Does Shenzhen Longli TechnologyLtd (SZSE:300752) Have A Healthy Balance Sheet?
Does Shenzhen Longli TechnologyLtd (SZSE:300752) Have A 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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Shenzhen Longli Technology Co.,Ltd (SZSE:300752) makes use of debt. But the real question is whether this debt is making the company risky.
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。”當我們考慮一家公司的風險時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。與許多其他公司一樣,深圳市龍力科技股份有限公司,有限公司(深圳證券交易所代碼:300752)使用債務。但真正的問題是這筆債務是否使公司面臨風險。
What Risk Does Debt Bring?
債務會帶來什麼風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法還清貸款人的債務,那麼債務就任其擺佈。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,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。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。考慮公司的債務水平的第一步是同時考慮其現金和債務。
View our latest analysis for Shenzhen Longli TechnologyLtd
查看我們對深圳龍力科技有限公司的最新分析
What Is Shenzhen Longli TechnologyLtd's Debt?
深圳龍力科技有限公司的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that Shenzhen Longli TechnologyLtd had CN¥117.1m of debt in September 2023, down from CN¥180.2m, one year before. However, it does have CN¥442.2m in cash offsetting this, leading to net cash of CN¥325.1m.
你可以點擊下圖查看歷史數字,但它顯示深圳龍力科技有限公司在2023年9月的債務爲1.171億元人民幣,低於一年前的1.802億元人民幣。但是,它確實有4.422億元人民幣的現金抵消了這一點,淨現金爲3.251億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231108/0-4fb7f0625d19751f35e70543a522c902-0-834c618c59310c172dff2ca091ea1e4b.png/big)
How Healthy Is Shenzhen Longli TechnologyLtd's Balance Sheet?
深圳市龍力科技有限公司的資產負債表有多健康?
We can see from the most recent balance sheet that Shenzhen Longli TechnologyLtd had liabilities of CN¥620.2m falling due within a year, and liabilities of CN¥102.6m due beyond that. On the other hand, it had cash of CN¥442.2m and CN¥616.0m worth of receivables due within a year. So it actually has CN¥335.5m more liquid assets than total liabilities.
從最新的資產負債表中我們可以看出,深圳龍力科技有限公司在一年內到期的負債爲6.202億元人民幣,此後到期的負債爲1.026億元人民幣。另一方面,它在一年內有4.422億元人民幣的現金和價值6.16億元人民幣的應收賬款。所以它實際上有3.355億元人民幣 更多 流動資產大於總負債。
This surplus suggests that Shenzhen Longli TechnologyLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shenzhen Longli TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Shenzhen Longli TechnologyLtd 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.
這種盈餘表明,深圳龍力科技有限公司的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,深圳龍力科技有限公司擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!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;因爲深圳龍力科技有限公司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。
In the last year Shenzhen Longli TechnologyLtd had a loss before interest and tax, and actually shrunk its revenue by 38%, to CN¥954m. To be frank that doesn't bode well.
去年,深圳龍力科技有限公司在利息和稅前出現虧損,實際收入減少了38%,至9.54億元人民幣。坦率地說,這並不是一個好兆頭。
So How Risky Is Shenzhen Longli TechnologyLtd?
那麼,深圳龍力科技有限公司的風險有多大?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Shenzhen Longli TechnologyLtd lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥144m and booked a CN¥281m accounting loss. With only CN¥325.1m on the balance sheet, it would appear that its going to need to raise capital again soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Shenzhen Longli TechnologyLtd (of which 1 is significant!) you should know about.
我們毫不懷疑,總的來說,虧損公司比盈利的公司風險更大。事實是,在過去的十二個月中,深圳龍力科技有限公司的息稅前收益(EBIT)虧損。同期,它的自由現金流出爲負1.44億元人民幣,會計虧損爲2.81億元人民幣。由於資產負債表上只有3.251億元人民幣,看來它需要很快再次籌集資金。儘管其資產負債表看起來足夠流動,但如果一家公司不定期產生自由現金流,債務總是會讓我們有點緊張。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。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。這些風險可能很難發現。每家公司都有它們,我們已經發現了深圳龍力科技有限公司的兩個警告標誌(其中一個很重要!)你應該知道。
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,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。