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Is Zhejiang Wolwo Bio-Pharmaceutical (SZSE:300357) A Risky Investment?

Is Zhejiang Wolwo Bio-Pharmaceutical (SZSE:300357) A Risky Investment?

浙江沃沃生物制药(深交所股票代码:300357)是一项风险投资吗?
Simply Wall St ·  02/27 19:43

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.' 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. As with many other companies Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. (SZSE:300357) makes use of debt. 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。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。与许多其他公司一样,浙江沃尔沃生物制药有限公司(深圳证券交易所代码:300357)也使用债务。但是,股东是否应该担心其债务的使用?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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. 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. 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 step when considering a company's debt levels is to consider its 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。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的一个非常好的工具。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。

What Is Zhejiang Wolwo Bio-Pharmaceutical's Net Debt?

浙江沃沃生物药业的净负债是多少?

The image below, which you can click on for greater detail, shows that at September 2023 Zhejiang Wolwo Bio-Pharmaceutical had debt of CN¥14.7m, up from none in one year. But on the other hand it also has CN¥1.18b in cash, leading to a CN¥1.17b net cash position.

您可以点击下图查看更多详情,该图片显示,截至2023年9月,浙江沃尔沃生物制药的债务为1470万元人民币,高于一年内的零债务。但另一方面,它也有11.8亿元人民币的现金,净现金状况为11.7亿元人民币。

debt-equity-history-analysis
SZSE:300357 Debt to Equity History February 28th 2024
SZSE: 300357 2024 年 2 月 28 日债务与股本比率的历史记录

A Look At Zhejiang Wolwo Bio-Pharmaceutical's Liabilities

看看浙江沃沃生物药业的负债

The latest balance sheet data shows that Zhejiang Wolwo Bio-Pharmaceutical had liabilities of CN¥168.0m due within a year, and liabilities of CN¥74.7m falling due after that. Offsetting this, it had CN¥1.18b in cash and CN¥297.7m in receivables that were due within 12 months. So it can boast CN¥1.24b more liquid assets than total liabilities.

最新的资产负债表数据显示,浙江沃尔沃生物制药的负债为1.68亿元人民币,之后到期的负债为7,470万元人民币。与此相抵消的是,它有11.8亿元人民币的现金和2.977亿元的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出12.4亿元人民币 负债。

This surplus suggests that Zhejiang Wolwo Bio-Pharmaceutical has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Zhejiang Wolwo Bio-Pharmaceutical boasts net cash, so it's fair to say it does not have a heavy debt load!

这种盈余表明,浙江沃尔沃生物制药的资产负债表比较保守,可以毫不费力地消除债务。简而言之,浙江沃尔沃生物制药拥有净现金,因此可以公平地说,它没有沉重的债务负担!

In fact Zhejiang Wolwo Bio-Pharmaceutical's saving grace is its low debt levels, because its EBIT has tanked 35% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Zhejiang Wolwo Bio-Pharmaceutical's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

实际上,浙江沃沃生物制药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35%。当一家公司看到盈利下降时,它有时会发现与贷款机构的关系恶化。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,未来的收益将决定浙江沃沃生物制药未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Zhejiang Wolwo Bio-Pharmaceutical has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Zhejiang Wolwo Bio-Pharmaceutical produced sturdy free cash flow equating to 51% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.

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。尽管浙江沃尔沃生物制药的资产负债表上有净现金,但仍值得一看其将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在过去的三年中,浙江沃尔沃生物制药产生了稳健的自由现金流,相当于其息税前利润的51%,与我们的预期差不多。这种冷硬现金意味着它可以在需要时减少债务。

Summing Up

总结

While we empathize with investors who find debt concerning, you should keep in mind that Zhejiang Wolwo Bio-Pharmaceutical has net cash of CN¥1.17b, as well as more liquid assets than liabilities. So we don't have any problem with Zhejiang Wolwo Bio-Pharmaceutical's use of debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Zhejiang Wolwo Bio-Pharmaceutical that you should be aware of before investing here.

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,浙江沃尔沃生物制药的净现金为11.7亿元人民币,流动资产也多于负债。因此,我们对浙江沃尔沃生物制药使用债务没有任何问题。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,并非所有的投资风险都存在于资产负债表中,远非如此。例如,我们发现了浙江沃尔沃生物制药的1个警告信号,在投资之前,您应该注意这一点。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。

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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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