SanFeng Intelligent Equipment Group (SZSE:300276) Has A Pretty Healthy Balance Sheet
SanFeng Intelligent Equipment Group (SZSE:300276) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. As with many other companies SanFeng Intelligent Equipment Group Co., Ltd. (SZSE:300276) makes use of debt. But the more important question is: how much risk is that debt creating?
當大衛·伊本說「波動性並不是我們關心的風險。我們關心的是避免資本的永久損失。」 看來聰明的資金知道,債務(通常涉及破產)是評估公司風險的一個非常重要的因素。 與許多其他公司一樣,三豐智能設備集團股份有限公司(SZSE:300276)使用債務。 更重要的問題是:債務造成了多大的風險?
When Is Debt Dangerous?
債務何時有危險?
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. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業成長的工具,但如果企業無力償還債權人,那麼就處於債權人的掌控之下。如果情況變得非常糟糕,債權人可以接管企業。然而,更常見的情況(儘管仍然很昂貴)是企業必須以廉價股價稀釋股東的股份,才能控制債務。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們考慮一家公司使用債務的情況時,我們首先看現金和債務的總體情況。
How Much Debt Does SanFeng Intelligent Equipment Group Carry?
三豐智能設備集團承擔了多少債務?
As you can see below, SanFeng Intelligent Equipment Group had CN¥179.5m of debt at March 2024, down from CN¥187.1m a year prior. However, its balance sheet shows it holds CN¥418.7m in cash, so it actually has CN¥239.2m net cash.
正如您在下面所見,三豐智能設備集團在2024年3月的債務爲CN¥17950萬,比上一年的CN¥18710萬減少。 然而,其資產負債表顯示其持有CN¥41870萬現金,因此實際上有CN¥23920萬淨現金。
![1724279528789](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42689876-0-cc484e5b83d0e4eced3bc2b382a56ce0.webp/bigjpg)
How Strong Is SanFeng Intelligent Equipment Group's Balance Sheet?
三豐智能設備集團的資產負債表如何?
We can see from the most recent balance sheet that SanFeng Intelligent Equipment Group had liabilities of CN¥2.73b falling due within a year, and liabilities of CN¥24.8m due beyond that. On the other hand, it had cash of CN¥418.7m and CN¥664.3m worth of receivables due within a year. So it has liabilities totalling CN¥1.67b more than its cash and near-term receivables, combined.
我們可以從最新的資產負債表看到,三豐智能設備集團一年內到期的債務爲2.73億元人民幣,1年後到期的債務爲2480萬人民幣。另一方面,它的現金爲4187萬人民幣,一年內到期的應收賬款爲6643萬人民幣。所以它的債務總額比現金和短期應收賬款多16.7億人民幣。
SanFeng Intelligent Equipment Group has a market capitalization of CN¥5.27b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, SanFeng Intelligent Equipment Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
三豐智能設備集團的市值爲5.27億元人民幣,所以如果需要,它很可能籌集現金來改善其資產負債表。但很明顯,我們一定要仔細考慮它是否可以在不稀釋股權的情況下管理其債務。雖然它確實有值得注意的債務,但三豐智能設備集團的現金超過債務,所以我們相當有信心它能夠安全地管理其債務。
We also note that SanFeng Intelligent Equipment Group improved its EBIT from a last year's loss to a positive CN¥5.0m. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since SanFeng Intelligent Equipment Group will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
我們還注意到,三豐智能設備集團的EBlT從去年的虧損轉爲了正500萬元人民幣。當你分析債務時,資產負債表顯然是需要關注的領域。但你不能孤立地看待債務;因爲三豐智能設備集團需要盈利來償還債務。所以在考慮債務時,確實值得關注盈利趨勢。點擊此處查看互動快照。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While SanFeng Intelligent Equipment Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last year, SanFeng Intelligent Equipment Group actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
但我們最後的考慮也很重要,因爲一家公司無法用紙面利潤償還債務;它需要冰冷的現金。雖然三豐智能設備集團在資產負債表上有淨現金,但還是值得看一下它將息稅前利潤(EBIT)轉換爲自由現金流的能力,以幫助我們了解它是如何迅速積累(或消耗)現金餘額的。在過去一年裏,三豐智能設備集團的自由現金流實際上比EBIT更多。在與放貸人保持良好關係方面,沒有什麼比進賬現金更好的了。
Summing Up
總之
While SanFeng Intelligent Equipment Group does have more liabilities than liquid assets, it also has net cash of CN¥239.2m. The cherry on top was that in converted 3,938% of that EBIT to free cash flow, bringing in CN¥197m. So we don't have any problem with SanFeng Intelligent Equipment Group's use of debt. 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. Case in point: We've spotted 1 warning sign for SanFeng Intelligent Equipment Group you should be aware of.
雖然三豐智能裝備集團的負債比流動資產多,但它也有2,392萬元的淨現金。此外,它還將3,938%的EBIT轉化爲自由現金流,獲得了1,970萬元。所以我們對三豐智能裝備集團的債務使用沒有任何問題。當分析債務時,資產負債表顯然是需要關注的領域。然而,並非所有的投資風險都存在於資產負債表中 - 事實上遠非如此。舉一個例子:我們發現了三豐智能裝備集團的一個警告信號,你應該注意。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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