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Does Aerosun (SHSE:600501) Have A Healthy Balance Sheet?

Does Aerosun (SHSE:600501) Have A Healthy Balance Sheet?

Aerosun (SHSE: 600501) 的资产负债表是否健康?
Simply Wall St ·  2023/08/13 09:36

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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Aerosun Corporation (SHSE:600501) makes use of debt. But is this debt a concern to shareholders?

一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。与许多其他公司一样Aerosun公司(上海证券交易所:600501)利用债务。但这笔债务对股东来说是一个担忧吗?

Why Does Debt Bring Risk?

为什么债务会带来风险?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.

债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。

View our latest analysis for Aerosun

查看我们对Aerosun的最新分析

How Much Debt Does Aerosun Carry?

俄罗斯航空公司背负着多少债务?

You can click the graphic below for the historical numbers, but it shows that Aerosun had CN¥297.3m of debt in March 2023, down from CN¥996.7m, one year before. But it also has CN¥359.3m in cash to offset that, meaning it has CN¥62.0m net cash.

你可以点击下图查看历史数据,但它显示,2023年3月,Aerosun的债务为2.973亿元人民币,低于一年前的9.967亿元人民币。但它也有3.593亿加元的现金来抵消这一点,这意味着它有6200万加元的净现金。

debt-equity-history-analysis
SHSE:600501 Debt to Equity History August 13th 2023
上证综指:600501债转股历史2023年8月13日

How Strong Is Aerosun's Balance Sheet?

俄航的资产负债表有多强劲?

According to the last reported balance sheet, Aerosun had liabilities of CN¥3.35b due within 12 months, and liabilities of CN¥44.6m due beyond 12 months. Offsetting this, it had CN¥359.3m in cash and CN¥1.59b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.45b.

根据最新报告的资产负债表,Aerosun有33.5亿加元的负债在12个月内到期,4460万加元的负债在12个月后到期。作为抵消,它有3.593亿加元的现金和15.9亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和14.5亿元。

While this might seem like a lot, it is not so bad since Aerosun has a market capitalization of CN¥5.93b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, Aerosun also has more cash than debt, so we're pretty confident it can manage its debt safely.

虽然这看起来可能很多,但并不是很糟糕,因为Aerosun的市值为人民币59.3亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。虽然Aerosun确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。

Importantly, Aerosun grew its EBIT by 83% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Aerosun 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.

重要的是,Aerosun在过去12个月中息税前利润增长了83%,这一增长将使其更容易处理债务。毫无疑问,我们从资产负债表中了解到的债务最多。但你不能完全孤立地看待债务,因为俄罗斯航空需要盈利来偿还债务。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Aerosun 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. Over the last three years, Aerosun saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.

但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。虽然Aerosun的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,Aerosun的自由现金流总计为大幅负值。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。

Summing Up

总结

Although Aerosun's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥62.0m. And we liked the look of last year's 83% year-on-year EBIT growth. So we don't have any problem with Aerosun's use of debt. 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 - Aerosun has 1 warning sign we think you should be aware of.

尽管Aerosun的资产负债表不是特别强劲,但考虑到总负债,它的净现金为6200万元人民币,这显然是积极的。我们喜欢去年息税前利润同比增长83%的表现。因此,我们对Aerosun的债务使用没有任何问题。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如-Aerosun有1个警告标志我们认为你应该意识到。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。

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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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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。

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