Does Shenzhen SDG Information (SZSE:000070) Have A Healthy Balance Sheet?
Does Shenzhen SDG Information (SZSE:000070) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Shenzhen SDG Information Co., Ltd. (SZSE:000070) does carry debt. But is this debt a concern to shareholders?
禾倫·巴菲特曾說:“波動性與風險遠非同義詞。” 當我們考慮公司的風險時,我們總是喜歡看看它的負債使用情況,因爲負債過重可能導致滅亡。 重要的是,深圳市特發信息股份有限公司(SZSE:000070)確實承擔了債務。 但這種債務是否讓股東感到擔憂?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
債務和其他負債對企業的風險在無法輕鬆地以自由現金流或者以有吸引力的價格籌集資金清償時變得具有風險。資本主義的一部分是“創造性毀滅”的過程,即銀行家無情地清算破產企業。雖然這不太常見,但我們經常看到有負債的公司因爲貸方迫使它們以破產的價格籌集資本而永久地稀釋股東。話雖如此,則最常見的情況是公司合理地管理了債務 - 並從中獲取了自己的利益。當我們檢查負債水平時,我們首先考慮現金和債務水平,二者一起考慮。
What Is Shenzhen SDG Information's Net Debt?
深圳市特發信息的淨債務是多少?
The chart below, which you can click on for greater detail, shows that Shenzhen SDG Information had CN¥3.27b in debt in March 2024; about the same as the year before. However, it also had CN¥1.28b in cash, and so its net debt is CN¥1.99b.
下面的圖表(可單擊以獲取更多詳細信息)顯示,深圳市特發信息在2024年3月的債務總額爲32.7億人民幣,與前一年大致相同。 然而,它也有12.8億元人民幣的現金,因此其淨債務爲19.9億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240528/0-16ea24372f86028e4756353bc55d1680-0-a33dac052c62ec528bca820ae463e161.png/big)
A Look At Shenzhen SDG Information's Liabilities
深圳市特發信息的負債狀況如何?
Zooming in on the latest balance sheet data, we can see that Shenzhen SDG Information had liabilities of CN¥3.91b due within 12 months and liabilities of CN¥2.23b due beyond that. On the other hand, it had cash of CN¥1.28b and CN¥2.46b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.40b.
放大最新的資產負債表數據,我們可以看到深圳市特發信息的負債總額爲39.1億元人民幣,到期在12個月內,還有22.3億元人民幣到期。 另一方面,它有12.8億元人民幣的現金和24.6億元人民幣的短期應收賬款。 因此,其負債超過了其現金和(短期)應收賬款的總和24億元人民幣。
Shenzhen SDG Information has a market capitalization of CN¥4.38b, 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. 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 SDG Information 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.
深圳市特發信息的市值爲43.8億元人民幣,因此如果需要,它完全可以籌集資金來改善其資產負債表。 但是,在分析債務時,仍然值得密切關注其償還債務的能力。 顯然,資產負債表是重點,但您不能將債務完全隔離開來;因爲深圳市特發信息需要盈利來償還債務。 因此,在考慮債務時,確實值得關注收益趨勢。 單擊此處以查看交互式快照。
In the last year Shenzhen SDG Information wasn't profitable at an EBIT level, but managed to grow its revenue by 15%, to CN¥5.0b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的一年中,深圳市特發信息在EBIt級別上並未賺取利潤,但將其營業收入增長了15%,達到50億元人民幣。 這種增長速度對我們來說有點緩慢,但創建世界需要各種類型。
Caveat Emptor
買方自負。
Over the last twelve months Shenzhen SDG Information produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥18m at the EBIT level. 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. For example, we would not want to see a repeat of last year's loss of CN¥248m. So to be blunt we do 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. To that end, you should learn about the 3 warning signs we've spotted with Shenzhen SDG Information (including 2 which can't be ignored) .
在過去的十二個月中,深圳市特發信息獲得了利息、稅、折舊和攤銷(EBIT)虧損。 實際上,在EBIt級別上虧損了1800萬元人民幣。 當我們考慮到其資產負債表上的負債相對於現金時,這似乎對我們很不明智的公司有任何債務。 說句實話,我們認爲資產負債表遠未達到狀態匹配的狀態,儘管隨着時間的推移可能會有所改善。 例如,我們不希望看到去年的24800萬元人民幣虧損再次發生。 因此,坦率地說,我們認爲它是有風險的。 毫無疑問,我們最了解資產負債表的債務。 但是,最終,每家公司都可能存在超出資產負債表之外的風險。 爲此,您應該了解我們發現的深圳市特發信息的3個警告信號(包括2個無法忽略的信號)。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。
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