Hua Hong Semiconductor (HKG:1347) Has Debt But No Earnings; Should You Worry?
Hua Hong Semiconductor (HKG:1347) Has Debt But No Earnings; Should You Worry?
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 Hua Hong Semiconductor Limited (HKG:1347) does use debt in its business. But should shareholders be worried about its use of debt?
沃伦·巴菲特曾经说过,“波动性与风险远非同义词。”当考察公司风险时,自然要考虑其资产负债表,因为一旦企业破产,通常涉及债务。我们可以看到,华虹半导体股份有限公司(HKG:1347)确实有债务。但是,股东是否应该担心公司的债务?
When Is Debt Dangerous?
债务何时有危险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.
债务是帮助企业增长的一种工具,但是如果企业无法偿还债主,那么它就处在债权人的掌控之下。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有。但是,更为频繁的(但仍然代价高昂的)情况是,公司必须以极低价格发行股票来解决其资产负债表问题,从而永久地稀释股东的权益。但是,通过取代股票稀释,债务可以成为需要在高收益率下进行投资的企业的极好工具。当我们考虑债务水平时,我们首先要考虑现金和债务水平。
How Much Debt Does Hua Hong Semiconductor Carry?
华虹半导体承担了多少债务?
The image below, which you can click on for greater detail, shows that at March 2024 Hua Hong Semiconductor had debt of US$2.23b, up from US$1.91b in one year. But on the other hand it also has US$6.11b in cash, leading to a US$3.88b net cash position.
下面的图片(可以单击进行放大)显示,在2024年3月,华虹半导体的债务为22.3亿美元,比一年前的19.1亿美元增长。但另一方面,它也拥有61.1亿美元的现金,形成净现金38.8亿美元的优势。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240714/0-f1b0f7ccf75b15666bea9c0aa0ff0acd-0-4576d89e51468c9cb7213b6a5ed8b358.png/big)
A Look At Hua Hong Semiconductor's Liabilities
看一下华虹半导体的负债
According to the last reported balance sheet, Hua Hong Semiconductor had liabilities of US$967.2m due within 12 months, and liabilities of US$2.01b due beyond 12 months. Offsetting these obligations, it had cash of US$6.11b as well as receivables valued at US$321.8m due within 12 months. So it actually has US$3.45b more liquid assets than total liabilities.
根据最近披露的财务报表,华虹半导体有9,672万美元的负债,到期日在12个月内,以及20.1亿美元的负债,到期日超过12个月。抵消这些义务,它拥有61.1亿美元的现金以及31,820万美元的应收账款,到期日期在12个月内。因此,它实际上的流动资产比总负债还多了345亿美元。
This surplus strongly suggests that Hua Hong Semiconductor has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Hua Hong Semiconductor has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hua Hong Semiconductor's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
这种盈余强烈表明华虹半导体有一个坚实的资产负债表(而债务则完全没有问题)。如果考虑到这一点,就可以得出结论,其资产负债表意味着公司能够应对一些逆境。简单地说,华虹半导体比债务更多是现金,是其能够安全地管理债务的良好指标。当分析债务水平时,资产负债表是明显的起点。但是,最重要的是未来的收益,这将决定华虹半导体在未来维持健康资产负债表的能力。因此,如果您想看看专业人士的看法,您可能会发现对分析师利润预测的免费报告会很有趣。
In the last year Hua Hong Semiconductor had a loss before interest and tax, and actually shrunk its revenue by 16%, to US$2.1b. We would much prefer see growth.
去年,华虹半导体在利息和税前账面上亏损,实际上将其营收缩减了16%,至21亿美元。我们更希望看到增长。
So How Risky Is Hua Hong Semiconductor?
华虹半导体有多大风险?
While Hua Hong Semiconductor lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of US$160m. 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. The next few years will be important as the business matures. 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 Hua Hong Semiconductor is showing 2 warning signs in our investment analysis , you should know about...
尽管华虹半导体在利息和税前账面上亏损,但它实际上获得了1.6亿美元的纸面利润。所以当您考虑到其净现金以及法定利润时,这支股票可能并不像短期内看起来那么危险。未来几年对企业成熟度至关重要。在分析债务水平时,资产负债表是明显的起点。然而,并不是所有的投资风险都存储在资产负债表中。请注意,华虹半导体正在我们的投资分析中显示出2个警示信号,您应该知道…
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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