Is Shandong Xinchao Energy (SHSE:600777) Using Too Much Debt?
Is Shandong Xinchao Energy (SHSE:600777) Using Too Much Debt?
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.' 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 Shandong Xinchao Energy Corporation Limited (SHSE:600777) does use debt in its business. But the real question is whether this debt is making the company risky.
大衛·伊本說得好，他說：“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”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，山東新潮能源股份有限公司（SHSE: 600777）確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt A Problem?
債務何時會成爲問題？
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. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言，只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時，債務才會成爲真正的問題。如果情況變得非常糟糕，貸款人可以控制業務。但是，更常見（但仍然令人痛苦）的情況是，它必須以低廉的價格籌集新的股本，從而永久稀釋股東。當然，債務可以成爲企業的重要工具，尤其是資本密集型企業。在考慮企業使用多少債務時，要做的第一件事是同時考慮其現金和債務。
View our latest analysis for Shandong Xinchao Energy
查看我們對山東新潮能源的最新分析
How Much Debt Does Shandong Xinchao Energy Carry?
山東新潮能源揹負了多少債務？
The chart below, which you can click on for greater detail, shows that Shandong Xinchao Energy had CN¥8.27b in debt in September 2023; about the same as the year before. However, because it has a cash reserve of CN¥2.70b, its net debt is less, at about CN¥5.57b.
您可以點擊下圖查看更多詳情，該圖表顯示，山東新潮能源在2023年9月的債務爲82.7億元人民幣；與前一年大致相同。但是，由於其現金儲備爲27.0億元人民幣，其淨負債較少，約爲557億元人民幣。
How Strong Is Shandong Xinchao Energy's Balance Sheet?
山東新潮能源的資產負債表有多強？
According to the last reported balance sheet, Shandong Xinchao Energy had liabilities of CN¥3.15b due within 12 months, and liabilities of CN¥12.2b due beyond 12 months. On the other hand, it had cash of CN¥2.70b and CN¥1.78b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥10.9b.
根據上次報告的資產負債表，山東新潮能源的負債爲31.5億元人民幣，12個月後到期的負債爲122億元人民幣。另一方面，它有一年內到期的現金爲27.0億元人民幣，還有價值17.8億元人民幣的應收賬款。因此，其負債超過其現金和（短期）應收賬款總額109億元人民幣。
While this might seem like a lot, it is not so bad since Shandong Xinchao Energy has a market capitalization of CN¥19.7b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
儘管這可能看起來很多，但還不錯，因爲山東新潮能源的市值爲197億元人民幣，因此如果需要，它可能會通過籌集資金來加強資產負債表。但是，仍然值得仔細研究其償還債務的能力。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我們通過以下方法來衡量公司的債務負擔與其盈利能力的關係：其淨負債除以未計利息、稅項、折舊和攤銷前的收益（EBITDA），並計算其利息和稅前收益（EBIT）彌補利息支出（利息保障）的難易程度。這種方法的優勢在於，我們既考慮了債務的絕對數量（淨負債佔息稅折舊攤銷前利潤），也考慮了與該債務相關的實際利息支出（及其利息覆蓋率）。
Shandong Xinchao Energy has a low net debt to EBITDA ratio of only 0.82. And its EBIT easily covers its interest expense, being 25.0 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. On the other hand, Shandong Xinchao Energy saw its EBIT drop by 3.5% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Shandong Xinchao Energy 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.
山東新潮能源的淨負債與息稅折舊攤銷前利潤的比率很低，僅爲0.82。而且其息稅前利潤很容易彌補其利息支出，是其規模的25.0倍。因此，你可以爭辯說，它受到債務的威脅並不比大象受到老鼠的威脅更大。另一方面，山東新潮能源的息稅前利潤在過去十二個月中下降了3.5％。如果收益繼續以這種速度下降，公司管理債務負擔的難度可能會越來越大。在分析債務水平時，資產負債表是顯而易見的起點。但是你不能完全孤立地看待債務；因爲山東新潮能源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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent two years, Shandong Xinchao Energy recorded free cash flow worth 75% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後，企業需要自由現金流來償還債務；會計利潤根本無法減少債務。因此，值得檢查一下息稅前利潤中有多少是由自由現金流支持的。在最近兩年中，山東新潮能源記錄的自由現金流佔其息稅前利潤的75％，鑑於自由現金流不包括利息和稅收，這幾乎是正常的。這種冷硬現金意味着它可以在需要的時候減少債務。
Our View
我們的觀點
Happily, Shandong Xinchao Energy's impressive interest cover implies it has the upper hand on its debt. But, on a more sombre note, we are a little concerned by its level of total liabilities. Looking at all the aforementioned factors together, it strikes us that Shandong Xinchao Energy can handle its debt fairly comfortably. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. Over time, share prices tend to follow earnings per share, so if you're interested in Shandong Xinchao Energy, you may well want to click here to check an interactive graph of its earnings per share history.
令人高興的是，山東新潮能源令人印象深刻的利息保障意味着其債務佔上風。但是，更悲觀的是，我們對其總負債水平有點擔憂。綜合上述所有因素，令我們震驚的是，山東新潮能源能夠相當輕鬆地處理債務。從好的方面來看，這種槓桿作用可以提高股東的回報，但潛在的缺點是損失風險更大，因此值得關注資產負債表。隨着時間的推移，股價往往會跟隨每股收益，因此，如果你對山東新潮能源感興趣，你很可能想點擊這裏查看其每股收益歷史的互動圖表。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
畢竟，如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣，那麼請立即查看我們的淨現金增長股票清單。
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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提供基於歷史數據和分析師預測的評論，我們的文章並非旨在提供財務建議。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，我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。
譯文內容由第三人軟體翻譯。