Shenzhen MTC (SZSE:002429) Has A Rock Solid Balance Sheet
Shenzhen MTC (SZSE:002429) Has A Rock Solid Balance Sheet
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.' 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. Importantly, Shenzhen MTC Co., Ltd. (SZSE:002429) does carry debt. But is this debt a concern to shareholders?
傳奇基金經理李錄(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,而是您是否遭受了資本永久損失。” 當您檢查一家公司的風險時,考慮其資產負債表是很自然的,因爲當商業崩潰時通常會涉及債務。重要的是,兆馳股份股份有限公司(SZSE:002429)確實負有債務。 但是這些負債是否會讓股東感到擔憂呢?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但是如果企業無力償還債權人的債務,那麼它就處於他們的掌握之中。在最壞的情況下,如果企業無法償付債權人的債務,它可能會破產。然而,更常見(但仍然昂貴)的情況是,公司必須以便宜的股價稀釋股東來控制債務。當然,很多公司利用債務來資助增長,而不會出現任何負面後果。考慮企業使用多少債務時,首要考慮的是其現金和債務的總量。
What Is Shenzhen MTC's Net Debt?
兆馳股份的淨債務是多少?
As you can see below, Shenzhen MTC had CN¥3.85b of debt at March 2024, down from CN¥6.29b a year prior. But it also has CN¥4.99b in cash to offset that, meaning it has CN¥1.14b net cash.
如下所示,2024年3月,兆馳股份負債38.5億元,較上年62.9億元下降。但它也有49.9億元的現金抵消,這意味着它有11.4億元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240707/0-5a23ecca04bd617b2cd37167cf81bc07-0-56b9a82fcf1edd8990c63f68e2a6da6e.png/big)
How Strong Is Shenzhen MTC's Balance Sheet?
兆馳股份的資產負債表有多強大?
According to the last reported balance sheet, Shenzhen MTC had liabilities of CN¥7.96b due within 12 months, and liabilities of CN¥4.32b due beyond 12 months. On the other hand, it had cash of CN¥4.99b and CN¥7.72b worth of receivables due within a year. So it actually has CN¥434.6m more liquid assets than total liabilities.
根據最近公佈的資產負債表,兆馳股份有796億元的短期到期負債和432億元的超過12個月到期負債。另一方面,它擁有49.9億元的現金和772億元的應收賬款。因此它實際上擁有4346萬元。比總負債還多出了更多的流動資產。
This surplus suggests that Shenzhen MTC has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Shenzhen MTC has more cash than debt is arguably a good indication that it can manage its debt safely.
這份盈餘表明,兆馳股份擁有審慎的資產負債表,並且很可能可以輕鬆消除其債務。簡單來說,兆馳股份擁有的現金比債務多是一個好跡象,這表明它可以安全地管理其債務。
In addition to that, we're happy to report that Shenzhen MTC has boosted its EBIT by 47%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shenzhen MTC can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
此外,我們很高興地報告說兆馳股份已經增加了47%的EBIt,從而減少了未來債務償還的擔憂。毫無疑問,我們從資產負債表中學到了最多關於債務的信息。但最終,企業未來的盈利能力將決定兆馳股份能否隨着時間的推移加強其資產負債表。因此,如果您關注未來,可以查看此免費報告,其中列出了分析師的盈利預測。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Shenzhen MTC 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. Happily for any shareholders, Shenzhen MTC actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
但我們的最後一個考慮因素同樣重要,因爲公司無法用虛擬利潤來償還債務;它需要現金。兆馳股份可能在資產負債表上有淨現金,但是查看企業將其利潤(利息和稅前利潤(EBIT))轉換爲自由現金流的能力是很有趣的,因爲這將影響其管理債務的需要和能力。值得慶幸的是,兆馳股份在過去三年中實際上生產的自由現金流比EBIt更多。這種強勁的現金流產生方式像穿着大黃蜂服的小狗一樣溫暖我們的心靈。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Shenzhen MTC has net cash of CN¥1.14b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥1.8b, being 143% of its EBIT. So we don't think Shenzhen MTC's use of debt is 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. To that end, you should be aware of the 1 warning sign we've spotted with Shenzhen MTC .
雖然我們理解投資者對債務的擔憂,但您應該知道,兆馳股份的淨現金爲1.14億元人民幣,以及其比負債更多的流動資產,自由現金流達到18億元人民幣,是EBIt的143%。因此,我們認爲兆馳股份的債務使用並不具備風險。毫無疑問,我們從資產負債表中獲得關於債務的大部分信息。但並非所有投資風險都存在於資產負債表中——遠非如此。爲此,您應該意識到我們發現了兆馳股份的一個警示信號。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,也可以發送電子郵件至editorial-team@simplywallst.com