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We Think Shenzhen Minglida Precision Technology (SZSE:301268) Can Stay On Top Of Its Debt

We Think Shenzhen Minglida Precision Technology (SZSE:301268) Can Stay On Top Of Its Debt

我們認爲深圳明利達精密科技(SZSE: 301268)可以繼續償還債務
Simply Wall St ·  02/06 00:01

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.' 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, Shenzhen Minglida Precision Technology Co., Ltd. (SZSE:301268) does carry debt. But the more important question is: how much risk is that debt creating?

大衛·伊本說得好,他說:“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損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,深圳明利達精密科技股份有限公司(深圳證券交易所代碼:301268)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

When Is Debt Dangerous?

債務何時危險?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業增長的工具,但是如果企業無法還清貸款人的債務,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。考慮公司的債務水平的第一步是同時考慮其現金和債務。

What Is Shenzhen Minglida Precision Technology's Debt?

深圳明利達精密科技的債務是多少?

The image below, which you can click on for greater detail, shows that at September 2023 Shenzhen Minglida Precision Technology had debt of CN¥1.48b, up from CN¥584.4m in one year. On the flip side, it has CN¥1.47b in cash leading to net debt of about CN¥13.9m.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月,深圳明利達精密科技的債務爲14.8億元人民幣,高於一年內的5.844億元人民幣。另一方面,它擁有14.7億元的現金,淨負債約爲1390萬元人民幣。

debt-equity-history-analysis
SZSE:301268 Debt to Equity History February 6th 2024
SZSE: 301268 2024 年 2 月 6 日債務與股權比率歷史記錄

How Strong Is Shenzhen Minglida Precision Technology's Balance Sheet?

深圳銘利達精密科技的資產負債表有多強?

The latest balance sheet data shows that Shenzhen Minglida Precision Technology had liabilities of CN¥1.98b due within a year, and liabilities of CN¥1.22b falling due after that. Offsetting these obligations, it had cash of CN¥1.47b as well as receivables valued at CN¥1.25b due within 12 months. So it has liabilities totalling CN¥478.2m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,深圳明利達精密科技的負債爲19.8億元人民幣,之後到期的負債爲12.2億元人民幣。除了這些債務外,它還有14.7億元人民幣的現金以及價值12.5億元人民幣的應收賬款將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出4.782億元人民幣。

Of course, Shenzhen Minglida Precision Technology has a market capitalization of CN¥7.42b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Carrying virtually no net debt, Shenzhen Minglida Precision Technology has a very light debt load indeed.

當然,深圳銘利達精密科技的市值爲742億元人民幣,因此這些負債可能是可以控制的。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。深圳明利達精密科技幾乎沒有淨負債,債務負擔確實很輕。

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.

我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。

With debt at a measly 0.024 times EBITDA and EBIT covering interest a whopping 15.3 times, it's clear that Shenzhen Minglida Precision Technology is not a desperate borrower. Indeed relative to its earnings its debt load seems light as a feather. On top of that, Shenzhen Minglida Precision Technology grew its EBIT by 65% 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 it is future earnings, more than anything, that will determine Shenzhen Minglida Precision Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

債務僅爲息稅折舊攤銷前利潤的0.024倍,息稅前利潤覆蓋利息高達15.3倍,很明顯,深圳明利達精密科技並不是一個絕望的借款人。事實上,相對於其收益,其債務負擔似乎輕如鴻毛。最重要的是,深圳明利達精密科技在過去十二個月中將其息稅前利潤增長了65%,這種增長將使其更容易處理債務。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定深圳明利達精密科技未來維持健康資產負債表的能力。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。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Shenzhen Minglida Precision Technology saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。因此,我們顯然需要研究息稅前利潤是否會帶來相應的自由現金流。在過去的三年中,深圳明利達精密科技總共出現了可觀的負自由現金流。儘管投資者無疑預計這種情況將在適當的時候逆轉,但這顯然意味着其使用債務的風險更大。

Our View

我們的觀點

The good news is that Shenzhen Minglida Precision Technology's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. When we consider the range of factors above, it looks like Shenzhen Minglida Precision Technology is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. 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. We've identified 2 warning signs with Shenzhen Minglida Precision Technology (at least 1 which is significant) , and understanding them should be part of your investment process.

好消息是,深圳明利達精密科技表現出用息稅前利潤支付利息支出的能力,這使我們感到高興,就像毛茸茸的小狗對待幼兒一樣。但嚴峻的事實是,我們對其將息稅前利潤轉換爲自由現金流感到擔憂。當我們考慮上述一系列因素時,深圳銘利達精密科技使用債務似乎相當明智。儘管這帶來了一些風險,但也可以提高股東的回報。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經確定了深圳銘利達精密科技的兩個警告信號(至少一個是重要的),了解它們應該是您投資過程的一部分。

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.

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,那麼請立即查看我們的獨家淨現金增長股票清單。

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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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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