Does Farasis Energy (Gan Zhou) (SHSE:688567) Have A Healthy Balance Sheet?
Does Farasis Energy (Gan Zhou) (SHSE:688567) Have A Healthy Balance Sheet?
Warren Buffett famously said, '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. Importantly, Farasis Energy (Gan Zhou) Co., Ltd. (SHSE:688567) does carry debt. But the more important question is: how much risk is that debt creating?
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，很明顯，當你考慮任何給定股票的風險時，你需要考慮債務，因爲過多的債務會使公司陷入困境。重要的是，孚能源（贛州）有限公司（上海證券交易所股票代碼：688567）確實有債務。但更重要的問題是：這筆債務會帶來多大的風險？
When Is Debt Dangerous?
債務何時危險？
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時，債務和其他負債就會成爲風險。最終，如果公司無法履行償還債務的法律義務，股東可能會一無所獲。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。考慮公司的債務水平的第一步是同時考慮其現金和債務。
How Much Debt Does Farasis Energy (Gan Zhou) Carry?
Farasis Energy（Gan Zhou）揹負了多少債務？
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Farasis Energy (Gan Zhou) had CN¥6.54b of debt, an increase on CN¥4.85b, over one year. However, its balance sheet shows it holds CN¥10.9b in cash, so it actually has CN¥4.34b net cash.
你可以點擊下圖查看歷史數字，但它顯示，截至2023年9月，孚能源（贛州）在一年內有65.4億元人民幣的債務，比4.85億元人民幣的債務有所增加。但是，其資產負債表顯示其持有109億元人民幣的現金，因此實際上擁有43.4億元人民幣的淨現金。
How Strong Is Farasis Energy (Gan Zhou)'s Balance Sheet?
Farasis Energy（Gan Zhou）的資產負債表有多強？
Zooming in on the latest balance sheet data, we can see that Farasis Energy (Gan Zhou) had liabilities of CN¥14.9b due within 12 months and liabilities of CN¥4.39b due beyond that. Offsetting these obligations, it had cash of CN¥10.9b as well as receivables valued at CN¥3.22b due within 12 months. So its liabilities total CN¥5.16b more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據，我們可以看到，孚能源（贛州）在12個月內到期的負債爲149億元人民幣，之後到期的負債爲43.9億元人民幣。除了這些債務外，它還有109億元人民幣的現金以及價值32.2億元人民幣的應收賬款將在12個月內到期。因此，其負債總額比其現金和短期應收賬款的總額高出51.6億元人民幣。
Farasis Energy (Gan Zhou) has a market capitalization of CN¥15.0b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. Despite its noteworthy liabilities, Farasis Energy (Gan Zhou) boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Farasis Energy (Gan Zhou)'s ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Farasis Energy（Gan Zhou）的市值爲150億元人民幣，因此，如果需要，它很可能會籌集資金以改善其資產負債表。但是，我們絕對希望留意其債務帶來過大風險的跡象。儘管負債引人注目，但Farasis Energy（Gan Zhou）擁有淨現金，因此可以公平地說，它沒有沉重的債務負擔！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，未來的收益將決定Farasis Energy（Gan Zhou）未來維持健康資產負債表的能力。因此，如果您專注於未來，可以查看這份顯示分析師利潤預測的免費報告。
In the last year Farasis Energy (Gan Zhou) wasn't profitable at an EBIT level, but managed to grow its revenue by 42%, to CN¥16b. Shareholders probably have their fingers crossed that it can grow its way to profits.
去年，Farasis Energy（贛州）的息稅前利潤水平沒有盈利，但其收入增長了42％，達到160億元人民幣。股東們可能對它能夠實現盈利抱有疑慮。
So How Risky Is Farasis Energy (Gan Zhou)?
那麼 Farasis Energy（Gan Zhou）的風險有多大？
Statistically speaking companies that lose money are riskier than those that make money. And in the last year Farasis Energy (Gan Zhou) had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through CN¥2.6b of cash and made a loss of CN¥1.8b. But the saving grace is the CN¥4.34b on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Farasis Energy (Gan Zhou)'s revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. For riskier companies like Farasis Energy (Gan Zhou) I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
從統計學上講，虧損的公司比賺錢的公司風險更大。說實話，在過去的一年中，孚能源（Gan Zhou）出現了息稅前收益（EBIT）虧損。事實上，在那段時間裏，它消耗了26億加元的現金，損失了18億元人民幣。但儲蓄之處是資產負債表上的434億元人民幣。這意味着，按照目前的速度，公司可以將增長支出保持至少兩年。Farasis Energy（Gan Zhou）的收入在去年增長光明，因此它很可能有能力在適當的時候實現盈利。通過在這些利潤之前進行投資，股東會承擔更大的風險，希望獲得更大的回報。對於像Farasis Energy（Gan Zhou）這樣風險較高的公司，我總是喜歡關注長期的利潤和收入趨勢。幸運的是，您可以點擊查看我們的利潤、收入和運營現金流的交互式圖表。
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.
當一切都說完之後，有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100％免費訪問淨負債爲零的成長型股票清單。
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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。
譯文內容由第三人軟體翻譯。