Does Shenzhen Techwinsemi Technology (SZSE:001309) Have A Healthy Balance Sheet?
Does Shenzhen Techwinsemi Technology (SZSE:001309) Have A Healthy Balance Sheet?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We note that Shenzhen Techwinsemi Technology Co., Ltd. (SZSE:001309) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”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。我們注意到,深圳德威半導體技術有限公司(深圳證券交易所:001309)的資產負債表上確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
When Is Debt Dangerous?
債務何時危險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。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。
See our latest analysis for Shenzhen Techwinsemi Technology
查看我們對深圳德威半導體科技的最新分析
What Is Shenzhen Techwinsemi Technology's Net Debt?
深圳德威半導體科技的淨負債是多少?
As you can see below, at the end of September 2023, Shenzhen Techwinsemi Technology had CN¥1.48b of debt, up from CN¥438.2m a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥246.5m, its net debt is less, at about CN¥1.24b.
如下所示,截至2023年9月底,深圳德威半導體科技的債務爲14.8億元人民幣,高於去年同期的4.382億元人民幣。點擊圖片查看更多細節。但是,由於其現金儲備爲2.465億元人民幣,其淨負債較少,約爲12.4億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-bdea2ae6777206f018af4d7659faba6a-0-cdc4b4714955695f6673121df3651f5c.png/big)
How Strong Is Shenzhen Techwinsemi Technology's Balance Sheet?
深圳德威半導體科技的資產負債表有多強?
According to the last reported balance sheet, Shenzhen Techwinsemi Technology had liabilities of CN¥1.72b due within 12 months, and liabilities of CN¥217.0m due beyond 12 months. Offsetting this, it had CN¥246.5m in cash and CN¥393.0m in receivables that were due within 12 months. So its liabilities total CN¥1.30b more than the combination of its cash and short-term receivables.
根據上次報告的資產負債表,深圳德威半導體科技在12個月內到期的負債爲17.2億元人民幣,12個月以後到期的負債爲2.170億元人民幣。與此相抵消的是,它有2.465億元的現金和3.930億元人民幣的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出13億元人民幣。
Since publicly traded Shenzhen Techwinsemi Technology shares are worth a total of CN¥7.87b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shenzhen Techwinsemi Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
由於公開交易的深圳德威半導體科技股票總價值爲78.7億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。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。但最終,該業務的未來盈利能力將決定深圳德威半導體科技能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Over 12 months, Shenzhen Techwinsemi Technology reported revenue of CN¥1.3b, which is a gain of 12%, 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,深圳德威半導體科技公佈的收入爲13億元人民幣,增長了12%,儘管它沒有報告任何利息和稅前收益。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的發展。
Caveat Emptor
Caveat Emptor
Importantly, Shenzhen Techwinsemi Technology had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥125m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥1.1b of cash over the last year. So in short it's a really risky stock. 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. We've identified 2 warning signs with Shenzhen Techwinsemi Technology (at least 1 which is a bit unpleasant) , and understanding them should be part of your investment process.
重要的是,深圳德威半導體科技去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了1.25億元人民幣。考慮到這一點,除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。但是,去年它消耗了11億加元的現金,這無濟於事。因此,簡而言之,這是一隻非常有風險的股票。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。我們已經發現深圳德威半導體科技有兩個警告信號(至少有一個有點不愉快),了解它們應該是你投資過程的一部分。
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。