Does Saurer Intelligent Technology (SHSE:600545) Have A Healthy Balance Sheet?
Does Saurer Intelligent Technology (SHSE:600545) 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.' 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. Importantly, Saurer Intelligent Technology Co. Ltd (SHSE:600545) does carry debt. But is this debt a concern to shareholders?
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。”当我们思考一家公司的风险有多大时,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。重要的是,卓郎智能科技股份有限公司有限公司(上海证券交易所股票代码:600545)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?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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,但如果企业无法还清贷方,那么债务就任其摆布。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。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。当然,许多公司使用债务为增长提供资金,而不会产生任何负面后果。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。
How Much Debt Does Saurer Intelligent Technology Carry?
卓郎智能科技背负了多少债务?
As you can see below, Saurer Intelligent Technology had CN¥2.36b of debt at September 2023, down from CN¥2.51b a year prior. On the flip side, it has CN¥603.8m in cash leading to net debt of about CN¥1.75b.
如下所示,截至2023年9月,卓郎智能科技的债务为23.6亿元人民币,低于去年同期的251亿元人民币。另一方面,它拥有6.038亿元的现金,净负债约为17.5亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240313/0-3aa80ee897c7693721036da8da3cac37-0-6263d98181ccd24b25525e5fe200b55e.png/big)
How Strong Is Saurer Intelligent Technology's Balance Sheet?
卓郎智能科技的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Saurer Intelligent Technology had liabilities of CN¥4.86b due within 12 months and liabilities of CN¥1.00b due beyond that. Offsetting these obligations, it had cash of CN¥603.8m as well as receivables valued at CN¥3.80b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.45b.
放大最新的资产负债表数据,我们可以看到,卓郎智能科技在12个月内到期的负债为48.6亿元人民币,之后到期的负债为1.00亿元人民币。除了这些债务外,它还有6.038亿元的现金以及价值38.0亿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14.5亿元人民币。
While this might seem like a lot, it is not so bad since Saurer Intelligent Technology has a market capitalization of CN¥4.17b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is Saurer Intelligent Technology'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.
尽管这可能看起来很多,但还不错,因为卓郎智能科技的市值为41.7亿元人民币,因此如果需要,它可能会通过筹集资金来强化资产负债表。但是,仍然值得仔细研究其偿还债务的能力。在分析债务水平时,资产负债表是显而易见的起点。但是,影响未来资产负债表状况的是卓郎智能科技的收益。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。
Over 12 months, Saurer Intelligent Technology reported revenue of CN¥5.8b, which is a gain of 49%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在过去的12个月中,卓郎智能科技公布的收入为58亿元人民币,增长了49%,尽管它没有报告任何利息和税前收益。股东们可能对它能够实现盈利抱有疑虑。
Caveat Emptor
Caveat Emptor
While we can certainly appreciate Saurer Intelligent Technology's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. Its EBIT loss was a whopping CN¥463m. 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. We would feel better if it turned its trailing twelve month loss of CN¥559m into a profit. So to be blunt we do think it is risky. 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. For example Saurer Intelligent Technology has 3 warning signs (and 2 which are a bit unpleasant) we think you should know about.
尽管我们当然可以理解卓郎智能科技的收入增长,但其息税前收益(EBIT)亏损并不理想。其息税前利润亏损高达4.63亿元人民币。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。如果它将过去十二个月的5.59亿元亏损转化为利润,我们会感觉更好。因此,坦率地说,我们确实认为这是有风险的。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。例如,卓郎智能科技有 3 个警告标志(以及 2 个有点不愉快),我们认为你应该知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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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。