Does Shanghai Bright Power Semiconductor (SHSE:688368) Have A Healthy Balance Sheet?
Does Shanghai Bright Power Semiconductor (SHSE:688368) Have A Healthy Balance Sheet?
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.' 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, Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) does carry debt. But the more important question is: how much risk is that debt creating?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”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。重要的是,上海光明功率半导体有限公司(SHSE: 688368)确实有债务。但更重要的问题是:债务创造了多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at 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。在最坏的情况下,如果一家公司无法偿还债权人,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。话虽如此,最常见的情况是公司合理地管理其债务,而且对自己有利。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
What Is Shanghai Bright Power Semiconductor's Net Debt?
上海光明功率半导体的净负债是多少?
As you can see below, Shanghai Bright Power Semiconductor had CN¥515.3m of debt at September 2023, down from CN¥593.3m a year prior. However, because it has a cash reserve of CN¥331.2m, its net debt is less, at about CN¥184.1m.
如下所示,截至2023年9月,上海光明功率半导体的债务为5.153亿元人民币,低于去年同期的5.933亿元人民币。但是,由于其现金储备为3.312亿元人民币,其净负债较少,约为1.841亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240305/0-cfeb99788496e5cb39ff1f1b95cbf2ae-0-18829f6d1e3154e142665547e5c25895.png/big)
How Strong Is Shanghai Bright Power Semiconductor's Balance Sheet?
上海光明功率半导体的资产负债表有多强?
We can see from the most recent balance sheet that Shanghai Bright Power Semiconductor had liabilities of CN¥690.8m falling due within a year, and liabilities of CN¥221.0m due beyond that. Offsetting these obligations, it had cash of CN¥331.2m as well as receivables valued at CN¥311.8m due within 12 months. So its liabilities total CN¥268.8m more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,上海光明功率半导体的负债为6.908亿元人民币,一年后到期的负债为2.210亿元人民币。除了这些债务外,它还有3.312亿元的现金以及价值3.118亿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2.688亿元人民币。
Since publicly traded Shanghai Bright Power Semiconductor shares are worth a total of CN¥5.21b, 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. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Shanghai Bright Power Semiconductor's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
由于上海光明半导体公开交易的股票总价值为521亿元人民币,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。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益将决定上海光明功率半导体未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
In the last year Shanghai Bright Power Semiconductor wasn't profitable at an EBIT level, but managed to grow its revenue by 21%, to CN¥1.3b. With any luck the company will be able to grow its way to profitability.
去年,上海光明半导体在息税前利润水平上没有盈利,但其收入增长了21%,达到13亿元人民币。运气好的话,该公司将能够实现盈利。
Caveat Emptor
Caveat Emptor
Even though Shanghai Bright Power Semiconductor managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at CN¥67m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥89m. So we do think this stock is quite risky. 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 1 warning sign for Shanghai Bright Power Semiconductor you should be aware of.
尽管上海光明半导体成功地实现了收入增长,但冷酷的事实是,它在息税前利润线上亏损。具体而言,息税前利润亏损为6700万元人民币。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。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。例如,我们不希望看到去年8900万元人民币的亏损重演。因此,我们确实认为这只股票风险很大。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。一个很好的例子:我们发现了你应该注意的上海光明功率半导体的一个警告信号。
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。
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