Here's Why Siasun Robot&AutomationLtd (SZSE:300024) Can Afford Some Debt
Here's Why Siasun Robot&AutomationLtd (SZSE:300024) Can Afford Some Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that Siasun Robot&Automation Co.,Ltd. (SZSE:300024) does use debt in its business. But is this debt a concern to shareholders?
傳奇基金經理李露(由查理·芒格支持)曾經說過:“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。”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。我們可以看到新松機器人與自動化有限公司, Ltd.(深圳證券交易所代碼:300024)確實在其業務中使用債務。但是這筆債務是股東關心的問題嗎?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以爲企業提供幫助,直到企業難以用新的資本或自由現金流還清債務。資本主義的一部分是 “創造性毀滅” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。在考慮企業使用多少債務時,要做的第一件事就是同時考慮其現金和債務。
What Is Siasun Robot&AutomationLtd's Debt?
Siasun Robot&AutomationLtd的債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Siasun Robot&AutomationLtd had CN¥2.37b of debt, an increase on CN¥2.17b, over one year. However, it does have CN¥1.92b in cash offsetting this, leading to net debt of about CN¥457.4m.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,新松機器人與自動化有限公司在一年內有23.7億元人民幣的債務,比21.7億元人民幣增加了21.7億元人民幣。但是,它確實有19.2億加元的現金抵消了這一點,淨負債約爲4.574億元人民幣。
A Look At Siasun Robot&AutomationLtd's Liabilities
看看新松機器人與自動化有限公司的負債
The latest balance sheet data shows that Siasun Robot&AutomationLtd had liabilities of CN¥6.41b due within a year, and liabilities of CN¥1.55b falling due after that. On the other hand, it had cash of CN¥1.92b and CN¥2.12b worth of receivables due within a year. So its liabilities total CN¥3.91b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,新松機器人與自動化有限公司的負債爲64.1億元人民幣,此後到期的負債爲15.5億元人民幣。另一方面,它有一年內到期的19.2億元現金和價值21.2億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39.1億元人民幣。
Siasun Robot&AutomationLtd has a market capitalization of CN¥17.1b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. There's no doubt that we learn most about debt from the balance sheet. But it is Siasun Robot&AutomationLtd'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.
Siasun Robot&AutomationLtd的市值爲171億元人民幣,因此,如果需要,它很可能會籌集資金以改善其資產負債表。但是,仍然值得仔細研究其償還債務的能力。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。但是,影響未來資產負債表狀況的是Siasun Robot&AutomationLtd的收益。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。
In the last year Siasun Robot&AutomationLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 25%, to CN¥4.2b. Shareholders probably have their fingers crossed that it can grow its way to profits.
去年,新松機器人與自動化有限公司在息稅前利潤水平上沒有盈利,但設法將其收入增長了25%,達到42億元人民幣。股東們可能對它能夠實現盈利抱有疑慮。
Caveat Emptor
Caveat Emptor
Even though Siasun Robot&AutomationLtd managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at CN¥651m. 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. However, it doesn't help that it burned through CN¥302m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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 learn about the 2 warning signs we've spotted with Siasun Robot&AutomationLtd (including 1 which is a bit concerning) .
儘管Siasun Robot&AutomationLtd成功地實現了收入增長,但冷酷的事實是,它在息稅前利潤線上虧損。具體而言,息稅前利潤虧損爲6.51億元人民幣。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。但是,去年它消耗了3.02億加元的現金,這無濟於事。因此,只要說我們確實認爲這隻股票有風險就足夠了。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。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。爲此,你應該了解我們在Siasun Robot&AutomationLtd身上發現的兩個警告信號(包括一個有點令人擔憂的警告)。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。
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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。