Is Shouhang High-Tech Energy (SZSE:002665) Using Too Much Debt?
Is Shouhang High-Tech Energy (SZSE:002665) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Shouhang High-Tech Energy Co., Ltd. (SZSE:002665) does have debt on its balance sheet. But is this debt a concern to shareholders?
一些人说，作为投资者，考虑风险的最佳方式是波动性，而不是债务，但巴菲特曾说过一句名言：波动性远非风险的同义词。当你考察一家公司的风险有多大时，考虑它的资产负债表是很自然的，因为当一家企业倒闭时，债务往往会涉及到它。我们注意到首航高新能源有限公司。(SZSE：002665)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗？
When Is Debt A Problem?
什么时候债务是个问题？
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.
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。
See our latest analysis for Shouhang High-Tech Energy
请看我们对首航高科技能源的最新分析
What Is Shouhang High-Tech Energy's Net Debt?
首航高新能源的净负债是多少？
You can click the graphic below for the historical numbers, but it shows that Shouhang High-Tech Energy had CN¥427.1m of debt in June 2023, down from CN¥1.66b, one year before. On the flip side, it has CN¥145.5m in cash leading to net debt of about CN¥281.6m.
你可以点击下图查看历史数据，但它显示，截至2023年6月，首航高科技能源的债务为人民币4.271亿元，低于一年前的人民币16.6亿元。另一方面，它拥有1.455亿加元的现金，导致净债务约为2.816亿加元。
A Look At Shouhang High-Tech Energy's Liabilities
看首航高新能源的负债状况
The latest balance sheet data shows that Shouhang High-Tech Energy had liabilities of CN¥968.8m due within a year, and liabilities of CN¥1.37b falling due after that. Offsetting these obligations, it had cash of CN¥145.5m as well as receivables valued at CN¥1.51b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥675.7m.
最新的资产负债表数据显示，首航高新能源有9.688亿元的负债在一年内到期，13.7亿元的负债在一年内到期。作为这些债务的抵消，该公司有1.455亿加元的现金以及价值15.1亿加元的应收账款在12个月内到期。因此，它的负债超过了现金和(近期)应收账款的总和6.757亿元。
Of course, Shouhang High-Tech Energy has a market capitalization of CN¥6.76b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Shouhang High-Tech Energy will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
当然，首航高新能源的市值为67.6亿元人民币，因此这些负债可能是可控的。话虽如此，很明显，我们应该继续监控它的资产负债表，以免它变得更糟。在分析债务水平时，资产负债表显然是一个起点。但你不能完全孤立地看待债务，因为首航高科技能源需要盈利来偿还债务。因此，如果你热衷于了解更多关于它的收益，可能值得查看一下它的长期收益趋势图。
Over 12 months, Shouhang High-Tech Energy reported revenue of CN¥725m, which is a gain of 45%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在过去的12个月里，首航高科技能源公布的收入为7.25亿元人民币，增长了45%，尽管该公司没有公布任何息税前收益。如果运气好的话，该公司将能够以增长的方式实现盈利。
Caveat Emptor
告诫买入者
Despite the top line growth, Shouhang High-Tech Energy still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥247m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥102m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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 2 warning signs for Shouhang High-Tech Energy you should be aware of.
尽管营收增长，寿航高新能源去年仍出现息税前收益(EBIT)亏损。具体地说，息税前亏损为2.47亿加元。考虑到除了上面提到的债务，我们对公司应该使用如此多的债务没有太大的信心。因此，我们认为它的资产负债表有点紧张，但并不是无法修复。然而，它在过去一年里烧掉了1.02亿元人民币的现金，这也于事无补。因此，可以说，我们确实认为这只股票是有风险的。毫无疑问，我们从资产负债表中了解到的债务最多。但归根结底，每家公司都可能包含存在于资产负债表之外的风险。一个恰当的例子：我们发现了首航高新能源的2个警示标志你应该意识到。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业，那么看看这个免费资产负债表上有净现金的成长型企业名单。
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