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Vantone Neo Development Group (SHSE:600246) Is Carrying A Fair Bit Of Debt

Vantone Neo Development Group (SHSE:600246) Is Carrying A Fair Bit Of Debt

万通新开发集团(SHSE: 600246)背负了相当多的债务
Simply Wall St ·  05/03 15:42

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 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 Vantone Neo Development Group Co., Ltd. (SHSE:600246) makes use of debt. But is this debt a concern to shareholders?

大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。与许多其他公司一样,万通新开发集团有限公司(上海证券交易所代码:600246)也使用债务。但是这笔债务是股东关心的问题吗?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. 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,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。如果情况变得非常糟糕,贷款人可以控制业务。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的极好工具。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。

What Is Vantone Neo Development Group's Net Debt?

万通新开发集团的净负债是多少?

As you can see below, Vantone Neo Development Group had CN¥1.83b of debt at December 2023, down from CN¥1.97b a year prior. However, it also had CN¥1.45b in cash, and so its net debt is CN¥379.1m.

如下所示,截至2023年12月,万通新开发集团的债务为18.3亿元人民币,低于去年同期的19.7亿元人民币。但是,它也有14.5亿元的现金,因此其净负债为3.791亿元人民币。

debt-equity-history-analysis
SHSE:600246 Debt to Equity History May 3rd 2024
SHSE: 600246 2024 年 5 月 3 日债务与股权比率的历史记录

How Strong Is Vantone Neo Development Group's Balance Sheet?

万通新开发集团的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that Vantone Neo Development Group had liabilities of CN¥1.02b due within 12 months and liabilities of CN¥1.81b due beyond that. Offsetting this, it had CN¥1.45b in cash and CN¥648.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥729.4m.

放大最新的资产负债表数据,我们可以看到,Vantone Neo Development Group的负债为10.2亿元人民币,之后到期的负债为18.1亿元人民币。与此相抵消的是,它有14.5亿元的现金和6.487亿元人民币的应收账款将在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额7.294亿元人民币。

Given Vantone Neo Development Group has a market capitalization of CN¥14.0b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Vantone Neo Development Group's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

鉴于Vantone Neo开发集团的市值为140亿元人民币,很难相信这些负债会构成很大的威胁。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益将决定Vantone Neo Development Group未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Over 12 months, Vantone Neo Development Group reported revenue of CN¥487m, which is a gain of 15%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在过去的12个月中,Vantone Neo开发集团公布的收入为4.87亿元人民币,增长了15%,尽管它没有报告任何利息和税前收益。就我们的口味而言,这种增长速度有点慢,但要创造一个世界需要所有类型。

Caveat Emptor

Caveat Emptor

Importantly, Vantone Neo Development Group had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥133m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of CN¥390m into a profit. So we do think this stock is quite risky. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Vantone Neo Development Group's profit, revenue, and operating cashflow have changed over the last few years.

重要的是,Vantone Neo开发集团去年出现了息税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了1.33亿元人民币。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。坦率地说,我们认为资产负债表远非匹配,尽管可以随着时间的推移而改善。如果它将过去十二个月的3.9亿元亏损转化为利润,我们会感觉更好。因此,我们确实认为这只股票风险很大。当我们研究一家风险较高的公司时,我们喜欢检查他们的利润(或亏损)随着时间的推移而呈现的趋势。今天,我们向读者提供这张交互式图表,显示Vantone Neo Development Group的利润、收入和运营现金流在过去几年中发生了怎样的变化。

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.

毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。

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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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