Mubang High-TechLtd (SHSE:603398) Is Making Moderate Use Of Debt
Mubang High-TechLtd (SHSE:603398) Is Making Moderate Use Of Debt
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 Mubang High-Tech Co.,Ltd. (SHSE:603398) does use debt in its business. But the real question is whether this debt is making the company risky.
David·伊本说得好，波动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。我们可以看到木邦高科技有限公司。(上海证券交易所：603398)确实在其业务中使用债务。但真正的问题是，这笔债务是否让该公司面临风险。
When Is Debt A Problem?
什么时候债务是个问题？
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说，只有当一家公司无法轻松偿还债务时，债务才会成为一个真正的问题，无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕，贷款人可以控制业务。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。然而，通过取代稀释，对于需要资本投资于高回报率增长的企业来说，债务可以成为一个非常好的工具。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 Mubang High-TechLtd
查看我们对Mubang高科技有限公司的最新分析
How Much Debt Does Mubang High-TechLtd Carry?
木邦高科技有限公司背负着多少债务？
The image below, which you can click on for greater detail, shows that at June 2023 Mubang High-TechLtd had debt of CN¥289.6m, up from CN¥202.0m in one year. However, because it has a cash reserve of CN¥113.2m, its net debt is less, at about CN¥176.4m.
你可以点击查看更多细节的下图显示，截至2023年6月，木邦高科技有限公司的债务为2.896亿元人民币，高于一年内的2.02亿元人民币。然而，由于它拥有1.132亿加元的现金储备，其净债务较少，约为1.764亿加元。
A Look At Mubang High-TechLtd's Liabilities
看木邦高科技有限公司的负债情况
The latest balance sheet data shows that Mubang High-TechLtd had liabilities of CN¥2.21b due within a year, and liabilities of CN¥586.0m falling due after that. On the other hand, it had cash of CN¥113.2m and CN¥460.8m worth of receivables due within a year. So it has liabilities totalling CN¥2.22b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示，木邦高科技有限公司有22.1亿元人民币的负债在一年内到期，5.86亿元人民币的负债在一年内到期。另一方面，它有1.132亿加元的现金和4.608亿加元的应收账款在一年内到期。因此，它的负债总额比现金和近期应收账款加起来还要多人民币22.2亿元。
While this might seem like a lot, it is not so bad since Mubang High-TechLtd has a market capitalization of CN¥6.25b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. There's no doubt that we learn most about debt from the balance sheet. But it is Mubang High-TechLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
虽然这看起来可能很多，但并不是很糟糕，因为Mubang High-TechLtd.的市值为人民币62.5亿元，因此如果需要的话，它可能会通过筹集资本来加强其资产负债表。但很明显，我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。毫无疑问，我们从资产负债表中了解到的债务最多。但Mubang High-TechLtd.的收益将影响未来资产负债表的表现。因此，当考虑债务时，绝对值得关注收益趋势。点击此处查看互动快照。
In the last year Mubang High-TechLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 143%, to CN¥1.2b. So there's no doubt that shareholders are cheering for growth
去年，木邦高科技有限公司没有实现息税前利润，但收入增长了143%，达到人民币12亿元。因此，毫无疑问，股东们正在为增长欢呼
Caveat Emptor
告诫买入者
Despite the top line growth, Mubang High-TechLtd still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥41m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any 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¥148m 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. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Mubang High-TechLtd that you should be aware of before investing here.
尽管营收增长，但Mubang High-TechLtd.去年仍出现息税前收益(EBIT)亏损。具体地说，息税前亏损为4100万加元。当我们看到这一点，并回忆起资产负债表上相对于现金的负债时，在我们看来，该公司有任何债务似乎是不明智的。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1.48亿元人民币的现金，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。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，我们发现木邦高科技有限公司的1个警告标志在这里投资之前你应该意识到这一点。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣，那么请立即查看我们的净现金成长型股票清单。
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.
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。