Does Tinavi Medical TechnologiesLtd (SHSE:688277) Have A Healthy Balance Sheet?
Does Tinavi Medical TechnologiesLtd (SHSE:688277) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. Importantly, Tinavi Medical Technologies Co.,Ltd. (SHSE:688277) does carry debt. But the real question is whether this debt is making the company risky.
有人认为波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾经说过:“波动性远非风险的同义词。”因此,当你考虑任何股票的风险时,想到需要考虑债务是很明显的,因为过多的债务会使一家公司破产。重要的是,天凝医疗技术有限公司(SHSE:688277)确实背负着债务。但真正的问题是,这些债务是否会使公司冒险。
Why Does Debt Bring Risk?
为什么债务会带来风险?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,当公司不能轻松地融资或通过自身的现金流偿还债务时,债务才会成为一个真正的问题。如果情况真的变得很糟糕,贷款人可以接管业务。然而,更频繁但仍然很昂贵的情况是,公司必须以低廉的价格发行股票,永久性稀释股东,仅仅为了支撑其资产负债表。当然,债务可以成为企业重要的工具,特别是在资本密集型企业中。当我们检查债务水平时,首先要考虑的是现金和债务水平的总和。
How Much Debt Does Tinavi Medical TechnologiesLtd Carry?
天凝医疗技术有限公司负债多少?
The image below, which you can click on for greater detail, shows that at March 2024 Tinavi Medical TechnologiesLtd had debt of CN¥225.0m, up from CN¥38.9m in one year. However, its balance sheet shows it holds CN¥309.1m in cash, so it actually has CN¥84.1m net cash.
下面的图片可以点开以获取更多细节,它显示在2024年3月,天凝医疗技术有限公司负债225.0万元人民币,比一年前的38.9万元人民币增加了186.1万元人民币。然而,其资产负债表显示它持有3.091亿元人民币的现金,因此它实际上拥有0.841亿元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-fa44cc1e9ccff915a8431e360d56831c-0-c7b772fbb148f31cc5c8153d6788292a.png/big)
How Healthy Is Tinavi Medical TechnologiesLtd's Balance Sheet?
天凝医疗技术有限公司的资产负债表有多健康?
The latest balance sheet data shows that Tinavi Medical TechnologiesLtd had liabilities of CN¥140.6m due within a year, and liabilities of CN¥209.1m falling due after that. On the other hand, it had cash of CN¥309.1m and CN¥64.7m worth of receivables due within a year. So it actually has CN¥24.0m more liquid assets than total liabilities.
最新的资产负债表数据显示,天凝医疗技术有限公司有1.406亿元人民币的短期负债和2.091亿元人民币的长期负债,另一方面,它有3.091亿元人民币的现金和0.647亿元人民币的应收账款到期。因此,它实际上拥有0.24亿元人民币。比总负债还多出了更多的流动资产。
Having regard to Tinavi Medical TechnologiesLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥3.76b company is short on cash, but still worth keeping an eye on the balance sheet. Simply put, the fact that Tinavi Medical TechnologiesLtd has more cash than debt is arguably a good indication that it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But it is Tinavi Medical TechnologiesLtd'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.
考虑到天凝医疗技术有限公司的规模,它的流动资产与总负债似乎相当平衡。所以,这家37.6亿人民币公司很不可能现金短缺,但仍值得关注其资产负债表。简而言之,天凝医疗技术有限公司现金超过债务,可能是它能够安全管理债务的一个很好的指标。毫无疑问,资产负债表可以让我们对债务有最深入的了解。但正是天凝医疗技术有限公司的盈利能力将影响资产负债表在未来的表现。因此,在考虑债务时,肯定值得看看盈利趋势。单击此处可查看交互式快照。
In the last year Tinavi Medical TechnologiesLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 12%, to CN¥199m. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的一年中,天凝医疗技术有限公司的息税前利润(EBIT)没有盈利,但其收入增长了12%,达到1.99亿元人民币。我们通常希望看到无利润的公司增长更快,但每个人都有自己的看法。
So How Risky Is Tinavi Medical TechnologiesLtd?
那么,天凝医疗技术有限公司有多冒险?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that Tinavi Medical TechnologiesLtd had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥351m of cash and made a loss of CN¥175m. With only CN¥84.1m on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. 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 instance, we've identified 2 warning signs for Tinavi Medical TechnologiesLtd that you should be aware of.
我们毫不怀疑,亏损的公司总体上比盈利的公司更冒险。我们确实注意到,天凝医疗技术有限公司在过去的一年中出现了息税前亏损。确实,在那段时间里,它烧掉了3.51亿元人民币现金,并亏损了1.75亿元人民币。由于资产负债表上仅有0.841亿元人民币,因此它似乎需要很快再次筹集资本。总体而言,它的资产负债表看起来并不过于冒险,但在我们看到正面自由现金流之前,我们始终持谨慎态度。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,我们已经发现了天凝医疗技术有限公司的2个警告信号,你应该注意。
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.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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