We Think Sichuan Jiuzhou Electronic (SZSE:000801) Can Stay On Top Of Its Debt
We Think Sichuan Jiuzhou Electronic (SZSE:000801) 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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Sichuan Jiuzhou Electronic Co., Ltd. (SZSE:000801) does use debt in its business. But should shareholders be worried about its use of debt?
David Iben说得很好,'波动性不是我们关心的风险,我们关心的是避免永久损失资本。' 当你考虑到任何给定股票的风险时,需要考虑债务,因为过多的债务可能会使一家公司倒闭。 我们可以看到四川九洲电子股份有限公司(SZSE: 000801)在其业务中使用了债务。 但股东们应该担心其债务的使用吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. If things get really bad, the lenders can take control of the business. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以合理价格筹集资本来轻松履行债务和其他负债时,债务和其他负债才会有风险。如果情况变得非常糟糕,放贷人可以接管企业。然而,一个更常见(但仍然很痛苦)的情况是,它必须以低价募集新的股权资本,从而持续稀释股东权益。当然,负债的优点在于其往往代表着廉价的资本,尤其是当它替代具有高回报率再投资能力的公司的稀释时。当我们考虑负债水平时,我们首先考虑现金和负债水平的总和。
What Is Sichuan Jiuzhou Electronic's Net Debt?
四川九洲电子的净债务是多少?
The image below, which you can click on for greater detail, shows that at March 2024 Sichuan Jiuzhou Electronic had debt of CN¥815.1m, up from CN¥539.1m in one year. However, its balance sheet shows it holds CN¥1.32b in cash, so it actually has CN¥500.0m net cash.
下面的图片(点击可放大)显示,截至2024年3月,四川九洲电子的债务为8.151亿元,比一年前的5.391亿元增长。 然而,其资产负债表显示其持有13.2亿元现金,因此实际上净现金为5亿元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240821/0-aa9d19aa4c4c94edcc94860dfa50ebd7-0-f80457ee9c7e0e79734e0f8d52c8e76f.png/big)
How Strong Is Sichuan Jiuzhou Electronic's Balance Sheet?
四川九洲电子的资产负债表有多强?
The latest balance sheet data shows that Sichuan Jiuzhou Electronic had liabilities of CN¥3.13b due within a year, and liabilities of CN¥315.9m falling due after that. Offsetting these obligations, it had cash of CN¥1.32b as well as receivables valued at CN¥2.99b due within 12 months. So it actually has CN¥862.7m more liquid assets than total liabilities.
最新的资产负债表数据显示,四川九洲电子的一年内到期的负债为313亿人民币,而后一年到期的负债为3159万人民币。抵消这些义务,它拥有132亿人民币的现金以及价值299亿人民币的应收账款,在12个月内到期。因此,它实际上比总负债多拥有8627万人民币的流动资产。
This surplus suggests that Sichuan Jiuzhou Electronic has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Sichuan Jiuzhou Electronic has more cash than debt is arguably a good indication that it can manage its debt safely.
这一盈余表明四川九洲电子拥有保守的资产负债表,很可能可以毫不费力地清偿债务。简而言之,事实上,四川九洲电子现金多于债务,这可能是它能够安全管理债务的良好迹象。
It is just as well that Sichuan Jiuzhou Electronic's load is not too heavy, because its EBIT was down 26% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Sichuan Jiuzhou Electronic can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
幸好,四川九洲电子的负担不太重,因为过去一年其EBIt下降了26%。在偿还债务方面,营业额下降对健康并无益处,就像含糖汽水对健康没有益处一样。资产负债表显然是在你分析债务时要重点关注的领域。但最终,业务的未来盈利能力将决定四川九洲电子能否随着时间加强其资产负债表。因此,如果你想知道专业人士的看法,你可能会发现分析师盈利预测的这份免费报告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Sichuan Jiuzhou Electronic may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. In the last three years, Sichuan Jiuzhou Electronic's free cash flow amounted to 21% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
最后,一家公司只能用硬通货而不是会计利润偿还债务。四川九洲电子可能在资产负债表上拥有净现金,但看看业务如何将其利息前税赢利(EBIT)转化为自由现金流,这一点仍然很有趣,因为这将影响其管理债务的需要和能力。在过去三年中,四川九洲电子的自由现金流占其EBIt的比例为21%,低于我们的预期。这种弱的现金转化使得处理负债更加困难。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Sichuan Jiuzhou Electronic has net cash of CN¥500.0m, as well as more liquid assets than liabilities. So we are not troubled with Sichuan Jiuzhou Electronic's debt use. 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. For example - Sichuan Jiuzhou Electronic has 2 warning signs we think you should be aware of.
尽管我们理解投资者对债务感到担忧,但您应该记住,四川九洲电子有5亿元人民币的净现金,以及比负债更多的流动资产。因此,我们并不担忧四川九洲电子的债务使用。当您分析债务时,资产负债表显然是要关注的领域。但最终,每家公司都可能存在超过资产负债表之外的风险。例如-我们认为您应该注意四川九州电子的2个警告信号。
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.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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