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We're Not Very Worried About Harson Trading (China)Ltd's (SHSE:603958) Cash Burn Rate

We're Not Very Worried About Harson Trading (China)Ltd's (SHSE:603958) Cash Burn Rate

我们对哈逊贸易(中国)有限公司(SHSE:603958)的现金燃烧率不太担心
Simply Wall St ·  11/13 07:57

Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

仅仅因为一家公司没有盈利并不意味着股票会下跌。例如,虽然软件即服务业务Salesforce.com在增加循环营业收入的同时多年来一直亏损,但如果您从2005年开始持有股份,收益会相当可观。话虽如此,亏损的公司有风险,因为他们有可能将所有现金用光并陷入困境。

Given this risk, we thought we'd take a look at whether Harson Trading (China)Ltd (SHSE:603958) shareholders should be worried about its cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

考虑到这一风险,我们认为应该看看Harson Trading(中国)有限公司(SHSE:603958)的股东是否应该担心其现金消耗。为了本文的目的,现金消耗是指一家无利润的公司为支持其增长而花费现金的年化率;即其负自由现金流。第一步是将其现金消耗与现金储备进行比较,以给出其“现金跑道”。

When Might Harson Trading (China)Ltd Run Out Of Money?

Harson Trading(中国)有限公司何时可能耗尽资金?

A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at September 2024, Harson Trading (China)Ltd had cash of CN¥323m and no debt. Looking at the last year, the company burnt through CN¥3.1m. That means it had a cash runway of very many years as of September 2024. While this is only one measure of its cash burn situation, it certainly gives us the impression that holders have nothing to worry about. You can see how its cash balance has changed over time in the image below.

一家公司的现金跑道是指以其当前现金消耗率耗尽现金储备所需的时间。截至2024年9月,Harson Trading(中国)有限公司的现金为CN¥32300万,无负债。回顾去年,该公司耗费了CN¥310万。这意味着截至2024年9月,它的现金跑道还有很多年。虽然这只是一个衡量其现金消耗情况的指标,但它确实给我们留下了持股者没有什么好担心的印象。您可以在下图中查看其现金余额随时间的变化。

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SHSE:603958 Debt to Equity History November 12th 2024
SHSE:603958 负债与权益历史 2024年11月12日

How Well Is Harson Trading (China)Ltd Growing?

Harson Trading(中国)有限公司的增长情况如何?

Harson Trading (China)Ltd boosted investment sharply in the last year, with cash burn ramping by 51%. That's not ideal, but we're made even more nervous given that operating revenue was flat over the same period. Considering both these metrics, we're a little concerned about how the company is developing. In reality, this article only makes a short study of the company's growth data. You can take a look at how Harson Trading (China)Ltd has developed its business over time by checking this visualization of its revenue and earnings history.

Harson Trading(中国)有限公司在过去一年中大幅增加投资,现金消耗增长了51%。这并不理想,但考虑到同期营业收入持平,我们更加紧张。考虑到这两个指标,我们对公司的发展有点担忧。实际上,本文只是对公司的增长数据进行了简单研究。您可以通过查看其营业收入和盈利历史的可视化图形来了解Harson Trading(中国)有限公司是如何逐步发展其业务的。

How Hard Would It Be For Harson Trading (China)Ltd To Raise More Cash For Growth?

哈森贸易(中国)有限公司为增长筹集更多资金的难度有多大?

Even though it seems like Harson Trading (China)Ltd is developing its business nicely, we still like to consider how easily it could raise more money to accelerate growth. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

尽管哈森贸易(中国)有限公司的业务似乎发展良好,但我们仍然想考虑它提高资金以加速增长的难易程度。一般而言,上市公司可以通过发行股票或承担债务来筹集新资金。许多公司最终通过发行新股来资助未来的增长。通过查看公司的现金消耗与其市值的关系,我们可以洞察如果公司需要筹集足够的现金来覆盖下一年的现金消耗,股东将会被稀释多少。

Since it has a market capitalisation of CN¥3.4b, Harson Trading (China)Ltd's CN¥3.1m in cash burn equates to about 0.09% of its market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.

由于哈森贸易(中国)有限公司的市值为34亿人民币,其310万人民币的现金消耗大约占其市值的0.09%。所以,它几乎肯定只需借一点钱即可资助下一年的增长,或者轻松通过发行几股来筹集现金。

So, Should We Worry About Harson Trading (China)Ltd's Cash Burn?

那么,我们应该担心哈森贸易(中国)有限公司的现金消耗吗?

It may already be apparent to you that we're relatively comfortable with the way Harson Trading (China)Ltd is burning through its cash. For example, we think its cash runway suggests that the company is on a good path. Although its increasing cash burn does give us reason for pause, the other metrics we discussed in this article form a positive picture overall. After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. On another note, we conducted an in-depth investigation of the company, and identified 2 warning signs for Harson Trading (China)Ltd (1 is concerning!) that you should be aware of before investing here.

您可能已经发现我们对哈森贸易(中国)有限公司的现金消耗相对满意。例如,我们认为其现金周转期表明公司走在正确的道路上。尽管其现金消耗不断增加确实让我们有所警觉,但我们在本文中讨论的其他指标整体上形成了一个积极的印象。经过对报告中提到的各项指标的考虑,我们对公司如何花费其现金感到相对安心,因为它似乎在中期内能够满足其需求。另一方面,我们对公司进行了深入调查,并发现了哈森贸易(中国)有限公司的两个预警信号(其中一个令人担忧!),您在这里投资之前应该意识到。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

当然,您也可以通过在其他地方寻找找到出色的投资机会。因此,请查看具有重要内部股权的公司的免费列表,以及此分析师预测的股票成长列表。

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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.

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