Is Shanghai Putailai New Energy TechnologyLtd (SHSE:603659) A Risky Investment?
Is Shanghai Putailai New Energy TechnologyLtd (SHSE:603659) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Shanghai Putailai New Energy Technology Co.,Ltd. (SHSE:603659) does use debt in its business. But is this debt a concern to shareholders?
有人認爲波動性而不是債務是投資者考慮風險的最佳方式,但禾倫·巴菲特有名地說過,“波動性遠非風險的同義詞”。因此,當考慮某個股票的風險時,需要考慮到債務,因爲過度債務可能會導致一家公司破產。我們可以看到,璞泰來新能源科技股份有限公司(上證: 603659)在其業務中確實使用債務。但是,這種債務對股東有影響嗎?
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. 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.
當企業無法輕鬆通過自由現金流或通過發售價格具有吸引力的股票籌集資本來履行債務和其他負債時,債務和其他負債就會對企業產生風險。如果公司無法履行還款的法律義務,股東可能會一無所有。然而,一個更常見(但仍然痛苦的)情況是,它不得不以低價格發行新的股權資本,從而永久稀釋股東的權益。當然,很多公司使用債務來資助增長,而沒有任何負面影響。當我們考慮一家公司的債務使用時,我們首先需要查看現金和債務的總額。
What Is Shanghai Putailai New Energy TechnologyLtd's Net Debt?
上海璞泰來新能源技術股份有限公司的淨債務是多少?
As you can see below, at the end of March 2024, Shanghai Putailai New Energy TechnologyLtd had CN¥10.1b of debt, up from CN¥6.95b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥8.28b, its net debt is less, at about CN¥1.78b.
正如您下面所看到的,在2024年3月底,上海璞泰來新能源技術股份有限公司的債務總額爲人民幣101億元,高於一年前的人民幣69.5億元。單擊圖像了解更多詳細信息。然而,由於其有人民幣82.8億元的現金儲備,其淨債務較少,約爲人民幣17.8億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240605/0-176ed9c46d7ad7bcec97d68b94295d7c-0-d055fd4e3c45262e44b19766f4a2eae2.png/big)
How Healthy Is Shanghai Putailai New Energy TechnologyLtd's Balance Sheet?
璞泰來新能源技術股份有限公司的資產負債表有多健康?
The latest balance sheet data shows that Shanghai Putailai New Energy TechnologyLtd had liabilities of CN¥17.5b due within a year, and liabilities of CN¥5.13b falling due after that. Offsetting these obligations, it had cash of CN¥8.28b as well as receivables valued at CN¥5.42b due within 12 months. So it has liabilities totalling CN¥8.93b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,上海璞泰來新能源技術股份有限公司於一年內到期的負債總額爲人民幣175億元,到期後需償還的負債總額爲人民幣51.3億元。抵消這些義務,其有人民幣82.8億元的現金儲備以及價值人民幣54.2億元的應收賬款,其中12個月內到期。因此,它的負債總額比其現金和短期應收賬款總和多出人民幣89.3億元。
This deficit isn't so bad because Shanghai Putailai New Energy TechnologyLtd is worth CN¥35.1b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
這種赤字並不糟糕,因爲上海璞泰來新能源技術股份有限公司的價值爲351億元,因此,如果需要,它可能會籌集足夠的資本來支撐其資產負債表。但很明顯,我們肯定要仔細檢查它是否能夠管理其債務而不產生稀釋。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了衡量公司債務相對於其收益的大小,我們計算其淨債務除以利息、稅、折舊和攤銷前收益(EBITDA)以及其稅前收益與利息支出(其利息覆蓋率)的比率。這樣,我們既考慮了債務的絕對量,也考慮了所支付的利率。
Shanghai Putailai New Energy TechnologyLtd's net debt is only 0.69 times its EBITDA. And its EBIT easily covers its interest expense, being 44.4 times the size. So we're pretty relaxed about its super-conservative use of debt. The modesty of its debt load may become crucial for Shanghai Putailai New Energy TechnologyLtd if management cannot prevent a repeat of the 47% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shanghai Putailai New Energy TechnologyLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
璞泰來新能源技術股份有限公司的淨債務僅爲其息稅折舊及攤銷前利潤的0.69倍。而其息稅前利潤很容易覆蓋其利息費用,其倍數爲44.4倍。因此,我們對其對債務的超級保守使用十分放鬆。如果管理層無法防止去年EBIT下降47%的情況再次發生,其債務負載的適度可能會變得至關重要。當一家公司看到其盈利急劇下降時,它有時會發現它與貸款人的關係變得惡劣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Shanghai Putailai New Energy TechnologyLtd saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,儘管稅務局可能崇拜會計利潤,但貸款人只接受冰冷的鈔票。因此,邏輯步驟是查看實際的自由現金流佔EBIT的比例。在過去三年中,上海璞泰來新能源技術股份有限公司總計出現大量的負自由現金流。儘管投資者毫無疑問地期望這種局面會在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。
Our View
我們的觀點
To be frank both Shanghai Putailai New Energy TechnologyLtd's conversion of EBIT to free cash flow and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that Shanghai Putailai New Energy TechnologyLtd's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. 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. These risks can be hard to spot. Every company has them, and we've spotted 4 warning signs for Shanghai Putailai New Energy TechnologyLtd (of which 1 is potentially serious!) you should know about.
坦白說,上海璞泰來新能源技術股份有限公司的EBIT轉爲自由現金流的轉換以及其未增長的EBIT的歷史記錄讓我們對其債務水平感到不安。但是光明面是,其利息覆蓋率是一個好兆頭,這使我們更加樂觀。一旦我們綜合考慮上述所有因素,我們認爲璞泰來新能源技術股份有限公司的債務使其有點冒險。有些人喜歡這種風險,但我們要注意潛在的風險,因此我們可能更希望其負債更少。毫無疑問,我們對資產負債表的了解最深入。然而,並不是所有的投資風險都存在於資產負債表中-遠非如此。這些風險很難發現。每家公司都有這些風險,並且我們已經發現了上海璞泰來新能源技術股份有限公司的4個預警信號(其中1個潛在嚴重),您應該了解。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
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。