Sichuan Shudao Equipment & TechnologyLtd (SZSE:300540) Has Debt But No Earnings; Should You Worry?
Sichuan Shudao Equipment & TechnologyLtd (SZSE:300540) Has Debt But No Earnings; Should You Worry?
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. Importantly, Sichuan Shudao Equipment & Technology Co.,Ltd. (SZSE:300540) does carry debt. But should shareholders be worried about its use of debt?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,四川蜀道裝備科技股份有限公司, Ltd.(深圳證券交易所代碼:300540)確實有債務。但是,股東是否應該擔心其債務的使用?
When Is Debt A Problem?
債務何時會成爲問題?
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. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
How Much Debt Does Sichuan Shudao Equipment & TechnologyLtd Carry?
四川蜀道裝備科技有限公司揹負了多少債務?
As you can see below, at the end of September 2023, Sichuan Shudao Equipment & TechnologyLtd had CN¥99.8m of debt, up from CN¥55.7m a year ago. Click the image for more detail. But it also has CN¥153.5m in cash to offset that, meaning it has CN¥53.7m net cash.
如下所示,截至2023年9月底,四川蜀道設備科技有限公司的債務爲9980萬元人民幣,高於去年同期的5,570萬元人民幣。點擊圖片查看更多細節。但它也有1.535億元的現金來抵消這一點,這意味着它有5,370萬元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240301/0-089d0bbbb6fcb32a25dc6524a7ea383e-0-d7f321a520817a9f2db90eac072d8aac.png/big)
A Look At Sichuan Shudao Equipment & TechnologyLtd's Liabilities
看看四川蜀道設備科技有限公司的負債
We can see from the most recent balance sheet that Sichuan Shudao Equipment & TechnologyLtd had liabilities of CN¥552.2m falling due within a year, and liabilities of CN¥70.3m due beyond that. On the other hand, it had cash of CN¥153.5m and CN¥488.3m worth of receivables due within a year. So it actually has CN¥19.3m more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,四川蜀道設備科技有限公司的負債爲5.522億元人民幣,一年後到期的負債爲7,030萬元人民幣。另一方面,它有一年內到期的現金爲1.535億元人民幣,還有價值4.883億元人民幣的應收賬款。所以它實際上有1,930萬元人民幣 更多 流動資產超過總負債。
Having regard to Sichuan Shudao Equipment & TechnologyLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥3.87b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, Sichuan Shudao Equipment & TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Sichuan Shudao Equipment & TechnologyLtd 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.
考慮到四川蜀道設備科技有限公司的規模,其流動資產與總負債似乎很平衡。因此,這家38.7億元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。簡而言之,四川蜀道設備科技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!在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定四川蜀道設備科技有限公司能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
In the last year Sichuan Shudao Equipment & TechnologyLtd's revenue was pretty flat, and it made a negative EBIT. While that's not too bad, we'd prefer see growth.
去年,四川蜀道設備科技有限公司的收入相當平緩,息稅前利潤爲負。雖然這還不錯,但我們希望看到增長。
So How Risky Is Sichuan Shudao Equipment & TechnologyLtd?
那麼四川蜀道設備科技有限公司的風險有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And in the last year Sichuan Shudao Equipment & TechnologyLtd had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through CN¥80m of cash and made a loss of CN¥19m. However, it has net cash of CN¥53.7m, so it has a bit of time before it will need more capital. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. Be aware that Sichuan Shudao Equipment & TechnologyLtd is showing 1 warning sign in our investment analysis , you should know about...
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。說實話,去年四川蜀道設備科技有限公司出現了息稅前收益(EBIT)虧損。事實上,在那段時間裏,它燒燬了8000萬加元的現金,損失了1900萬元人民幣。但是,它的淨現金爲5,370萬元人民幣,因此在需要更多資金之前還有一段時間。儘管其資產負債表看起來足夠流動,但如果一家公司不定期產生自由現金流,債務總是會讓我們有點緊張。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。請注意,四川蜀道設備科技有限公司在我們的投資分析中顯示了1個警告信號,你應該知道...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。