Is Transwarp Technology (Shanghai)Ltd (SHSE:688031) Using Too Much Debt?
Is Transwarp Technology (Shanghai)Ltd (SHSE:688031) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Transwarp Technology (Shanghai) Co.,Ltd. (SHSE:688031) does use debt in its business. But the real question is whether this debt is making the company risky.
霍华德·马克斯说得好,他说的不是担心股价的波动,而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到星环科技(上海)有限公司, Ltd.(上海证券交易所代码:688031)确实在其业务中使用债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt A Problem?
债务何时会成为问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we think about a company's use of debt, we first look at cash and debt together.
债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的极好工具。当我们考虑公司使用债务时,我们首先将现金和债务放在一起考虑。
What Is Transwarp Technology (Shanghai)Ltd's Net Debt?
星环科技(上海)有限公司的净负债是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Transwarp Technology (Shanghai)Ltd had debt of CN¥87.7m, up from none in one year. But it also has CN¥1.19b in cash to offset that, meaning it has CN¥1.10b net cash.
您可以点击下图查看更多详情,该图片显示,截至2023年9月,星环科技(上海)有限公司的债务为8,770万元人民币,高于一年的无债务。但它也有11.9亿元的现金来抵消这一点,这意味着它拥有11.0亿元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240330/0-27ef7b0b6fabd5ce233e2a3623ff9cae-0-dcd3592754d38cedeba912ce05c0f244.png/big)
A Look At Transwarp Technology (Shanghai)Ltd's Liabilities
看看星环科技(上海)有限公司的负债
We can see from the most recent balance sheet that Transwarp Technology (Shanghai)Ltd had liabilities of CN¥179.3m falling due within a year, and liabilities of CN¥44.8m due beyond that. Offsetting these obligations, it had cash of CN¥1.19b as well as receivables valued at CN¥293.2m due within 12 months. So it can boast CN¥1.26b more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,星环科技(上海)有限公司的负债为1.793亿元人民币,一年后到期的负债为4,480万元人民币。除了这些债务外,它还有11.9亿元人民币的现金以及价值2.932亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出12.6亿元人民币 总 负债。
This surplus suggests that Transwarp Technology (Shanghai)Ltd is using debt in a way that is appears to be both safe and conservative. Due to its strong net asset position, it is not likely to face issues with its lenders. Simply put, the fact that Transwarp Technology (Shanghai)Ltd has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Transwarp Technology (Shanghai)Ltd'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.
这种盈余表明,星环科技(上海)有限公司正在以一种看似既安全又保守的方式使用债务。由于其强大的净资产状况,它不太可能面临贷款人的问题。简而言之,星环科技(上海)有限公司的现金多于债务,这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益将决定星环科技(上海)有限公司未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
In the last year Transwarp Technology (Shanghai)Ltd wasn't profitable at an EBIT level, but managed to grow its revenue by 44%, to CN¥538m. With any luck the company will be able to grow its way to profitability.
去年,星环科技(上海)有限公司在息税前利润水平上没有盈利,但其收入增长了44%,达到5.38亿元人民币。运气好的话,该公司将能够实现盈利。
So How Risky Is Transwarp Technology (Shanghai)Ltd?
那么星环科技(上海)有限公司的风险有多大?
Statistically speaking companies that lose money are riskier than those that make money. And the fact is that over the last twelve months Transwarp Technology (Shanghai)Ltd lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥463m and booked a CN¥270m accounting loss. However, it has net cash of CN¥1.10b, so it has a bit of time before it will need more capital. With very solid revenue growth in the last year, Transwarp Technology (Shanghai)Ltd may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Transwarp Technology (Shanghai)Ltd you should be aware of.
从统计学上讲,亏损的公司比赚钱的公司风险更大。事实是,在过去的十二个月中,星环科技(上海)有限公司的息税前收益(EBIT)亏损。同期,它的自由现金流出为负4.63亿元人民币,会计亏损2.7亿元人民币。但是,它的净现金为11.0亿元人民币,因此在需要更多资金之前还有一段时间。凭借去年非常稳健的收入增长,星环科技(上海)有限公司可能正在走上盈利之路。通过在这些利润之前进行投资,股东会承担更大的风险,希望获得更大的回报。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。一个很好的例子:我们发现了星环科技(上海)有限公司的一个警告信号,你应该注意。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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