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Here's Why Zhejiang Sanhua Intelligent ControlsLtd (SZSE:002050) Can Manage Its Debt Responsibly
Here's Why Zhejiang Sanhua Intelligent ControlsLtd (SZSE:002050) Can Manage Its Debt Responsibly
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.' 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 Zhejiang Sanhua Intelligent Controls Co.,Ltd (SZSE:002050) does use debt in its business. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Zhejiang Sanhua Intelligent ControlsLtd
How Much Debt Does Zhejiang Sanhua Intelligent ControlsLtd Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Zhejiang Sanhua Intelligent ControlsLtd had CN¥6.04b of debt, an increase on CN¥2.19b, over one year. However, its balance sheet shows it holds CN¥6.40b in cash, so it actually has CN¥358.0m net cash.
SZSE:002050 Debt to Equity History August 1st 2022How Strong Is Zhejiang Sanhua Intelligent ControlsLtd's Balance Sheet?
The latest balance sheet data shows that Zhejiang Sanhua Intelligent ControlsLtd had liabilities of CN¥8.06b due within a year, and liabilities of CN¥4.53b falling due after that. Offsetting this, it had CN¥6.40b in cash and CN¥6.19b in receivables that were due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
This state of affairs indicates that Zhejiang Sanhua Intelligent ControlsLtd's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥116.0b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, Zhejiang Sanhua Intelligent ControlsLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that Zhejiang Sanhua Intelligent ControlsLtd grew its EBIT at 14% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Zhejiang Sanhua Intelligent ControlsLtd 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Zhejiang Sanhua Intelligent ControlsLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Zhejiang Sanhua Intelligent ControlsLtd reported free cash flow worth 19% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Zhejiang Sanhua Intelligent ControlsLtd has CN¥358.0m in net cash. And it also grew its EBIT by 14% over the last year. So we are not troubled with Zhejiang Sanhua Intelligent ControlsLtd's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Zhejiang Sanhua Intelligent ControlsLtd (1 doesn't sit too well with us) you should be aware of.
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.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们可以看到浙江三华智能控制有限公司(SZSE:002050)确实在其业务中使用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。当然,许多公司利用债务为增长提供资金,没有任何负面后果。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对浙江三华智能控制有限公司的最新分析
浙江三华智能控制有限公司背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年3月,浙江三华智能控制有限公司的债务为60.4亿元,比一年前增加了21.9亿元。然而,其资产负债表显示,它持有64亿元人民币的现金,因此它实际上拥有3.58亿元净现金。
深交所:002050债转股历史2022年8月1日浙江三华智能控制有限公司的资产负债表有多强?
最新的资产负债表数据显示,浙江三华智能控制有限公司有80.6亿元的负债在一年内到期,45.3亿元的负债在一年内到期。作为抵消,它有64亿加元的现金和61.9亿加元的应收账款在12个月内到期。因此,它的总负债与其较短期的流动资产几乎完全匹配。
这种情况表明,浙江三华智能控制有限公司的资产负债表看起来相当稳健,其总负债与流动资产大致相当。因此,尽管很难想象这家1,160亿元人民币的公司正在苦苦挣扎,但我们仍然认为值得监控其资产负债表。尽管有值得注意的负债,浙江三华智能控制有限公司拥有净现金,所以可以说它没有沉重的债务负担!
另一个好消息是,浙江三华智能控制有限公司去年息税前利润增长了14%,进一步增强了其管理债务的能力。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定浙江三华智能控制有限公司能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。尽管浙江三华智能控制有限公司的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,浙江三华智能控制有限公司报告的自由现金流相当于其息税前利润的19%,这确实是相当低的。这种疲软的现金转换水平削弱了它管理和偿还债务的能力。
总结
虽然看一家公司的总负债总是明智的,但浙江三华智能控制有限公司拥有3.58亿元人民币的净现金,这让人非常放心。去年,它的息税前利润也增长了14%。因此,我们对浙江三华智能控制有限公司的债务使用并不感到困扰。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们已经确定浙江三华智能控制有限公司的2个警告标志(1与我们坐在一起不太好)你应该知道。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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