Does Sino Geophysical (SZSE:300191) Have A Healthy Balance Sheet?
Does Sino Geophysical (SZSE:300191) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. As with many other companies Sino Geophysical Co., Ltd (SZSE:300191) makes use of debt. But the real question is whether this debt is making the company risky.
David Iben說得很好,“波動性不是我們關心的風險。我們關心的是避免資本永久損失。” 因此,當你考慮任何給定股票有多大的風險時,需要考慮債務,因爲過多的債務可能會使公司破產。與許多其他公司一樣,潛能恒信股份有限公司(SZSE:300191)使用債務。但真正的問題是這些債務是否讓公司變得有風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt 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本來輕鬆履行其義務時,債務和其他負債會對其構成風險。在最壞的情況下,如果企業無法償還債權人的款項,則可能破產。但更常見(但仍然痛苦的)情況是,它必須以低價籌集新的股權資本,從而永久稀釋股東。話雖如此,最常見的情況是企業合理管理其債務,並從中獲益。因此,當我們考慮一家公司的債務運用時,我們首先要看現金和債務的總和。
What Is Sino Geophysical's Net Debt?
潛能恒信的淨債務是多少?
As you can see below, at the end of December 2023, Sino Geophysical had CN¥566.1m of debt, up from CN¥297.5m a year ago. Click the image for more detail. However, it also had CN¥287.1m in cash, and so its net debt is CN¥279.0m.
正如下圖所示,在2023年12月底,潛能恒信的債務爲人民幣566.1萬元,比一年前的人民幣297.5萬元增加。 然而,公司同時持有人民幣287.1萬元的現金,因此淨債務爲人民幣279.0萬元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240427/0-e80c1fc6aff37d868329db7fc1240b99-0-026ac765dac2cdd3c48fd197ed380ca9.png/big)
How Healthy Is Sino Geophysical's Balance Sheet?
潛能恒信的資產負債表特別健康嗎?
The latest balance sheet data shows that Sino Geophysical had liabilities of CN¥750.8m due within a year, and liabilities of CN¥378.4m falling due after that. Offsetting these obligations, it had cash of CN¥287.1m as well as receivables valued at CN¥75.8m due within 12 months. So its liabilities total CN¥766.2m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,潛能恒信有人民幣750.8萬元的短期負債和人民幣378.4萬元的長期負債,總計爲人民幣1129.2萬元。與此同時,公司持有人民幣287.1萬元的現金和人民幣75.8萬元的應收賬款,但這些都不足以抵消其負債額。
Since publicly traded Sino Geophysical shares are worth a total of CN¥4.49b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Sino Geophysical'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.
由於公開交易的潛能恒信股票總價值爲人民幣44.9億元,因此這些負債似乎不會構成主要威脅。但負債足夠多,我們肯定會建議股東繼續密切關注資產負債表。顯然,資產負債表是分析債務的主要領域。但是,潛能恒信的盈利能力將影響資產負債表在未來的情況。因此,在考慮債務時,絕對值得關注盈利趨勢。點擊此處進行交互式快照。
In the last year Sino Geophysical's revenue was pretty flat, and it made a negative EBIT. While that hardly impresses, its not too bad either.
去年潛能恒信的營收基本持平,EBIT爲負。雖然這並不令人印象深刻,但也不算太糟糕。
Caveat Emptor
買方自負。
Over the last twelve months Sino Geophysical produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥114m. 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. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥559m in negative free cash flow over the last twelve months. So in short it's a really risky stock. 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 Sino Geophysical , and understanding them should be part of your investment process.
在過去的12個月中,潛能恒信的息稅前利潤(EBIT)爲負數。具體而言,EBIT虧損了1.14億元人民幣。當我們看到這個數字並回想起其資產負債表上的負債相對現金時,我們認爲公司持有任何債務都不明智。因此,我們認爲其資產負債表有點緊張,但並非無法修復。另一個讓人擔憂的原因是潛能恒信在過去12個月中現金流量淨額爲負值,虧損了5.59億元人民幣。所以,總體來說這是一隻非常有風險的股票。在分析債務水平時,資產負債表是一個明顯的起點。但並不是所有的投資風險都存在於資產負債表中。我們已經確定了2個關於潛能恒信的警告信號,了解它們應該成爲您投資過程中的一部分。
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,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。