Kinco Automation (Shanghai)Ltd (SHSE:688160) Has A Pretty Healthy Balance Sheet
Kinco Automation (Shanghai)Ltd (SHSE:688160) Has A Pretty Healthy Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that Kinco Automation (Shanghai) Co.,Ltd (SHSE:688160) does use debt in its business. But is this debt a concern to shareholders?
传奇基金经理李露(由查理·芒格支持)曾经说过:“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,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。我们可以看到金科自动化(上海)有限公司, Ltd(上海证券交易所股票代码:688160)确实在其业务中使用了债务。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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。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。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
How Much Debt Does Kinco Automation (Shanghai)Ltd Carry?
金科自动化(上海)有限公司背负了多少债务?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Kinco Automation (Shanghai)Ltd had CN¥40.0m of debt, an increase on none, over one year. However, it does have CN¥343.7m in cash offsetting this, leading to net cash of CN¥303.7m.
你可以点击下图查看历史数字,但它显示,截至2024年3月,Kinco Automation(上海)有限公司在一年内有4,00万元人民币的债务,比零有所增加。但是,它确实有3.437亿元的现金抵消了这一点,净现金为3.037亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240514/0-9e53ffc1ed55aa1316489f8fa8d67a6b-0-3aee20c21db9fb3c266e66e9f6a62139.png/big)
How Strong Is Kinco Automation (Shanghai)Ltd's Balance Sheet?
金科自动化(上海)有限公司的资产负债表有多强?
We can see from the most recent balance sheet that Kinco Automation (Shanghai)Ltd had liabilities of CN¥143.5m falling due within a year, and liabilities of CN¥22.5m due beyond that. Offsetting this, it had CN¥343.7m in cash and CN¥151.2m in receivables that were due within 12 months. So it can boast CN¥329.0m more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,Kinco Automation(上海)有限公司的负债为1.435亿元人民币,一年后到期的负债为2,250万元人民币。与此相抵消的是,它有3.437亿元的现金和1.512亿元人民币的应收账款将在12个月内到期。因此,它可以拥有比3.29亿元多出3.29亿元人民币的流动资产 总 负债。
This short term liquidity is a sign that Kinco Automation (Shanghai)Ltd could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Kinco Automation (Shanghai)Ltd has more cash than debt is arguably a good indication that it can manage its debt safely.
这种短期流动性表明,Kinco Automation(上海)有限公司可能会轻松还清债务,因为其资产负债表远未紧张。简而言之,Kinco Automation(上海)有限公司的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。
In fact Kinco Automation (Shanghai)Ltd's saving grace is its low debt levels, because its EBIT has tanked 46% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Kinco Automation (Shanghai)Ltd 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.
实际上,金科自动化(上海)有限公司的救命之处在于其低债务水平,因为其息税前利润在过去十二个月中下降了46%。当一家公司看到盈利下降时,它有时会发现与贷款机构的关系恶化。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;因为金科自动化(上海)有限公司需要收益来偿还债务。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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Kinco Automation (Shanghai)Ltd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, Kinco Automation (Shanghai)Ltd recorded free cash flow worth 66% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。Kinco Automation(上海)有限公司的资产负债表上可能有净现金,但看看该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在最近三年中,Kinco Automation(上海)有限公司录得的自由现金流占其息税前利润的66%,鉴于自由现金流不包括利息和税收,这几乎是正常的。这种自由现金流使公司处于有利地位,可以在适当的时候偿还债务。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Kinco Automation (Shanghai)Ltd has net cash of CN¥303.7m, as well as more liquid assets than liabilities. The cherry on top was that in converted 66% of that EBIT to free cash flow, bringing in CN¥36m. So we don't have any problem with Kinco Automation (Shanghai)Ltd's use of debt. 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 3 warning signs with Kinco Automation (Shanghai)Ltd (at least 1 which shouldn't be ignored) , and understanding them should be part of your investment process.
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,Kinco Automation(上海)有限公司的净现金为3.037亿元人民币,流动资产也多于负债。最重要的是,它将息税前利润的66%转换为自由现金流,带来了3600万元人民币的收入。因此,我们对Kinco Automation(上海)有限公司的债务使用没有任何问题。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。我们已经向Kinco Automation(上海)有限公司确定了3个警告信号(至少有1个不容忽视),了解它们应该是您投资过程的一部分。
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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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。