Here's Why SVG Tech GroupLtd (SZSE:300331) Can Afford Some Debt
Here's Why SVG Tech GroupLtd (SZSE:300331) Can Afford Some Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. We can see that SVG Tech Group Co.,Ltd. (SZSE:300331) does use debt in its business. But should shareholders be worried about its use of debt?
如大卫·伊本所说，'波动性不是我们关心的风险。我们关心的是避免资本的永久损失。'因此，明智的投资者知道，债务-通常与破产有关-是评估公司风险性的非常重要的因素。我们可以看到，苏大维格科技集团股份有限公司（SZSE：300331）确实在其业务中使用债务。但是股东们应该担心它的债务使用吗?
What Risk Does Debt Bring?
债务带来了什么风险？
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具，但如果一个企业无力偿还其债权人，则存在于他们的恩惠之下。如果情况变得非常糟糕，债权人可以接管企业。然而，更频繁发生的（但仍然昂贵）情况是，一家公司必须以低廉的价格发行股票，永久稀释股东的利益，来支撑其资产负债表。然而，通过替代稀释，债务可以成为需要高回报投资增长资本的企业的极好工具。在考虑企业使用多少债务时，首要任务是审视其现金和债务总额。
What Is SVG Tech GroupLtd's Debt?
苏大维格科技集团有限公司的债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 SVG Tech GroupLtd had CN¥838.8m of debt, an increase on CN¥787.1m, over one year. However, because it has a cash reserve of CN¥754.2m, its net debt is less, at about CN¥84.6m.
你可以点击下面的图表查看历史数据，但它显示苏大维格科技集团有限公司到2024年3月的债务为8,388万人民币，较去年增加了7,871万人民币。然而，由于其现金储备为7,542万人民币，其净债务较小，约为846万人民币。
How Healthy Is SVG Tech GroupLtd's Balance Sheet?
苏大维格技术集团有限公司的资产负债表如何？
We can see from the most recent balance sheet that SVG Tech GroupLtd had liabilities of CN¥1.23b falling due within a year, and liabilities of CN¥299.8m due beyond that. On the other hand, it had cash of CN¥754.2m and CN¥683.9m worth of receivables due within a year. So it has liabilities totalling CN¥92.3m more than its cash and near-term receivables, combined.
我们可以从最新的资产负债表中看到，苏大维格技术集团有限公司今年到期的负债为1.23亿元人民币，而逾期负债则为2998万元人民币。另一方面，其现金为7542万元人民币，应收账款为6839万元人民币。因此，其负债合计比现金和短期应收账款多923万元人民币。
Of course, SVG Tech GroupLtd has a market capitalization of CN¥4.02b, so these liabilities are probably manageable. 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 you can't view debt in total isolation; since SVG Tech GroupLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
当然，苏大维格技术集团有限公司的市值为4.02亿元人民币，所以这些负债可能是可以承受的。然而，我们认为还是值得关注其资产负债表的实力，因为它可能随时间而变化。毫无疑问，从资产负债表中可以了解到关于债务的最多信息。但是，在考虑债务时，不能将其孤立起来，因为苏大维格技术集团有限公司需要盈利来偿还债务。因此，在考虑债务时，一定要留意盈利趋势。点击此处查看交互式快照。
In the last year SVG Tech GroupLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 5.2%, to CN¥1.8b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在过去一年中，苏大维格技术集团有限公司的EBIT水平上并没有盈利，但其营业收入增长了5.2%，达到了18亿元人民币。这种增长速度对我们来说有点慢，但是世界上各种类型的企业都是存在的。
Caveat Emptor
买方自负。
Importantly, SVG Tech GroupLtd had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥41m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥38m in negative free cash flow over the last twelve months. So suffice it to say we do consider the stock to be risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - SVG Tech GroupLtd has 1 warning sign we think you should be aware of.
重要的是，在过去一年中，苏大维格技术集团有限公司EBIT出现了亏损。具体来说，EBIT亏损为4100万元人民币。当我们看到这一点并回想起其资产负债表上的负债，相对于现金来说，对公司来说持有任何债务是不明智的。因此，我们认为其资产负债表有些紧张，尽管并未到无法修复的地步。另一个需要注意的因素是，在过去12个月中，苏大维格技术集团有限公司的自由现金流出现了3800万元人民币的负值。因此，我们认为该股票具有风险。当你分析债务时，资产负债表显然是需要关注的领域。然而，并不是所有的投资风险都存在于资产负债表中，远非如此。例如，苏大维格技术集团有限公司存在1个警告信号，我们认为你应该意识到。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底，有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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