Is Shijiazhuang Kelin Electric (SHSE:603050) Using Too Much Debt?
Is Shijiazhuang Kelin Electric (SHSE:603050) Using Too Much Debt?
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.' 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, Shijiazhuang Kelin Electric Co., Ltd. (SHSE:603050) does carry debt. But the real question is whether this debt is making the company risky.
传奇基金经理李录(受到查理·芒格的支持)曾说过,“最大的投资风险不是价格的波动,而是您是否会遭受永久性的资本损失。” 因此,聪明的投资者似乎知道,债务(通常涉及破产)是评估一家公司风险程度时的一个非常重要因素。值得注意的是,Shijiazhuang Kelin Electric Co., Ltd.(SHSE:603050)确实存在债务。但真正的问题是,这笔债务是否使公司变得更加风险。
When Is Debt Dangerous?
债务何时有危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务对企业有所帮助,直到企业开始无法偿还,就需要新的资本或自由现金流。资本主义的一部分是“创造性破坏”过程,失败的企业被银行家无情地清算。然而,更常见的情况是,一家公司不得不以低于市场价格发行股票,永久稀释股东,仅用来支撑其资产负债表。话虽如此,最常见的情况是,公司合理地管理其债务,并使其本身受益。在考虑企业使用多少债务时,首先要做的是查看其现金和债务。
How Much Debt Does Shijiazhuang Kelin Electric Carry?
Shijiazhuang Kelin Electric 承担了多少债务?
As you can see below, Shijiazhuang Kelin Electric had CN¥1.08b of debt at September 2024, down from CN¥1.49b a year prior. However, because it has a cash reserve of CN¥607.1m, its net debt is less, at about CN¥470.3m.
正如您下面所看到的,2024年9月,Shijiazhuang Kelin Electric 的债务为10.8亿元人民币,低于前一年的14.9亿元人民币。然而,由于其现金储备为60710万元人民币,其净债务较少,约为47030万元人民币。

How Strong Is Shijiazhuang Kelin Electric's Balance Sheet?
科林电气的资产负债表有多强?
According to the last reported balance sheet, Shijiazhuang Kelin Electric had liabilities of CN¥2.81b due within 12 months, and liabilities of CN¥714.0m due beyond 12 months. Offsetting these obligations, it had cash of CN¥607.1m as well as receivables valued at CN¥2.36b due within 12 months. So it has liabilities totalling CN¥558.5m more than its cash and near-term receivables, combined.
根据最近报告的资产负债表,科林电气的短期负债为28.1亿人民币,超过12个月到期,长期负债为71400万人民币。 抵消这些义务,它有60710万人民币的现金以及23.6亿人民币的应收款项到期在12个月内。 因此,其负债总额超过现金和近期应收款项的总和达55850万人民币。
Since publicly traded Shijiazhuang Kelin Electric shares are worth a total of CN¥6.00b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
由于上市的科林电气股票总值为60亿人民币,这种负债水平似乎不太可能构成重大威胁。 话虽如此,显然我们应该继续监视其资产负债表,以防情况变得更糟。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通过查看公司的净债务与利息、税、折旧、摊销前利润(EBITDA)之比以及它的利息费用(利息覆盖率)可以衡量一个公司的债务负担与收益能力。因此,我们考虑将债务与有无计算折旧和摊销费用的收益相对比。
Shijiazhuang Kelin Electric has net debt of just 1.2 times EBITDA, indicating that it is certainly not a reckless borrower. And this view is supported by the solid interest coverage, with EBIT coming in at 8.8 times the interest expense over the last year. On top of that, Shijiazhuang Kelin Electric grew its EBIT by 71% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shijiazhuang Kelin Electric will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
科林电气的净债务仅为EBITDA的1.2倍,表明它绝对不是一个鲁莽的借款人。 这个观点得以支持的依据是坚实的利息覆盖率,过去一年EBIT是利息支出的8.8倍。除此之外,科林电气过去12个月的EBIT增长了71%,这种增长将使其更容易偿还债务。 毫无疑问,我们最多从资产负债表中了解债务。 但不能孤立地看待债务;因为科林电气将需要盈利来偿还债务。 因此,在考虑债务时,确实值得查看收益趋势。 单击此处查看交互式快照。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Shijiazhuang Kelin Electric recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
最后,虽然税务人员可能喜欢会计利润,但贷款人只接受冰冷的现金。 因此,值得核实EBIT中有多少是由自由现金流支持的。 在过去三年中,科林电气的自由现金流总是负数。 对于自由现金流不稳定的公司来说,债务风险要高得多,因此股东应该希望过去的支出将在未来产生自由现金流。
Our View
我们的观点
On our analysis Shijiazhuang Kelin Electric's EBIT growth rate should signal that it won't have too much trouble with its debt. However, our other observations weren't so heartening. In particular, conversion of EBIT to free cash flow gives us cold feet. Considering this range of data points, we think Shijiazhuang Kelin Electric is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. 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. To that end, you should be aware of the 1 warning sign we've spotted with Shijiazhuang Kelin Electric .
根据我们的分析,科林电气的EBIt增长率应该表明它在处理债务方面不会遇到太多困难。然而,我们的其他观察结果并不那么令人振奋。特别是,将EBIt转化为自由现金流让我们感到有些犹豫。考虑到这一系列数据点,我们认为科林电气处于一个良好的位置来管理其债务水平。但需要警惕的是:我们认为债务水平高到足以证明需要持续监控。毫无疑问,我们从资产负债表中了解最多关于债务的信息。但最终,每家公司都可能存在超出资产负债表以外的风险。因此,您应该注意我们发现的与科林电气有关的1个警示信号。
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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