Sieyuan Electric (SZSE:002028) Could Easily Take On More Debt
Sieyuan Electric (SZSE:002028) 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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Sieyuan Electric Co., Ltd. (SZSE:002028) does carry debt. But is this debt a concern to shareholders?
传奇基金经理李录(查理芒格的支持者)曾经说过:'最大的投资风险不是价格波动,而是您是否会遭受资本永久损失。' 当您评估风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时往往涉及债务。重要的是,思源电气股份有限公司(SZSE:002028)确实存在负债。但这些负债会让股东担忧吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,只有当公司无法轻易偿还债务时,其才会成为真正的问题,无论是通过融资还是资本运作。如果一个公司无法履行法律义务偿还债务,股东可能会一文不值。虽然这种情况并不常见,但我们经常看到负债公司因贷款人迫使它们以低于市场价的价格募集资金,从而永久稀释股东权益。当然,债务对于企业来说也是一个重要的工具,特别是对于需要大量资本的企业。考虑公司的债务水平时,首先应该将其现金和债务合并考虑。
What Is Sieyuan Electric's Debt?
思源电气的债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Sieyuan Electric had CN¥157.0m of debt, an increase on CN¥55.0m, over one year. But on the other hand it also has CN¥4.81b in cash, leading to a CN¥4.65b net cash position.
您可以点击下方的图表查看历史数据,数字显示,截至2024年3月,思源电气的债务金额为15700万人民币,比一年前的5500万人民币有所增加。同时,它也拥有48.1亿人民币的现金,形成46.5亿人民币的净现金头寸。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240806/0-69442338b2afaf339cd6e8274b1de89c-0-0eb559a0c19023a07dd7430931295aba.png/big)
How Strong Is Sieyuan Electric's Balance Sheet?
思源电气的资产负债表有多强?
According to the last reported balance sheet, Sieyuan Electric had liabilities of CN¥7.24b due within 12 months, and liabilities of CN¥187.0m due beyond 12 months. Offsetting this, it had CN¥4.81b in cash and CN¥6.21b in receivables that were due within 12 months. So it actually has CN¥3.59b more liquid assets than total liabilities.
根据最近披露的资产负债表,思源电气在12个月内到期的负债为CNY 7.24亿,超过12个月的负债为CNY 1.87亿。与此相对应的是,其在12个月内到期的现金为CNY 4.81亿,应收账款为CNY 6.21亿。因此,它实际上比总负债多了CNY 3.59亿的流动资产。
This short term liquidity is a sign that Sieyuan Electric could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Sieyuan Electric boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性表明思源电气可能轻松偿还债务,因为其资产负债表还远未超出极限。简而言之,思源电气拥有净现金,所以可以说它没有沉重的债务负担!
On top of that, Sieyuan Electric grew its EBIT by 34% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Sieyuan Electric'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,思源电气在过去的12个月中EBIT增长了34%,这种增长将使其更容易应对债务。在分析债务水平时,资产负债表是明显的起点。但是,未来的盈利决定了思源电气保持健康资产负债表的能力,远比其他任何因素都重要。因此,如果您想知道专业人士的看法,您可能会发现对分析师盈利预测的免费报告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Sieyuan Electric 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, Sieyuan Electric produced sturdy free cash flow equating to 56% 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,尽管税务部门可能喜欢会计利润,但贷款人只接受现金。思源电气的资产负债表上可能有净现金,但关注企业将其利润(利息和税前利润)转化为自由现金流的能力也很有趣,因为这将影响到其管理债务的需求和能力。在过去的三年里,思源电气的自由现金流强劲,相当于其EBIT的56%,符合我们的预期。这种自由现金流使该公司有能力在适当时偿还债务。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Sieyuan Electric has CN¥4.65b in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 34% over the last year. So is Sieyuan Electric's debt a risk? It doesn't seem so to us. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Sieyuan Electric's earnings per share history for free.
虽然调查公司的债务一直是明智的选择,但在这种情况下,思源电气的净现金为46.5亿人民币,资产负债表看起来不错。并且,在过去一年里,它令我们印象深刻的EBIT增长率达到了34%。那么,思源电气的债务是否构成风险呢?在我们看来似乎并不是。除了大多数其他指标之外,我们认为跟踪每股收益增长的速度至关重要,如果有的话。如果您也意识到了这一点,那您很幸运,因为您可以免费查看思源电气每股收益历史的互动图表。
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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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。