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Here's Why Guangzhou Guanggang Gases & EnergyLtd (SHSE:688548) Has A Meaningful Debt Burden

Here's Why Guangzhou Guanggang Gases & EnergyLtd (SHSE:688548) Has A Meaningful Debt Burden

以下是廣州廣鋼氣體能源有限公司(SHSE: 688548)債務負擔沉重的原因
Simply Wall St ·  05/06 08:48

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Guangzhou Guanggang Gases & Energy Co.,Ltd. (SHSE:688548) makes use of debt. But the more important question is: how much risk is that debt creating?

由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。與許多其他公司一樣,廣州廣鋼氣體與能源有限公司, Ltd.(上海證券交易所股票代碼:688548)使用債務。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 is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業發展的工具,但如果企業無法還清貸款人,那麼債務就任由他們擺佈。在最壞的情況下,如果一家公司無法向債權人付款,它可能會破產。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。

How Much Debt Does Guangzhou Guanggang Gases & EnergyLtd Carry?

廣州廣鋼氣體能源有限公司揹負了多少債務?

You can click the graphic below for the historical numbers, but it shows that Guangzhou Guanggang Gases & EnergyLtd had CN¥764.7m of debt in March 2024, down from CN¥809.1m, one year before. However, it does have CN¥472.0m in cash offsetting this, leading to net debt of about CN¥292.6m.

你可以點擊下圖查看歷史數字,但它顯示廣州廣鋼氣體與能源有限公司在2024年3月的債務爲7.647億元人民幣,低於一年前的8.091億加元。但是,它確實有4.72億元的現金抵消了這一點,淨負債約爲2.926億元人民幣。

debt-equity-history-analysis
SHSE:688548 Debt to Equity History May 6th 2024
SHSE: 688548 2024 年 5 月 6 日債務與股權比率的歷史記錄

How Healthy Is Guangzhou Guanggang Gases & EnergyLtd's Balance Sheet?

廣州廣鋼氣體能源有限公司的資產負債表有多健康?

The latest balance sheet data shows that Guangzhou Guanggang Gases & EnergyLtd had liabilities of CN¥873.4m due within a year, and liabilities of CN¥723.4m falling due after that. On the other hand, it had cash of CN¥472.0m and CN¥415.4m worth of receivables due within a year. So it has liabilities totalling CN¥709.4m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,廣州廣鋼氣體與能源有限公司的負債爲8.734億元人民幣,之後到期的負債爲7.234億元人民幣。另一方面,它有一年內到期的現金爲4.72億元人民幣,還有價值4.154億元人民幣的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出7.094億元人民幣。

Since publicly traded Guangzhou Guanggang Gases & EnergyLtd shares are worth a total of CN¥13.4b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.

由於公開交易的廣州廣鋼氣體能源有限公司股票總價值爲134億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。

Guangzhou Guanggang Gases & EnergyLtd has a low debt to EBITDA ratio of only 0.57. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. The modesty of its debt load may become crucial for Guangzhou Guanggang Gases & EnergyLtd if management cannot prevent a repeat of the 20% cut to EBIT over the last year. 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 ultimately the future profitability of the business will decide if Guangzhou Guanggang Gases & EnergyLtd can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

廣州廣鋼氣體能源有限公司的債務與息稅折舊攤銷前利潤的比率僅爲0.57。值得注意的是,儘管有淨負債,但它在過去十二個月中獲得的利息實際上超過了必須支付的利息。因此,毫無疑問,這家公司可以承擔債務,同時保持冷靜。如果管理層無法阻止去年再次削減20%的息稅前利潤,那麼其適度的債務負擔對廣州廣鋼氣體能源有限公司來說可能變得至關重要。在還清債務方面,收入下降對健康的作用並不比含糖的蘇打水更有用。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。但最終,該業務未來的盈利能力將決定廣州廣鋼氣體與能源有限公司能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Guangzhou Guanggang Gases & EnergyLtd saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。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。在過去的三年中,廣州廣鋼氣體與能源有限公司的自由現金流總額爲負數。儘管投資者無疑預計這種情況將在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。

Our View

我們的觀點

Neither Guangzhou Guanggang Gases & EnergyLtd's ability to grow its EBIT nor its conversion of EBIT to free cash flow gave us confidence in its ability to take on more debt. But its interest cover tells a very different story, and suggests some resilience. Taking the abovementioned factors together we do think Guangzhou Guanggang Gases & EnergyLtd's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Guangzhou Guanggang Gases & EnergyLtd you should be aware of, and 1 of them is significant.

無論是廣州廣鋼氣體能源有限公司增長息稅前利潤的能力還是將息稅前利潤轉換爲自由現金流的能力都沒有使我們對它承擔更多債務的能力充滿信心。但是它的興趣封面講述了一個截然不同的故事,也表明了一定的韌性。綜合上述因素,我們確實認爲廣州廣鋼氣體能源有限公司的債務對業務構成了一些風險。因此,儘管這種槓桿率確實提高了股本回報率,但我們真的不希望看到它從現在開始增加。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們發現了你應該注意的廣州廣鋼氣體能源有限公司的兩個警告信號,其中一個信號很重要。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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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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