Xiamen Leading Optics (SHSE:605118) Could Easily Take On More Debt
Xiamen Leading Optics (SHSE:605118) Could Easily Take On More 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.' 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 can see that Xiamen Leading Optics Co., Ltd. (SHSE:605118) does use debt in its business. But is this debt a concern to shareholders?
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。我们可以看到,厦门立鼎光学有限公司(SHSE: 605118)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
When Is Debt Dangerous?
债务何时危险?
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 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. 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。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。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。
How Much Debt Does Xiamen Leading Optics Carry?
厦门领先光学背负了多少债务?
The image below, which you can click on for greater detail, shows that Xiamen Leading Optics had debt of CN¥11.7m at the end of March 2024, a reduction from CN¥14.8m over a year. However, its balance sheet shows it holds CN¥377.8m in cash, so it actually has CN¥366.1m net cash.
您可以点击下图查看更多详情,该图片显示,截至2024年3月底,厦门立德光学的债务为1170万元人民币,较一年内的1480万元人民币有所减少。但是,其资产负债表显示其持有3.778亿元的现金,因此实际上拥有3.661亿元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240505/0-451453eb25205d3c7baa6e3d8f4fabd7-0-ae779aac549c5608f8ca4dbdea814f0e.png/big)
How Strong Is Xiamen Leading Optics' Balance Sheet?
厦门领先光学的资产负债表有多强?
According to the last reported balance sheet, Xiamen Leading Optics had liabilities of CN¥120.0m due within 12 months, and liabilities of CN¥47.3m due beyond 12 months. Offsetting these obligations, it had cash of CN¥377.8m as well as receivables valued at CN¥104.0m due within 12 months. So it can boast CN¥314.5m more liquid assets than total liabilities.
根据上次报告的资产负债表,厦门立德光学的负债为1.20亿元人民币,12个月后到期的负债为4,730万元人民币。除了这些债务外,它有3.778亿元的现金以及价值1.04亿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3.145亿元人民币 总 负债。
This short term liquidity is a sign that Xiamen Leading Optics could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Xiamen Leading Optics boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性表明,由于其资产负债表远未紧张,厦门立德光学可能会轻松偿还债务。简而言之,厦门领先光学拥有净现金,因此可以公平地说,它没有沉重的债务负担!
Also positive, Xiamen Leading Optics grew its EBIT by 25% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Xiamen Leading Optics 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.
同样乐观的是,厦门领先光学的息税前利润在去年增长了25%,这将使未来更容易偿还债务。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。但是你不能完全孤立地看待债务;因为厦门立光学需要收益来偿还债务。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Xiamen Leading Optics has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, Xiamen Leading Optics recorded free cash flow of 41% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
但是我们最终的考虑因素也很重要,因为公司无法用纸面利润来偿还债务;它需要冷硬现金。尽管厦门立光学的资产负债表上有净现金,但仍值得一看其将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。从最近三年来看,厦门立德光学的自由现金流占其息税前利润的41%,低于我们的预期。这种疲软的现金转换使得处理债务变得更加困难。
Summing Up
总结
While it is always sensible to investigate a company's debt, in this case Xiamen Leading Optics has CN¥366.1m in net cash and a decent-looking balance sheet. And we liked the look of last year's 25% year-on-year EBIT growth. So we don't think Xiamen Leading Optics's use of debt is 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 Xiamen Leading Optics has 3 warning signs (and 1 which is concerning) we think you should know about.
尽管调查一家公司的债务总是明智的,但在这种情况下,厦门立德光学拥有3.661亿元人民币的净现金和不错的资产负债表。我们喜欢去年息税前利润同比增长25%的样子。因此,我们认为厦门立德光学使用债务没有风险。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。但是,并非所有的投资风险都存在于资产负债表中,远非如此。例如,厦门立德光学有3个警告标志(其中一个令人担忧),我们认为你应该知道。
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.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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