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.
傳奇基金經理李錄(受到查理·芒格的支持)曾說過,「最大的投資風險不是價格的波動,而是您是否會遭受永久性的資本損失。」 因此,聰明的投資者似乎知道,債務(通常涉及破產)是評估一家公司風險程度時的一個非常重要因素。值得注意的是,Shijiazhuang Kelin Electric Co., Ltd.(SHSE:603050)確實存在債務。但真正的問題是,這筆債務是否使公司變得更加風險。
When Is Debt Dangerous?
債務何時有危險?
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.
債務對企業有所幫助,直到企業開始無法償還,就需要新的資本或自由現金流。資本主義的一部分是「創造性破壞」過程,失敗的企業被銀行家無情地清算。然而,更常見的情況是,一家公司不得不以低於市場價格發行股票,永久稀釋股東,僅用來支撐其資產負債表。話雖如此,最常見的情況是,公司合理地管理其債務,並使其本身受益。在考慮企業使用多少債務時,首先要做的是查看其現金和債務。
How Much Debt Does Shijiazhuang Kelin Electric Carry?
Shijiazhuang Kelin Electric 承擔了多少債務?
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 的債務爲10.8億元人民幣,低於前一年的14.9億元人民幣。然而,由於其現金儲備爲60710萬元人民幣,其淨債務較少,約爲47030萬元人民幣。

How Strong Is Shijiazhuang Kelin Electric's Balance Sheet?
科林電氣的資產負債表有多強?
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.
根據最近報告的資產負債表,科林電氣的短期負債爲28.1億人民幣,超過12個月到期,長期負債爲71400萬人民幣。 抵消這些義務,它有60710萬人民幣的現金以及23.6億人民幣的應收款項到期在12個月內。 因此,其負債總額超過現金和近期應收款項的總和達55850萬人民幣。
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.
由於上市的科林電氣股票總值爲60億人民幣,這種負債水平似乎不太可能構成重大威脅。 話雖如此,顯然我們應該繼續監視其資產負債表,以防情況變得更糟。
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.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
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.
科林電氣的淨債務僅爲EBITDA的1.2倍,表明它絕對不是一個魯莽的借款人。 這個觀點得以支持的依據是堅實的利息覆蓋率,過去一年EBIT是利息支出的8.8倍。除此之外,科林電氣過去12個月的EBIT增長了71%,這種增長將使其更容易償還債務。 毫無疑問,我們最多從資產負債表中了解債務。 但不能孤立地看待債務;因爲科林電氣將需要盈利來償還債務。 因此,在考慮債務時,確實值得查看收益趨勢。 單擊此處查看交互式快照。
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.
最後,雖然稅務人員可能喜歡會計利潤,但貸款人只接受冰冷的現金。 因此,值得核實EBIT中有多少是由自由現金流支持的。 在過去三年中,科林電氣的自由現金流總是負數。 對於自由現金流不穩定的公司來說,債務風險要高得多,因此股東應該希望過去的支出將在未來產生自由現金流。
Our View
我們的觀點
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 .
根據我們的分析,科林電氣的EBIt增長率應該表明它在處理債務方面不會遇到太多困難。然而,我們的其他觀察結果並不那麼令人振奮。特別是,將EBIt轉化爲自由現金流讓我們感到有些猶豫。考慮到這一系列數據點,我們認爲科林電氣處於一個良好的位置來管理其債務水平。但需要警惕的是:我們認爲債務水平高到足以證明需要持續監控。毫無疑問,我們從資產負債表中了解最多關於債務的信息。但最終,每家公司都可能存在超出資產負債表以外的風險。因此,您應該注意我們發現的與科林電氣有關的1個警示信號。
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.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。