Shenyang Blue Silver Industry Automation Equipment (SZSE:300293) Is Making Moderate Use Of Debt
Shenyang Blue Silver Industry Automation Equipment (SZSE:300293) Is Making Moderate Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Shenyang Blue Silver Industry Automation Equipment Co., Ltd (SZSE:300293) does carry debt. But the real question is whether this debt is making the company risky.
霍華德·馬克斯在談論股價波動時說得非常好,他說,與其擔心股價波動,「我擔心的是永久性損失的可能性…我認識的每個實際投資者都在擔心。」因此,似乎明智的投資者知道債務——在破產時通常涉及的內容——是評估一家公司風險有多大的非常重要的因素。重要的是,深圳藍英裝備股份有限公司(SZSE:300293)確實承載着負債。但真正的問題是,這筆負債是否會使公司變得風險高。
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,當一家公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是利用自己的現金流。在最壞的情況下,如果一家公司無法償付其債權人,它就可能會破產。然而,更頻繁(但仍然代價高昂)的情況是,一家公司必須以市場微薄的價格發行股票,永久性地稀釋股東的權益,以加強其資產負債表。然而,債務可以替換稀釋,成爲那些需要資本以高回報率投資增長的企業非常好的工具。當我們考慮債務水平時,我們首先考慮現金和債務水平,這兩個方面的情況。
How Much Debt Does Shenyang Blue Silver Industry Automation Equipment Carry?
深圳藍英裝備股份有限公司有多少債務?
As you can see below, Shenyang Blue Silver Industry Automation Equipment had CN¥351.4m of debt at March 2024, down from CN¥375.8m a year prior. However, because it has a cash reserve of CN¥133.6m, its net debt is less, at about CN¥217.7m.
如下所示,截至2024年3月,深圳藍英裝備股份有限公司的債務爲35140萬人民幣,低於去年的37580萬人民幣。然而,由於它有13360萬人民幣的現金儲備,它的淨債務較少,約爲21770萬人民幣。
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How Strong Is Shenyang Blue Silver Industry Automation Equipment's Balance Sheet?
深圳藍英裝備股份有限公司的資產負債表有多強?
According to the last reported balance sheet, Shenyang Blue Silver Industry Automation Equipment had liabilities of CN¥805.0m due within 12 months, and liabilities of CN¥362.9m due beyond 12 months. Offsetting these obligations, it had cash of CN¥133.6m as well as receivables valued at CN¥462.2m due within 12 months. So its liabilities total CN¥572.0m more than the combination of its cash and short-term receivables.
根據最近的資產負債表,深圳藍英裝備股份有限公司在12個月內有80500萬元的應付賬款,在12個月後有36290萬元的應付賬款。抵消這些義務,它有13360萬元的現金以及46220萬元的應收賬款在12個月內到期。所以,它的負債總額比其現金和短期應收賬款的組合多了57200萬元。鑑於深圳藍英裝備股份有限公司的市值爲50.1億人民幣,難以想象這些債務構成了多大的威脅。但是,我們認爲值得關注其資產負債表強度,因爲隨着時間的推移,情況可能會發生變化。毫無疑問,我們從資產負債表中了解債務的最多。但是深圳藍英裝備股份有限公司的收益將影響資產負債表在未來的相關情況。因此,在考慮債務時,有必要看一下收益趨勢。單擊此處進行互動快照。
Given Shenyang Blue Silver Industry Automation Equipment has a market capitalization of CN¥5.01b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. There's no doubt that we learn most about debt from the balance sheet. But it is Shenyang Blue Silver Industry Automation Equipment's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
在過去的12個月裏,深圳藍英裝備股份有限公司報告了14億元的營業收入,增長了11%,儘管沒有報告任何利息和稅前收益。這種增長速度對我們來說有點慢,但要想世界上的任何一個行業,需要各種各樣的企業。在過去的12個月中,深圳藍英裝備股份有限公司產生了利息和稅前收益(EBIT)虧損。的確,它在EBIT水平上損失了2400萬元。考慮到上述負債,我們並不認爲公司應該使用如此多的債務。因此,我們認爲其資產負債表有些受壓,但不至於無法挽救。另一個謹慎的原因是,過去12個月中,其負面自由現金流流出了3300萬元。因此,坦率地說,我們認爲它很有風險。在分析債務水平時,資產負債表是顯而易見的起點。但是,最終,每個公司都可能包含超出資產負債表以外的風險。爲此,您應該注意我們在深圳藍英裝備股份有限公司中發現的2個警告信號。
Over 12 months, Shenyang Blue Silver Industry Automation Equipment reported revenue of CN¥1.4b, which is a gain of 11%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的12個月中,深圳藍英裝備股份有限公司報告了14億元的營業收入,增長了11%,儘管沒有報告任何利息和稅前收益。這種增長速度對我們來說有點慢,但要想世界上的任何一個行業,需要各種各樣的企業。
Caveat Emptor
買方自負。
Over the last twelve months Shenyang Blue Silver Industry Automation Equipment produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥24m at the EBIT level. 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. Another cause for caution is that is bled CN¥33m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Shenyang Blue Silver Industry Automation Equipment .
在過去的十二個月中,深圳藍英裝備股份有限公司的自由現金流爲負3300萬元,利息和稅前利潤爲負。事實上,在稅前利潤水平上,它的利潤爲負2400萬元。考慮到以上提到的負債,我們對公司使用如此多的債務缺乏信心。因此,我們認爲其資產負債表有點受壓,但並非無法修復。還有一個需要警惕的原因是,在過去12個月中,它的自由現金流爲負3300萬元。因此,坦率地說,我們認爲它有所風險。在分析債務水平時,資產負債表是顯而易見的起點。但是,最終,每個公司都可能包含超出資產負債表以外的風險。爲此,您應該注意我們在深圳藍英裝備股份有限公司中發現的2個警告信號。
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,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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