We Think Tansun Technology (SZSE:300872) Can Stay On Top Of Its Debt
We Think Tansun Technology (SZSE:300872) Can Stay On Top Of Its 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.' 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, Tansun Technology Co., Ltd. (SZSE:300872) does carry debt. But the real question is whether this debt is making the company risky.
David Iben说得好:“波动性不是我们关心的风险。我们关心的是避免资本永久损失。” 当我们考虑公司的风险有多大时,我们总是喜欢看它的债务使用情况,因为债务负担过重可能导致破产。重要的是,天阳科技股份有限公司(SZSE:300872)确实负债。但真正的问题是,这些债务是否使公司变得风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的一种工具,但如果企业无法偿还债权人,那么它就是在他们的掌控下。在最坏的情况下,如果一家公司无法偿还其债权人,就可能破产。虽然这不是太常见的事件,但我们经常看到负债累累的公司因贷款人迫使它们以低迷的价格融资而导致股东永久董事。当然,很多公司使用债务来资助增长,而没有任何负面后果。当我们考虑一家公司的债务使用情况时,我们首先看的是现金和债务总额。
What Is Tansun Technology's Net Debt?
天阳科技的净债务是多少?
The image below, which you can click on for greater detail, shows that Tansun Technology had debt of CN¥1.11b at the end of March 2024, a reduction from CN¥1.17b over a year. However, it also had CN¥1.03b in cash, and so its net debt is CN¥83.4m.
下面的图片,您可以单击以获取更详细的信息,显示天阳科技在2024年3月底的债务为CN¥1.11亿,比一年前的CN¥1.17亿减少。但它也有CN¥1.03亿的现金,因此其净债务为CN¥83.4百万元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240719/0-51775c768fba24431895cda957f0a9d1-0-fd1d1a19b11d312825aa547c6b8de4e3.png/big)
How Healthy Is Tansun Technology's Balance Sheet?
天阳科技的资产负债表如何?
According to the last reported balance sheet, Tansun Technology had liabilities of CN¥553.6m due within 12 months, and liabilities of CN¥929.0m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.03b as well as receivables valued at CN¥1.82b due within 12 months. So it can boast CN¥1.37b more liquid assets than total liabilities.
根据上次披露的资产负债表,天阳科技有CN¥553.6百万元的负债要在12个月内到期,有CN¥929百万元的负债要在12个月后到期。抵销这些责任,它有CN¥1.03亿元的现金以及在12个月内到期的应收账款价值CN¥1.82亿元。因此,它可以宣称比总负债多CN¥1.37亿元的流动资产。
It's good to see that Tansun Technology has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders.
很高兴看到天阳科技在其资产负债表中有大量流动性,这表明对负债的保守管理。因为它拥有大量资产,所以不太可能遇到与贷款人的麻烦。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的债务是其EBITDA的3.5倍,而其EBIT可覆盖其利息开支的3.7倍。综合考虑,虽然我们不希望看到债务水平上升,但我们认为它可以应对当前的杠杆。好消息是,Service Corporation International在过去12个月中将其EBIT提高了2.9%,从而逐渐降低了其相对于收益的债务水平。毫无疑问,我们从资产负债表中获得了有关债务的大部分内容。但是,相对于资产负债表,更重要的是未来收益,这将决定Service Corporation International维持健康资产负债表的能力。如果您关注未来,您可以查看此免费报告,其中有分析师的利润预测。
Looking at its net debt to EBITDA of 0.46 and interest cover of 4.0 times, it seems to us that Tansun Technology is probably using debt in a pretty reasonable way. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. Notably, Tansun Technology's EBIT launched higher than Elon Musk, gaining a whopping 259% on last year. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Tansun Technology's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
从其EBITDA净债务比0.46和利息覆盖比4.0倍来看,我们认为天阳科技可能正在相当合理地使用债务。但利息支付肯定足以让我们思考其负债的可负担性。值得注意的是,天阳科技的EBIt年增长率比伊隆·马斯克高,去年大幅增长了259%。分析债务水平时,资产负债表是显然的起点。但最终决定天阳科技未来能否维持健康的资产负债表的是未来收入,而不是任何其他因素。因此,如果您关注未来,可以查看此免费报告,以显示分析师的利润预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Tansun Technology burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后,公司只能用硬通货现金偿还债务,而不能用会计利润。因此,值得检查有多少EBIt是由自由现金流支持的。在过去三年中,天阳科技烧掉了大量现金。虽然这可能是为了增长而产生的支出,但更使债务变得更加危险。
Our View
我们的观点
Happily, Tansun Technology's impressive EBIT growth rate implies it has the upper hand on its debt. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. When we consider the range of factors above, it looks like Tansun Technology is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Tansun Technology you should be aware of.
令人高兴的是,天阳科技令人印象深刻的EBIt增长率暗示它具有优于债务的优势。但我们必须承认,其EBIt转换为自由现金流的效果恰恰相反。当我们考虑上述因素的范围时,看起来天阳科技在使用债务方面相当明智。这意味着他们正在冒着更多的风险,以期提高股东回报。当您分析债务时,资产负债表显然是需要关注的领域。但并非所有的投资风险都在资产负债表上-远不止如此。就此而言:我们已经发现天阳科技的1个警告信号,您应该知道。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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