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Is Shandong Sacred Sun Power SourcesLtd (SZSE:002580) A Risky Investment?

Is Shandong Sacred Sun Power SourcesLtd (SZSE:002580) A Risky Investment?

山东圣阳光能源股份有限公司(SZSE:002580)是一项风险投资吗?
Simply Wall St ·  2024/11/26 07:31

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.' 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. As with many other companies Shandong Sacred Sun Power Sources Co.,Ltd (SZSE:002580) makes use of debt. But is this debt a concern to shareholders?

大卫·伊本说得很好:‘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。’当我们考虑一家公司有多风险时,我们总是喜欢观察它的债务使用情况,因为债务过重可能导致毁灭。与许多其他公司一样,圣阳股份有限公司(SZSE:002580)也使用债务。但是,这些债务对股东来说是否值得关注?

Why Does Debt Bring Risk?

为什么债务带来风险?

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. When we think about a company's use of debt, we first look at cash and debt together.

债务支撑着企业,直到企业在偿还债务时遇到困难,无论是通过新资本还是通过自由现金流。 资本主义的一个组成部分是‘创造性毁灭’的过程,在这个过程中,失败的企业被它们的银行毫不留情地清算。 但是,较常见(但仍然痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东的股份。 当然,债务的好处在于,它通常代表着廉价资本,特别是当它替代需要在高回报率下再投资的公司的稀释时。 当我们考虑一家公司的债务使用时,我们首先会把现金和债务放在一起看。

How Much Debt Does Shandong Sacred Sun Power SourcesLtd Carry?

圣阳股份有限公司承担了多少债务?

As you can see below, at the end of September 2024, Shandong Sacred Sun Power SourcesLtd had CN¥399.3m of debt, up from CN¥302.8m a year ago. Click the image for more detail. However, it does have CN¥510.8m in cash offsetting this, leading to net cash of CN¥111.5m.

正如您在下方看到的,截止到2024年9月底,圣阳股份有限公司的债务为39930万元,较一年前的30280万元有所上升。点击图片查看更多详情。然而,它有51080万元的现金来抵消这些债务,从而导致净现金为11150万元。

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SZSE:002580 Debt to Equity History November 25th 2024
SZSE:002580债务与股本历史 2024年11月25日

How Healthy Is Shandong Sacred Sun Power SourcesLtd's Balance Sheet?

山东圣阳股份的资产负债表健康状况如何?

According to the last reported balance sheet, Shandong Sacred Sun Power SourcesLtd had liabilities of CN¥817.4m due within 12 months, and liabilities of CN¥432.4m due beyond 12 months. Offsetting this, it had CN¥510.8m in cash and CN¥1.16b in receivables that were due within 12 months. So it actually has CN¥423.7m more liquid assets than total liabilities.

根据最新报告的资产负债表,山东圣阳股份的负债为81740万人民币,12个月内到期,43240万人民币为超过12个月到期的负债。与此相抵消,它有51080万人民币的现金和11.6亿人民币的应收账款,这些账款在12个月内到期。因此,它实际拥有比总负债多42370万人民币的流动资产。

This short term liquidity is a sign that Shandong Sacred Sun Power SourcesLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Shandong Sacred Sun Power SourcesLtd has more cash than debt is arguably a good indication that it can manage its debt safely.

这种短期流动性是一个迹象,表明山东圣阳股份很可能能够轻松偿还其债务,因为其资产负债表远未吃紧。简单来说,山东圣阳股份拥有的现金超过债务,通常可以认为这是一个良好的迹象,表明它能够安全地管理其债务。

In fact Shandong Sacred Sun Power SourcesLtd's saving grace is its low debt levels, because its EBIT has tanked 30% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Shandong Sacred Sun Power SourcesLtd'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.

实际上,山东圣阳股份的救命稻草是其低负债水平,因为其EBIT在过去十二个月内下降了30%。当一家公司盈利暴跌时,它有时会发现与贷款人的关系变得紧张。分析债务时,资产负债表显然是一个重点。但山东圣阳股份的盈利将影响其未来资产负债表的表现。因此,在考虑债务时,确实值得关注盈利趋势。点击这里查看互动快照。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Shandong Sacred Sun Power SourcesLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Shandong Sacred Sun Power SourcesLtd saw substantial negative free cash flow, in total. 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.

但我们的最终考虑也很重要,因为一家公司不能用纸面利润来偿还债务;它需要真实的现金。虽然山东圣阳股份的资产负债表上有净现金,但仍然值得关注其将息税前利润(EBIT)转换为自由现金流的能力,以帮助我们了解它在多快的时间内建立(或减少)现金余额。在过去三年中,山东圣阳股份的自由现金流总共出现了大幅负值。尽管投资者无疑期待这一局面的逆转,但这显然意味着它的债务使用风险更高。

Summing Up

总结

While we empathize with investors who find debt concerning, you should keep in mind that Shandong Sacred Sun Power SourcesLtd has net cash of CN¥111.5m, as well as more liquid assets than liabilities. So although we see some areas for improvement, we're not too worried about Shandong Sacred Sun Power SourcesLtd's balance sheet. 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. To that end, you should be aware of the 2 warning signs we've spotted with Shandong Sacred Sun Power SourcesLtd .

虽然我们理解投资者对债务的担忧,但请记住,圣阳股份拥有净现金为人民币11150万,并且流动资产多于负债。因此,尽管我们看到一些改善的地方,但我们对圣阳股份的资产负债表并不太担心。毫无疑问,我们从资产负债表中学到的大多数关于债务的知识。然而,并非所有的投资风险都存在于资产负债表中——远非如此。为此,你应该注意到我们发现的圣阳股份的两个警告信号。

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.

最终,通常更好的是关注没有净负债的公司。你可以访问我们特别列出这些公司的名单(所有公司都有盈利增长的记录)。这是免费的。

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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.

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