Shenyang Blue Silver Industry Automation Equipment (SZSE:300293) Is Making Moderate Use Of Debt
Shenyang Blue Silver Industry Automation Equipment (SZSE:300293) Is Making Moderate Use Of Debt
According to the last reported balance sheet, Shenyang Blue Silver Industry Automation Equipment had liabilities of CN¥805.0m due within 12 months, and liabilities of CN¥362.9m due beyond 12 months. Offsetting these obligations, it had cash of CN¥133.6m as well as receivables valued at CN¥462.2m due within 12 months. So its liabilities total CN¥572.0m more than the combination of its cash and short-term receivables. 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.' 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. Importantly, Shenyang Blue Silver Industry Automation Equipment Co., Ltd (SZSE:300293) does carry debt. But the real question is whether this debt is making the company risky.
霍华德·马克斯在谈论股价波动时说得非常好，他说，与其担心股价波动，“我担心的是永久性损失的可能性…我认识的每个实际投资者都在担心。”因此，似乎明智的投资者知道债务——在破产时通常涉及的内容——是评估一家公司风险有多大的非常重要的因素。重要的是，深圳蓝英装备股份有限公司（SZSE:300293）确实承载着负债。但真正的问题是，这笔负债是否会使公司变得风险高。
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. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说，当一家公司无法轻松偿还债务时，债务才会成为真正的问题，无论是通过筹集资本还是利用自己的现金流。在最坏的情况下，如果一家公司无法偿付其债权人，它就可能会破产。然而，更频繁（但仍然代价高昂）的情况是，一家公司必须以市场微薄的价格发行股票，永久性地稀释股东的权益，以加强其资产负债表。然而，债务可以替换稀释，成为那些需要资本以高回报率投资增长的企业非常好的工具。当我们考虑债务水平时，我们首先考虑现金和债务水平，这两个方面的情况。
How Much Debt Does Shenyang Blue Silver Industry Automation Equipment Carry?
深圳蓝英装备股份有限公司有多少债务？
As you can see below, Shenyang Blue Silver Industry Automation Equipment had CN¥351.4m of debt at March 2024, down from CN¥375.8m a year prior. However, because it has a cash reserve of CN¥133.6m, its net debt is less, at about CN¥217.7m.
如下所示，截至2024年3月，深圳蓝英装备股份有限公司的债务为35140万人民币，低于去年的37580万人民币。然而，由于它有13360万人民币的现金储备，它的净债务较少，约为21770万人民币。
How Strong Is Shenyang Blue Silver Industry Automation Equipment's Balance Sheet?
深圳蓝英装备股份有限公司的资产负债表有多强？
According to the last reported balance sheet, Shenyang Blue Silver Industry Automation Equipment had liabilities of CN¥805.0m due within 12 months, and liabilities of CN¥362.9m due beyond 12 months. Offsetting these obligations, it had cash of CN¥133.6m as well as receivables valued at CN¥462.2m due within 12 months. So its liabilities total CN¥572.0m more than the combination of its cash and short-term receivables.
根据最近的资产负债表，深圳蓝英装备股份有限公司在12个月内有80500万元的应付账款，在12个月后有36290万元的应付账款。抵消这些义务，它有13360万元的现金以及46220万元的应收账款在12个月内到期。所以，它的负债总额比其现金和短期应收账款的组合多了57200万元。鉴于深圳蓝英装备股份有限公司的市值为50.1亿人民币，难以想象这些债务构成了多大的威胁。但是，我们认为值得关注其资产负债表强度，因为随着时间的推移，情况可能会发生变化。毫无疑问，我们从资产负债表中了解债务的最多。但是深圳蓝英装备股份有限公司的收益将影响资产负债表在未来的相关情况。因此，在考虑债务时，有必要看一下收益趋势。单击此处进行互动快照。
Given Shenyang Blue Silver Industry Automation Equipment has a market capitalization of CN¥5.01b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. There's no doubt that we learn most about debt from the balance sheet. But it is Shenyang Blue Silver Industry Automation Equipment's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
在过去的12个月里，深圳蓝英装备股份有限公司报告了14亿元的营业收入，增长了11％，尽管没有报告任何利息和税前收益。这种增长速度对我们来说有点慢，但要想世界上的任何一个行业，需要各种各样的企业。在过去的12个月中，深圳蓝英装备股份有限公司产生了利息和税前收益（EBIT）亏损。的确，它在EBIT水平上损失了2400万元。考虑到上述负债，我们并不认为公司应该使用如此多的债务。因此，我们认为其资产负债表有些受压，但不至于无法挽救。另一个谨慎的原因是，过去12个月中，其负面自由现金流流出了3300万元。因此，坦率地说，我们认为它很有风险。在分析债务水平时，资产负债表是显而易见的起点。但是，最终，每个公司都可能包含超出资产负债表以外的风险。为此，您应该注意我们在深圳蓝英装备股份有限公司中发现的2个警告信号。
Over 12 months, Shenyang Blue Silver Industry Automation Equipment reported revenue of CN¥1.4b, which is a gain of 11%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在过去的12个月中，深圳蓝英装备股份有限公司报告了14亿元的营业收入，增长了11％，尽管没有报告任何利息和税前收益。这种增长速度对我们来说有点慢，但要想世界上的任何一个行业，需要各种各样的企业。
Caveat Emptor
买方自负。
Over the last twelve months Shenyang Blue Silver Industry Automation Equipment produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥24m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥33m in negative free cash flow over the last twelve months. So to be blunt we think it 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. To that end, you should be aware of the 2 warning signs we've spotted with Shenyang Blue Silver Industry Automation Equipment .
在过去的十二个月中，深圳蓝英装备股份有限公司的自由现金流为负3300万元，利息和税前利润为负。事实上，在税前利润水平上，它的利润为负2400万元。考虑到以上提到的负债，我们对公司使用如此多的债务缺乏信心。因此，我们认为其资产负债表有点受压，但并非无法修复。还有一个需要警惕的原因是，在过去12个月中，它的自由现金流为负3300万元。因此，坦率地说，我们认为它有所风险。在分析债务水平时，资产负债表是显而易见的起点。但是，最终，每个公司都可能包含超出资产负债表以外的风险。为此，您应该注意我们在深圳蓝英装备股份有限公司中发现的2个警告信号。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
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。
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
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。