Geovis TechnologyLtd (SHSE:688568) Seems To Use Debt Quite Sensibly
Geovis TechnologyLtd (SHSE:688568) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 note that Geovis Technology Co.,Ltd (SHSE:688568) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
著名的基金经理李录(得到了查理·芒格的支持)曾经说过,“最大的投资风险不是价格的波动性,而是是否会遭受永久性的资本损失。”所以当您思考任何给定股票的风险时,需要考虑债务,因为过多的债务会使一家公司陷入困境。我们注意到中科星图(SHSE:688568)确实在其资产负债表上有债务。但真正的问题在于这些债务是否会使公司具有风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,只有当公司无法轻松偿还债务时,它才成为真正的问题,无论是通过筹集资本还是通过自己的现金流。最终,如果公司无法履行偿还债务的法律义务,股东可能什么都得不到。然而,更常见(但仍然痛苦的)情况是它不得不以低价筹集新的股本资本,从而永久稀释股东的股权。当然,很多公司使用债务来资助增长,没有任何负面影响。考虑公司的债务水平的第一步是将其现金和债务放在一起考虑。
How Much Debt Does Geovis TechnologyLtd Carry?
中科星图究竟负债多少?
As you can see below, at the end of March 2024, Geovis TechnologyLtd had CN¥415.7m of debt, up from CN¥26.2m a year ago. Click the image for more detail. However, it does have CN¥1.29b in cash offsetting this, leading to net cash of CN¥872.2m.
正如下图所示,到2024年3月底,中科星图的债务为人民币41570万,比一年前的人民币2620万增加了很多。点击图像以了解更多详情。但是,由于有人民币12.9亿的现金,因此净现金为人民币87220万。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240806/0-663e6fe47dfc3d9fe5cdf444429611c7-0-fb620d0c2d653b862585fa26cba8ee4d.png/big)
How Strong Is Geovis TechnologyLtd's Balance Sheet?
中科星图的资产负债表有多强?
We can see from the most recent balance sheet that Geovis TechnologyLtd had liabilities of CN¥1.92b falling due within a year, and liabilities of CN¥136.7m due beyond that. On the other hand, it had cash of CN¥1.29b and CN¥2.52b worth of receivables due within a year. So it can boast CN¥1.75b more liquid assets than total liabilities.
我们可以从最近一份资产负债表中看到,中科星图的短期负债为人民币19.2亿,超过一年的长期负债为人民币13670万。另一方面,短期内到期的应收账款为人民币12.亿和人民币25.2亿。因此,其流动资产超过其负债总额175亿元。
This surplus suggests that Geovis TechnologyLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Geovis TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明中科星图的资产负债表非常保守,可能很容易消除其债务。简言之,中科星图拥有净现金,因此可以说其没有沉重的债务负担!
In addition to that, we're happy to report that Geovis TechnologyLtd has boosted its EBIT by 51%, thus reducing the spectre of future debt repayments. 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 Geovis TechnologyLtd'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.
此外,我们很高兴报告说,中科星图已经将其息税前利润(EBIT)提高了51%,从而减少了未来债务偿还的压力。毫无疑问,我们可以从资产负债表中了解债务情况。但是,与任何事情相比,未来的盈利能力更加重要,这将决定中科星图能否保持健康的资产负债表。因此,如果您关注未来,可以查看此份免费报告,其中显示了分析师的盈利预测。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Geovis TechnologyLtd 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. During the last three years, Geovis TechnologyLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最后,企业需要自由现金流来偿还债务;会计利润仅仅不能解决问题。尽管中科星图在其资产负债表上拥有净现金,但查看企业将其息税前利润(EBIT)转换为自由现金流的能力非常有趣,因为这将影响到其管理债务的需要和能力。在过去的三年中,中科星图烧掉了大量现金。尽管这可能是由于公司成长所需的支出,但确实使债务风险更大。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Geovis TechnologyLtd has CN¥872.2m in net cash and a decent-looking balance sheet. And we liked the look of last year's 51% year-on-year EBIT growth. So we are not troubled with Geovis TechnologyLtd's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Geovis TechnologyLtd that you should be aware of.
尽管调查公司的债务情况总是明智的,但在这种情况下,中科星图拥有人民币87220万元的净现金和一个看起来不错的资产负债表。我们还喜欢去年同比增长了51%的息税前利润(EBIT)。因此,我们对中科星图的债务使用并不感到困扰。毫无疑问,我们可以从资产负债表中了解债务情况。但是,不是所有的投资风险都在资产负债表中 - 远非如此。例如,我们已经确定了中科星图的1个警示信号,您应该了解。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。