Is Suzhou Secote Precision ElectronicLTD (SHSE:603283) A Risky Investment?
Is Suzhou Secote Precision ElectronicLTD (SHSE:603283) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. Importantly, Suzhou Secote Precision Electronic Co.,LTD (SHSE:603283) does carry debt. But is this debt a concern to shareholders?
作为投资者,一些人认为波动性比债务更好地反映了风险,但沃伦·巴菲特说过“波动性远非风险的同义词”。因此,聪明资本知道,通常涉及破产的债务是评估公司风险非常重要的因素。值得注意的是,赛腾股份(SHSE:603283)确实存在债务。但这些债务是否会令股东担忧呢?
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务可以帮助企业,直到企业无法偿还债务,无论是通过新资本还是自由现金流。资本主义的一个重要过程是“创造性破坏”,银行家无情地清算失败的企业。然而,更常见(但仍然痛苦)的情况是,企业必须以低价募集新的股权资本,从而永久性地稀释股东权益。当然,债务的好处在于它通常代表着廉价的资本,特别是当它替换高回报率再投资的稀释时。考虑一家企业使用多少债务时,首先要做的是看看它的现金和债务。
How Much Debt Does Suzhou Secote Precision ElectronicLTD Carry?
赛腾股份的负债有多少?
As you can see below, Suzhou Secote Precision ElectronicLTD had CN¥739.0m of debt at June 2024, down from CN¥1.14b a year prior. However, because it has a cash reserve of CN¥612.6m, its net debt is less, at about CN¥126.3m.
如下所示,赛腾股份于2024年6月的债务为73900万人民币,低于一年前的1.14亿人民币。然而,由于赛腾股份有61260万人民币的现金储备,其净债务较少,约为12630万人民币。
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A Look At Suzhou Secote Precision ElectronicLTD's Liabilities
赛腾股份负债情况的概览
The latest balance sheet data shows that Suzhou Secote Precision ElectronicLTD had liabilities of CN¥2.81b due within a year, and liabilities of CN¥101.4m falling due after that. On the other hand, it had cash of CN¥612.6m and CN¥1.24b worth of receivables due within a year. So its liabilities total CN¥1.06b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,赛腾股份在一年内有281亿元人民币的负债到期,10140万人民币的负债在那之后到期。另一方面,它有61260万元人民币的现金和约1.24亿元人民币的短期应收款项。因此,其负债总额比其现金和短期应收款项的组合多出10.6亿元人民币。
Since publicly traded Suzhou Secote Precision ElectronicLTD shares are worth a total of CN¥10.9b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. But either way, Suzhou Secote Precision ElectronicLTD has virtually no net debt, so it's fair to say it does not have a heavy debt load!
由于上市的赛腾股份股票总价值为109亿元人民币,因此这种负债水平似乎不太可能构成重大威胁。但是,负债足够大,我们肯定建议股东继续监测资产负债表的变化。但无论如何,赛腾股份几乎没有净债务,因此可以说它没有重负债务!
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通过查看公司的净债务与利息、税、折旧、摊销前利润(EBITDA)之比以及它的利息费用(利息覆盖率)可以衡量一个公司的债务负担与收益能力。因此,我们考虑将债务与有无计算折旧和摊销费用的收益相对比。
Suzhou Secote Precision ElectronicLTD has a low net debt to EBITDA ratio of only 0.13. And its EBIT covers its interest expense a whopping 161 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that Suzhou Secote Precision ElectronicLTD grew its EBIT by 148% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Suzhou Secote Precision ElectronicLTD's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
赛腾股份的净债务与EBITDA比率仅为0.13。其EBIT覆盖其利息费用多达161倍。因此,你可以说它受到的债务威胁不比大象受到老鼠的威胁更大。更令人印象深刻的是,赛腾股份在12个月内将其EBIT增长了148%。如果这种增长得以保持,这将使债务在未来几年更加可控。在分析债务水平时,资产负债表是一个明显的起点。但是,未来的收益决定了赛腾股份是否能够保持健康的资产负债表。因此,如果你关注未来,可以查看这份免费的分析师收益预测报告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Suzhou Secote Precision ElectronicLTD's free cash flow amounted to 39% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,企业需要自由现金流来偿还债务,而会计利润并不够用。因此,值得注意的是,多少EBIt受到自由现金流支持。在过去的三年中,赛腾股份的自由现金流占EBIt的比例为39%,低于我们的预期。这种疲软的现金转换率使处理负债更加困难。但令人欣慰的是,赛腾股份的出色利率覆盖率意味着它在应对债务方面占据了优势。这只是好消息的开始,因为它的EBit增长率也非常令人振奋。从更大的角度来看,我们认为赛腾股份的债务使用似乎相当合理,我们不会对此感到担忧。尽管债务确实带来风险,但明智地使用可以带来更高的股本回报率。毫无疑问,从资产负债表中最能了解债务。但是,并不是所有的投资风险都存在于资产负债表之内-远非如此。例如,我们发现了1个关于赛腾股份的警告信号,在此之前,您应该了解这一点。
Our View
我们的观点
Happily, Suzhou Secote Precision ElectronicLTD's impressive interest cover implies it has the upper hand on its debt. And that's just the beginning of the good news since its EBIT growth rate is also very heartening. Looking at the bigger picture, we think Suzhou Secote Precision ElectronicLTD's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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. For example, we've discovered 1 warning sign for Suzhou Secote Precision ElectronicLTD that you should be aware of before investing here.
令人高兴的是,赛腾股份令人瞩目的利率覆盖率意味着它在债务方面占有上风。这还只是好消息的开端,因为其EBIt增长率也非常令人鼓舞。从更大的角度来看,我们认为赛腾股份的债务使用似乎相当合理,我们对此并不担心。虽然债务确实带来风险,但适当使用可以带来更高的股本回报率。从资产负债表中了解债务是最好的方法,毫无疑问。但是,并不是所有的投资风险都存在于资产负债表之内-远非如此。例如,我们发现了1个关于赛腾股份的警告信号,在此之前,您应该了解这一点。
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.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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