Smartsens Technology (Shanghai) (SHSE:688213) Is Carrying A Fair Bit Of Debt
Smartsens Technology (Shanghai) (SHSE:688213) Is Carrying A Fair Bit Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. Importantly, Smartsens Technology (Shanghai) Co., Ltd. (SHSE:688213) does carry debt. But the more important question is: how much risk is that debt creating?
大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,Smartsens科技(上海)有限公司(上海證券交易所股票代碼:688213)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?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. If things get really bad, the lenders can take control of the business. 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. When we examine debt levels, we first consider both cash and debt levels, together.
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆償還債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然代價高昂)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,尤其是資本密集型企業的重要工具。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
What Is Smartsens Technology (Shanghai)'s Debt?
Smartsens Technology(上海)的債務是多少?
You can click the graphic below for the historical numbers, but it shows that Smartsens Technology (Shanghai) had CN¥1.15b of debt in September 2023, down from CN¥1.84b, one year before. However, it also had CN¥591.5m in cash, and so its net debt is CN¥556.5m.
你可以點擊下圖查看歷史數字,但它顯示Smartsens Technology(上海)在2023年9月的債務爲11.5億元人民幣,低於一年前的18.4億元人民幣。但是,它也有5.915億元的現金,因此其淨負債爲5.565億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240229/0-ca2453c42e4a38536e8eda2aeadc26ed-0-03ec1e013c0823f147b46f896553efd9.png/big)
How Healthy Is Smartsens Technology (Shanghai)'s Balance Sheet?
Smartsens Technology(上海)的資產負債表有多健康?
The latest balance sheet data shows that Smartsens Technology (Shanghai) had liabilities of CN¥1.38b due within a year, and liabilities of CN¥327.2m falling due after that. Offsetting this, it had CN¥591.5m in cash and CN¥819.9m in receivables that were due within 12 months. So its liabilities total CN¥296.8m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,Smartsens Technology(上海)的負債爲13.8億元人民幣,此後到期的負債爲3.272億元人民幣。與此相抵消的是,它有5.915億元的現金和8.19億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2.968億元人民幣。
This state of affairs indicates that Smartsens Technology (Shanghai)'s balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥17.2b company is short on cash, but still worth keeping an eye on the balance sheet. 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 Smartsens Technology (Shanghai) 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.
這種狀況表明,Smartsens Technology(上海)的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家172億元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定Smartsens Technology(上海)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。
In the last year Smartsens Technology (Shanghai) wasn't profitable at an EBIT level, but managed to grow its revenue by 15%, to CN¥2.9b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
去年,Smartsens Technology(上海)在息稅前利潤水平上沒有盈利,但成功將其收入增長了15%,達到29億元人民幣。這種增長速度對我們的口味來說有點慢,但要創造一個世界需要所有類型。
Caveat Emptor
Caveat Emptor
Importantly, Smartsens Technology (Shanghai) had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥23m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. On the bright side, we note that trailing twelve month EBIT is worse than the free cash flow of CN¥683m and the profit of CN¥14m. So one might argue that there's still a chance it can get things on the right track. For riskier companies like Smartsens Technology (Shanghai) I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
重要的是,Smartsens科技(上海)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2300萬元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。好的一面是,我們注意到過去十二個月的息稅前利潤低於6.83億元人民幣的自由現金流和1400萬元人民幣的利潤。因此,有人可能會爭辯說,它仍然有可能使事情走上正軌。對於像Smartsens Technology(上海)這樣的風險較高的公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們的利潤、收入和運營現金流的交互式圖表。
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。
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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。