These 4 Measures Indicate That Shenzhen Mason TechnologiesLtd (SZSE:002654) Is Using Debt Extensively
These 4 Measures Indicate That Shenzhen Mason TechnologiesLtd (SZSE:002654) Is Using Debt Extensively
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. We can see that Shenzhen Mason Technologies Co.,Ltd (SZSE:002654) does use debt in its business. But is this debt a concern to shareholders?
巴菲特旗下的外部基金经理、李录,毫不掩饰地说:“最大的投资风险不是价格波动,而是是否会遭受永久性资本损失。” 看来聪明的钱知道,破产通常涉及到债务,这是评估一家公司风险的重要因素。我们可以看到,深圳市万润科技股份有限公司(深圳证券交易所:002654)的业务确实使用了债务,但这些债务是否令股东担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
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.
一般来说,当一家公司无法通过筹资或现金流轻松偿还债务时,债务才会成为真正的问题。在最糟糕的情况下,如果一家公司无法偿还其债权人,它可能会破产。然而,一个更频繁(但仍然代价高昂)的情况是,一家公司必须以低于市场价的价格发行股票,永久性地稀释股东的权益,以改善其资产负债表。虽然如此,最常见的情况是,一家公司合理地管理其债务 - 并且以自己的利益。当我们考虑一家公司的债务使用情况时,我们首先看现金和债务。
What Is Shenzhen Mason TechnologiesLtd's Net Debt?
深圳市万润科技股份有限公司的净债务是多少?
The chart below, which you can click on for greater detail, shows that Shenzhen Mason TechnologiesLtd had CN¥702.0m in debt in March 2024; about the same as the year before. However, because it has a cash reserve of CN¥332.3m, its net debt is less, at about CN¥369.7m.
下面的图表,可以单击以获取更详细的信息,显示深圳市万润科技股份有限公司截至2024年3月的债务为70200万人民币,与前年基本持平。但由于其有33230万人民币的现金储备,因此其净债务较少,约为36970万人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240525/0-10c6f477926598507124f68437b9aea9-0-d1d777674892fd334641e14e4f47fc2a.png/big)
A Look At Shenzhen Mason TechnologiesLtd's Liabilities
深圳市万润科技股份有限公司的负债情况。
We can see from the most recent balance sheet that Shenzhen Mason TechnologiesLtd had liabilities of CN¥2.06b falling due within a year, and liabilities of CN¥587.7m due beyond that. Offsetting this, it had CN¥332.3m in cash and CN¥1.69b in receivables that were due within 12 months. So it has liabilities totalling CN¥622.6m more than its cash and near-term receivables, combined.
我们可以从最近的资产负债表中看到,深圳市万润科技股份有限公司的负债中,有20.6亿元人民币的到期期限在一年内,而超过一年的负债为58770万人民币。与此相抵消的是,它有33230万人民币的现金和16.9亿元的应收账款,这些应收账款在12个月内到期。因此,它的负债总计比其现金和短期应收帐款多62260万人民币。
Since publicly traded Shenzhen Mason TechnologiesLtd shares are worth a total of CN¥7.56b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
因为深圳市万润科技股份有限公司上市的股票总值达到75.6亿元人民币,所以这种程度的负债似乎不会构成主要威胁。尽管如此,很明显我们应该继续监控其资产负债表,以防其恶化。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了比较一个公司的债务与其收益的关系,我们计算其净债务除以利息、税、折旧和摊销前的收益和利息前的收益(其利息覆盖率)。因此,我们考虑了债务的绝对数量以及支付的利率。
Shenzhen Mason TechnologiesLtd's debt is 4.2 times its EBITDA, and its EBIT cover its interest expense 2.5 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. One redeeming factor for Shenzhen Mason TechnologiesLtd is that it turned last year's EBIT loss into a gain of CN¥8.2m, over the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Shenzhen Mason TechnologiesLtd'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.
深圳市万润科技股份有限公司的债务是其息税折旧摊销前利润的4.2倍,其息税前利润覆盖了2.5倍的利息支出。这表明,虽然负债水平相当高,但我们不会过多地称之为问题。深圳市万润科技股份有限公司的一个可赎回因素是,它将去年的息税折旧摊销前亏损转为了去年的820万元人民币的盈利。资产负债表显然是分析债务的重点。但深圳市万润科技股份有限公司的收益将影响资产负债表在未来的变化。因此,如果您急于了解更多有关其收益的信息,那么查看其长期收益趋势的图表可能会很值得一看。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. During the last year, Shenzhen Mason TechnologiesLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
但我们最后的考虑也很重要,因为一家公司无法用纸质利润支付债务;它需要冷硬的现金。因此,重要的是要检查其息税前利润(EBIT)中有多少转化为实际的自由现金流。在过去的一年中,深圳市万润科技股份有限公司烧掉了大量的现金。尽管这可能是为了增长而支出,但这使得债务变得更加风险。
Our View
我们的观点
Mulling over Shenzhen Mason TechnologiesLtd's attempt at converting EBIT to free cash flow, we're certainly not enthusiastic. But on the bright side, its level of total liabilities is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Shenzhen Mason TechnologiesLtd stock a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Shenzhen Mason TechnologiesLtd that you should be aware of before investing here.
考虑到深圳市万润科技股份有限公司的尝试将息税折旧摊销前利润转化为自由现金流,我们并不热衷。但好的一面是,其总负债水平是一个好的信号,并使我们更加乐观。综合考虑资产负债表和所有这些因素,我们认为债务正在使深圳市万润科技股份有限公司的股票有点风险。一些人喜欢这种风险,但我们意识到潜在的陷阱,所以我们可能更愿意少承担一些债务。在分析债务水平时,资产负债表显然是一个明显的起点。然而,并非所有的投资风险都存在于资产负债表中——相反,投资风险有很大一部分并没有反映在资产负债表中。例如,我们已经发现深圳市万润科技股份有限公司的1个警告标志,您在此进行投资之前应该了解。
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,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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