These 4 Measures Indicate That Tianrun Industry Technology (SZSE:002283) Is Using Debt Safely
These 4 Measures Indicate That Tianrun Industry Technology (SZSE:002283) Is Using Debt Safely
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Tianrun Industry Technology Co., Ltd. (SZSE:002283) makes use of debt. But the real question is whether this debt is making the company risky.
禾倫•巴菲特曾經說過:“波動性與風險遠非同義詞。” 看起來,聰明人知道,破產通常涉及債務,這是評估公司風險的非常重要的因素之一。和許多其他公司一樣,天潤工業科技股份有限公司(深圳證券交易所:002283)利用債務。但真正的問題是,這些債務是否造成了公司的風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務和其他負債對企業來說會帶來風險,因爲企業不容易用自由現金流或以合理價格籌集資金來履行這些義務。最終,如果公司無法履行償還債務的法律義務,股東可能會失去資金。儘管這種情況並不常見,但我們經常看到負債累累的公司因貸方強迫它們以低於市值的價格籌集資金而導致股東永久性稀釋。當然,債務可能是企業的重要工具,特別是在資本密集型企業中。當我們考慮公司使用債務的情況時,首先考慮現金和債務的總和。
How Much Debt Does Tianrun Industry Technology Carry?
天潤工業科技股份有限公司負債情況如何?
As you can see below, Tianrun Industry Technology had CN¥343.1m of debt at March 2024, down from CN¥757.2m a year prior. However, its balance sheet shows it holds CN¥1.16b in cash, so it actually has CN¥812.9m net cash.
如下所示,截至2024年3月,天潤工業科技股份有限公司負債爲3,431萬元人民幣,較去年同期的7,572萬元人民幣下降。 然而,其資產負債表顯示,公司持有11.6億元人民幣的現金,因此實際上擁有81,290萬元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240607/0-480bf7e3f3db043c24803eff26373242-0-4a9498822a3747de871905adffbb905f.png/big)
How Strong Is Tianrun Industry Technology's Balance Sheet?
天潤工業科技股份有限公司的資產負債表體量如何?
According to the last reported balance sheet, Tianrun Industry Technology had liabilities of CN¥2.21b due within 12 months, and liabilities of CN¥167.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.16b as well as receivables valued at CN¥2.15b due within 12 months. So it actually has CN¥922.8m more liquid assets than total liabilities.
根據最近披露的資產負債表,天潤工業科技股份有限公司的短期負債爲22.1億元人民幣,長期負債爲1,676萬元人民幣。 抵消這些債務的是,公司持有11.6億元人民幣的現金,以及價值21.5億元人民幣的應收賬款。實際上,它擁有92,280萬元人民幣的資金。比總負債還多出了更多的流動資產。
This excess liquidity suggests that Tianrun Industry Technology is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Tianrun Industry Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
這種過剩的流動性表明天潤工業科技股份有限公司在對待債務方面採取了謹慎的態度。 鑑於其擁有充足的短期流動性,我們認爲它不會在償付債權人方面遇到任何問題。 簡而言之,天潤工業科技股份有限公司擁有的現金比債務多,這可能是其能夠安全地管理債務的良好跡象。
In addition to that, we're happy to report that Tianrun Industry Technology has boosted its EBIT by 79%, thus reducing the spectre of future debt repayments. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Tianrun Industry Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
除此之外,我們很高興地報告,天潤工業科技股份有限公司的EBIt增長了79%,從而減少了未來債務償還的困擾。分析債務水平時,資產負債表是顯然的起點。但是,最終的收益,而不是任何其他因素,將決定天潤工業科技股份有限公司在未來維持健康資產負債表的能力。因此,如果您想了解專業人士的意見,您可能會發現分析師盈利預測的這份免費報告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Tianrun Industry Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Tianrun Industry Technology actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,公司只能用冷硬的現金而不是會計利潤償還債務。 儘管天潤工業科技股份有限公司在資產負債表上有淨現金,但值得關注的是,公司將利潤之前的利潤和稅前利潤(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度。 在過去的三年中,天潤工業科技股份有限公司實際上產生的自由現金流比EBIt還要多。 這種強大的現金轉換爲我們提供了和 Daft Punk演唱會上的人群一樣的興奮感。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Tianrun Industry Technology has net cash of CN¥812.9m, as well as more liquid assets than liabilities. The cherry on top was that in converted 106% of that EBIT to free cash flow, bringing in CN¥614m. The bottom line is that we do not find Tianrun Industry Technology's debt levels at all concerning. The balance sheet is clearly the area to focus on when you are analysing debt. 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 1 warning sign for Tianrun Industry Technology you should know about.
儘管我們理解認爲債務令人擔憂的投資者的想法,但您應該記住,天潤工業科技股份有限公司的淨現金爲812.9萬元人民幣,而且其流動資產比負債還多。最後的錦上添花是,它將EBIt的106%轉換爲自由現金流,創收6140萬元人民幣。總之,我們並不認爲天潤工業科技股份有限公司的債務水平有任何問題。明顯,當您分析債務時,資產負債表是需要重點關注的區域。然而,並不是所有的投資風險都存在於資產負債表中。這些風險很難被發現。每個公司都有它們,我們已經發現了一項針對天潤工業科技股份有限公司的1個警告信號。
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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