSE:002821) Has A Pretty Healthy Balance Sheet

Asymchem Laboratories (Tianjin) (SZSE:002821) Has A Pretty Healthy Balance Sheet

Asymchem Laboratories(天津)(深圳证券交易所:002821)的资产负债表相当不错
Simply Wall St ·  05/22 02:25

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 note that Asymchem Laboratories (Tianjin) Co., Ltd. (SZSE:002821) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们注意到,Asymchem实验室(天津)有限公司(深圳证券交易所:002821)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。

When Is Debt Dangerous?

债务何时危险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.

债务可以为企业提供帮助,直到企业难以偿还债务,无论是新资本还是自由现金流。资本主义的重要组成部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业将被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。当我们考虑公司使用债务时,我们首先要同时考虑现金和债务。

What Is Asymchem Laboratories (Tianjin)'s Debt?

Asymchem Laboratories(天津)的债务是多少?

As you can see below, at the end of March 2024, Asymchem Laboratories (Tianjin) had CN¥12.2m of debt, up from none a year ago. Click the image for more detail. However, it does have CN¥8.98b in cash offsetting this, leading to net cash of CN¥8.97b.

如下所示,截至2024年3月底,Asymchem实验室(天津)的债务为1,220万元人民币,高于去年同期的零。点击图片了解更多详情。但是,它确实有89.8亿元的现金抵消了这一点,净现金为89.7亿元人民币。

debt-equity-history-analysis
SZSE:002821 Debt to Equity History May 22nd 2024
SZSE: 002821 2024 年 5 月 22 日债务与股本比率的历史记录

A Look At Asymchem Laboratories (Tianjin)'s Liabilities

看看Asymchem实验室(天津)的负债

The latest balance sheet data shows that Asymchem Laboratories (Tianjin) had liabilities of CN¥1.77b due within a year, and liabilities of CN¥466.2m falling due after that. Offsetting these obligations, it had cash of CN¥8.98b as well as receivables valued at CN¥1.85b due within 12 months. So it actually has CN¥8.59b more liquid assets than total liabilities.

最新的资产负债表数据显示,Asymchem Laboratories(天津)的负债为17.7亿元人民币,之后到期的负债为4.662亿元人民币。除这些债务外,它有89.8亿元人民币的现金以及价值18.5亿元人民币的应收账款将在12个月内到期。所以它实际上有8.59亿元人民币 更多 流动资产超过总负债。

This surplus strongly suggests that Asymchem Laboratories (Tianjin) has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Simply put, the fact that Asymchem Laboratories (Tianjin) has more cash than debt is arguably a good indication that it can manage its debt safely.

这种盈余强烈表明Asymchem Laboratories(天津)的资产负债表坚如磐石(债务根本不令人担忧)。从这个角度来看,贷款人应该像黑带空手道大师心爱的人一样感到安全。简而言之,Asymchem Laboratories(天津)的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。

In fact Asymchem Laboratories (Tianjin)'s saving grace is its low debt levels, because its EBIT has tanked 49% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Asymchem Laboratories (Tianjin) can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

实际上,Asymchem Laboratories(天津)的救命之处在于其低债务水平,因为其息税前利润在过去十二个月中下降了49%。在还清债务方面,收入下降对健康的作用并不比含糖的苏打水更有用。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务未来的盈利能力将决定Asymchem Laboratories(天津)能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Asymchem Laboratories (Tianjin) may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Asymchem Laboratories (Tianjin) recorded free cash flow of 34% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.

但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。Asymchem Laboratories(天津)的资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。纵观最近三年,Asymchem实验室(天津)的自由现金流占其息税前利润的34%,低于我们的预期。在偿还债务方面,这并不好。

Summing Up

总结

While we empathize with investors who find debt concerning, you should keep in mind that Asymchem Laboratories (Tianjin) has net cash of CN¥8.97b, as well as more liquid assets than liabilities. So we are not troubled with Asymchem Laboratories (Tianjin)'s debt use. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Asymchem Laboratories (Tianjin) you should know about.

虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,Asymchem Laboratories(天津)的净现金为89.7亿元人民币,流动资产也多于负债。因此,我们对Asymchem实验室(天津)的债务使用并不感到困扰。资产负债表显然是分析债务时需要关注的领域。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。这些风险可能很难发现。每家公司都有它们,我们发现了你应该知道的Asymchem实验室(天津)的1个警告标志。

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,那么请立即查看我们的独家净现金增长股票清单。

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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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