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Does Saurer Intelligent Technology (SHSE:600545) Have A Healthy Balance Sheet?

Does Saurer Intelligent Technology (SHSE:600545) Have A Healthy Balance Sheet?

卓郎智能科技(SHSE: 600545)的資產負債表是否良好?
Simply Wall St ·  03/12 22:20

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.' 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. Importantly, Saurer Intelligent Technology Co. Ltd (SHSE:600545) does carry debt. But is this debt a concern to shareholders?

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。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。重要的是,卓郎智能科技股份有限公司有限公司(上海證券交易所股票代碼:600545)確實有債務。但是這筆債務是股東關心的問題嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, plenty of companies use debt to fund growth, without any negative consequences. 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,但如果企業無法還清貸方,那麼債務就任其擺佈。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,更頻繁(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,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。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 Saurer Intelligent Technology Carry?

卓郎智能科技揹負了多少債務?

As you can see below, Saurer Intelligent Technology had CN¥2.36b of debt at September 2023, down from CN¥2.51b a year prior. On the flip side, it has CN¥603.8m in cash leading to net debt of about CN¥1.75b.

如下所示,截至2023年9月,卓郎智能科技的債務爲23.6億元人民幣,低於去年同期的251億元人民幣。另一方面,它擁有6.038億元的現金,淨負債約爲17.5億元人民幣。

debt-equity-history-analysis
SHSE:600545 Debt to Equity History March 13th 2024
SHSE: 600545 2024 年 3 月 13 日債務與股權比率的歷史記錄

How Strong Is Saurer Intelligent Technology's Balance Sheet?

卓郎智能科技的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Saurer Intelligent Technology had liabilities of CN¥4.86b due within 12 months and liabilities of CN¥1.00b due beyond that. Offsetting these obligations, it had cash of CN¥603.8m as well as receivables valued at CN¥3.80b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.45b.

放大最新的資產負債表數據,我們可以看到,卓郎智能科技在12個月內到期的負債爲48.6億元人民幣,之後到期的負債爲1.00億元人民幣。除了這些債務外,它還有6.038億元的現金以及價值38.0億元人民幣的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額14.5億元人民幣。

While this might seem like a lot, it is not so bad since Saurer Intelligent Technology has a market capitalization of CN¥4.17b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is Saurer Intelligent Technology'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.

儘管這可能看起來很多,但還不錯,因爲卓郎智能科技的市值爲41.7億元人民幣,因此如果需要,它可能會通過籌集資金來強化資產負債表。但是,仍然值得仔細研究其償還債務的能力。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卓郎智能科技的收益。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, Saurer Intelligent Technology reported revenue of CN¥5.8b, which is a gain of 49%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.

在過去的12個月中,卓郎智能科技公佈的收入爲58億元人民幣,增長了49%,儘管它沒有報告任何利息和稅前收益。股東們可能對它能夠實現盈利抱有疑慮。

Caveat Emptor

Caveat Emptor

While we can certainly appreciate Saurer Intelligent Technology's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. Its EBIT loss was a whopping CN¥463m. 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. We would feel better if it turned its trailing twelve month loss of CN¥559m into a profit. So to be blunt we do think it is risky. 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. For example Saurer Intelligent Technology has 3 warning signs (and 2 which are a bit unpleasant) we think you should know about.

儘管我們當然可以理解卓郎智能科技的收入增長,但其息稅前收益(EBIT)虧損並不理想。其息稅前利潤虧損高達4.63億元人民幣。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。如果它將過去十二個月的5.59億元虧損轉化爲利潤,我們會感覺更好。因此,坦率地說,我們確實認爲這是有風險的。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。例如,卓郎智能科技有 3 個警告標誌(以及 2 個有點不愉快),我們認爲你應該知道。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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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.

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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。

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