These 4 Measures Indicate That Tianrun Industry Technology (SZSE:002283) Is Using Debt Safely
These 4 Measures Indicate That Tianrun Industry Technology (SZSE:002283) Is Using Debt Safely
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Tianrun Industry Technology Co., Ltd. (SZSE:002283) makes use of debt. But the real question is whether this debt is making the company risky.
沃伦•巴菲特曾经说过:“波动性与风险远非同义词。” 看起来,聪明人知道,破产通常涉及债务,这是评估公司风险的非常重要的因素之一。和许多其他公司一样,天润工业科技股份有限公司(深圳证券交易所:002283)利用债务。但真正的问题是,这些债务是否造成了公司的风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
债务和其他负债对企业来说会带来风险,因为企业不容易用自由现金流或以合理价格筹集资金来履行这些义务。最终,如果公司无法履行偿还债务的法律义务,股东可能会失去资金。尽管这种情况并不常见,但我们经常看到负债累累的公司因贷方强迫它们以低于市值的价格筹集资金而导致股东永久性稀释。当然,债务可能是企业的重要工具,特别是在资本密集型企业中。当我们考虑公司使用债务的情况时,首先考虑现金和债务的总和。
How Much Debt Does Tianrun Industry Technology Carry?
天润工业科技股份有限公司负债情况如何?
As you can see below, Tianrun Industry Technology had CN¥343.1m of debt at March 2024, down from CN¥757.2m a year prior. However, its balance sheet shows it holds CN¥1.16b in cash, so it actually has CN¥812.9m net cash.
如下所示,截至2024年3月,天润工业科技股份有限公司负债为3,431万元人民币,较去年同期的7,572万元人民币下降。 然而,其资产负债表显示,公司持有11.6亿元人民币的现金,因此实际上拥有81,290万元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-480bf7e3f3db043c24803eff26373242-0-4a9498822a3747de871905adffbb905f.png/big)
How Strong Is Tianrun Industry Technology's Balance Sheet?
天润工业科技股份有限公司的资产负债表体量如何?
According to the last reported balance sheet, Tianrun Industry Technology had liabilities of CN¥2.21b due within 12 months, and liabilities of CN¥167.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.16b as well as receivables valued at CN¥2.15b due within 12 months. So it actually has CN¥922.8m more liquid assets than total liabilities.
根据最近披露的资产负债表,天润工业科技股份有限公司的短期负债为22.1亿元人民币,长期负债为1,676万元人民币。 抵消这些债务的是,公司持有11.6亿元人民币的现金,以及价值21.5亿元人民币的应收账款。实际上,它拥有92,280万元人民币的资金。比总负债还多出了更多的流动资产。
This excess liquidity suggests that Tianrun Industry Technology is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Tianrun Industry Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
这种过剩的流动性表明天润工业科技股份有限公司在对待债务方面采取了谨慎的态度。 鉴于其拥有充足的短期流动性,我们认为它不会在偿付债权人方面遇到任何问题。 简而言之,天润工业科技股份有限公司拥有的现金比债务多,这可能是其能够安全地管理债务的良好迹象。
In addition to that, we're happy to report that Tianrun Industry Technology has boosted its EBIT by 79%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Tianrun Industry Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
除此之外,我们很高兴地报告,天润工业科技股份有限公司的EBIt增长了79%,从而减少了未来债务偿还的困扰。分析债务水平时,资产负债表是显然的起点。但是,最终的收益,而不是任何其他因素,将决定天润工业科技股份有限公司在未来维持健康资产负债表的能力。因此,如果您想了解专业人士的意见,您可能会发现分析师盈利预测的这份免费报告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Tianrun Industry Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Tianrun Industry Technology actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最后,公司只能用冷硬的现金而不是会计利润偿还债务。 尽管天润工业科技股份有限公司在资产负债表上有净现金,但值得关注的是,公司将利润之前的利润和税前利润(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度。 在过去的三年中,天润工业科技股份有限公司实际上产生的自由现金流比EBIt还要多。 这种强大的现金转换为我们提供了和 Daft Punk演唱会上的人群一样的兴奋感。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Tianrun Industry Technology has net cash of CN¥812.9m, as well as more liquid assets than liabilities. The cherry on top was that in converted 106% of that EBIT to free cash flow, bringing in CN¥614m. The bottom line is that we do not find Tianrun Industry Technology's debt levels at all concerning. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Tianrun Industry Technology you should know about.
尽管我们理解认为债务令人担忧的投资者的想法,但您应该记住,天润工业科技股份有限公司的净现金为812.9万元人民币,而且其流动资产比负债还多。最后的锦上添花是,它将EBIt的106%转换为自由现金流,创收6140万元人民币。总之,我们并不认为天润工业科技股份有限公司的债务水平有任何问题。明显,当您分析债务时,资产负债表是需要重点关注的区域。然而,并不是所有的投资风险都存在于资产负债表中。这些风险很难被发现。每个公司都有它们,我们已经发现了一项针对天润工业科技股份有限公司的1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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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