Wafer Works (Shanghai) (SHSE:688584) Has A Pretty Healthy Balance Sheet
Wafer Works (Shanghai) (SHSE:688584) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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 Wafer Works (Shanghai) Co., Ltd. (SHSE:688584) makes use of debt. But the real question is whether this debt is making the company risky.
伯克希尔·哈撒韦的投资经理李录对此毫不掩饰,他说:“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。”当你考虑一个公司的风险时,考虑其资产负债表是很自然的,因为企业倒闭时通常涉及债务问题。和许多其他公司一样,上海华晶新材料科技股份有限公司(SHSE:688584)使用债务。而真正的问题是,这些债务是否使公司变得有风险。
When Is Debt Dangerous?
债务何时有危险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般来说,债务只有在公司无法轻松偿还时才成为真正的问题,无论是通过融资还是通过自身的现金流。在最糟糕的情况下,如果一家公司无法向债权人偿还债务,它可能会破产。虽然这种情况并不常见,但我们经常看到负债累累的公司因信贷者迫使其以低价募集资本而永久稀释股东权益。然而,债务可以替代稀释股东权益,成为那些需要资本以高回报率投资增长的企业的极好工具。在考虑一家公司的债务水平时,首要步骤是考虑其现金和债务的总和。
What Is Wafer Works (Shanghai)'s Net Debt?
上海华晶新材料科技股份有限公司(SHSE:688584)的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that Wafer Works (Shanghai) had CN¥510.0m of debt in March 2024, down from CN¥801.1m, one year before. However, it does have CN¥1.72b in cash offsetting this, leading to net cash of CN¥1.21b.
你可以点击下面的图表查看历史数据,但它显示,上海华晶新材料科技股份有限公司在2024年3月的债务为51000万人民币,较去年同期的80110万人民币有所减少。然而,它还持有17.2亿人民币的现金,抵消了这部分债务,导致净现金为12.1亿人民币。
![1724804066126](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/42970250-0-8f2fe03c8ae13154736eb07e68eab4fa.webp/bigjpg)
A Look At Wafer Works (Shanghai)'s Liabilities
浏览上海威佛(Wafer Works (Shanghai))的负债情况
The latest balance sheet data shows that Wafer Works (Shanghai) had liabilities of CN¥540.2m due within a year, and liabilities of CN¥221.9m falling due after that. On the other hand, it had cash of CN¥1.72b and CN¥235.1m worth of receivables due within a year. So it actually has CN¥1.20b more liquid assets than total liabilities.
最新的资产负债表数据显示,上海威佛的一年内到期负债为54020万人民币,此后到期负债为22190万人民币。 另一方面,它有172亿人民币的现金和23510万人民币的应收账款。所以,它实际上比总负债多了12亿人民币的流动资产。
This short term liquidity is a sign that Wafer Works (Shanghai) could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Wafer Works (Shanghai) boasts net cash, so it's fair to say it does not have a heavy debt load!
这种短期流动性表明,上海威佛很可能能够轻松偿还债务,因为它的资产负债表远未过度紧张。简而言之,上海威佛拥有净现金,因此可以说它没有沉重的债务负担!
It is just as well that Wafer Works (Shanghai)'s load is not too heavy, because its EBIT was down 54% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Wafer Works (Shanghai) will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
很好,上海威佛的负债并不重,因为过去一年它的EBIt下降了54%。当一家公司的盈利出现下滑时,它有时会发现与贷款人的关系恶化。分析债务水平时,资产负债表是明显的起点。但你不能孤立地看待债务;因为上海威佛需要盈利来偿还债务。因此,在考虑债务时,绝对值得看一下盈利趋势。点此查看交互式快照。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Wafer Works (Shanghai) 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, Wafer Works (Shanghai) produced sturdy free cash flow equating to 75% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
最后,一家企业需要自由现金流来偿还债务;会计利润远远不够。上海威佛在资产负债表上可能有净现金,但仍值得关注其业务如何将利息和税前利润(EBIT)转化为自由现金流,因为这将影响它管理债务的需求和能力。在过去的三年中,上海威佛产生了稳固的自由现金流,相当于其EBIT的75%,正如我们所期望的那样。这笔冷硬的现金意味着它可以在需要时减少债务。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Wafer Works (Shanghai) has net cash of CN¥1.21b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥156m, being 75% of its EBIT. So we don't have any problem with Wafer Works (Shanghai)'s use of debt. 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 Wafer Works (Shanghai) is showing 2 warning signs in our investment analysis , you should know about...
虽然我们能够理解投资者对债务的担忧,但您应该记住,上海华芯拥有净现金12.1亿元人民币,比负债更多的流动资产。并且它的自由现金流达到了1.56亿元人民币,相当于其EBIT的75%。所以,我们对上海华芯使用债务并不担心。资产负债表显然是在分析债务时需要关注的领域。然而,并非所有的投资风险都存在于资产负债表中,远非如此。请注意,我们的投资分析发现上海华芯出现了2个警示信号,您应该了解其中的...。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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。
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。