We Think Shanghai Taisheng Wind Power Equipment (SZSE:300129) Can Stay On Top Of Its Debt
We Think Shanghai Taisheng Wind Power Equipment (SZSE:300129) Can Stay On Top Of Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Shanghai Taisheng Wind Power Equipment Co., Ltd. (SZSE:300129) does carry debt. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾 famously 說過:『波動性遠非與風險同義。』 在審視企業風險時,考慮公司的資產負債表是很自然的,因爲債務往往是企業崩潰時涉及的因素。 重要的是,泰勝風能(深圳證券交易所代碼:300129)確實負有債務。 但更重要的問題是:這些債務究竟帶來了多少風險?
Why Does Debt Bring Risk?
爲什麼債務帶來風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法輕鬆履行債務和其他負債時,例如無法以自由現金流或以吸引人的價格籌集資本,這些債務和其他負債就變得具有風險。 在最壞的情況下,如果公司無法支付其債權人,則可能會破產。 然而,更常見(但仍然痛苦)的情況是公司不得不以低價籌集新的股本,從而永久稀釋股東的權益。 然而,通過替代稀釋,債務可以成爲需要資本以高回報率進行增長投資的企業的極好工具。 當我們審視債務水平時,首先考慮的是現金和債務的水平。
What Is Shanghai Taisheng Wind Power Equipment's Net Debt?
泰勝風能的淨債務是多少?
The image below, which you can click on for greater detail, shows that at September 2024 Shanghai Taisheng Wind Power Equipment had debt of CN¥1.18b, up from CN¥332.5m in one year. However, it does have CN¥873.8m in cash offsetting this, leading to net debt of about CN¥305.6m.
下圖可以點擊以獲取更詳細信息,顯示到2024年9月泰勝風能的債務爲11.8億人民幣,較去年增加了33250萬人民幣。 然而,它有87380萬人民幣的現金抵消這部分債務,導致淨債務約爲30560萬人民幣。
How Healthy Is Shanghai Taisheng Wind Power Equipment's Balance Sheet?
上海泰勝風能的資產負債表健康嗎?
We can see from the most recent balance sheet that Shanghai Taisheng Wind Power Equipment had liabilities of CN¥3.93b falling due within a year, and liabilities of CN¥554.1m due beyond that. Offsetting these obligations, it had cash of CN¥873.8m as well as receivables valued at CN¥3.54b due within 12 months. So these liquid assets roughly match the total liabilities.
從最新的資產負債表中,我們可以看到,上海泰勝風能的流動負債爲392.3億人民幣,非流動負債爲55410萬人民幣。在抵消這些義務後,它擁有87380萬人民幣的現金以及價值35.4億人民幣的應收賬款,均在12個月內到期。因此,這些流動資產大致與總負債相匹配。
Having regard to Shanghai Taisheng Wind Power Equipment'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¥6.96b company is struggling for cash, we still think it's worth monitoring its balance sheet.
考慮到上海泰勝風能的規模,其流動資產與總負債之間的平衡似乎很好。因此,雖然很難想象這家69.6億人民幣的公司在現金流方面有困難,但我們認爲仍然值得關注其資產負債表。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我們通過查看公司的淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,以及計算息稅前利潤(EBIT)覆蓋利息費用的能力(利息保障率),來衡量公司的債務負擔相對於其盈利能力的情況。這種方法的優勢在於,我們同時考慮了債務的絕對量(通過淨債務與EBITDA的比率)和與該債務相關的實際利息費用(通過其利息保障率)。
Shanghai Taisheng Wind Power Equipment has a low net debt to EBITDA ratio of only 0.83. And its EBIT easily covers its interest expense, being 15.3 times the size. So we're pretty relaxed about its super-conservative use of debt. But the other side of the story is that Shanghai Taisheng Wind Power Equipment saw its EBIT decline by 7.1% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Shanghai Taisheng Wind Power Equipment can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
泰勝風能的淨債務與EBITDA比率僅爲0.83,處於較低水平。其EBIT遠遠覆蓋了利息支出,達到15.3倍。因此,我們對其極爲保守的債務使用感到相當放心。 但問題的另一面是,泰勝風能的EBIT在過去一年下降了7.1%。如果這種下降持續下去,顯然會使債務變得更難處理。 資產負債表顯然是分析債務時需要關注的領域。但最終,業務的未來盈利能力將決定泰勝風能能否隨着時間的推移改善其資產負債表。因此,如果你關注未來,可以查看這份顯示分析師盈利預測的免費報告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Shanghai Taisheng Wind Power Equipment saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,一家公司只能用冰冷的現金償還債務,而不是會計利潤。因此,我們顯然需要看看EBIT是否導致相應的自由現金流。在過去三年裏,泰勝風能的自由現金流總共出現了大幅度的負值。雖然這可能是由於增長支出所致,但這確實使得債務變得更加風險。
Our View
我們的觀點
Based on what we've seen Shanghai Taisheng Wind Power Equipment is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its interest cover. When we consider all the factors mentioned above, we do feel a bit cautious about Shanghai Taisheng Wind Power Equipment's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Shanghai Taisheng Wind Power Equipment is showing 3 warning signs in our investment analysis , and 1 of those is potentially serious...
根據我們看到的,鑑於EBIT與自由現金流的轉化,泰勝風能並不容易找到合適的解決辦法,但我們考慮的其他因素讓我們感到樂觀。特別是,我們對其利息覆蓋率感到驚豔。當我們考慮上述所有因素時,我們確實對泰勝風能的債務使用感到有些謹慎。雖然我們理解債務可以增加股本收益,但我們建議股東密切關注其債務水平,以免其增加。在分析債務水平時,資產負債表顯然是一個顯而易見的起點。但歸根結底,每家公司都可能存在資產負債表外的風險。請注意,泰勝風能在我們的投資分析中顯示出3個警告信號,其中1個是潛在的嚴重問題……
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.
如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的業務,請查看這個自由名單,其中列出了在資產負債表上有淨現金的成長型企業。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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。