Shenzhen Yitoa Intelligent ControlLtd (SZSE:300131) Seems To Use Debt Quite Sensibly
Shenzhen Yitoa Intelligent ControlLtd (SZSE:300131) Seems To Use Debt Quite Sensibly
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. As with many other companies Shenzhen Yitoa Intelligent Control Co.,Ltd. (SZSE:300131) makes use of debt. But the real question is whether this debt is making the company risky.
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。與許多其他公司一樣,深圳易通智能控制有限公司, Ltd.(深圳證券交易所股票代碼:300131)使用債務。但真正的問題是這筆債務是否使公司面臨風險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
債務爲企業提供幫助,直到企業難以用新的資本或自由現金流還清債務。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權資本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們考慮公司對債務的使用時,我們首先要同時考慮現金和債務。
What Is Shenzhen Yitoa Intelligent ControlLtd's Debt?
深圳益通智能控制有限公司的債務是多少?
The image below, which you can click on for greater detail, shows that Shenzhen Yitoa Intelligent ControlLtd had debt of CN¥619.1m at the end of March 2024, a reduction from CN¥750.3m over a year. However, it does have CN¥371.8m in cash offsetting this, leading to net debt of about CN¥247.2m.
您可以點擊下圖查看更多細節,該圖片顯示,截至2024年3月底,深圳益通智能控制有限公司的債務爲6.191億元人民幣,較一年內的7.503億元人民幣有所減少。但是,它確實有3.718億加元的現金抵消了這一點,淨負債約爲2.472億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240428/0-4ff96cc5b51552e8bb4ff26046c31cfa-0-a9e85f43381e4694e414fb5ff0ad177d.png/big)
How Strong Is Shenzhen Yitoa Intelligent ControlLtd's Balance Sheet?
深圳益通智能控制有限公司的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Shenzhen Yitoa Intelligent ControlLtd had liabilities of CN¥1.45b due within 12 months and liabilities of CN¥217.4m due beyond that. On the other hand, it had cash of CN¥371.8m and CN¥1.00b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥296.6m.
放大最新的資產負債表數據,我們可以看到,深圳益通智能控制有限公司在12個月內到期的負債爲14.5億元人民幣,之後到期的負債爲2.174億元人民幣。另一方面,它有一年內到期的現金爲3.718億元人民幣,還有價值10億元人民幣的應收賬款。因此,其負債超過其現金和(短期)應收賬款總額2.966億元人民幣。
Given Shenzhen Yitoa Intelligent ControlLtd has a market capitalization of CN¥5.37b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
鑑於深圳益通智能控制有限公司的市值爲537億元人民幣,很難相信這些負債會構成很大的威脅。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況惡化。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
While Shenzhen Yitoa Intelligent ControlLtd's low debt to EBITDA ratio of 1.4 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 2.6 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Unfortunately, Shenzhen Yitoa Intelligent ControlLtd saw its EBIT slide 9.2% in the last twelve months. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. 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 Yitoa Intelligent ControlLtd 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.
儘管深圳益通智能控制有限公司的低債務與息稅折舊攤銷前利潤比率爲1.4,這表明債務的使用量不大,但去年息稅前利潤僅涵蓋利息支出的2.6倍這一事實確實讓我們停頓了一下。因此,我們建議密切關注融資成本對業務的影響。不幸的是,深圳益通智能控制有限公司的息稅前利潤在過去十二個月中下降了9.2%。如果收益繼續下降,那麼管理這筆債務將像在獨輪車上送熱湯一樣困難。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;因爲深圳益通智能控制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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, Shenzhen Yitoa Intelligent ControlLtd recorded free cash flow worth 67% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在最近三年中,鑑於自由現金流不包括利息和稅收,深圳益通智能控制有限公司記錄的自由現金流佔其息稅前利潤的67%,這幾乎是正常的。這種冷硬現金意味着它可以在需要時減少債務。
Our View
我們的觀點
We weren't impressed with Shenzhen Yitoa Intelligent ControlLtd's EBIT growth rate, and its interest cover made us cautious. But its conversion of EBIT to free cash flow was significantly redeeming. Considering this range of data points, we think Shenzhen Yitoa Intelligent ControlLtd is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 3 warning signs for Shenzhen Yitoa Intelligent ControlLtd (1 shouldn't be ignored) you should be aware of.
深圳益通智能控制有限公司的息稅前利潤增長率並沒有給我們留下深刻的印象,其利息保障使我們持謹慎態度。但其將息稅前利潤轉換爲自由現金流具有可觀的回報。考慮到這一系列數據點,我們認爲深圳益通智能控制有限公司處於管理其債務水平的有利地位。話雖如此,負擔足夠沉重,我們建議所有股東密切關注。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。例如,我們已經確定了您應該注意的深圳益通智能控制的3個警告標誌(其中1個不容忽視)。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。
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