Triductor Technology (Suzhou) (SHSE:688259) Has A Pretty Healthy Balance Sheet
Triductor Technology (Suzhou) (SHSE:688259) Has A Pretty 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.' 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, Triductor Technology (Suzhou) Inc. (SHSE:688259) does carry debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李露(由查理·芒格支持)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的資本損失。」因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,Triductor Technology(蘇州)有限公司(上海證券交易所股票代碼:688259)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
When Is Debt A Problem?
債務何時會成爲問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, 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 step when considering a company's debt levels is to consider its cash and debt together.
債務爲企業提供幫助,直到企業難以用新資本或自由現金流還清債務。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務的好處是它通常代表廉價資本,尤其是當它取代了具有高回報率再投資能力的公司的稀釋時。在考慮公司的債務水平時,第一步是將現金和債務放在一起考慮。
What Is Triductor Technology (Suzhou)'s Debt?
Triductor Technology(蘇州)的債務是多少?
As you can see below, at the end of June 2024, Triductor Technology (Suzhou) had CN¥161.1m of debt, up from CN¥60.8m a year ago. Click the image for more detail. But on the other hand it also has CN¥461.7m in cash, leading to a CN¥300.6m net cash position.
如下所示,截至2024年6月底,Triductor Technology(蘇州)的債務爲16110萬元人民幣,高於去年同期的6080萬元人民幣。點擊圖片了解更多詳情。但另一方面,它也有46170萬元人民幣的現金,淨現金狀況爲30060萬元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240905/0-75ef0c80a0c5628ce82e54dee657c46b-0-e50a25f13cf08774911e83129a7bb38b.png/big)
How Strong Is Triductor Technology (Suzhou)'s Balance Sheet?
Triductor Technology(蘇州)的資產負債表有多強?
We can see from the most recent balance sheet that Triductor Technology (Suzhou) had liabilities of CN¥532.8m falling due within a year, and liabilities of CN¥42.8m due beyond that. Offsetting this, it had CN¥461.7m in cash and CN¥131.5m in receivables that were due within 12 months. So it actually has CN¥17.6m more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,Triductor Technology(蘇州)的負債爲53280萬元人民幣將在一年內到期,在此之後到期的負債爲4280萬元人民幣。與此相抵消的是,它有46170萬元的現金和13150萬元人民幣的應收賬款,這些應收賬款將在12個月內到期。因此,它的流動資產實際上比總負債多出1760萬元人民幣。
Having regard to Triductor Technology (Suzhou)'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¥3.60b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Triductor Technology (Suzhou) boasts net cash, so it's fair to say it does not have a heavy debt load!
考慮到Triductor Technology(蘇州)的規模,其流動資產與總負債似乎保持了良好的平衡。因此,儘管很難想象這家36元人民幣的公司正在爲現金而苦苦掙扎,但我們仍然認爲值得監控其資產負債表。簡而言之,Triductor Technology(蘇州)擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
Although Triductor Technology (Suzhou) made a loss at the EBIT level, last year, it was also good to see that it generated CN¥20m in EBIT over the last twelve months. 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 Triductor Technology (Suzhou) 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.
儘管Triductor Technology(蘇州)在息稅前利潤水平上出現了虧損,但也很高興看到它在過去十二個月中創造了2000萬元人民幣的息稅前利潤。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲Triductor Technology(蘇州)需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Triductor Technology (Suzhou) 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, Triductor Technology (Suzhou) saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管Triductor Technology(蘇州)的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。去年,Triductor Technology(蘇州)的自由現金流總額爲負數。儘管投資者無疑預計這種情況將在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Triductor Technology (Suzhou) has CN¥300.6m in net cash and a decent-looking balance sheet. So we don't have any problem with Triductor Technology (Suzhou)'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. For example Triductor Technology (Suzhou) has 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
儘管調查公司的債務總是明智的,但在本案中,Triductor Technology(蘇州)的淨現金爲30060萬元人民幣,資產負債表看起來不錯。因此,我們對Triductor Technology(蘇州)使用債務沒有任何問題。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,Triductor Technology(蘇州)有3個警告標誌(其中一個不容忽視),我們認爲你應該知道。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。