Ningbo Sanxing Medical ElectricLtd (SHSE:601567) Could Easily Take On More Debt
Ningbo Sanxing Medical ElectricLtd (SHSE:601567) Could Easily Take On More Debt
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 Ningbo Sanxing Medical Electric Co.,Ltd. (SHSE:601567) does use debt in its business. But the more important question is: how much risk is that debt creating?
传奇基金经理李璐(得到查理·芒格的支持)曾说过:“最大的投资风险不是价格的波动性,而是你是否会遭受永久性资本损失。”因此,当你考虑任何给定股票的风险时,需要考虑债务,因为太多的债务可能会拖垮一家公司。我们可以看到,宁波三星医疗电器股份有限公司(SHSE:601567)在其业务中确实使用了债务。但更重要的问题是:这些债务造成了多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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 examine debt levels, we first consider both cash and debt levels, together.
债务可以帮助企业直到公司难以用新增的资本或自由现金流支付还债。如果情况变得非常糟糕,债权人可以接管企业。然而,公司必须发行低价股票来支撑资产负债表这一成本更高但较常见的情况,从而永久性地稀释股东权益。即便如此,最常见的情况是公司合理管理其债务,从中获益。当我们分析债务水平时,首先考虑现金和债务水平。
What Is Ningbo Sanxing Medical ElectricLtd's Net Debt?
宁波三星医疗电器有限公司的净债务是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Ningbo Sanxing Medical ElectricLtd had debt of CN¥2.72b, up from CN¥746.3m in one year. However, it does have CN¥5.24b in cash offsetting this, leading to net cash of CN¥2.53b.
下面的图像(可以单击以获取更多详细信息)显示,截至2024年3月,宁波三星医疗电器有限公司的债务为27.2亿人民币,比一年前的74630万人民币增加了很多。但是,凭借着524亿的现金,抵消了这笔债务,从而形成了253亿的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240701/0-966e65d0e015c5f891d803e885c27c25-0-0d206cca82b79cbb33299cddf7d05cd7.png/big)
How Healthy Is Ningbo Sanxing Medical ElectricLtd's Balance Sheet?
宁波三星医疗电器有限公司财务状况如何?
Zooming in on the latest balance sheet data, we can see that Ningbo Sanxing Medical ElectricLtd had liabilities of CN¥6.44b due within 12 months and liabilities of CN¥3.57b due beyond that. Offsetting this, it had CN¥5.24b in cash and CN¥2.91b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.86b more than its cash and near-term receivables, combined.
仔细研究最新的资产负债表数据,我们可以看到,宁波三星医疗电器有限公司有644亿元的负债需要在12个月内清还,还有357亿元的负债需要在12个月后清还。抵消这些负债的是524亿元的现金和291亿元的应收账款,这些账款需要在12个月内结算。因此,其负债总额超过其现金和近期应收账款的186亿元。
Since publicly traded Ningbo Sanxing Medical ElectricLtd shares are worth a total of CN¥49.4b, 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. Despite its noteworthy liabilities, Ningbo Sanxing Medical ElectricLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
因为公开交易的宁波三星医疗电器股份总值为494亿元,所以看起来这样的负债水平不太可能构成重大威胁。尽管如此,显然我们应该继续监控其资产负债表,以防变得更糟。尽管其负债明显,但宁波三星医疗电器有限公司拥有净现金,因此可以说其债务负担并不重。
In addition to that, we're happy to report that Ningbo Sanxing Medical ElectricLtd has boosted its EBIT by 51%, thus reducing the spectre of future debt repayments. 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 Ningbo Sanxing Medical ElectricLtd'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.
此外,我们很高兴地报道宁波三星医疗电器有限公司将其收益前利息、税项和摊销(EBIT)提高了51%,从而降低了未来债务偿还的风险。资产负债表显然是分析债务的重要方面。但是,最终关乎宁波三星医疗电器有限公司未来收益的形态,这将决定其保持健康资产负债表的能力。因此,如果想了解专业人士的意见,您可能会发现这份关于分析师利润预测的免费报告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Ningbo Sanxing Medical ElectricLtd 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. During the last three years, Ningbo Sanxing Medical ElectricLtd produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,公司只能用硬通货现金来偿还债务,而不是会计利润。尽管宁波三星医疗电器有限公司在资产负债表上拥有净现金,但查看公司将其利息和税前利润(EBIT)转化为自由现金流的能力非常重要,因为这将影响公司管理债务的必要性和能力。在过去的三年中,宁波三星医疗电器有限公司的自由现金流稳定,相当于其EBIT的61%,与我们预期相当。这份自由现金流使该公司有能力在适当时期偿还债务。
Summing Up
总之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Ningbo Sanxing Medical ElectricLtd has CN¥2.53b in net cash. And we liked the look of last year's 51% year-on-year EBIT growth. So we don't think Ningbo Sanxing Medical ElectricLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for Ningbo Sanxing Medical ElectricLtd that you should be aware of.
虽然查看公司的总负债始终是明智的,但宁波三星医疗电器有限公司拥有253亿元的净现金令人非常放心。去年同比增长51%的EBIT看起来也很不错。因此,我们认为宁波三星医疗电器有限公司的债务使用并不具有风险。尽管资产负债表是分析债务的显而易见的地方,但最终每家公司都可能存在超出资产负债表之外的风险。例如,我们已经发现宁波三星医疗电器有限公司存在一项警告信号,您应该注意此风险。
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.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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