share_log

Is Anhui Guofeng New Materials (SZSE:000859) Weighed On By Its Debt Load?

Is Anhui Guofeng New Materials (SZSE:000859) Weighed On By Its Debt Load?

安徽國豐新材(深交所股票代碼:000859)是否受到債務負擔的壓力?
Simply Wall St ·  02/27 22:01

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We can see that Anhui Guofeng New Materials Co., Ltd. (SZSE:000859) does use debt in its business. But the more important question is: how much risk is that debt creating?

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。我們可以看到,安徽國豐新材料股份有限公司(深圳證券交易所代碼:000859)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

債務可以爲企業提供幫助,直到企業難以償還債務,無論是新資本還是自由現金流。資本主義的重要組成部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業將被銀行家無情地清算。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東才能控制債務。話雖如此,最常見的情況是公司合理地管理其債務,並從自己的利益出發。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。

What Is Anhui Guofeng New Materials's Net Debt?

安徽國豐新材的淨負債是多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2023 Anhui Guofeng New Materials had CN¥128.7m of debt, an increase on CN¥88.9m, over one year. But on the other hand it also has CN¥487.7m in cash, leading to a CN¥359.0m net cash position.

你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,安徽國豐新材在一年內有1.287億元人民幣的債務,比8890萬元人民幣的債務有所增加。但另一方面,它也有4.877億元的現金,淨現金狀況爲3.59億元人民幣。

debt-equity-history-analysis
SZSE:000859 Debt to Equity History February 28th 2024
SZSE: 000859 2024 年 2 月 28 日債務與股權比率的歷史記錄

A Look At Anhui Guofeng New Materials' Liabilities

看安徽國豐新材的負債

We can see from the most recent balance sheet that Anhui Guofeng New Materials had liabilities of CN¥656.7m falling due within a year, and liabilities of CN¥216.9m due beyond that. On the other hand, it had cash of CN¥487.7m and CN¥483.2m worth of receivables due within a year. So it can boast CN¥97.3m more liquid assets than total liabilities.

我們可以從最新的資產負債表中看出,安徽國豐新材的負債爲6.567億元人民幣,一年後到期的負債爲2.169億元人民幣。另一方面,它有一年內到期的現金爲4.877億元人民幣,還有價值4.832億元人民幣的應收賬款。因此,它擁有的流動資產可以多出9,730萬元人民幣 負債。

This short term liquidity is a sign that Anhui Guofeng New Materials could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Anhui Guofeng New Materials has more cash than debt is arguably a good indication that it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Anhui Guofeng New Materials 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.

這種短期流動性表明,安徽國豐新材可能會輕鬆償還債務,因爲其資產負債表遠未捉襟見肘。簡而言之,安徽國豐新材的現金多於債務這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是你不能完全孤立地看待債務;因爲安徽國豐新材需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。

In the last year Anhui Guofeng New Materials's revenue was pretty flat, and it made a negative EBIT. While that's not too bad, we'd prefer see growth.

去年,安徽國豐新材的收入相當持平,息稅前利潤爲負。雖然這還不錯,但我們希望看到增長。

So How Risky Is Anhui Guofeng New Materials?

那麼安徽國豐新材料的風險有多大呢?

While Anhui Guofeng New Materials lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥34m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. 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. We've identified 2 warning signs with Anhui Guofeng New Materials , and understanding them should be part of your investment process.

儘管安徽國豐新材在息稅前收益(EBIT)水平上出現虧損,但實際實現了3400萬元人民幣的票面利潤。因此,從面值來看,考慮到現金,我們認爲短期內風險不大。由於去年的收入增長平平,我們認爲投資機會並不特別引人注目。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經確定了安徽國豐新材的兩個警告信號,了解它們應該是您投資過程的一部分。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論