Shanghai Tongji Science&Technology IndustrialLtd (SHSE:600846) Could Easily Take On More Debt
Shanghai Tongji Science&Technology IndustrialLtd (SHSE:600846) Could Easily Take On More Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Shanghai Tongji Science&Technology Industrial Co.,Ltd (SHSE:600846) makes use of debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。與許多其他公司一樣,上海同濟科技實業有限公司, Ltd(上海證券交易所代碼:600846)使用債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt A Problem?
債務何時會成爲問題?
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. 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 step when considering a company's debt levels is to consider its cash and debt together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。考慮公司的債務水平的第一步是同時考慮其現金和債務。
View our latest analysis for Shanghai Tongji Science&Technology IndustrialLtd
查看我們對上海同濟科技實業有限公司的最新分析
What Is Shanghai Tongji Science&Technology IndustrialLtd's Debt?
上海同濟科技實業有限公司的債務是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Shanghai Tongji Science&Technology IndustrialLtd had debt of CN¥1.52b, up from CN¥1.14b in one year. But it also has CN¥3.23b in cash to offset that, meaning it has CN¥1.71b net cash.
您可以點擊下圖查看更多細節,該圖片顯示,截至2023年9月,上海同濟科技實業有限公司的債務爲152億元人民幣,高於一年內的11.4億元人民幣。但它也有32.3億元人民幣的現金來抵消這一點,這意味着它的淨現金爲17.1億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240201/0-77e1cdde539f6d38f85666038055f0ac-0-b8dc2182ef5db42de3ef981e2aa00843.png/big)
A Look At Shanghai Tongji Science&Technology IndustrialLtd's Liabilities
看看上海同濟科技實業有限公司的負債
The latest balance sheet data shows that Shanghai Tongji Science&Technology IndustrialLtd had liabilities of CN¥4.86b due within a year, and liabilities of CN¥38.3m falling due after that. On the other hand, it had cash of CN¥3.23b and CN¥1.92b worth of receivables due within a year. So it can boast CN¥253.4m more liquid assets than total liabilities.
最新的資產負債表數據顯示,上海同濟科技工業有限公司的負債爲4.86億元人民幣,此後到期的負債爲3830萬元人民幣。另一方面,它有32.3億加元的現金和價值19.2億元人民幣的應收賬款將在一年內到期。因此,它擁有的流動資產可以多出2.534億元人民幣 總 負債。
This short term liquidity is a sign that Shanghai Tongji Science&Technology IndustrialLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Shanghai Tongji Science&Technology IndustrialLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
這種短期流動性表明,由於資產負債表遠未緊張,上海同濟科技實業有限公司可能會輕鬆還清債務。簡而言之,上海同濟科技實業有限公司擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
Another good sign is that Shanghai Tongji Science&Technology IndustrialLtd has been able to increase its EBIT by 26% in twelve months, making it easier to pay down debt. 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 Shanghai Tongji Science&Technology IndustrialLtd 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.
另一個好兆頭是,上海同濟科技實業有限公司已經能夠在十二個月內將其息稅前利潤提高26%,從而更容易償還債務。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲上海同濟科技實業有限公司需要收益來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Shanghai Tongji Science&Technology IndustrialLtd 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. Happily for any shareholders, Shanghai Tongji Science&Technology IndustrialLtd actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管上海同濟科技工業有限公司的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。令所有股東感到高興的是,在過去三年中,上海同濟科技實業有限公司產生的自由現金流實際上超過了息稅前利潤。當Daft Punk音樂會的節拍下降時,這種強勁的現金轉換讓我們和觀衆一樣興奮。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Shanghai Tongji Science&Technology IndustrialLtd has net cash of CN¥1.71b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of -CN¥1.2b, being 158% of its EBIT. So we don't think Shanghai Tongji Science&Technology IndustrialLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. We've identified 2 warning signs with Shanghai Tongji Science&Technology IndustrialLtd (at least 1 which is potentially serious) , and understanding them should be part of your investment process.
雖然我們同情那些認爲債務擔憂的投資者,但您應該記住,上海同濟科技實業有限公司的淨現金爲17.1億元人民幣,流動資產也多於負債。它的自由現金流爲-12億元人民幣,佔其息稅前利潤的158%,給我們留下了深刻的印象。因此,我們認爲上海同濟科技實業有限公司使用債務沒有風險。在分析債務水平時,資產負債表是顯而易見的起點。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經向上海同濟科技實業有限公司發現了兩個警告信號(至少一個可能很嚴重),了解它們應該是您投資過程的一部分。
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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