Health Check: How Prudently Does Semitronix (SZSE:301095) Use Debt?
Health Check: How Prudently Does Semitronix (SZSE:301095) Use Debt?
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.' 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 Semitronix Corporation (SZSE:301095) does use debt in its business. But should shareholders be worried about its use of debt?
傳奇基金經理李魯(查理·芒格支持的)曾說:'最大的投資風險不是價格的波動,而是你是否會遭受資本的永久損失。' 在考察一家公司的風險時,自然要考慮其資產負債表,因爲債務通常涉及到企業崩潰時的情況。我們可以看到,Semitronix Corporation(深交所:301095)確實在其業務中使用了債務。但是,股東應該對其債務使用感到擔憂嗎?
Why Does Debt Bring Risk?
爲什麼債務帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般來說,債務只有在公司無法輕鬆償還時才會成爲真正的問題,無論是通過籌集資金還是依靠自身的現金流。在最糟糕的情況下,如果公司無法支付其債權人,則可能會破產。然而,更常見(但仍然昂貴)的是,公司必須以低廉的股票價格稀釋股東,僅僅是爲了控制債務。儘管如此,最常見的情況是公司較好地管理其債務,併爲自身利益服務。在考慮公司的債務水平時,第一步是將其現金和債務一起考慮。
What Is Semitronix's Debt?
Semitronix的債務是多少?
As you can see below, Semitronix had CN¥60.7m of debt at September 2024, down from CN¥70.8m a year prior. But it also has CN¥2.13b in cash to offset that, meaning it has CN¥2.07b net cash.
正如您在下方看到的,Semitronix在2024年9月的債務爲6070萬人民幣,較前一年的7080萬人民幣有所下降。但是它還有21.3億人民幣的現金來抵消,這意味着它有20.7億人民幣的淨現金。

How Healthy Is Semitronix's Balance Sheet?
Semitronix的資產負債表健康嗎?
According to the last reported balance sheet, Semitronix had liabilities of CN¥141.5m due within 12 months, and liabilities of CN¥55.7m due beyond 12 months. On the other hand, it had cash of CN¥2.13b and CN¥272.8m worth of receivables due within a year. So it can boast CN¥2.21b more liquid assets than total liabilities.
根據最新的資產負債表,Semitronix有短期負債14150萬人民幣,12個月內到期的長期負債爲5570萬人民幣。另一方面,它擁有21.3億人民幣的現金和27280萬人民幣的應收賬款,均在一年內到期。因此,其流動資產比總負債多22.1億人民幣。
This excess liquidity suggests that Semitronix is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Semitronix has more cash than debt is arguably a good indication that it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Semitronix's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
這筆流動性過剩表明Semitronix在債務方面採取了謹慎的態度。由於其擁有大量資產,因此不太可能與貸方發生問題。簡單而言,Semitronix擁有的現金多於負債,這無疑是它能夠安全管理債務的良好指標。分析債務時,資產負債表顯然是重點關注的領域。但更重要的是,未來的盈利能力將決定Semitronix未來維持健康資產負債表的能力。因此,如果你想看看專業人士的看法,可以關注這份關於分析師收益預測的免費報告。
Over 12 months, Semitronix reported revenue of CN¥509m, which is a gain of 17%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的12個月中,Semitronix報告的營業收入爲50900萬人民幣,同比增長17%,但未報告任何息稅前收益。我們通常希望從無利潤的公司中看到更快的增長,但各人具有不同的看法。
So How Risky Is Semitronix?
那麼Semitronix有多危險呢?
Although Semitronix had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥85m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Semitronix has 4 warning signs (and 3 which are concerning) we think you should know about.
儘管Semitronix在過去十二個月中出現了息稅前損失(EBIT),但它卻實現了8500萬人民幣的法定利潤。因此,當考慮到其淨現金以及法定利潤時,這隻股票在短期內可能並不像看上去那麼風險高。一旦EBIT爲正,我們會對這隻股票感到更加安心,儘管收入增長乏力。毫無疑問,我們通過資產負債表了解債務最多。但最終,每家公司都可能存在超出資產負債表之外的風險。例如,Semitronix有4個警告信號(其中3個令人擔憂),我們認爲你應該了解這些。
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。你可以訪問我們的特別公司列表(所有公司都有盈利增長的記錄)。這是免費的。
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這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。