Is Netac Technology (SZSE:300042) Weighed On By Its Debt Load?
Is Netac Technology (SZSE:300042) Weighed On By Its Debt Load?
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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Netac Technology Co., Ltd. (SZSE:300042) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
作为投资者,有些人认为波动性而不是债务是思考风险的最佳方式,但沃伦•巴菲特曾经著名地说过“波动性远非风险的同义词。”因此,看起来聪明的投资者知道,通常与破产有关的债务是评估公司风险的非常重要的因素。我们注意到,朗科科技股份有限公司(SZSE:300042)确实在其资产负债表上有债务。但真正的问题是,这些债务是否让公司变得更加具有风险性。
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
一般来说,当一个公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是通过自身的现金流。如果公司不能履行偿还债务的法律义务,股东可能会一无所有。虽然这不太常见,但我们经常看到负债的公司永久稀释股东的情况,因为贷方以低价强迫其以困境价格筹集资本。当然,债务的好处是它通常代表廉价资本,特别是当它用来替代具有高投资回报率的公司的股权稀释时。考虑到公司的债务使用,我们首先要考虑现金和债务的总和。
What Is Netac Technology's Net Debt?
朗科科技的净负债是什么?
As you can see below, at the end of June 2024, Netac Technology had CN¥198.8m of debt, up from none a year ago. Click the image for more detail. But it also has CN¥685.8m in cash to offset that, meaning it has CN¥487.0m net cash.
正如下图所示,2024年6月底,朗科科技的债务为人民币1.988亿元,高于一年前的零。单击图像以获取更多详细信息。但是,它还有人民币6.858亿元的现金来抵消这些债务,这意味着它拥有人民币4.87亿元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240816/0-ec7d45147f07025ab4c5e39cf0ed383c-0-2e8bc945afad90e53f49d18f92f12c52.png/big)
How Healthy Is Netac Technology's Balance Sheet?
朗科科技的资产负债表状况如何?
According to the last reported balance sheet, Netac Technology had liabilities of CN¥206.7m due within 12 months, and liabilities of CN¥61.5m due beyond 12 months. Offsetting these obligations, it had cash of CN¥685.8m as well as receivables valued at CN¥86.9m due within 12 months. So it actually has CN¥504.4m more liquid assets than total liabilities.
根据最近披露的资产负债表,朗科科技有2067万元的到期负债,以及6150万元的长期负债。抵消这些责任,它有688万元的现金以及869万元的应收账款到期。因此,它实际上比总负债多了504.4万元的流动资产。这种盈余表明,朗科科技拥有保守的资产负债表,可能可以轻松消除债务。简而言之,朗科科技拥有更多现金而不是债务显然是它能够安全管理其债务的良好指示。毫无疑问,我们从资产负债表上更多地了解债务。但重要的是,未来的盈利,而不是其他任何因素,将决定朗科科技维持健康资产负债表的能力。因此,如果您关注未来,可以查看此免费报告,其中显示分析师的利润预测。
This surplus suggests that Netac Technology has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Netac Technology has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Netac Technology'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.
在12个月内,朗科科技在EBIT水平上亏损,并看到其营业收入下降了53%至7.97亿元。这使我们感到非常紧张。
Over 12 months, Netac Technology made a loss at the EBIT level, and saw its revenue drop to CN¥797m, which is a fall of 53%. That makes us nervous, to say the least.
从统计学角度来看,亏损的公司比盈利的公司更具风险性。实话实说,在过去的一年中,朗科科技EBIT(利息、税务、折旧和摊销前利润)亏损。在同一时期,它看到了负自由现金流9500万元和5400万元会计亏损。鉴于它只有净现金4870万元,如果不很快达到盈亏平衡,该公司可能需要筹集更多资本。即使其资产负债表看起来足够流动,如果公司不定期产生自由现金流,债务始终会让我们感到有些紧张。当您分析债务时,资产负债表显然是需要关注的地区。但是,请注意,投资风险并不全都在资产负债表之内。请注意,朗科科技在我们的投资分析中显示了一项警告信号,您应该了解......
So How Risky Is Netac Technology?
那么,朗科科技有多大的风险?
Statistically speaking companies that lose money are riskier than those that make money. And in the last year Netac Technology had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of CN¥95m and booked a CN¥54m accounting loss. Given it only has net cash of CN¥487.0m, the company may need to raise more capital if it doesn't reach break-even soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Netac Technology is showing 1 warning sign in our investment analysis , you should know about...
从统计学角度来看,亏损的公司比盈利的公司更具风险性。实话实说,在过去的一年中,朗科科技EBIT(利息、税务、折旧和摊销前利润)亏损。在同一时期,它看到了负自由现金流9500万元和5400万元会计亏损。鉴于它只有净现金4870万元,如果不很快达到盈亏平衡,该公司可能需要筹集更多资本。即使其资产负债表看起来足够流动,如果公司不定期产生自由现金流,债务始终会让我们感到有些紧张。当您分析债务时,资产负债表显然是需要关注的地区。但是,请注意,投资风险并不全都在资产负债表之内。请注意,朗科科技在我们的投资分析中显示了一项警告信号,您应该了解......
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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