Here's Why Hefei Chipmore TechnologyLtd (SHSE:688352) Can Manage Its Debt Responsibly
Here's Why Hefei Chipmore TechnologyLtd (SHSE:688352) Can Manage Its Debt Responsibly
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.' 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. As with many other companies Hefei Chipmore Technology Co.,Ltd. (SHSE:688352) makes use of debt. But the real question is whether this debt is making the company risky.
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。与许多其他公司一样,合肥奇普摩科技股份有限公司, Ltd.(上海证券交易所股票代码:688352)使用债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt Dangerous?
债务何时危险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更频繁(但仍然昂贵)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可以成为企业的重要工具,尤其是资本密集型企业。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is Hefei Chipmore TechnologyLtd's Debt?
合肥芯茂科技有限公司的债务是多少?
As you can see below, Hefei Chipmore TechnologyLtd had CN¥435.9m of debt at June 2024, down from CN¥746.4m a year prior. But on the other hand it also has CN¥1.73b in cash, leading to a CN¥1.30b net cash position.
如下所示,截至2024年6月,合肥芯茂科技有限公司的债务为43590万元人民币,低于去年同期的74640万加元。但另一方面,它也有17.3元人民币的现金,净现金状况为13元人民币。
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How Strong Is Hefei Chipmore TechnologyLtd's Balance Sheet?
合肥奇普摩科技有限公司的资产负债表有多强?
The latest balance sheet data shows that Hefei Chipmore TechnologyLtd had liabilities of CN¥777.1m due within a year, and liabilities of CN¥301.9m falling due after that. On the other hand, it had cash of CN¥1.73b and CN¥257.5m worth of receivables due within a year. So it can boast CN¥912.7m more liquid assets than total liabilities.
最新的资产负债表数据显示,合肥智茂科技有限公司的负债为77710万元人民币,此后到期的负债为30190万元人民币。另一方面,它有一年内到期的现金为17.3元人民币和价值25750万元人民币的应收账款。因此,它可以拥有比总负债多出91270万元人民币的流动资产。
This surplus suggests that Hefei Chipmore TechnologyLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Hefei Chipmore TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余表明,合肥奇茂科技有限公司的资产负债表比较保守,可以毫不费力地消除债务。简而言之,合肥奇茂科技有限公司拥有净现金,因此可以公平地说,它没有沉重的债务负担!
In addition to that, we're happy to report that Hefei Chipmore TechnologyLtd has boosted its EBIT by 76%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Hefei Chipmore TechnologyLtd's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
除此之外,我们很高兴地向大家报告,合肥芯茂科技有限公司已将其息税前利润提高了76%,从而减少了对未来债务偿还的担忧。资产负债表显然是分析债务时需要关注的领域。但是,影响未来资产负债表状况的是合肥奇普摩科技有限公司的收益。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Hefei Chipmore TechnologyLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Hefei Chipmore TechnologyLtd saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。尽管合肥奇普摩科技有限公司的资产负债表上有净现金,但仍值得一看其将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在过去的三年中,合肥奇茂科技有限公司的自由现金流总额为负数。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Hefei Chipmore TechnologyLtd has net cash of CN¥1.30b, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 76% over the last year. So we are not troubled with Hefei Chipmore TechnologyLtd's debt use. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Hefei Chipmore TechnologyLtd is showing 1 warning sign in our investment analysis , you should know about...
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,合肥奇茂科技有限公司的净现金为13元人民币,流动资产比负债还多。去年,它的息税前利润增长了76%,给我们留下了深刻的印象。因此,我们对合肥芯茂科技有限公司的债务使用并不感到困扰。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。请注意,合肥奇普摩科技有限公司在我们的投资分析中显示了1个警告信号,你应该知道...
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.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。