We Think Shenzhen Dynanonic (SZSE:300769) Has A Fair Chunk Of Debt
We Think Shenzhen Dynanonic (SZSE:300769) Has A Fair Chunk Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. Importantly, Shenzhen Dynanonic Co., Ltd (SZSE:300769) does carry debt. But the more important question is: how much risk is that debt creating?
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”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。重要的是,深圳德纳电子有限公司(深圳证券交易所代码:300769)确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
When Is Debt Dangerous?
债务何时危险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。资本主义的一部分是 “创造性毁灭” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本资本,从而永久稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。考虑公司的债务水平的第一步是同时考虑其现金和债务。
What Is Shenzhen Dynanonic's Debt?
深圳 Dynanonic 的债务是什么?
As you can see below, Shenzhen Dynanonic had CN¥4.87b of debt at June 2024, down from CN¥8.55b a year prior. However, it also had CN¥2.83b in cash, and so its net debt is CN¥2.04b.
如下所示,截至2024年6月,深圳Dynanonic的债务为48.7元人民币,低于去年同期的85.5元人民币。但是,它也有28.3元人民币的现金,因此其净负债为20.4元人民币。
How Healthy Is Shenzhen Dynanonic's Balance Sheet?
深圳 Dynanonic 的资产负债表有多健康?
The latest balance sheet data shows that Shenzhen Dynanonic had liabilities of CN¥8.29b due within a year, and liabilities of CN¥3.21b falling due after that. Offsetting this, it had CN¥2.83b in cash and CN¥3.75b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥4.93b.
最新的资产负债表数据显示,深圳Dynanonic的负债为82.9元人民币,此后到期的负债为32.1元人民币。与此相抵消的是,它有28.3元人民币的现金和37.5元人民币的应收账款将在12个月内到期。因此,其负债超过其现金和(短期)应收账款总额49.3元人民币。
Shenzhen Dynanonic has a market capitalization of CN¥11.1b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. 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 Shenzhen Dynanonic'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.
深圳Dynanonic的市值为111元人民币,因此,如果需要,它很可能会筹集资金以改善其资产负债表。但是,仍然值得仔细研究其偿还债务的能力。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来的收益比什么都重要,将决定深圳Dynanonic未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Over 12 months, Shenzhen Dynanonic made a loss at the EBIT level, and saw its revenue drop to CN¥12b, which is a fall of 48%. To be frank that doesn't bode well.
在过去的12个月中,深圳Dynanonic在息税前利润水平上出现亏损,收入降至120元人民币,下降了48%。坦率地说,这并不是一个好兆头。
Caveat Emptor
Caveat Emptor
Not only did Shenzhen Dynanonic's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost a very considerable CN¥1.1b at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. We would feel better if it turned its trailing twelve month loss of CN¥1.1b into a profit. So in short it's a really risky stock. 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. Case in point: We've spotted 1 warning sign for Shenzhen Dynanonic you should be aware of.
在过去的十二个月中,深圳Dynanonic的收入不仅下滑,而且还产生了负的息税前收益(EBIT)。事实上,它在息税前利润水平上损失了11元人民币。考虑到这一点,除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。如果它将过去十二个月的亏损11元人民币转化为利润,我们会感觉更好。因此,简而言之,这是一只非常有风险的股票。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们已经发现了深圳Dynanonic的一个警告信号,你应该注意了。
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,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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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。