Is Shanghai Research Institute of Building Sciences Group (SHSE:603153) Using Too Much Debt?
Is Shanghai Research Institute of Building Sciences Group (SHSE:603153) Using Too Much Debt?
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.' 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. As with many other companies Shanghai Research Institute of Building Sciences Group Co., Ltd. (SHSE:603153) makes use of debt. But the more important question is: how much risk is that debt creating?
David Iben曾經說過,'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。'當您檢查公司的風險時,關注其資產負債表是很自然的,因爲經常會在業務崩潰時涉及到債務。正如許多其他公司一樣,上海建科院股份有限公司(SHSE:603153)也使用債務。但更重要的問題是:這些債務所帶來的風險有多大?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
債務在支持業務直到業務遇到困難無法通過新資本或自由現金流付清它時才會出現問題。如果公司無法履行其償還債務的法律義務,股東可能什麼也得不到。然而,更常見的,且仍然很痛苦的情況是,公司必須以低價募集新的股本資本,從而永久稀釋股東的權益。當然,許多公司使用債務來資助增長,而沒有任何負面影響。當我們考慮公司使用債務時,首先看現金和債務的總和。
What Is Shanghai Research Institute of Building Sciences Group's Debt?
上海建科院股份有限公司的債務狀況是什麼?
You can click the graphic below for the historical numbers, but it shows that Shanghai Research Institute of Building Sciences Group had CN¥11.9m of debt in March 2024, down from CN¥13.4m, one year before. But on the other hand it also has CN¥1.65b in cash, leading to a CN¥1.63b net cash position.
您可以點擊下面的圖表查看歷史數字。它顯示,上海建科院股份有限公司於2024年3月的債務爲1190萬元人民幣,比一年前的1340萬元人民幣下降。但另一方面,它也有1.65億人民幣的現金,導致其淨現金爲16.3億人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240430/0-4c98cd68658ef056f34bece7c76f09b7-0-9784613caa15eb40d6007180f8afe619.png/big)
How Healthy Is Shanghai Research Institute of Building Sciences Group's Balance Sheet?
上海建科院股份有限公司的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Shanghai Research Institute of Building Sciences Group had liabilities of CN¥733.8m due within 12 months and liabilities of CN¥108.6m due beyond that. Offsetting this, it had CN¥1.65b in cash and CN¥1.33b in receivables that were due within 12 months. So it actually has CN¥2.13b more liquid assets than total liabilities.
深入研究最新的資產負債表數據,我們可以看到,上海建科院股份有限公司在12個月內到期的負債爲7338萬元人民幣,到期時間超過12個月的負債爲1086萬元人民幣。與此相抵,它有1.65億元人民幣的現金和13.3億元人民幣的應收賬款,這些應收賬款將在12個月內到期。所以它實際上擁有21.3億元人民幣。 比總負債還多出了更多的流動資產。
It's good to see that Shanghai Research Institute of Building Sciences Group has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Shanghai Research Institute of Building Sciences Group boasts net cash, so it's fair to say it does not have a heavy debt load!
看到上海建科院股份有限公司在資產負債表上有足夠的流動性是好的,這表明其負債的管理十分穩妥。鑑於它具有足夠的短期流動性,我們不認爲它會與其貸款人有任何問題。簡而言之,上海建科院股份有限公司擁有淨現金,因此可以說它沒有沉重的債務負擔!
On top of that, Shanghai Research Institute of Building Sciences Group grew its EBIT by 57% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But it is Shanghai Research Institute of Building Sciences Group's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
此外,上海建科院股份有限公司的EBIT在過去12個月中增長了57%,這種增長將使其更容易應對其債務。毫無疑問,我們從資產負債表中了解債務時最多。但是,它是上海建科院股份有限公司的盈利能力將影響資產負債表在未來的狀況。因此,如果您想進一步了解其盈利能力,可以查看其長期盈利趨勢的圖表。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Shanghai Research Institute of Building Sciences Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Shanghai Research Institute of Building Sciences Group recorded free cash flow of 40% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,雖然稅務部門可能喜歡會計利潤,但貸款人只接受冰冷的現金。上海建科院股份有限公司可能在資產負債表上有淨現金,但仍有必要關注其業務如何將利潤前利息和稅前利潤(EBIT)轉化爲自由現金流,因爲這將影響其管理債務的需要和能力。從最近三年的數據來看,上海建科院股份有限公司的自由現金流佔其EBIT的40%,比我們預期的要弱。這種低弱的現金轉化使它更難以應對負債。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Shanghai Research Institute of Building Sciences Group has CN¥1.63b in net cash and a decent-looking balance sheet. And we liked the look of last year's 57% year-on-year EBIT growth. So we don't think Shanghai Research Institute of Building Sciences Group's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for Shanghai Research Institute of Building Sciences Group that you should be aware of.
儘管調查公司的債務是明智的,但在這種情況下,上海建科院股份有限公司有1.63億元人民幣的淨現金和看起來不錯的資產負債表。我們喜歡去年的57%的年度EBIT增長。因此,我們認爲上海建科院股份有限公司的使用債務並不冒險。在分析債務水平時,資產負債表是開始的明顯地方。但最終,每家公司都可能存在超出資產負債表以外的風險。例如,我們已經發現了一份針對上海建科院股份有限公司的警告,您應該清楚它。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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