We Think Cubic Digital Technology (SZSE:300344) Has A Fair Chunk Of Debt
We Think Cubic Digital Technology (SZSE:300344) Has A Fair Chunk Of Debt
Warren Buffett famously said, '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 Cubic Digital Technology Co., Ltd. (SZSE:300344) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
巴菲特(Warren Buffett)曾说过一句名言：波动性远非风险的代名词。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。我们注意到立方数字科技有限公司。(SZSE：300344)的资产负债表上确实有债务。但更重要的问题是：这笔债务造成了多大的风险？
What Risk Does Debt Bring?
债务会带来什么风险？
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
债务帮助企业，直到企业难以偿还债务，无论是用新资本还是用自由现金流。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(但仍令人痛苦)的情景是，它不得不以低价筹集新的股本，从而永久性地稀释股东。话虽如此，最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们检查债务水平时，我们首先同时考虑现金和债务水平。
See our latest analysis for Cubic Digital Technology
查看我们对立方数字技术的最新分析
What Is Cubic Digital Technology's Net Debt?
立方数字科技的净债务是多少？
The image below, which you can click on for greater detail, shows that at June 2023 Cubic Digital Technology had debt of CN¥33.0m, up from CN¥14.1m in one year. On the flip side, it has CN¥17.9m in cash leading to net debt of about CN¥15.2m.
下图显示，截至2023年6月，立方数字科技的债务为3300万加元，高于一年内的1410万加元。你可以点击查看更多详细信息。另一方面，它拥有1790万加元的现金，导致净债务约为1520万加元。
How Strong Is Cubic Digital Technology's Balance Sheet?
立方数字科技的资产负债表有多强劲？
Zooming in on the latest balance sheet data, we can see that Cubic Digital Technology had liabilities of CN¥157.6m due within 12 months and liabilities of CN¥7.87m due beyond that. Offsetting this, it had CN¥17.9m in cash and CN¥228.1m in receivables that were due within 12 months. So it can boast CN¥80.5m more liquid assets than total liabilities.
放大最新的资产负债表数据，我们可以看到，立方数字科技有1.576亿元的负债在12个月内到期，还有787万元的负债在12个月内到期。作为抵消，它有1790万加元的现金和2.281亿加元的应收账款在12个月内到期。因此，它的流动资产比总计负债。
This state of affairs indicates that Cubic Digital Technology's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥4.22b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Cubic Digital Technology has virtually no net debt, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is Cubic Digital Technology's earnings that will influence how the balance sheet holds up in the future. 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.
这种情况表明，立方数字科技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，这家42.2亿元人民币的公司不太可能出现现金短缺的情况，但仍值得关注其资产负债表。但无论是哪种方式，Cubic Digital Technology实际上都没有净债务，所以公平地说，它没有沉重的债务负担！在分析债务水平时，资产负债表显然是一个起点。但未来影响资产负债表表现的将是立方数字科技的盈利情况。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, Cubic Digital Technology made a loss at the EBIT level, and saw its revenue drop to CN¥537m, which is a fall of 15%. That's not what we would hope to see.
在12个月的时间里，立方数字科技在息税前利润水平上出现了亏损，收入下降到5.37亿元人民币，降幅为15%。这不是我们希望看到的。
Caveat Emptor
告诫买入者
While Cubic Digital Technology's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost CN¥106m at the EBIT level. Looking on the brighter side, the business has adequate liquid assets, which give it time to grow and develop before its debt becomes a near-term issue. Still, we'd be more encouraged to study the business in depth if it already had some free cash flow. This one is a bit too risky for our liking. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Cubic Digital Technology you should know about.
虽然Cubic Digital Technology的营收下滑令人心碎，但可以说，其息税前利润(EBIT)亏损就更没有吸引力了。事实上，它在息税前利润水平上亏损了1.06亿元人民币。从好的方面来看，该公司拥有充足的流动资产，这让它有时间在债务成为短期问题之前成长和发展。尽管如此，如果这项业务已经有了一些自由现金流，我们会受到更多鼓励，对它进行深入研究。这个有点太冒险了，我们不喜欢。毫无疑问，我们从资产负债表中了解到的债务最多。然而，并非所有投资风险都存在于资产负债表中--远非如此。这些风险可能很难发现。每家公司都有它们，我们已经发现立方数字技术的三个警示标志你应该知道。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
总而言之，有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费，现在。
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