Shaanxi Aerospace Power Hi-Tech (SHSE:600343) Is Making Moderate Use Of Debt
Shaanxi Aerospace Power Hi-Tech (SHSE:600343) Is Making Moderate Use Of 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. We can see that Shaanxi Aerospace Power Hi-Tech Co., Ltd. (SHSE:600343) does use debt in its business. But the real question is whether this debt is making the company risky.
大衛·伊本說得很好,他說,'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。'當你檢查一個公司的風險時,考慮它的資產負債表是很自然的,因爲債務往往是企業崩潰的原因。我們可以看到,陝西航天動力科技股份有限公司(上海證券交易所:600343) 的業務使用了債務。但真正的問題是這些債務是否使公司存在風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,當公司無法輕鬆償還債務時,要麼通過籌集資本,要麼憑藉自身的現金流,債務才會成爲真正的問題。如果公司無法履行償還債務的法律義務,股東可能會毫無所得。然而,更常見(但仍然痛苦)的情況是:公司需要以低價募集新的權益資本,從而永久地稀釋股東。然而,債務可以取代稀釋,成爲需要高回報率投資增長的企業極好的工具。當我們考慮公司的債務使用時,我們首先查看現金和債務。
What Is Shaanxi Aerospace Power Hi-Tech's Net Debt?
陝西航天動力科技的淨債務是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Shaanxi Aerospace Power Hi-Tech had debt of CN¥442.0m, up from CN¥374.0m in one year. On the flip side, it has CN¥220.1m in cash leading to net debt of about CN¥221.9m.
下面的圖片可以點擊查看更詳細的信息,顯示截至2024年3月,陝西航天動力科技有4.42億元人民幣的債務,比一年前的3.74億元人民幣增加。另一方面,它有2.201億元人民幣的現金,導致淨債務約爲2.219億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240601/0-09b3de1e581d24b9670342c0853a4b39-0-350bb2d3b1e0d3c09a571166d58578b3.png/big)
How Healthy Is Shaanxi Aerospace Power Hi-Tech's Balance Sheet?
陝西航天動力科技的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Shaanxi Aerospace Power Hi-Tech had liabilities of CN¥1.15b due within 12 months and liabilities of CN¥241.3m due beyond that. On the other hand, it had cash of CN¥220.1m and CN¥720.6m worth of receivables due within a year. So its liabilities total CN¥445.8m more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據,我們可以看到,陝西航天動力科技有11.5億人民幣的負債需要在12個月內償還,2413萬元人民幣的負債需要超過這個期限。另一方面,它有2.201億元人民幣的現金和7206萬元人民幣的短期應收賬款。所以它的負債比現金和短期應收賬款的總和多出4458萬元人民幣。
Given Shaanxi Aerospace Power Hi-Tech has a market capitalization of CN¥5.58b, it's hard to believe these liabilities pose much 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 Shaanxi Aerospace Power Hi-Tech'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.
考慮到陝西航天動力科技的市值爲5.58億元人民幣,很難相信這些負債會帶來太大的威脅。但是,我們建議股東繼續密切關注資產負債表。資產負債表顯然是研究債務的重點區域。但在未來影響資產負債表的是陝西航天動力科技的收益。因此,在考慮債務時,看一下收益趨勢是絕對值得的。單擊此處以獲取交互式快照。
In the last year Shaanxi Aerospace Power Hi-Tech had a loss before interest and tax, and actually shrunk its revenue by 23%, to CN¥914m. To be frank that doesn't bode well.
在過去的一年中,陝西航天動力科技的利潤和稅前虧損,實際上其收入下降了23%,至0.914億元人民幣。坦白地說,這不是一個好兆頭。
Caveat Emptor
買方自負。
Not only did Shaanxi Aerospace Power Hi-Tech's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥191m 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. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥271m in negative free cash flow over the last twelve months. 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. For example - Shaanxi Aerospace Power Hi-Tech has 2 warning signs we think you should be aware of.
不僅在過去12個月中,陝西航天動力科技的收入下滑,而且在稅息前收益(EIBT)方面也產生了負面收益。事實上,它在EBIt水平上損失了1.91億元人民幣。當我們看到這些並回想一下它的資產負債表上的負債相對於現金的情況時,我們認爲公司有任何債務是不明智的。所以我們認爲它的資產負債表有些緊張,但還沒有到無法挽救的程度。另一件值得警惕的事情是,在過去12個月中,它在自由現金流方面流出了2.71億元人民幣。因此,可以說,我們認爲這隻股票存在風險。我們毫不懷疑,我們從資產負債表上了解大多數關於債務的信息。然而,並不是所有的投資風險都在資產負債表上 - 相反,有很多其他的來源。例如 - 陝西航天動力科技有2個警告標誌,我們認爲您應該注意。
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。