Is CECEP Techand Ecology&EnvironmentLtd (SZSE:300197) Using Debt In A Risky Way?
Is CECEP Techand Ecology&EnvironmentLtd (SZSE:300197) Using Debt In A Risky Way?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. As with many other companies CECEP Techand Ecology&Environment Co.,Ltd. (SZSE:300197) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“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。與許多其他公司一樣,CECEP Techand Ecology&Environment Co., Ltd.(深圳證券交易所股票代碼:300197)使用債務。但更重要的問題是:這筆債務會帶來多大的風險?
When Is Debt A Problem?
債務何時會成爲問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。當然,債務的好處是它通常代表廉價資本,尤其是當它用高回報率進行再投資的能力取代了公司的稀釋時。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。
How Much Debt Does CECEP Techand Ecology&EnvironmentLtd Carry?
CECEP Techand Ecology&EnvironmentLtd 揹負了多少債務?
As you can see below, at the end of September 2023, CECEP Techand Ecology&EnvironmentLtd had CN¥17.4b of debt, up from CN¥16.5b a year ago. Click the image for more detail. However, it does have CN¥3.13b in cash offsetting this, leading to net debt of about CN¥14.2b.
如下所示,截至2023年9月底,CECEP Techand Ecology&EnvironmentLtd的債務爲174億元人民幣,高於去年同期的165億元人民幣。點擊圖片查看更多細節。但是,它確實有31.3億加元的現金抵消了這一點,淨負債約爲142億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240306/0-654b2de7edf3a0823d92e4eed0b95d2b-0-5beed384ccf4c667dc5a68610529976d.png/big)
How Healthy Is CECEP Techand Ecology&EnvironmentLtd's Balance Sheet?
CECEP Techand Ecology&EnvironmentLtd的資產負債表有多健康?
According to the last reported balance sheet, CECEP Techand Ecology&EnvironmentLtd had liabilities of CN¥17.3b due within 12 months, and liabilities of CN¥7.90b due beyond 12 months. Offsetting this, it had CN¥3.13b in cash and CN¥9.09b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥13.0b.
根據上次報告的資產負債表,CECEP Techand Ecology&EnvironmentLtd的負債爲173億元人民幣,12個月後到期的負債爲79.0億元人民幣。與此相抵消的是,它有31.3億加元的現金和90.9億元人民幣的應收賬款將在12個月內到期。因此,其負債比其現金和(短期)應收賬款總額高出130億元人民幣。
This deficit casts a shadow over the CN¥5.81b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, CECEP Techand Ecology&EnvironmentLtd would probably need a major re-capitalization if its creditors were to demand repayment. When analysing debt levels, the balance sheet is the obvious place to start. But it is CECEP Techand Ecology&EnvironmentLtd's earnings that will influence how the balance sheet holds up in the future. 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.
這一赤字給這家58.1億元人民幣的公司蒙上了陰影,就像一個聳立在凡人之上的巨人。因此,毫無疑問,我們將密切關注其資產負債表。歸根結底,如果其債權人要求還款,CECEP Techand Ecology&Ecology&EnvironmentLtd可能需要進行大規模的資本重組。在分析債務水平時,資產負債表是顯而易見的起點。但是,影響未來資產負債表狀況的是CECEP Tech和Ecology&EnvironmentLtd的收益。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。
Over 12 months, CECEP Techand Ecology&EnvironmentLtd reported revenue of CN¥2.7b, which is a gain of 8.8%, 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,CECEP Techand生態與環境有限公司公佈的收入爲27億元人民幣,增長了8.8%,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, CECEP Techand Ecology&EnvironmentLtd had an earnings before interest and tax (EBIT) loss over the last year. Its EBIT loss was a whopping CN¥631m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. Not least because it had negative free cash flow of CN¥595m over the last twelve months. That means it's on the risky side of things. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 3 warning signs with CECEP Techand Ecology&EnvironmentLtd (at least 2 which are significant) , and understanding them should be part of your investment process.
重要的是,CECEP Techand Ecology&EnvironmentLtd去年出現了息稅前收益(EBIT)虧損。其息稅前利潤虧損高達6.31億元人民幣。當我們將其與巨額負債一起看時,我們對公司並不特別有信心。它需要迅速改善其運營,我們才會對此感興趣。尤其是因爲它在過去十二個月中的自由現金流爲負5.95億元人民幣。這意味着它站在危險的一面。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。我們已經向CECEP Techand Ecology&Ecoly&EnvironmentLtd確定了3個警告信號(至少有2個是重要的),了解它們應該是你投資過程的一部分。
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。