Does Shenzhen Techwinsemi Technology (SZSE:001309) Have A Healthy Balance Sheet?
Does Shenzhen Techwinsemi Technology (SZSE:001309) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We note that Shenzhen Techwinsemi Technology Co., Ltd. (SZSE:001309) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们注意到,深圳德威半导体技术有限公司(深圳证券交易所:001309)的资产负债表上确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
When Is Debt Dangerous?
债务何时危险?
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. 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.
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。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。考虑公司的债务水平的第一步是同时考虑其现金和债务。
See our latest analysis for Shenzhen Techwinsemi Technology
查看我们对深圳德威半导体科技的最新分析
What Is Shenzhen Techwinsemi Technology's Net Debt?
深圳德威半导体科技的净负债是多少?
As you can see below, at the end of September 2023, Shenzhen Techwinsemi Technology had CN¥1.48b of debt, up from CN¥438.2m a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥246.5m, its net debt is less, at about CN¥1.24b.
如下所示,截至2023年9月底,深圳德威半导体科技的债务为14.8亿元人民币,高于去年同期的4.382亿元人民币。点击图片查看更多细节。但是,由于其现金储备为2.465亿元人民币,其净负债较少,约为12.4亿元人民币。
How Strong Is Shenzhen Techwinsemi Technology's Balance Sheet?
深圳德威半导体科技的资产负债表有多强?
According to the last reported balance sheet, Shenzhen Techwinsemi Technology had liabilities of CN¥1.72b due within 12 months, and liabilities of CN¥217.0m due beyond 12 months. Offsetting this, it had CN¥246.5m in cash and CN¥393.0m in receivables that were due within 12 months. So its liabilities total CN¥1.30b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,深圳德威半导体科技在12个月内到期的负债为17.2亿元人民币,12个月以后到期的负债为2.170亿元人民币。与此相抵消的是,它有2.465亿元的现金和3.930亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出13亿元人民币。
Since publicly traded Shenzhen Techwinsemi Technology shares are worth a total of CN¥7.87b, 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. 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 Shenzhen Techwinsemi Technology 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.
由于公开交易的深圳德威半导体科技股票总价值为78.7亿元人民币,因此这种负债水平似乎不太可能构成重大威胁。但是,有足够的负债,我们肯定会建议股东今后继续监督资产负债表。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务的未来盈利能力将决定深圳德威半导体科技能否随着时间的推移加强其资产负债表。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, Shenzhen Techwinsemi Technology reported revenue of CN¥1.3b, which is a gain of 12%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,深圳德威半导体科技公布的收入为13亿元人民币,增长了12%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
Caveat Emptor
Caveat Emptor
Importantly, Shenzhen Techwinsemi Technology had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥125m 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. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥1.1b of cash over the last year. So in short it's a really risky stock. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 2 warning signs with Shenzhen Techwinsemi Technology (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
重要的是,深圳德威半导体科技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1.25亿元人民币。考虑到这一点,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。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。但是,去年它消耗了11亿加元的现金,这无济于事。因此,简而言之,这是一只非常有风险的股票。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。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。我们已经发现深圳德威半导体科技有两个警告信号(至少有一个有点不愉快),了解它们应该是你投资过程的一部分。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
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。