Is Vcanbio Cell & Gene Engineering (SHSE:600645) Using Too Much Debt?
Is Vcanbio Cell & Gene Engineering (SHSE:600645) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Vcanbio Cell & Gene Engineering Corp., Ltd (SHSE:600645) makes use of debt. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾经说过,“波动性远非风险的同义词”。当我们考虑一个公司的风险程度时,我们总是想看一下它的负债使用情况,因为过重的债务会导致破产。和许多其他公司一样,Vcanbio电芯与基因工程股份有限公司(SHSE:600645)使用了债务。但真正的问题是,这些债务会让公司变得风险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. 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 examine debt levels, we first consider both cash and debt levels, together.
债务对于企业来说是有帮助的,直到企业开始有困难无法归还它,无论是通过新的资本或自由现金流。资本主义的一个重要过程是‘创造性销毁’,在此过程中,企业如果失败,其银行家将毫不留情地将其清算。然而,文中提到的更频繁的情况(但仍然代价高昂)是,公司必须以大幅打折的价格发行股票,永久性地稀释股东的所有权,仅仅为了支撑其资产负债表。然而,通过代替股权稀释,债务对于需要资本以高回报率投资于增长的企业来说可能是一个极其好用的工具。当我们审查债务水平时,首先考虑现金和债务水平。
What Is Vcanbio Cell & Gene Engineering's Debt?
Vcanbio电芯与基因工程的债务情况是什么?
The image below, which you can click on for greater detail, shows that Vcanbio Cell & Gene Engineering had debt of CN¥35.7m at the end of March 2024, a reduction from CN¥41.7m over a year. However, it does have CN¥1.52b in cash offsetting this, leading to net cash of CN¥1.48b.
下面的图像,您可以点击进行更详细的查看,显示Vcanbio电芯与基因工程于2024年3月底有3,570万元的债务,比一年前的4,170万元减少。不过,它拥有15.20亿元的现金来抵消这笔债务,净现金为14.80亿元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-2fe6d2c68de75357a38f3c8271e957d9-0-d2dcd81a081091cd5d7715169ddd4a1e.png/big)
How Healthy Is Vcanbio Cell & Gene Engineering's Balance Sheet?
Vcanbio电芯与基因工程的资产负债表大体情况如何?
We can see from the most recent balance sheet that Vcanbio Cell & Gene Engineering had liabilities of CN¥1.46b falling due within a year, and liabilities of CN¥126.4m due beyond that. Offsetting this, it had CN¥1.52b in cash and CN¥652.4m in receivables that were due within 12 months. So it can boast CN¥582.4m more liquid assets than total liabilities.
我们可以从最近的资产负债表中看到,Vcanbio电芯与基因工程有14.6亿元的短期到期债务,和1.264亿元的长期到期债务。抵消这些债务的是它拥有的15.2亿元现金和12个月内到期的652.40万元应收账款。所以它比其他板块多净流动资产582.40万元。总负债。
This surplus suggests that Vcanbio Cell & Gene Engineering has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Vcanbio Cell & Gene Engineering has more cash than debt is arguably a good indication that it can manage its debt safely.
这种盈余表明,Vcanbio电芯与基因工程具有谨慎的资产负债表,可能很容易消除其债务。简单地说,Vcanbio电芯与基因工程拥有比债务更多的现金,可以安全地管理其债务。
Fortunately, Vcanbio Cell & Gene Engineering grew its EBIT by 6.4% in the last year, making that debt load look even more manageable. There's no doubt that we learn most about debt from the balance sheet. But it is Vcanbio Cell & Gene Engineering'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.
幸运的是,上一年Vcanbio电芯与基因工程的EBIt增长了6.4%,从而使这些债务负担看起来更容易管理。毫无疑问,我们从资产负债表中了解到了大部分关于债务的内容。但它是Vcanbio电芯与基因工程的盈利状况,将决定资产负债表在未来的保持情况。所以,在考虑债务时,一定要观察收益趋势。点击此处进行交互式快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Vcanbio Cell & Gene Engineering 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. Happily for any shareholders, Vcanbio Cell & Gene Engineering actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
最后,一个企业需要自由现金流来偿还债务;单纯的会计利润不足以支持。Vcanbio电芯与基因工程可能在资产负债表上有净现金,但了解企业如何将息税前利润(EBIT)转化为自由现金流表现良好也是有趣的,因为这将影响它管理债务的需要和能力。值得股东高兴的是,Vcanbio电芯与基因工程在过去三年中的自由现金流高于息税前利润(EBIt)。在保持良好品质方面,没有什么比流入现金更好的了。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Vcanbio Cell & Gene Engineering has CN¥1.48b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥205m, being 132% of its EBIT. So we don't think Vcanbio Cell & Gene Engineering's use of debt is risky. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of Vcanbio Cell & Gene Engineering's earnings per share history for free.
虽然调查公司的债务总是明智的,但在这种情况下,Vcanbio电芯与基因工程拥有1.48亿元的净现金和一张看起来不错的资产负债表。并以2.05亿元的自由现金流印象深刻,达到了利润总额的132%。因此,我们认为Vcanbio电芯与基因工程的债务使用并不冒险。在许多其他指标之上,如果你考虑到每股收益增长的速度,这一点尤其重要。如果您也有此意识,那么今天您可以免费查看Vcanbio电芯与基因工程每股收益历史的交互式图表。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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