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Sino Wealth Electronic (SZSE:300327) Has Debt But No Earnings; Should You Worry?

Sino Wealth Electronic (SZSE:300327) Has Debt But No Earnings; Should You Worry?

中穎電子(SZSE:300327)有債務但沒有盈利;你應該擔心嗎?
Simply Wall St ·  10/23 19:08

Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. We can see that Sino Wealth Electronic Ltd. (SZSE:300327) does use debt in its business. But the more important question is: how much risk is that debt creating?

傳奇基金經理李錄(受查理·芒格支持)曾經說過,「最大的投資風險不在於價格的波動,而在於你是否會遭受永久性資本損失。」 當我們考慮一家公司有多大風險時,我們總是喜歡看看它的負債使用情況,因爲負債過多可能導致滅頂之災。 我們可以看到,中穎電子股份有限公司(SZSE:300327)的確在業務中使用了債務。 但更重要的問題是:這些債務到底帶來了多少風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

當企業不能通過自由現金流或以優惠價格籌集資本輕鬆履行這些義務時,債務和其他負債對企業就會變得有風險。 在最糟糕的情況下,如果公司無法償還債權人,公司可能會破產。 然而,一個更常見(但仍然痛苦)的情況是,公司必須以低價籌集新股本,從而永久性稀釋股東。 當考慮一家企業使用了多少債務時,首先要做的事情就是看看其現金和債務的總和。

What Is Sino Wealth Electronic's Net Debt?

中穎電子的淨債務是多少?

As you can see below, at the end of June 2024, Sino Wealth Electronic had CN¥60.3m of debt, up from CN¥30.1m a year ago. Click the image for more detail. But on the other hand it also has CN¥413.3m in cash, leading to a CN¥353.1m net cash position.

正如下文所示,在2024年6月底,中穎電子的債務爲6030萬人民幣,較一年前的3010萬人民幣增加。 點擊圖像以獲取更多細節。 另一方面,它還持有41330萬人民幣的現金,導致淨現金頭寸爲35310萬人民幣。

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SZSE:300327 Debt to Equity History October 24th 2024
SZSE:300327自2024年10月24日的資產負債歷史

How Strong Is Sino Wealth Electronic's Balance Sheet?

中穎電子的資產負債表有多強?

The latest balance sheet data shows that Sino Wealth Electronic had liabilities of CN¥355.2m due within a year, and liabilities of CN¥3.05m falling due after that. Offsetting this, it had CN¥413.3m in cash and CN¥278.0m in receivables that were due within 12 months. So it can boast CN¥333.1m more liquid assets than total liabilities.

最新資產負債表數據顯示,中穎電子一年內的負債爲人民幣35520萬,之後到期的負債爲305萬。抵消這一情況的是,它擁有人民幣41330萬的現金和人民幣27800萬的應收賬款,這些賬款在12個月內到期。因此,它比總負債多擁有人民幣33310萬的流動資產。

This short term liquidity is a sign that Sino Wealth Electronic could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Sino Wealth Electronic boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Sino Wealth Electronic can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

這種短期流動性表明,中穎電子很可能能夠輕鬆償還債務,因爲其資產負債表遠未過分拉伸。簡而言之,中穎電子擁有淨現金,所以可以說它的債務負擔並不重!當您分析債務時,資產負債表顯然是需要重點關注的領域。但最終,業務的未來盈利能力將決定中穎電子是否能夠隨時間加強其資產負債表。因此,如果您關注未來,可以查看這份顯示分析師盈利預測的免費報告。

Over 12 months, Sino Wealth Electronic saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.

在過去12個月中,中穎電子的營業收入基本保持穩定,但未報告利息和稅前盈利。雖然這並不令人印象深刻,但也算不上太差。

So How Risky Is Sino Wealth Electronic?

那麼中穎電子有多大風險?

While Sino Wealth Electronic lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥172m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. 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. Case in point: We've spotted 3 warning signs for Sino Wealth Electronic you should be aware of.

儘管中穎電子在息稅前盈利(EBIT)水平上虧損,但實際上它有人民幣17200萬的名義利潤。因此,考慮到它具有淨現金以及法定利潤,至少就短期而言,這支股票的風險可能並不像看起來那麼大。一旦希望息稅前利潤爲正值,我們會對該股感到更加放心,考慮到其蕭條的營收增長。毫無疑問,我們從資產負債表中了解到大部分的債務狀況。但最終,每家公司都可能存在超出資產負債表之外的風險。舉個例子:我們已經發現了中穎電子的3個警示信號,您應該予以注意。

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,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

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