We Think Unilumin Group (SZSE:300232) Can Stay On Top Of Its Debt
We Think Unilumin Group (SZSE:300232) Can Stay On Top Of Its 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.' 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 Unilumin Group Co., Ltd (SZSE:300232) does use debt in its business. But the more important question is: how much risk is that debt creating?
霍华德马克思说得好:“不要担心股价波动,‘永久损失的可能性是我担心的风险...我认识的每个实践投资者都担心’。” 在考虑一个公司有多大风险时,考虑其资产负债表是很自然的,因为在一家企业倒闭时通常涉及到负债。 我们可以看到 Unilumin Group Co.,Ltd (SZSE:300232) 确实在其业务中使用债务。但更重要的问题是:这些债务创建了多大的风险?
When Is Debt Dangerous?
债务何时有危险?
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 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. When we think about a company's use of debt, we first look at cash and debt together.
债务对于企业有帮助,直到企业开始无力偿还,不管是通过新资本还是自由现金流。在最糟糕的情况下,如果企业无法偿还其债权人,它可能会破产。然而,更常见的(但仍然令人痛苦)情况是,它必须以低价筹集新的股权资本,从而永久稀释股东的持股。话虽如此,最常见的情况是,一家公司合理地管理其债务,以实现自身的优势。当我们考虑一家公司的债务使用情况时,我们首先查看现金和债务。
What Is Unilumin Group's Debt?
洲明科技的债务是什么?
As you can see below, Unilumin Group had CN¥855.9m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds CN¥1.93b in cash, so it actually has CN¥1.07b net cash.
正如您下面所看到的,洲明科技在2024年3月负债总额为 CN¥85590万,与去年差不多。您可以点击图表查看更详细信息。但是,它的资产负债表显示它持有 CN¥19.3亿 的现金,因此实际上拥有 CN¥10.7亿 的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-de370f461a7b936a1c9dc038a4005fd6-0-74202ff012d850cc9761df979537dab4.png/big)
How Healthy Is Unilumin Group's Balance Sheet?
洲明科技的资产负债表健康情况如何?
According to the last reported balance sheet, Unilumin Group had liabilities of CN¥5.09b due within 12 months, and liabilities of CN¥510.5m due beyond 12 months. Offsetting this, it had CN¥1.93b in cash and CN¥2.60b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.06b more than its cash and near-term receivables, combined.
根据最新公布的资产负债表,洲明科技有 CN¥50.9亿 的短期债务,以及 CN¥51050万 的长期债务。抵消这些债务,它拥有 CN¥19.3亿 的现金和 CN¥26亿 的应收账款,这些应收账款在12个月内到期。所以,它的负债总额比现金和短期应收账款还要多出CN¥10.6亿。
Since publicly traded Unilumin Group shares are worth a total of CN¥5.41b, 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. Despite its noteworthy liabilities, Unilumin Group boasts net cash, so it's fair to say it does not have a heavy debt load!
由于公开交易的洲明科技股票总值为CN¥54.1亿,因此这种负债的水平似乎不太可能构成重大威胁。尽管如此,很明显我们应该继续监控它的资产负债表,以免情况变得更糟。尽管它有相当显著的负债,但洲明科技拥有净现金,因此可以说它没有沉重的负债负担!
Shareholders should be aware that Unilumin Group's EBIT was down 70% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Unilumin Group can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
股东应知晓洲明科技去年EBIt下降了70%。如果这种下滑趋势持续,那么偿还债务将会比在素食峰会上卖鹅肝更难。毫无疑问,我们从资产负债表上了解债务最多。但最终业务的未来盈利能力将决定洲明科技能否逐步强化资产负债表。因此,如果想了解专业人士的看法,您可能会对这份有关分析师盈利预测的免费报告感兴趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Unilumin Group 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. Over the last three years, Unilumin Group actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最后,公司只能用冷硬现金而不是会计利润来偿还债务。洲明科技可能在资产负债表上拥有净现金,但仍有意思看看它将其利润之前的利润(EBIT)转化为自由现金流的能力,因为这将影响到其管理债务的需求和能力。在过去的三年中,洲明科技实际上产生了比EBIT更多的自由现金流。这种强劲的现金转化让我们像 Daft Punk 演唱会掉渣一样兴奋。
Summing Up
总之
While Unilumin Group does have more liabilities than liquid assets, it also has net cash of CN¥1.07b. And it impressed us with free cash flow of CN¥156m, being 155% of its EBIT. So we are not troubled with Unilumin Group's debt use. 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. Be aware that Unilumin Group is showing 3 warning signs in our investment analysis , you should know about...
尽管洲明科技拥有的负债比流动资产多,但其净现金达1.07亿人民币。此外,其自由现金流为1.56亿人民币,相当于EBIt的155%。因此,我们对洲明科技的债务利用并不担忧。资产负债表显然是在您分析债务时需要关注的领域。但最终,每家公司都可能存在超越资产负债表之外的风险。请注意,在我们的投资分析中,洲明科技展示了3个警告信号,您应该了解这些信息...
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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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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