Is Shenzhen Feima International Supply Chain (SZSE:002210) A Risky Investment?
Is Shenzhen Feima International Supply Chain (SZSE:002210) A Risky Investment?
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, Shenzhen Feima International Supply Chain Co., Ltd. (SZSE:002210) does carry debt. But is this debt a concern to shareholders?
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。重要的是, 深圳飞马国际供应链有限公司 (SZSE: 002210) 确实有债务。但是,这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款人的债务,那么债务就会任由他们摆布。资本主义的重要组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。尽管这种情况并不常见,但我们经常看到负债累累的公司会永久稀释股东,因为贷款机构迫使他们以不利的价格筹集资金。当然,债务的好处在于,它通常代表廉价资本,尤其是当它取代一家有能力以高回报率进行再投资的公司的稀释时。考虑公司债务水平的第一步是将其现金和债务一起考虑。
View our latest analysis for Shenzhen Feima International Supply Chain
查看我们对深圳飞马国际供应链的最新分析
What Is Shenzhen Feima International Supply Chain's Net Debt?
深圳飞马国际供应链的净负债是多少?
The image below, which you can click on for greater detail, shows that Shenzhen Feima International Supply Chain had debt of CN¥241.7m at the end of March 2023, a reduction from CN¥362.5m over a year. However, because it has a cash reserve of CN¥110.8m, its net debt is less, at about CN¥130.8m.
下图显示深圳飞马国际供应链截至2023年3月底的债务为2.417亿元人民币,低于同比的3.625亿元人民币,您可以点击下图了解更多详情。但是,由于其现金储备为1.108亿元人民币,因此其净负债较少,约为1.308亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/pic/0-609a44826c0c2b05b0d3345661c8d3c1-0-bf97bb267d8946ea6aae0e58412eed44.png/big)
How Strong Is Shenzhen Feima International Supply Chain's Balance Sheet?
深圳飞马国际供应链的资产负债表有多强?
We can see from the most recent balance sheet that Shenzhen Feima International Supply Chain had liabilities of CN¥662.6m falling due within a year, and liabilities of CN¥337.9m due beyond that. Offsetting this, it had CN¥110.8m in cash and CN¥214.8m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥674.9m.
从最新的资产负债表中我们可以看出,深圳飞马国际供应链在一年内到期的负债为6.626亿元人民币,此后到期的负债为3.379亿元人民币。抵消这一点的是,它有1.108亿元人民币的现金和2.148亿元的应收账款,这些应收账款将在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6.749亿人民币。
Since publicly traded Shenzhen Feima International Supply Chain shares are worth a total of CN¥5.00b, 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.
由于上市的深圳飞马国际供应链股票的总价值为5.00亿人民币,因此这种负债水平似乎不太可能成为重大威胁。但是,我们当然会建议股东在未来继续监控资产负债表,有足够的负债。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its 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).
为了扩大公司相对于收益的负债规模,我们计算其净负债除以利息、税项、折旧和摊销前的收益(EBITDA),将其利息和税前收益(EBIT)除以利息支出(利息保障)。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。
Shenzhen Feima International Supply Chain has a debt to EBITDA ratio of 2.7, which signals significant debt, but is still pretty reasonable for most types of business. However, its interest coverage of 1k is very high, suggesting that the interest expense on the debt is currently quite low. Pleasingly, Shenzhen Feima International Supply Chain is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 151% gain in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Shenzhen Feima International Supply Chain 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.
深圳飞马国际供应链的债务与息税折旧摊销前利润的比率为2.7,这表明债务巨大,但对于大多数类型的业务来说仍然相当合理。但是,其1k的利息覆盖率非常高,这表明债务的利息支出目前相当低。令人高兴的是,深圳飞马国际供应链的息税前利润增长速度快于澳大利亚前总理鲍勃·霍克(Bob Hawke),在过去十二个月中增长了151%。在分析债务水平时,资产负债表是显而易见的起点。但是你不能完全孤立地看待债务;因为深圳飞马国际供应链需要收益来偿还这笔债务。因此,如果你想进一步了解其收益,可能值得看看这张关于其长期收益趋势的图表。
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. During the last two years, Shenzhen Feima International Supply Chain burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后,企业需要自由现金流来偿还债务;会计利润根本无法削减债务。因此,值得一看的是,息税前利润中有多少是由自由现金流支持的。在过去的两年中,深圳飞马国际供应链消耗了大量现金。尽管这可能是增长支出的结果,但它确实使债务风险大得多。
Our View
我们的观点
Based on what we've seen Shenzhen Feima International Supply Chain is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. When we consider all the elements mentioned above, it seems to us that Shenzhen Feima International Supply Chain is managing its debt quite well. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 2 warning signs we've spotted with Shenzhen Feima International Supply Chain .
根据我们所看到的情况,鉴于深圳飞马国际供应链将息税前利润转换为自由现金流,这并不容易,但是我们考虑的其他因素使我们有理由感到乐观。毫无疑问,它用息税前利润支付利息支出的能力简直是昙花一现。当我们考虑上述所有要素时,在我们看来,深圳飞马国际供应链的债务管理得很好。但要谨慎一点:我们认为债务水平足够高,足以证明持续监测是合理的。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中,远非如此。为此,你应该意识到 2 个警告标志 我们发现了深圳飞马国际供应链。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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