Does Shanghai Feilo AcousticsLtd (SHSE:600651) Have A Healthy Balance Sheet?
Does Shanghai Feilo AcousticsLtd (SHSE:600651) Have A Healthy 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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Shanghai Feilo Acoustics Co.,Ltd (SHSE:600651) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
傳奇基金經理陸奇（受到查理·芒格的支持）曾經說過：“最大的投資風險不是價格的波動，而是你是否會遭受永久性的資本損失。” 當我們考慮一家公司的風險時，我們總是喜歡看它的債務使用情況，因爲債務過載可能導致破產。 我們注意到，上海飛樂音響股份有限公司（SHSE：600651）確實在其資產負債表上有債務。 但真正的問題是，這筆債務是否使公司變得有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險？
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. 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. 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.
如果企業無法通過自由現金流或以優惠價格籌集資本輕鬆履行這些義務時，債務和其他負債將會給企業帶來風險。 如果情況變得非常糟糕，貸款人可以接管企業。 然而，更常見（但仍然昂貴）的情況是，一家公司必須以便宜的股價稀釋股東，以簡化債務控制。 話雖如此，最常見的情況是，公司合理地管理其債務-並使其自己受益。 當我們審查債務水平時，我們首先考慮現金和債務水平。
What Is Shanghai Feilo AcousticsLtd's Debt?
上海飛樂音響股份有限公司的債務是什麼？
You can click the graphic below for the historical numbers, but it shows that Shanghai Feilo AcousticsLtd had CN¥894.7m of debt in March 2024, down from CN¥993.9m, one year before. But it also has CN¥1.02b in cash to offset that, meaning it has CN¥125.1m net cash.
您可以單擊下面的圖形以獲取歷史數字，但它顯示上海飛樂音響股份有限公司在2024年3月有89470萬人民幣的債務，比一年前的99390萬人民幣少。 但它也有10.2億元人民幣的現金來抵消這一點，這意味着它有1.251億元人民幣的淨現金。
How Healthy Is Shanghai Feilo AcousticsLtd's Balance Sheet?
上海飛樂音響股份有限公司的資產負債表狀況如何？
According to the last reported balance sheet, Shanghai Feilo AcousticsLtd had liabilities of CN¥941.0m due within 12 months, and liabilities of CN¥738.8m due beyond 12 months. On the other hand, it had cash of CN¥1.02b and CN¥836.9m worth of receivables due within a year. So it can boast CN¥176.8m more liquid assets than total liabilities.
根據最近報告的資產負債表，上海飛樂音響股份有限公司在12個月內有94100萬人民幣的負債，並且在12個月以上有73880萬人民幣的負債。 另一方面，它擁有10.2億元人民幣的現金和一年內到期的83690萬人民幣的應收賬款。 因此，它可以誇耀比總負債多1,768萬元人民幣的流動資產。
This surplus suggests that Shanghai Feilo AcousticsLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Shanghai Feilo AcousticsLtd has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Shanghai Feilo AcousticsLtd will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
這種盈餘表明上海飛樂音響股份有限公司的資產負債表很謹慎，可能很容易消除債務。 簡而言之，上海飛樂音響股份有限公司擁有的現金比債務多是它可以安全管理其債務的一個很好的跡象。 在分析債務水平時，資產負債表是開始的明顯地方。 但是，您不能將債務完全隔離查看；因爲上海飛樂音響股份有限公司將需要盈利來支付那筆債務。 因此，如果您想更了解其收益情況，可能值得查看其長期收益趨勢圖。
In the last year Shanghai Feilo AcousticsLtd had a loss before interest and tax, and actually shrunk its revenue by 23%, to CN¥2.0b. To be frank that doesn't bode well.
在過去的一年中，上海飛樂音響股份有限公司的利潤和稅前溢價下降了23％，達到20億元人民幣。 坦率地說，這不是個好兆頭。
So How Risky Is Shanghai Feilo AcousticsLtd?
那麼上海飛樂音響股份有限公司有多大的風險？
While Shanghai Feilo AcousticsLtd lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥65m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. 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. Be aware that Shanghai Feilo AcousticsLtd is showing 2 warning signs in our investment analysis , you should know about...
雖然上海飛樂音響股份有限公司在利息和稅前利潤（EBIT）方面虧損，但它實際上獲得了6500萬元的紙面利潤。因此，考慮到現金，我們認爲該公司的近期風險不是很高。一旦EBIT爲正，考慮到平庸的營業收入增長，我們會對該股票感到更加舒適。在分析債務時，資產負債表顯然是需要關注的領域。然而，並非所有投資風險都源於資產負債表——遠非如此。請注意，根據我們的投資分析，上海飛樂音響股份有限公司正顯示出2個警告標誌，你需要了解......
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底，專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表，其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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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。