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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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們可以看到浙江三華智能控制有限公司(SZSE:002050)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
債務會帶來什麼風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對浙江三華智能控制有限公司的最新分析
浙江三華智能控制有限公司揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年3月,浙江三華智能控制有限公司的債務為60.4億元,比一年前增加了21.9億元。然而,其資產負債表顯示,它持有64億元人民幣的現金,因此它實際上擁有3.58億元淨現金。
深交所:002050債轉股歷史2022年8月1日浙江三華智能控制有限公司的資產負債表有多強?
最新的資產負債表數據顯示,浙江三華智能控制有限公司有80.6億元的負債在一年內到期,45.3億元的負債在一年內到期。作為抵消,它有64億加元的現金和61.9億加元的應收賬款在12個月內到期。因此,它的總負債與其較短期的流動資產幾乎完全匹配。
這種情況表明,浙江三華智能控制有限公司的資產負債表看起來相當穩健,其總負債與流動資產大致相當。因此,儘管很難想象這家1,160億元人民幣的公司正在苦苦掙扎,但我們仍然認為值得監控其資產負債表。儘管有值得注意的負債,浙江三華智能控制有限公司擁有淨現金,所以可以説它沒有沉重的債務負擔!
另一個好消息是,浙江三華智能控制有限公司去年息税前利潤增長了14%,進一步增強了其管理債務的能力。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定浙江三華智能控制有限公司能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管浙江三華智能控制有限公司的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。在過去的三年裏,浙江三華智能控制有限公司報告的自由現金流相當於其息税前利潤的19%,這確實是相當低的。這種疲軟的現金轉換水平削弱了它管理和償還債務的能力。
總結
雖然看一家公司的總負債總是明智的,但浙江三華智能控制有限公司擁有3.58億元人民幣的淨現金,這讓人非常放心。去年,它的息税前利潤也增長了14%。因此,我們對浙江三華智能控制有限公司的債務使用並不感到困擾。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們已經確定浙江三華智能控制有限公司的2個警告標誌(1與我們坐在一起不太好)你應該知道。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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