Ubtech Robotics (HKG:9880) Is Making Moderate Use Of Debt
Ubtech Robotics (HKG:9880) Is Making Moderate Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Ubtech Robotics Corp Ltd (HKG:9880) does use debt in its business. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾说过：“波动远非风险的代名词。”当你考虑一家公司有多大的风险时，考虑公司的资产负债表是很自然的，因为当公司破产时债务往往是崩溃的一个重要原因。我们可以看到，优必选(临时代码)确实将债务作为了商业活动的一部分。但更重要的问题是：这些债务产生了多大的风险？
When Is Debt A Problem?
什么时候负债才是一个问题？
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. 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.
债务为企业提供资助，直到企业需要通过新资金或自由现金流偿还债务。在最坏的情况下，如果企业无法偿还债务，公司会破产。然而，一种更常见(但仍然痛苦)的情况是，在低价上筹集新的股权资本，从而永久稀释股东。当然，债务可以是企业的重要工具，特别是对于资本密集型企业。当我们检查债务水平时，我们首先考虑现金和债务水平的组合。
What Is Ubtech Robotics's Net Debt?
优必选(临时代码)的净债务是多少？
The image below, which you can click on for greater detail, shows that at December 2023 Ubtech Robotics had debt of CN¥1.45b, up from CN¥622.7m in one year. However, because it has a cash reserve of CN¥541.4m, its net debt is less, at about CN¥912.1m.
下面的图片可以放大查看，显示2023年12月时，优必选(临时代码)的债务为14.5亿人民币，较去年的62270万人民币有所增加。然而，由于该公司拥有54140万人民币的现金储备，其净债务总额大约为91210万人民币。
How Strong Is Ubtech Robotics' Balance Sheet?
优必选(临时代码)的资产负债表有多强？
The latest balance sheet data shows that Ubtech Robotics had liabilities of CN¥1.95b due within a year, and liabilities of CN¥724.6m falling due after that. On the other hand, it had cash of CN¥541.4m and CN¥1.67b worth of receivables due within a year. So its liabilities total CN¥464.4m more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示，优必选(临时代码)在一年内有1950万元人民币的负债到期，之后有72460万元人民币的负债到期。另一方面，它有54140万元人民币的现金和一年内167亿元人民币的应收账款。所以它的负债总额比现金和短期应收账款的组合要多46440万元人民币。
Having regard to Ubtech Robotics' size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥59.5b company is struggling for cash, we still think it's worth monitoring its balance sheet. 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 Ubtech Robotics'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.
考虑到优必选(临时代码)的规模，它的流动资产与总负债的平衡是很好的。因此，虽然很难想象这家595亿元人民币的公司正在为现金烦恼，但我们仍然认为值得监控它的资产负债表。毫无疑问，我们从资产负债表中了解到的关于债务的信息最多。但是，与其它任何东西相比，未来的收益将决定优必选(临时代码)维持健康资产负债表的能力。因此，如果你专注于未来，可以查看这份免费的分析师利润预测报告。
Over 12 months, Ubtech Robotics reported revenue of CN¥1.1b, which is a gain of 4.7%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在12个月内，优必选(临时代码)报告了11亿元人民币的营业收入，增长了4.7%，尽管它没有报告任何利息和税前收益。我们通常希望看到未盈利企业的更快增长，但也要因行业而异。
Caveat Emptor
买方自负。
Importantly, Ubtech Robotics had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥1.2b. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥1.5b of cash over the last year. So suffice it to say we do consider the stock to be risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Ubtech Robotics is showing 2 warning signs in our investment analysis , and 1 of those is a bit concerning...
重要的是，过去一年，优必选(临时代码)的利息和税前收益(EBIT)亏损。具体来说，EBIT亏损为12亿元人民币。当我们看到这些，以及其资产负债表上的负债相对于现金的情况时，我们认为公司持有任何债务是不明智的。所以我们认为它的资产负债表有些受压，但还不至于无法挽回。然而，过去一年它的现金减少了1.5亿元人民币，这并没有起到帮助作用。因此，我们认为这只股票是有风险的。在分析债务水平时，资产负债表是显而易见的起点。然而，并不是所有的投资风险都存在于资产负债表中——远非如此。要知道，我们在投资分析中发现优必选(临时代码)存在两个警告信号，其中有一个有点令人担忧...
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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