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Grace Fabric TechnologyLtd (SHSE:603256) Is Carrying A Fair Bit Of Debt

Grace Fabric TechnologyLtd (SHSE:603256) Is Carrying A Fair Bit Of Debt

Grace Fabric TechnologyLtd(上海证券交易所代码:603256)背负了相当多的债务
Simply Wall St ·  03/01 18:27

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 Grace Fabric Technology Co.,Ltd. (SHSE:603256) does use debt in its business. But is this debt a concern to shareholders?

沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。我们可以看到格雷斯面料科技公司, Ltd.(上海证券交易所股票代码:603256)确实在其业务中使用债务。但是这笔债务是股东关心的问题吗?

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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。

What Is Grace Fabric TechnologyLtd's Net Debt?

格雷斯面料科技有限公司的净负债是多少?

The image below, which you can click on for greater detail, shows that at September 2023 Grace Fabric TechnologyLtd had debt of CN¥869.7m, up from CN¥783.1m in one year. However, because it has a cash reserve of CN¥176.6m, its net debt is less, at about CN¥693.1m.

您可以点击下图查看更多详情,该图片显示,截至2023年9月,Grace Fabric TechnologyLtd的债务为8.697亿元人民币,高于一年内的7.831亿元人民币。但是,由于其现金储备为1.766亿元人民币,其净负债较少,约为6.931亿元人民币。

debt-equity-history-analysis
SHSE:603256 Debt to Equity History March 1st 2024
SHSE: 603256 2024 年 3 月 1 日债务与股权比率的历史记录

A Look At Grace Fabric TechnologyLtd's Liabilities

看看格雷斯面料科技有限公司的负债

Zooming in on the latest balance sheet data, we can see that Grace Fabric TechnologyLtd had liabilities of CN¥856.3m due within 12 months and liabilities of CN¥263.1m due beyond that. On the other hand, it had cash of CN¥176.6m and CN¥357.3m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥585.5m.

放大最新的资产负债表数据,我们可以看到,Grace Fabric TechnologyLtd在12个月内到期的负债为8.563亿元人民币,之后到期的负债为2.631亿元人民币。另一方面,它有一年内到期的1.766亿元现金和价值3.573亿元人民币的应收账款。因此,其负债超过其现金和(短期)应收账款总额5.855亿元人民币。

Of course, Grace Fabric TechnologyLtd has a market capitalization of CN¥6.05b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. 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 Grace Fabric TechnologyLtd 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.

当然,Grace Fabric TechnologyLtd的市值为60.5亿元人民币,因此这些负债可能是可以控制的。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。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。但最终,该业务未来的盈利能力将决定Grace Fabric TechnologyLtd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。

Over 12 months, Grace Fabric TechnologyLtd made a loss at the EBIT level, and saw its revenue drop to CN¥649m, which is a fall of 2.3%. That's not what we would hope to see.

在过去的12个月中,Grace Fabric TechnologyLtd在息税前利润水平上出现亏损,收入降至6.49亿元人民币,下降了2.3%。这不是我们希望看到的。

Caveat Emptor

Caveat Emptor

Importantly, Grace Fabric TechnologyLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥66m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥340m of cash over the last year. So in short it's a really risky stock. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Grace Fabric TechnologyLtd .

重要的是,Grace Fabric TechnologyLtd去年出现了息税前收益(EBIT)亏损。具体而言,息税前利润亏损为6600万元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。但是,去年它消耗了3.4亿加元的现金,这无济于事。因此,简而言之,这是一只非常有风险的股票。在分析债务水平时,资产负债表是显而易见的起点。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。为此,你应该注意我们在Grace Fabric TechnologyLtd发现的1个警告信号。

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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