Shenzhen Sunwin Intelligent (SZSE:300044) Is Carrying A Fair Bit Of Debt
Shenzhen Sunwin Intelligent (SZSE:300044) Is Carrying A Fair Bit Of Debt
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that Shenzhen Sunwin Intelligent Co., Ltd. (SZSE:300044) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
有人认为波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾明确表示:"波动性与风险远非同义词。" 因此,当你考虑任何特定股票的风险时,考虑债务可能是显而易见的,因为过多的债务可能会拖垮一家公司。我们注意到赛为智能有限公司(深交所代码:300044)确实在其资产负债表上有债务。但更重要的问题是:这些债务带来了多少风险?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, 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.
当企业无法通过自由现金流或以有吸引力的价格筹集资本来轻松履行债务和其他负债时,债务和其他负债就变得高风险。在最坏的情况下,如果企业无法偿还债权人,它可能会破产。虽然这种情况并不常见,但我们经常看到负债企业因为债权人迫使其以低价筹集资本而导致股东权益永久稀释。当然,债务的好处是它通常代表廉价资本,特别是当它取代以高回报率进行再投资的公司稀释时。在考虑企业使用多少债务时,首先要看它的现金和债务情况。
What Is Shenzhen Sunwin Intelligent's Debt?
赛为智能的债务是多少?
As you can see below, Shenzhen Sunwin Intelligent had CN¥418.7m of debt, at September 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of CN¥53.9m, its net debt is less, at about CN¥364.8m.
如你所见,截止到2024年9月,赛为智能的债务为CN¥41870万,和前一年大致相同。你可以点击图表获取更多细节。然而,由于它有CN¥5390万的现金储备,它的净债务更少,约为CN¥36480万。
A Look At Shenzhen Sunwin Intelligent's Liabilities
审视赛为智能的负债情况
According to the last reported balance sheet, Shenzhen Sunwin Intelligent had liabilities of CN¥540.2m due within 12 months, and liabilities of CN¥380.3m due beyond 12 months. Offsetting this, it had CN¥53.9m in cash and CN¥794.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥72.4m.
根据最新的资产负债表,赛为智能的负债为54020万人民币,12个月内到期的负债为38030万人民币。为了抵消这些负债,它有5390万人民币的现金和79410万人民币的应收账款,这些应收账款将在12个月内到期。因此,它的负债超过了现金和(短期)应收账款的总和7240万人民币。
This state of affairs indicates that Shenzhen Sunwin Intelligent's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥6.22b company is short on cash, but still worth keeping an eye on the balance sheet. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Shenzhen Sunwin Intelligent 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.
这种情况表明,赛为智能的资产负债表非常稳健,因为其总负债大致等于其流动资产。因此,这家62.2亿人民币的公司不太可能缺乏现金,但仍值得关注其资产负债表。在分析债务时,资产负债表显然是重点关注的领域。不过,你不能完全孤立地看待债务;因为赛为智能需要收益来偿还这些债务。因此,在考虑债务时,确实值得关注收益趋势。点击这里查看交互式快照。
Over 12 months, Shenzhen Sunwin Intelligent made a loss at the EBIT level, and saw its revenue drop to CN¥285m, which is a fall of 40%. To be frank that doesn't bode well.
在过去的12个月中,赛为智能在EBIT层面出现了亏损,营业收入下降至28500万人民币,下降幅度达到40%。坦率地说,这并不好。
Caveat Emptor
买方自负。
Not only did Shenzhen Sunwin Intelligent's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥119m at the EBIT level. 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of CN¥196m. So to be blunt we do think it is 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 - Shenzhen Sunwin Intelligent has 1 warning sign we think you should be aware of.
不仅赛为智能的营业收入在过去12个月内滑落,而且它在利息和税前利润(EBIT)方面也产生了负收益。事实证明,它在EBIT层面损失了11900万人民币。当我们看到这些并回忆起其资产负债表上的负债时,结合现金,似乎对于公司来说有任何债务都是不明智的。坦白说,我们认为资产负债表远未达到适合匹配的状态,尽管随着时间的推移可以改善。例如,我们不希望看到去年损失19600万人民币的情况重演。因此,直言不讳地说,我们确实认为这是有风险的。在分析债务时,资产负债表显然是重点关注的领域。然而,并非所有投资风险都存在于资产负债表中,远非如此。例如,赛为智能有1个警告信号,我们认为你应该注意。
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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