Is Suzhou Secote Precision ElectronicLTD (SHSE:603283) A Risky Investment?
Is Suzhou Secote Precision ElectronicLTD (SHSE:603283) A Risky Investment?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. Importantly, Suzhou Secote Precision Electronic Co.,LTD (SHSE:603283) does carry debt. But is this debt a concern to shareholders?
作爲投資者,一些人認爲波動性比債務更好地反映了風險,但禾倫·巴菲特說過「波動性遠非風險的同義詞」。因此,聰明資本知道,通常涉及破產的債務是評估公司風險非常重要的因素。值得注意的是,賽騰股份(SHSE:603283)確實存在債務。但這些債務是否會令股東擔憂呢?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以幫助企業,直到企業無法償還債務,無論是通過新資本還是自由現金流。資本主義的一個重要過程是「創造性破壞」,銀行家無情地清算失敗的企業。然而,更常見(但仍然痛苦)的情況是,企業必須以低價募集新的股權資本,從而永久性地稀釋股東權益。當然,債務的好處在於它通常代表着廉價的資本,特別是當它替換高回報率再投資的稀釋時。考慮一家企業使用多少債務時,首先要做的是看看它的現金和債務。
How Much Debt Does Suzhou Secote Precision ElectronicLTD Carry?
賽騰股份的負債有多少?
As you can see below, Suzhou Secote Precision ElectronicLTD had CN¥739.0m of debt at June 2024, down from CN¥1.14b a year prior. However, because it has a cash reserve of CN¥612.6m, its net debt is less, at about CN¥126.3m.
如下所示,賽騰股份於2024年6月的債務爲73900萬人民幣,低於一年前的1.14億人民幣。然而,由於賽騰股份有61260萬人民幣的現金儲備,其淨債務較少,約爲12630萬人民幣。
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A Look At Suzhou Secote Precision ElectronicLTD's Liabilities
賽騰股份負債情況的概覽
The latest balance sheet data shows that Suzhou Secote Precision ElectronicLTD had liabilities of CN¥2.81b due within a year, and liabilities of CN¥101.4m falling due after that. On the other hand, it had cash of CN¥612.6m and CN¥1.24b worth of receivables due within a year. So its liabilities total CN¥1.06b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,賽騰股份在一年內有281億元人民幣的負債到期,10140萬人民幣的負債在那之後到期。另一方面,它有61260萬元人民幣的現金和約1.24億元人民幣的短期應收款項。因此,其負債總額比其現金和短期應收款項的組合多出10.6億元人民幣。
Since publicly traded Suzhou Secote Precision ElectronicLTD shares are worth a total of CN¥10.9b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. But either way, Suzhou Secote Precision ElectronicLTD has virtually no net debt, so it's fair to say it does not have a heavy debt load!
由於上市的賽騰股份股票總價值爲109億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,負債足夠大,我們肯定建議股東繼續監測資產負債表的變化。但無論如何,賽騰股份幾乎沒有淨債務,因此可以說它沒有重負債務!
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。
Suzhou Secote Precision ElectronicLTD has a low net debt to EBITDA ratio of only 0.13. And its EBIT covers its interest expense a whopping 161 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that Suzhou Secote Precision ElectronicLTD grew its EBIT by 148% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Suzhou Secote Precision ElectronicLTD'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.
賽騰股份的淨債務與EBITDA比率僅爲0.13。其EBIT覆蓋其利息費用多達161倍。因此,你可以說它受到的債務威脅不比大象受到老鼠的威脅更大。更令人印象深刻的是,賽騰股份在12個月內將其EBIT增長了148%。如果這種增長得以保持,這將使債務在未來幾年更加可控。在分析債務水平時,資產負債表是一個明顯的起點。但是,未來的收益決定了賽騰股份是否能夠保持健康的資產負債表。因此,如果你關注未來,可以查看這份免費的分析師收益預測報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, Suzhou Secote Precision ElectronicLTD's free cash flow amounted to 39% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最後,企業需要自由現金流來償還債務,而會計利潤並不夠用。因此,值得注意的是,多少EBIt受到自由現金流支持。在過去的三年中,賽騰股份的自由現金流佔EBIt的比例爲39%,低於我們的預期。這種疲軟的現金轉換率使處理負債更加困難。但令人欣慰的是,賽騰股份的出色利率覆蓋率意味着它在應對債務方面佔據了優勢。這只是好消息的開始,因爲它的EBit增長率也非常令人振奮。從更大的角度來看,我們認爲賽騰股份的債務使用似乎相當合理,我們不會對此感到擔憂。儘管債務確實帶來風險,但明智地使用可以帶來更高的股本回報率。毫無疑問,從資產負債表中最能了解債務。但是,並不是所有的投資風險都存在於資產負債表之內-遠非如此。例如,我們發現了1個關於賽騰股份的警告信號,在此之前,您應該了解這一點。
Our View
我們的觀點
Happily, Suzhou Secote Precision ElectronicLTD's impressive interest cover implies it has the upper hand on its debt. And that's just the beginning of the good news since its EBIT growth rate is also very heartening. Looking at the bigger picture, we think Suzhou Secote Precision ElectronicLTD's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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 example, we've discovered 1 warning sign for Suzhou Secote Precision ElectronicLTD that you should be aware of before investing here.
令人高興的是,賽騰股份令人矚目的利率覆蓋率意味着它在債務方面佔有上風。這還只是好消息的開端,因爲其EBIt增長率也非常令人鼓舞。從更大的角度來看,我們認爲賽騰股份的債務使用似乎相當合理,我們對此並不擔心。雖然債務確實帶來風險,但適當使用可以帶來更高的股本回報率。從資產負債表中了解債務是最好的方法,毫無疑問。但是,並不是所有的投資風險都存在於資產負債表之內-遠非如此。例如,我們發現了1個關於賽騰股份的警告信號,在此之前,您應該了解這一點。
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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