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These 4 Measures Indicate That SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) Is Using Debt Reasonably Well

These 4 Measures Indicate That SINOMACH HEAVY EQUIPMENT GROUPLTD (SHSE:601399) Is Using Debt Reasonably Well

這四項衡量標準表明,國機重型設備集團有限公司(SHSE: 601399)合理地使用了債務
Simply Wall St ·  2023/11/23 10:47

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 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. Importantly, SINOMACH HEAVY EQUIPMENT GROUP CO.,LTD (SHSE:601399) does carry debt. But the real question is whether this debt is making the company risky.

有人說,作爲投資者,波動性而不是債務是考慮風險的最佳方式,但沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,聰明的貨幣似乎知道債務——通常與破產有關——是一個非常重要的因素。重要的是,國機重型裝備集團有限公司, LTD(SHSE: 601399)確實有債務。但真正的問題是這筆債務是否使公司面臨風險。

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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 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 examine debt levels, we first consider both cash and debt levels, together.

債務可以爲企業提供幫助,直到企業難以償還債務,無論是新資本還是自由現金流。資本主義的重要組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然很痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。

Check out our latest analysis for SINOMACH HEAVY EQUIPMENT GROUPLTD

查看我們對國機重型設備集團有限公司的最新分析

What Is SINOMACH HEAVY EQUIPMENT GROUPLTD's Net Debt?

國機重型設備集團有限公司的淨負債是多少?

The chart below, which you can click on for greater detail, shows that SINOMACH HEAVY EQUIPMENT GROUPLTD had CN¥3.50b in debt in September 2023; about the same as the year before. But it also has CN¥7.57b in cash to offset that, meaning it has CN¥4.07b net cash.

您可以點擊下圖了解更多詳細信息,該圖表顯示,國機重型設備集團在2023年9月有35億元人民幣的債務;與前一年大致相同。但它也有75.7億元人民幣的現金可以抵消這一點,這意味着它有40.7億元人民幣的淨現金。

debt-equity-history-analysis
SHSE:601399 Debt to Equity History November 23rd 2023
上海證券交易所:601399 債權與股權歷史記錄 2023 年 11 月 23 日

A Look At SINOMACH HEAVY EQUIPMENT GROUPLTD's Liabilities

看看國機重型裝備集團的負債

The latest balance sheet data shows that SINOMACH HEAVY EQUIPMENT GROUPLTD had liabilities of CN¥11.5b due within a year, and liabilities of CN¥3.40b falling due after that. Offsetting these obligations, it had cash of CN¥7.57b as well as receivables valued at CN¥7.65b due within 12 months. So it actually has CN¥337.4m more liquid assets than total liabilities.

最新的資產負債表數據顯示,國機重型設備集團在一年內到期的負債爲115億元人民幣,此後到期的負債爲34.0億元人民幣。爲了抵消這些債務,它有75.7億元人民幣的現金以及價值76.5億元人民幣的應收賬款,將在12個月內到期。所以它實際上有3.374億元人民幣 更多 流動資產超過總負債。

This state of affairs indicates that SINOMACH HEAVY EQUIPMENT GROUPLTD's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥21.4b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, SINOMACH HEAVY EQUIPMENT GROUPLTD boasts net cash, so it's fair to say it does not have a heavy debt load!

這種狀況表明,國機重型設備集團的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,儘管很難想象這家214億元人民幣的公司正在爲現金而苦苦掙扎,但我們仍然認爲值得監控其資產負債表。簡而言之,國機重型設備集團擁有淨現金,因此可以說它沒有沉重的債務負擔!

In fact SINOMACH HEAVY EQUIPMENT GROUPLTD's saving grace is its low debt levels, because its EBIT has tanked 73% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since SINOMACH HEAVY EQUIPMENT GROUPLTD 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.

實際上,國機重型設備集團有限公司的儲蓄空間是其低債務水平,因爲其息稅前利潤在過去十二個月中下降了73%。在還清債務方面,收入下降並不比含糖汽水對你的健康更有用。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。但是你不能完全孤立地看待債務;因爲國機重型設備集團需要收益來償還這筆債務。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. While SINOMACH HEAVY EQUIPMENT GROUPLTD 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. Happily for any shareholders, SINOMACH HEAVY EQUIPMENT GROUPLTD actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.

最後,企業需要自由現金流來償還債務;會計利潤根本無法削減債務。儘管國機重型設備集團的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。令任何股東感到高興的是,國機重型設備集團在過去三年中產生的自由現金流實際上超過了息稅前利潤。在保持貸款人的信任方面,沒有什麼比現金流入更好的了。

Summing Up

總結

While we empathize with investors who find debt concerning, you should keep in mind that SINOMACH HEAVY EQUIPMENT GROUPLTD has net cash of CN¥4.07b, as well as more liquid assets than liabilities. The cherry on top was that in converted 131% of that EBIT to free cash flow, bringing in CN¥315m. So we are not troubled with SINOMACH HEAVY EQUIPMENT GROUPLTD's debt use. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for SINOMACH HEAVY EQUIPMENT GROUPLTD you should be aware of.

儘管我們同情那些認爲債務相關的投資者,但您應該記住,國機重型設備集團的淨現金爲40.7億元人民幣,流動資產也多於負債。最重要的是,將息稅前利潤的131%轉換爲自由現金流,帶來了3.15億元人民幣。因此,我們對國機重型設備集團的債務使用並不感到困擾。在分析債務水平時,資產負債表顯然是起點。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。一個很好的例子:我們已經發現了國機重型設備集團的1個警告信號,你應該注意。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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