Does Shenzhen TXD TechnologyLtd (SZSE:002845) Have A Healthy Balance Sheet?
Does Shenzhen TXD TechnologyLtd (SZSE:002845) Have A Healthy Balance Sheet?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Shenzhen TXD Technology Co.,Ltd. (SZSE:002845) does use debt in its business. But should shareholders be worried about its use of debt?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,深圳天興達科技有限公司, Ltd.(深圳證券交易所:002845)確實在其業務中使用債務。但是,股東是否應該擔心其債務的使用?
When Is Debt Dangerous?
債務何時危險?
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. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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 examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以有吸引力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變得有風險。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但成本仍然很高)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,只是爲了支撐其資產負債表。當然,債務的好處是它通常代表廉價資本,尤其是當它取代了具有高回報率再投資能力的公司的稀釋時。當我們研究債務水平時,我們首先將現金和債務水平放在一起考慮。
How Much Debt Does Shenzhen TXD TechnologyLtd Carry?
深圳天興達科技有限公司揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that Shenzhen TXD TechnologyLtd had CN¥1.05b of debt in September 2023, down from CN¥1.12b, one year before. However, because it has a cash reserve of CN¥688.6m, its net debt is less, at about CN¥364.3m.
你可以點擊下圖查看歷史數字,但它顯示深圳同興科技有限公司在2023年9月有10.5億元人民幣的債務,低於一年前的11.2億元人民幣。但是,由於其現金儲備爲6.886億元人民幣,其淨負債較少,約爲3.643億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240227/0-dc473185d63be4707e6070fb912d6442-0-fd9ec891ad2a0755ed54a8a617dcfe22.png/big)
How Strong Is Shenzhen TXD TechnologyLtd's Balance Sheet?
深圳天興達科技有限公司的資產負債表有多強?
According to the last reported balance sheet, Shenzhen TXD TechnologyLtd had liabilities of CN¥4.44b due within 12 months, and liabilities of CN¥521.0m due beyond 12 months. On the other hand, it had cash of CN¥688.6m and CN¥2.69b worth of receivables due within a year. So its liabilities total CN¥1.58b more than the combination of its cash and short-term receivables.
根據上次報告的資產負債表,深圳同興達科技有限公司的負債爲44.4億元人民幣,12個月後到期的負債爲5.210億元人民幣。另一方面,它有一年內到期的現金爲6.886億元人民幣,還有價值26.9億元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出15.8億元人民幣。
While this might seem like a lot, it is not so bad since Shenzhen TXD TechnologyLtd has a market capitalization of CN¥4.57b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off 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 Shenzhen TXD TechnologyLtd 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.
儘管這可能看起來很多,但還不錯,因爲深圳天興科技有限公司的市值爲457億元人民幣,因此如果需要,它可能會通過籌集資金來加強資產負債表。但是,仍然值得仔細研究其償還債務的能力。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;因爲深圳天興科技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。
Over 12 months, Shenzhen TXD TechnologyLtd made a loss at the EBIT level, and saw its revenue drop to CN¥8.1b, which is a fall of 21%. To be frank that doesn't bode well.
在過去的12個月中,深圳騰興達科技有限公司在息稅前利潤水平上出現虧損,收入降至81億元人民幣,下降了21%。坦率地說,這並不是一個好兆頭。
Caveat Emptor
Caveat Emptor
Not only did Shenzhen TXD TechnologyLtd's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥344m. 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. Another cause for caution is that is bled CN¥62m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 1 warning sign with Shenzhen TXD TechnologyLtd , and understanding them should be part of your investment process.
在過去的十二個月中,深圳騰興科技有限公司不僅收入下滑,而且還產生了負的息稅前收益(EBIT)。具體而言,息稅前利潤虧損爲3.44億元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流爲負6200萬元人民幣。因此,坦率地說,我們認爲這是有風險的。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。我們已經向深圳騰興達科技有限公司確定了1個警告信號,我們知道它們應該是您投資過程的一部分。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。