Health Check: How Prudently Does LUSTER LightTech (SHSE:688400) Use Debt?
Health Check: How Prudently Does LUSTER LightTech (SHSE:688400) Use Debt?
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. We can see that LUSTER LightTech Co., LTD. (SHSE:688400) does use debt in its business. But is this debt a concern to shareholders?
作为投资者，有人认为波动性而不是债务是考虑风险的最佳方式，但沃伦·巴菲特曾经说过，“波动性与风险远非同义词”。因此，当你考虑某只股票的风险时，需要考虑债务，因为债务过多可能会拖垮一家公司。我们可以看到，卢斯特光电股份有限公司（SHSE:688400）在其业务中确实使用了债务。但是，这种债务会不会让股东担忧呢？
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. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
债务对于企业来说是有帮助的，直到企业开始出现偿还困难，无法用新的资本或自由现金流偿还债务。如果情况变得非常糟糕，放贷人可能会掌控整个企业。虽然这种情况不太常见，但我们经常看到负债超高的公司因为放贷人强迫它们以低估价位募集资本而不断稀释股东权益。尽管如此，最常见的情况是公司合理地管理其债务，并以自己的利益为基础。考虑一家公司的债务水平时，首先要考虑它的现金和债务。
What Is LUSTER LightTech's Debt?
卢斯特光电（LUSTER LightTech）的债务是什么？
You can click the graphic below for the historical numbers, but it shows that as of March 2024 LUSTER LightTech had CN¥106.8m of debt, an increase on CN¥40.0m, over one year. However, it does have CN¥2.08b in cash offsetting this, leading to net cash of CN¥1.97b.
您可以点击下面的图表查看历史数字，但是截至2024年3月，卢斯特光电负债10680万人民币，较去年增加4000万人民币。但是，它有20.8亿元的现金抵消了这一部分负债，净现金为19.7亿元。
A Look At LUSTER LightTech's Liabilities
看一下卢斯特光电的负债
Zooming in on the latest balance sheet data, we can see that LUSTER LightTech had liabilities of CN¥738.7m due within 12 months and liabilities of CN¥290.4m due beyond that. Offsetting these obligations, it had cash of CN¥2.08b as well as receivables valued at CN¥1.14b due within 12 months. So it can boast CN¥2.19b more liquid assets than total liabilities.
放大最新负债表数据，我们可以看到，卢斯特光电有7378万人民币的负债需要在12个月内偿付，2904万人民币的负债需要在此之后偿还。抵消这些负债的是它现金208亿元以及价值11.4亿元的应收账款需要在12个月内偿还。因此，相较于所有负债，它可以称为有219亿元以上的流动资产总负债。
It's good to see that LUSTER LightTech has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, LUSTER LightTech boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine LUSTER LightTech'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.
很高兴看到卢斯特光电在其资产负债表上有大量的流动性，这表明其对负债的保守管理。由于它有大量资产，不太可能出现与放贷人的纠纷。简而言之，卢斯特光电拥有净现金，因此可以说其负债负担不重！显然，资产负债表是分析债务的一个重点领域。但最终还是公司的未来盈利能力最为重要
In the last year LUSTER LightTech had a loss before interest and tax, and actually shrunk its revenue by 8.7%, to CN¥2.5b. That's not what we would hope to see.
在过去的一年里，卢斯特光电EBIT的亏损额是，实际上，其营收下降了8.7%，仅为25亿元人民币。这不是我们想看到的。
So How Risky Is LUSTER LightTech?
那么，卢斯特光电到底有多大的风险呢？
While LUSTER LightTech lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥147m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. 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. We've identified 2 warning signs with LUSTER LightTech , and understanding them should be part of your investment process.
虽然卢斯特光电EBIT亏损，但实际上它获得了14700万元的净利润。因此，在考虑它具有净现金和法定利润的情况下，至少在短期内，该股票可能并不像表面看起来那么具有风险。如果EBIT为正，则我们会更加放心该股票，鉴于其低迷的营收增长。分析债务水平时，资产负债表是显而易见的起点。但并非所有投资风险都来自资产负债表，远非如此。此外，我们已经发现了2个卢斯特光电的预警信号，并且了解它们应该成为您投资过程中的一部分。
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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