Here's Why Chongqing Mas Sci.&Tech.Co.Ltd (SZSE:300275) Can Manage Its Debt Responsibly
Here's Why Chongqing Mas Sci.&Tech.Co.Ltd (SZSE:300275) Can Manage Its Debt Responsibly
Zooming in on the latest balance sheet data, we can see that Chongqing Mas Sci.&Tech.Co.Ltd had liabilities of CN¥346.1m due within 12 months and liabilities of CN¥116.9m due beyond that. Offsetting this, it had CN¥35.4m in cash and CN¥540.1m in receivables that were due within 12 months. So it actually has CN¥112.5m 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.' 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 Chongqing Mas Sci.&Tech.Co.,Ltd. (SZSE:300275) does use debt in its business. But the real question is whether this debt is making the company risky.
由巴克夏哈撒韦的查理·芒格支持的外部基金经理李录直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 因此，聪明的钱知道，债务——通常涉及破产——在评估一家公司风险时是一个非常重要的因素。我们可以看到，梅安森（SZSE:300275）确实在其业务中使用债务。但真正的问题是，这种债务是否使公司变得有风险。
When Is Debt Dangerous?
债务何时会变得危险？
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业成长的工具，但是如果企业无法偿还贷方的债务，那么它就处于他们的控制之下。资本主义的一个重要环节是‘创造性毁灭’的过程，失败的企业会被他们的银行无情清算。然而，更常见的（但仍然昂贵）的情况是，公司必须以较低的股票价格稀释股东，仅仅是为了控制债务。然而，通过替换稀释，债务可以成为那些需要资金以高回报投资增长的企业的极好工具。当我们审视债务水平时，我们首先将现金和债务水平一同考虑。
What Is Chongqing Mas Sci.&Tech.Co.Ltd's Debt?
梅安森的债务是多少？
You can click the graphic below for the historical numbers, but it shows that as of September 2024 Chongqing Mas Sci.&Tech.Co.Ltd had CN¥159.5m of debt, an increase on CN¥144.9m, over one year. However, it does have CN¥35.4m in cash offsetting this, leading to net debt of about CN¥124.1m.
你可以点击下面的图形查看历史数据，但它显示截至2024年9月，梅安森的债务为15950万人民币，较14490万人民币增加。一年来。然而，它确实有3540万人民币的现金来抵消这笔债务，导致净债务约为12410万人民币。
A Look At Chongqing Mas Sci.&Tech.Co.Ltd's Liabilities
梅安森科技有限公司的负债情况
Zooming in on the latest balance sheet data, we can see that Chongqing Mas Sci.&Tech.Co.Ltd had liabilities of CN¥346.1m due within 12 months and liabilities of CN¥116.9m due beyond that. Offsetting this, it had CN¥35.4m in cash and CN¥540.1m in receivables that were due within 12 months. So it actually has CN¥112.5m more liquid assets than total liabilities.
仔细查看最新的资产负债表数据，我们可以看到梅安森科技有限公司有34610万人民币的负债在12个月内到期，11690万人民币的负债在之后到期。抵消这一点的是它在现金方面有3540万人民币和54010万人民币的应收款，这些都在12个月内到期。因此，它实际拥有的流动资产比总负债多出11250万人民币。
This surplus suggests that Chongqing Mas Sci.&Tech.Co.Ltd has a conservative balance sheet, and could probably eliminate its debt without much difficulty.
这一盈余表明梅安森科技有限公司拥有保守的资产负债表，可能可以毫不费劲地消除其债务。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我们使用两个主要指标来告知我们债务水平与盈利的关系。第一个是净债务与息税折旧摊销前利润（EBITDA）的比率，而第二个是其息税前利润（EBIT）覆盖其利息费用（或其利息覆盖，简称）。这种方法的优点在于我们考虑了债务的绝对数量（通过净债务与EBITDA比率）和与该债务相关的实际利息费用（通过其利息覆盖比率）。
Chongqing Mas Sci.&Tech.Co.Ltd has a low net debt to EBITDA ratio of only 1.5. And its EBIT easily covers its interest expense, being 97.6 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. On top of that, Chongqing Mas Sci.&Tech.Co.Ltd grew its EBIT by 62% over the last twelve months, and that growth will make it easier to handle its debt. 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 Chongqing Mas Sci.&Tech.Co.Ltd 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.
梅安森科技有限公司的净债务与EBITDA比例仅为1.5，而其EBIT轻松覆盖了利息支出，达到97.6倍。因此，可以说它的债务并不会比老鼠对大象造成的威胁更大。更重要的是，梅安森科技有限公司在过去十二个月内将EBIT增长了62%，这一增长将使其更容易处理债务。毫无疑问，我们从资产负债表中最能学到有关债务的知识。但最终，业务的未来盈利能力将决定梅安森科技有限公司能否随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份免费报告，其中展示了分析师的盈利预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Chongqing Mas Sci.&Tech.Co.Ltd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
但我们最终的考虑同样重要，因为公司不能用纸面利润来偿还债务；需要的是冰冷的现金。因此，我们始终检查EBIT中有多少转化为自由现金流。在过去三年中，梅安森科技有限公司消耗了大量现金。虽然这可能是由于增长支出造成的，但这确实使债务风险大幅增加。
Our View
我们的观点
Chongqing Mas Sci.&Tech.Co.Ltd's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. Looking at all the aforementioned factors together, it strikes us that Chongqing Mas Sci.&Tech.Co.Ltd can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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. To that end, you should be aware of the 1 warning sign we've spotted with Chongqing Mas Sci.&Tech.Co.Ltd .
梅安森科技有限公司的利息覆盖率表明它可以像克里斯蒂亚诺·罗纳尔多对阵一名14岁以下的守门员一样轻松应对其债务。但我们必须承认，我们发现其EBIT转化为自由现金流的效果正好相反。综合考虑所有上述因素，我们认为梅安森科技有限公司能够相对轻松地处理其债务。当然，虽然这种杠杆可以提升股本回报，但它确实带来了更高的风险，因此值得保持关注。在分析债务时，资产负债表显然是需要关注的重点。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梅安森科技有限公司的一个警告信号。
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.
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.
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