We Think Shenzhen Urban Transport Planning Center (SZSE:301091) Can Stay On Top Of Its Debt
We Think Shenzhen Urban Transport Planning Center (SZSE:301091) Can Stay On Top Of Its Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that Shenzhen Urban Transport Planning Center Co., Ltd. (SZSE:301091) does use debt in its business. But is this debt a concern to shareholders?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,深圳城市交通规划中心有限公司(SZSE: 301091)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款,那么债务就任其摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。
What Is Shenzhen Urban Transport Planning Center's Net Debt?
深圳城市交通规划中心的净负债是多少?
As you can see below, Shenzhen Urban Transport Planning Center had CN¥49.3m of debt at March 2024, down from CN¥70.9m a year prior. But it also has CN¥987.2m in cash to offset that, meaning it has CN¥937.9m net cash.
如下所示,截至2024年3月,深圳城市交通规划中心的债务为4930万元人民币,低于去年同期的7090万加元。但它也有98720万元的现金来抵消这一点,这意味着它有93790万元的净现金。
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How Strong Is Shenzhen Urban Transport Planning Center's Balance Sheet?
深圳城市交通规划中心的资产负债表有多强?
We can see from the most recent balance sheet that Shenzhen Urban Transport Planning Center had liabilities of CN¥708.3m falling due within a year, and liabilities of CN¥93.8m due beyond that. Offsetting these obligations, it had cash of CN¥987.2m as well as receivables valued at CN¥1.14b due within 12 months. So it actually has CN¥1.33b more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,深圳城市交通规划中心的负债为70830万元人民币,一年后到期的负债为9380万元人民币。除了这些债务外,它还有98720万元的现金以及价值11.4元人民币的应收账款将在12个月内到期。因此,它的流动资产实际上比总负债多13.3元人民币。
This surplus suggests that Shenzhen Urban Transport Planning Center has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shenzhen Urban Transport Planning Center boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明深圳城市交通规划中心的资产负债表比较保守,可以毫不费力地消除债务。简而言之,深圳城市交通规划中心拥有净现金,因此可以公平地说,它没有沉重的债务负担!
In addition to that, we're happy to report that Shenzhen Urban Transport Planning Center has boosted its EBIT by 45%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shenzhen Urban Transport Planning Center can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
除此之外,我们很高兴地向大家报告,深圳城市交通规划中心已将其息税前利润提高了45%,从而减少了对未来债务偿还的担忧。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但最终,该业务未来的盈利能力将决定深圳城市交通规划中心能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Shenzhen Urban Transport Planning Center 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, Shenzhen Urban Transport Planning Center 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.
但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。深圳城市交通规划中心的资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,深圳城市交通规划中心烧毁了大量现金。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Shenzhen Urban Transport Planning Center has net cash of CN¥937.9m, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 45% over the last year. So we don't have any problem with Shenzhen Urban Transport Planning Center's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Shenzhen Urban Transport Planning Center (1 is significant!) that you should be aware of before investing here.
虽然我们同情那些认为债务担忧的投资者,但您应该记住,深圳城市交通规划中心的净现金为93790万元人民币,流动资产也多于负债。它的息税前利润比去年增长了45%,给我们留下了深刻的印象。因此,我们对深圳城市交通规划中心使用债务没有任何问题。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,我们发现了深圳城市交通规划中心的 2 个警示标志(1 个很重要!)在这里投资之前,您应该注意这一点。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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