Shengyi TechnologyLtd (SHSE:600183) Seems To Use Debt Quite Sensibly
Shengyi TechnologyLtd (SHSE:600183) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Shengyi Technology Co.,Ltd. (SHSE:600183) does use debt in its business. But is this debt a concern to shareholders?
霍華德·馬克斯(Howard Marks)表達得很好,他說,與其擔心股價波動性,「我擔心永久性損失的可能性……我認識的每個實際投資者都會擔心這一點。」 當您檢查公司風險時,考慮到公司資產負債表是很自然的,因爲企業倒閉時往往涉及債務。我們可以看到,生益科技股份有限公司(SHSE:600183)確實在其業務中使用債務。 但是,這種債務對股東來說是否值得關注呢?
When Is Debt Dangerous?
債務何時有危險?
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 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
債務可以幫助企業,直到企業遇到償還困難,要麼通過新的資本要麼自由現金流償還。如果情況變得非常糟糕,借款人可能控制企業。然而,更常見的情況是企業必須在便宜的股票價格下稀釋股東權益,以控制債務。當然,債務的好處在於它經常代表着廉價資本,特別是當它用高回報率的再投資能力替換稀釋股份時。當我們審查債務水平時,我們首先考慮現金和債務水平。
How Much Debt Does Shengyi TechnologyLtd Carry?
生益科技股份有限公司的負債有多少?
The image below, which you can click on for greater detail, shows that Shengyi TechnologyLtd had debt of CN¥3.33b at the end of March 2024, a reduction from CN¥4.59b over a year. However, it does have CN¥2.11b in cash offsetting this, leading to net debt of about CN¥1.23b.
下面的圖像是2024年3月底的數據,點擊可放大,顯示生益科技股份有限公司的債務爲33.3億元人民幣,比一年前的45.9億元人民幣有所減少。但它確實有2110萬元人民幣的現金抵消,導致淨債務約爲12.3億元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240722/0-78785d61a6472ccde169b85e9bc04fe5-0-b8405eacf08e9d524607eb6bf797e38e.png/big)
How Strong Is Shengyi TechnologyLtd's Balance Sheet?
生益科技股份有限公司的資產負債表有多強?
According to the last reported balance sheet, Shengyi TechnologyLtd had liabilities of CN¥7.41b due within 12 months, and liabilities of CN¥1.48b due beyond 12 months. On the other hand, it had cash of CN¥2.11b and CN¥7.31b worth of receivables due within a year. So it actually has CN¥527.5m more liquid assets than total liabilities.
根據最後披露的資產負債表,生益科技股份有限公司有741億元人民幣的負債需於12個月內償還,和1480萬元人民幣在12個月以上到期。但是,它有2110萬元人民幣的現金和731億元人民幣的應收賬款需於1年內到期,因此實際上它比總負債多了52750萬元人民幣的流動資產。
Having regard to Shengyi TechnologyLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥52.8b company is struggling for cash, we still think it's worth monitoring its balance sheet.
考慮到生益科技股份有限公司的規模,其流動資產似乎與總負債很好地平衡。因此,雖然很難想象這家528億元人民幣的公司會爲現金而苦苦掙扎,但我們仍然認爲有必要監控其資產負債表。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
Shengyi TechnologyLtd's net debt is only 0.54 times its EBITDA. And its EBIT covers its interest expense a whopping 22.6 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the other side of the story is that Shengyi TechnologyLtd saw its EBIT decline by 3.6% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Shengyi 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.
生益科技股份有限公司的淨債務僅爲其EBITDA的0.54倍。它的EBIt的利息支出覆蓋了整整22.6倍。因此,您可以認爲它受到的債務威脅不比大象受到老鼠的威脅小。但另一面的故事是,生益科技股份有限公司去年EBIt下降了3.6%。如果收益繼續以這個速度下降,公司可能會越來越難以管理其債務負擔。在分析債務水平時,資產負債表是明顯的開始。但最重要的是未來收益,這將決定生益科技股份有限公司未來維持健康資產負債表的能力。因此,如果您關注未來,可以查看本免費報告,以顯示分析師的利潤預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, Shengyi TechnologyLtd recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,公司只能用現金而不是會計利潤償還債務。因此,邏輯上下一步是查看EBIt實際支持的實際自由現金流的比例。查看最近三年的數據,生益科技股份有限公司實現的EBIt的自由現金流爲EBIt的39%,這比我們預期的要弱。這種弱的現金流轉換使處理負債更加困難。
Our View
我們的觀點
The good news is that Shengyi TechnologyLtd's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But, on a more sombre note, we are a little concerned by its EBIT growth rate. All these things considered, it appears that Shengyi TechnologyLtd can comfortably handle its current debt levels. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. 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 instance, we've identified 1 warning sign for Shengyi TechnologyLtd that you should be aware of.
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債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。