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Is Nations Technologies (SZSE:300077) Using Too Much Debt?

Is Nations Technologies (SZSE:300077) Using Too Much Debt?

Nations Technologies(SZSE:300077)是否使用了过多的债务?
Simply Wall St ·  2023/10/24 12:47

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Nations Technologies Inc. (SZSE:300077) makes use of debt. But is this debt a concern to shareholders?

伯克希尔哈撒韦的查理·芒格支持的外部基金经理李录在谈到投资风险时毫不犹豫地表示,“最大的投资风险不是价格的波动,而是您是否会遭受到资本永久性损失。” 当您评估公司的风险时,自然而然会考虑公司的资产负债表,因为企业破产时通常涉及债务。 与许多其他公司一样,Nation Technologies Inc.(SZSE:300077)利用债务。 但这笔债务是否让股东担忧呢?

When Is Debt A Problem?

什么时候负债才是一个问题?

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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

债务支持企业直到企业无法偿还债务,要么通过新的资本,要么通过自由现金流。在最糟糕的情况下,如果企业无法偿还债权人的债务,它可能会破产。尽管这种情况并不常见,但我们经常看到负债的公司因贷方强制它们以不利价格募集资本而导致股东永久稀释。话虽这样说,最常见的情况是企业合理地管理它的债务,使其对自己有利。考虑企业使用债务量时,要做的第一件事是查看其现金和债务。

See our latest analysis for Nations Technologies

查看我们对Nation Technologies的最新分析

What Is Nations Technologies's Debt?

Nation Technologies的债务情况是什么?

The image below, which you can click on for greater detail, shows that at June 2023 Nations Technologies had debt of CN¥1.44b, up from CN¥648.0m in one year. However, it does have CN¥891.1m in cash offsetting this, leading to net debt of about CN¥548.7m.

下面的图片展示了截至2023年6月,Nation Technologies的债务为14.4亿人民币,比一年前的64800万人民币增加。 然而,它确实有89110万人民币的现金来抵消这笔债务,导致净债务约为54870万人民币。

debt-equity-history-analysis
SZSE:300077 Debt to Equity History October 24th 2023
深证交易所:300077负债权益历史数据2023年10月24日

A Look At Nations Technologies' Liabilities

国家技术的负债情况

The latest balance sheet data shows that Nations Technologies had liabilities of CN¥1.21b due within a year, and liabilities of CN¥1.30b falling due after that. On the other hand, it had cash of CN¥891.1m and CN¥427.0m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.19b.

最新的资产负债表数据显示,国家技术的一年内到期的负债为12.1亿人民币,到期后的负债为13亿人民币。另一方面,它手头有8,911万元和4,2700万元一年内到期的应收账款。因此,它的负债比现金和(短期)应收账款的总和多出11.9亿人民币。

Since publicly traded Nations Technologies shares are worth a total of CN¥6.71b, it seems unlikely that this level of liabilities would be a major threat. 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 Nations Technologies 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.

由于国家技术的上市股票总值为67.1亿人民币,这种水平的负债似乎不太可能构成重大威胁。尽管如此,很明显我们应继续监控其资产负债表,以防情况恶化。在分析债务水平时,资产负债表是明显的起点。但是你不能孤立地看待债务;因为国家技术需要盈利来偿还债务。因此,如果你渴望了解更多关于其盈利的信息,不妨查看其长期盈利趋势的图表。

In the last year Nations Technologies had a loss before interest and tax, and actually shrunk its revenue by 26%, to CN¥1.0b. That makes us nervous, to say the least.

在过去一年里,国家技术的利息和税前亏损,实际上减少了26%的营业收入100亿人民币。这让我们感到非常紧张,至少可以这么说。

Caveat Emptor

买方自负。

Not only did Nations Technologies's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥353m at the EBIT level. 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. Another cause for caution is that is bled CN¥692m in negative free cash flow over the last twelve months. So in short it's a really risky stock. For riskier companies like Nations Technologies I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.

不仅是国家技术的营业收入在过去十二个月中下滑,而且它的利息和税前利润(EBIT)也呈负数。事实上,在EBIt层面,它亏损了3.53亿人民币。当我们看到这一点并回顾其资产负债表上的负债,相对于现金来说,我们认为公司有任何债务都不明智。因此,我们认为它的资产负债表有点紧张,尽管不是无法弥补。另一个需要谨慎的原因是过去十二个月,它的负自由现金流达到了6.92亿人民币。因此,简而言之,这是一支非常高风险的股票。对于像国家技术这样的风险较高的公司,我总是喜欢关注其长期利润和营业收入趋势。幸运的是,你可以点击查看我们的互动图表,了解其利润、营业收入和经营现金流量。

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.

如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。

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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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