Is Sensteed Hi-Tech Group (SZSE:000981) Using Too Much Debt?
Is Sensteed Hi-Tech Group (SZSE:000981) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Sensteed Hi-Tech Group (SZSE:000981) does have debt on its balance sheet. 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。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们注意到,Sensteed Hi-Tech集团(深圳证券交易所代码:000981)的资产负债表上确实有债务。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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. When we examine debt levels, we first consider both cash and debt levels, 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。资本主义的组成部分是 “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。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
What Is Sensteed Hi-Tech Group's Net Debt?
Sensteed Hi-Tech Group 的净负债是多少?
As you can see below, Sensteed Hi-Tech Group had CN¥5.93b of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it does have CN¥730.8m in cash offsetting this, leading to net debt of about CN¥5.20b.
如下所示,截至2023年9月,Sensteed高科技集团的债务为59.3亿元人民币,与前一年大致相同。您可以单击图表以获取更多详细信息。但是,它确实有7.308亿加元的现金抵消了这一点,净负债约为52.0亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240206/0-abf50b891fba87afd6758c73fa4821b9-0-ff05b881f279ab769263b4d532191d27.png/big)
How Strong Is Sensteed Hi-Tech Group's Balance Sheet?
Sensteed高科技集团的资产负债表有多强?
According to the last reported balance sheet, Sensteed Hi-Tech Group had liabilities of CN¥10.9b due within 12 months, and liabilities of CN¥2.71b due beyond 12 months. Offsetting these obligations, it had cash of CN¥730.8m as well as receivables valued at CN¥1.58b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥11.3b.
根据上次报告的资产负债表,Sensteed Hi-Tech集团的负债为109亿元人民币,12个月后到期的负债为27.1亿元人民币。除了这些债务外,它有7.308亿元的现金以及价值15.8亿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113亿元人民币。
This deficit is considerable relative to its market capitalization of CN¥11.6b, so it does suggest shareholders should keep an eye on Sensteed Hi-Tech Group's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. There's no doubt that we learn most about debt from the balance sheet. But it is Sensteed Hi-Tech Group's earnings that will influence how the balance sheet holds up in the future. 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.
相对于其116亿元人民币的市值,这一赤字相当可观,因此这确实表明股东应密切关注Sensteed Hi-Tech集团对债务的使用。这表明,如果公司需要迅速支撑资产负债表,股东将被严重稀释。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,影响未来资产负债表状况的是Sensteed Hi-Tech集团的收益。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
In the last year Sensteed Hi-Tech Group wasn't profitable at an EBIT level, but managed to grow its revenue by 40%, to CN¥5.2b. With any luck the company will be able to grow its way to profitability.
去年,Sensteed高科技集团在息税前利润水平上没有盈利,但成功将其收入增长了40%,达到52亿元人民币。运气好的话,该公司将能够实现盈利。
Caveat Emptor
Caveat Emptor
Despite the top line growth, Sensteed Hi-Tech Group still had an earnings before interest and tax (EBIT) loss over the last year. Its EBIT loss was a whopping CN¥1.5b. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled CN¥1.3b in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 1 warning sign with Sensteed Hi-Tech Group , and understanding them should be part of your investment process.
尽管收入有所增长,但Sensteed Hi-Tech集团去年仍出现利息和税前收益(EBIT)亏损。其息税前利润亏损高达15亿元人民币。当我们审视这一点并回顾其资产负债表上相对于现金的负债时,对我们来说,公司有任何债务似乎是不明智的。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。另一个需要谨慎的原因是,在过去的十二个月中,自由现金流为负13亿元人民币。因此,只要说我们认为这只股票风险很高就足够了。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。我们已经向Sensteed Hi-Tech集团确定了一个警告信号,我们知道它们应该是您投资过程的一部分。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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。