Anker Innovations (SZSE:300866) Seems To Use Debt Rather Sparingly
Anker Innovations (SZSE:300866) Seems To Use Debt Rather Sparingly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Anker Innovations Limited (SZSE:300866) does use debt in its business. But the more important question is: how much risk is that debt creating?
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到,安克创新有限公司(深圳证券交易所代码:300866)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?
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. 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. 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。如果情况变得非常糟糕,贷款人可以控制业务。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。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
How Much Debt Does Anker Innovations Carry?
Anker Innovations 背负了多少债务?
The image below, which you can click on for greater detail, shows that at March 2024 Anker Innovations had debt of CN¥1.19b, up from CN¥933.3m in one year. But on the other hand it also has CN¥3.98b in cash, leading to a CN¥2.79b net cash position.
下图显示,截至2024年3月,Anker Innovations的债务为11.9亿元人民币,高于一年内的9.333亿元人民币,你可以点击下图查看更多细节。但另一方面,它也有39.8亿元人民币的现金,净现金状况为27.9亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-d89dc964247392091a6d0638f0be7428-0-3d05a316ed2ed3ece90fe91bd0283a30.png/big)
How Healthy Is Anker Innovations' Balance Sheet?
Anker Innovations的资产负债表有多健康?
We can see from the most recent balance sheet that Anker Innovations had liabilities of CN¥3.41b falling due within a year, and liabilities of CN¥1.38b due beyond that. Offsetting this, it had CN¥3.98b in cash and CN¥1.48b in receivables that were due within 12 months. So it can boast CN¥665.2m more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,Anker Innovations的负债为34.1亿元人民币,一年后到期的负债为13.8亿元人民币。与此相抵消的是,它有39.8亿元的现金和14.8亿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6.652亿元人民币 总 负债。
Having regard to Anker Innovations' size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥38.4b company is struggling for cash, we still think it's worth monitoring its balance sheet. Simply put, the fact that Anker Innovations has more cash than debt is arguably a good indication that it can manage its debt safely.
考虑到Anker Innovations的规模,其流动资产与总负债似乎保持了良好的平衡。因此,尽管很难想象这家384亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,Anker Innovations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。
On top of that, Anker Innovations grew its EBIT by 64% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Anker Innovations's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
最重要的是,Anker Innovations在过去十二个月中将其息税前利润增长了64%,这种增长将使其更容易处理债务。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,未来的收益将决定Anker Innovations未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Anker Innovations may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Anker Innovations produced sturdy free cash flow equating to 65% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。Anker Innovations的资产负债表上可能有净现金,但看看该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,Anker Innovations产生了稳健的自由现金流,相当于其息税前利润的65%,与我们的预期差不多。这种冷硬现金意味着它可以在需要的时候减少债务。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Anker Innovations has net cash of CN¥2.79b, as well as more liquid assets than liabilities. And we liked the look of last year's 64% year-on-year EBIT growth. So we don't think Anker Innovations's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for Anker Innovations that you should be aware of.
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,Anker Innovations的净现金为27.9亿元人民币,流动资产比负债还多。我们喜欢去年息税前利润同比增长64%的样子。因此,我们认为Anker Innovations使用债务没有风险。资产负债表显然是分析债务时需要关注的领域。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。例如,我们已经确定了Anker Innovations的1个警告信号,你应该注意这一点。
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。