Is Sinoma Science & TechnologyLtd (SZSE:002080) Using Too Much Debt?
Is Sinoma Science & TechnologyLtd (SZSE:002080) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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, Sinoma Science & Technology Co.,Ltd. (SZSE:002080) does carry debt. But the more important question is: how much risk is that debt creating?
霍华德·马克斯在说到股票价格的波动时,非常明确地表示:“我担心的风险不是股价波动,而是永久性损失的可能性……我认识的每一个实际投资者都会 如此。”当考虑一个公司有多大的风险时,我们喜欢看它的负债使用情况,因为负债过载可能导致破产。重要的是,中材科技股份有限公司(深 证002080)确实有债务。但更重要的问题是:这些债务带来了多少风险?
When Is Debt Dangerous?
债务何时有危险?
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. If things get really bad, the lenders can take control of the business. 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 step when considering a company's debt levels is to consider its cash and debt together.
一般来说,债务只有在公司无法轻松还清时,才会成为真正的问题。这可能是通过发行股票筹资,或者通过自己的现金流实现的。如果情况变得非常糟糕,放贷人可以接管业务。然而,更常见(但仍然痛苦)的情况是,公司必须以低价募集新的股本资本,从而永久性地稀释股东的利益。然而,通过取代稀释,债务可以成为需 要高回报投资资本的业务的极好工具。当考虑一个公司的债务水平时,第一步是考虑其现金和债务总额。
What Is Sinoma Science & TechnologyLtd's Net Debt?
中材科技股份有限公司的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Sinoma Science & TechnologyLtd had CN¥15.4b of debt, an increase on CN¥12.5b, over one year. On the flip side, it has CN¥1.77b in cash leading to net debt of about CN¥13.7b.
您可以单击下面的图表查看历史数据,但它显示,截至2024年3月,中材科技股份有限公司的债务总额为154亿元人民币,较去年同期的125亿元人民币增长。相反,它有17.7亿元人民币的现金,因此净债务约为137亿元人民币。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-f7f1e8e9aa6b13a98107cfcb5e1b3ee8-0-2572302d0fd8c205b34739b7711a509e.png/big)
A Look At Sinoma Science & TechnologyLtd's Liabilities
从最近的资产负债表中,我们可以看到中材科技股份有限公司在短期内到期的负债总额为188亿元人民币,在此之后到期的负债总额为126亿元人民币。与此同时,它有17.7亿元人民币的现金和价值为133亿元人民币的应收账款到期时间为12个月以内。因此,它的负债总额超过了现金和(短期的)应 收账款的总和达到了163亿元人民币。
We can see from the most recent balance sheet that Sinoma Science & TechnologyLtd had liabilities of CN¥18.8b falling due within a year, and liabilities of CN¥12.6b due beyond that. Offsetting these obligations, it had cash of CN¥1.77b as well as receivables valued at CN¥13.3b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥16.3b.
相对于其市值为193亿元人民币,这个亏损相当严重,因此这表明股东们应该密切关注中材科技股份有限公司的债务使用情况。这表明,如果公司需要迅速修补资产负债表,股东们将面临巨大的稀释风险。
This deficit is considerable relative to its market capitalization of CN¥19.3b, so it does suggest shareholders should keep an eye on Sinoma Science & TechnologyLtd's use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
中材科技股份有限公司的债务是其息税前收益(EBITDA)的3.3倍,其息税前利润(EBIt)可以覆盖其利息支出6.7倍。这表明,虽然债务水平很高,但我们不会称之为问题。股东们应该注意,中材科技股份有限公司的EBIt去年下降了24%。如果这一下降趋势持续下去,偿还债务将会比在素食者大会上卖鹅肝还要困难。当您分析债务时,资产负债表显然是需要关注的领域。但是,最重要的是,未来的收益,而不是其他任何因素,将决定中材科技股份有限公司保持健康资产负债表的能力。因此,如果您想了解专业人士的看法,您可能会发现这份免费的分析师利润预测报告有趣。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
为了对公司的债务相对于其收益进行规模适应,我们计算其净债务与利息、税、折旧和摊销前收益(EBITDA)之比及其税前收益(EBIT)与利息支出之比(利息保障倍数)。因此,我们既考虑到不包括折旧和摊销费用在内的收益,又包括折旧和摊销费用的收益相对于债务。
Sinoma Science & TechnologyLtd's debt is 3.3 times its EBITDA, and its EBIT cover its interest expense 6.7 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Shareholders should be aware that Sinoma Science & TechnologyLtd's EBIT was down 24% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. 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 Sinoma Science & TechnologyLtd'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.
但是,我们最后的考虑也很重要,因为公司无法通过纸面利润来偿还债务;它需要的是冰冷的现金。因此,我们需要清楚地看是否有相应的自由现金流量。在过去的三年中,中材科技股份有限公司烧掉了大量现金。虽然投资者毫无疑问地希望这种情况能够在不久的将来发生逆转,但这显然意味着它的债务使用更加冒险。就表面而言,中材科技股份有限公司的EBIt对自由现金流的转换让我们对股票感到迟疑,而它的EBIt增长率也不如一年中最忙碌的夜晚那个空无一人的餐厅。但从好的方面来看,它的利息覆盖率是一个好的迹象,也使我们更为乐观。总的来说,我们认为中材科技股份有限公司的资产负债表对业务风险确实非常大。因此,我们对股票持非常谨慎的态度,并认为股东们应该密切关注公司的流动性。毫无疑问,我们最多可以从资产负债表中了解债务相关信息。然而,并不是所有的投资风险都在资产负债表中——远远不是这样。因此,您应该知道我们发现的4个警示信号与中材科技股份有限公司有关。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Sinoma Science & TechnologyLtd burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
我们最后要考虑的问题同样重要,因为公司无法用虚假的利润来还债,它需要的是切实的现金。因此,我们必须清楚地了解EBIt是否导致了相应的自由现金流。在过去的三年中,中材科技股份有限公司烧掉了大量现金。虽然投资者毫无疑问地希望这种情况能够在不久的将来发生逆转,但这显然意味着它的债务使用更加冒险。
Our View
我们的观点
On the face of it, Sinoma Science & TechnologyLtd's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Overall, it seems to us that Sinoma Science & TechnologyLtd's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. To that end, you should be aware of the 4 warning signs we've spotted with Sinoma Science & TechnologyLtd .
就外表而言,中材科技股份有限公司的EBIt转换为自由现金流的情况让我们对股票持犹豫态度,它的EBIt增长率并没有比一年中最忙碌的夜晚那个空无一人的餐厅更具吸引力。但从好的方面来看,它的利息覆盖率是一个好的迹象,也使我们更为乐观。总的来说,我们认为中材科技股份有限公司的资产负债表对业务风险确实非常大。因此,我们对股票持非常谨慎的态度,并认为股东们应该密切关注其流动性。毫无疑问,我们最多可以从资产负债表中了解债务相关信息。但是,并不是所有的投资风险都在资产负债表中,这值得关注。因此,您应该知道我们发现的与中材科技股份有限公司有关的4个警示信号。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有负债负担的股票的投资者,则今天就可以发现我们的独家净现金增长股清单。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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