Ningbo Sanxing Medical ElectricLtd (SHSE:601567) Could Easily Take On More Debt
Ningbo Sanxing Medical ElectricLtd (SHSE:601567) Could Easily Take On More Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Ningbo Sanxing Medical Electric Co.,Ltd. (SHSE:601567) does use debt in its business. But the more important question is: how much risk is that debt creating?
傳奇基金經理李璐(得到查理·芒格的支持)曾說過:“最大的投資風險不是價格的波動性,而是你是否會遭受永久性資本損失。”因此,當你考慮任何給定股票的風險時,需要考慮債務,因爲太多的債務可能會拖垮一家公司。我們可以看到,寧波三星醫療電器股份有限公司(SHSE:601567)在其業務中確實使用了債務。但更重要的問題是:這些債務造成了多大的風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
債務可以幫助企業直到公司難以用新增的資本或自由現金流支付還債。如果情況變得非常糟糕,債權人可以接管企業。然而,公司必須發行低價股票來支撐資產負債表這一成本更高但較常見的情況,從而永久性地稀釋股東權益。即便如此,最常見的情況是公司合理管理其債務,從中獲益。當我們分析債務水平時,首先考慮現金和債務水平。
What Is Ningbo Sanxing Medical ElectricLtd's Net Debt?
寧波三星醫療電器有限公司的淨債務是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Ningbo Sanxing Medical ElectricLtd had debt of CN¥2.72b, up from CN¥746.3m in one year. However, it does have CN¥5.24b in cash offsetting this, leading to net cash of CN¥2.53b.
下面的圖像(可以單擊以獲取更多詳細信息)顯示,截至2024年3月,寧波三星醫療電器有限公司的債務爲27.2億人民幣,比一年前的74630萬人民幣增加了很多。但是,憑藉着524億的現金,抵消了這筆債務,從而形成了253億的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240701/0-966e65d0e015c5f891d803e885c27c25-0-0d206cca82b79cbb33299cddf7d05cd7.png/big)
How Healthy Is Ningbo Sanxing Medical ElectricLtd's Balance Sheet?
寧波三星醫療電器有限公司財務狀況如何?
Zooming in on the latest balance sheet data, we can see that Ningbo Sanxing Medical ElectricLtd had liabilities of CN¥6.44b due within 12 months and liabilities of CN¥3.57b due beyond that. Offsetting this, it had CN¥5.24b in cash and CN¥2.91b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.86b more than its cash and near-term receivables, combined.
仔細研究最新的資產負債表數據,我們可以看到,寧波三星醫療電器有限公司有644億元的負債需要在12個月內清還,還有357億元的負債需要在12個月後清還。抵消這些負債的是524億元的現金和291億元的應收賬款,這些賬款需要在12個月內結算。因此,其負債總額超過其現金和近期應收賬款的186億元。
Since publicly traded Ningbo Sanxing Medical ElectricLtd shares are worth a total of CN¥49.4b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Ningbo Sanxing Medical ElectricLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
因爲公開交易的寧波三星醫療電器股份總值爲494億元,所以看起來這樣的負債水平不太可能構成重大威脅。儘管如此,顯然我們應該繼續監控其資產負債表,以防變得更糟。儘管其負債明顯,但寧波三星醫療電器有限公司擁有淨現金,因此可以說其債務負擔並不重。
In addition to that, we're happy to report that Ningbo Sanxing Medical ElectricLtd has boosted its EBIT by 51%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Ningbo Sanxing Medical ElectricLtd'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.
此外,我們很高興地報道寧波三星醫療電器有限公司將其收益前利息、稅項和攤銷(EBIT)提高了51%,從而降低了未來債務償還的風險。資產負債表顯然是分析債務的重要方面。但是,最終關乎寧波三星醫療電器有限公司未來收益的形態,這將決定其保持健康資產負債表的能力。因此,如果想了解專業人士的意見,您可能會發現這份關於分析師利潤預測的免費報告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Ningbo Sanxing Medical ElectricLtd 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. During the last three years, Ningbo Sanxing Medical ElectricLtd produced sturdy free cash flow equating to 61% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,公司只能用硬通貨現金來償還債務,而不是會計利潤。儘管寧波三星醫療電器有限公司在資產負債表上擁有淨現金,但查看公司將其利息和稅前利潤(EBIT)轉化爲自由現金流的能力非常重要,因爲這將影響公司管理債務的必要性和能力。在過去的三年中,寧波三星醫療電器有限公司的自由現金流穩定,相當於其EBIT的61%,與我們預期相當。這份自由現金流使該公司有能力在適當時期償還債務。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Ningbo Sanxing Medical ElectricLtd has CN¥2.53b in net cash. And we liked the look of last year's 51% year-on-year EBIT growth. So we don't think Ningbo Sanxing Medical ElectricLtd'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 Ningbo Sanxing Medical ElectricLtd that you should be aware of.
雖然查看一家公司的總負債總是明智的,但寧波三星醫療電器有限公司擁有25.3億元的淨現金,這非常令人放心。我們也喜歡去年EBIT增長了51%。因此,我們不認爲寧波三星醫療電器有限公司使用債務是有風險的。在分析負債水平時,資產負債表是開始控件。但是最終,每家公司都可能存在資產負債表外的風險。例如,我們已經爲寧波三星醫療電器有限公司發現了1個警告信號,您應該注意。
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.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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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。或電郵 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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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