Is Fujian Forecam Optics (SHSE:688010) Using Too Much Debt?
Is Fujian Forecam Optics (SHSE:688010) Using Too Much Debt?
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.' 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. As with many other companies Fujian Forecam Optics Co., Ltd. (SHSE:688010) makes use of debt. But the more important question is: how much risk is that debt creating?
由巴菲特的查理·芒格支持的外部基金经理李录直言不讳地表示:“最大投资风险不是价格的波动,而是你是否会遭受资本的永久损失。” 因此,似乎聪明的资金知道债务——通常涉及破产——在评估一家公司有多大风险时是一个非常重要的因素。 与许多其他公司一样,福光股份有限公司(SHSE:688010)也使用了债务。但是,更重要的问题是:这些债务造成的风险有多大?
What Risk Does Debt Bring?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
当一家公司无法轻松履行这些义务时,债务和其他负债就会变得有风险,无论是通过自由现金流,还是以有吸引力的价格筹集资金。 资本主义的一部分就是“创造性破坏”的过程,失败的企业被其银行无情地清算。然而,更常见(但仍然痛苦)的情况是,它不得不以低价筹集新的股本,从而永久稀释股东的权益。然而,债务可以作为一个极好的工具,帮助那些需要资金以高回报率投资于增长的企业。 当我们审查债务水平时,首先要同时考虑现金和债务水平。
What Is Fujian Forecam Optics's Debt?
福光股份的债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2024 Fujian Forecam Optics had CN¥684.1m of debt, an increase on CN¥595.1m, over one year. However, it also had CN¥414.4m in cash, and so its net debt is CN¥269.7m.
您可以点击下面的图形查看历史数据,但它显示截至2024年9月,福光股份的债务为68410万人民币,比59510万人民币增加了一年。然而,它的现金还为41440万人民币,因此其净债务为26970万人民币。

A Look At Fujian Forecam Optics' Liabilities
福光股份的负债情况概览
The latest balance sheet data shows that Fujian Forecam Optics had liabilities of CN¥675.8m due within a year, and liabilities of CN¥235.7m falling due after that. Offsetting this, it had CN¥414.4m in cash and CN¥369.8m in receivables that were due within 12 months. So its liabilities total CN¥127.3m more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,福光股份的负债为67580万人民币,需在一年内偿还,以及23570万人民币在一年后到期。对此,它有41440万人民币的现金和36980万人民币的应收账款在12个月内到期。因此,它的负债总额比现金和短期应收账款的总和多12730万人民币。
Of course, Fujian Forecam Optics has a market capitalization of CN¥5.26b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Fujian Forecam Optics will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
当然,福光股份的市值为52.6亿人民币,因此这些负债可能是可控的。然而,我们确实认为值得关注其资产负债表的强度,因为它可能会随时间变化。在分析债务水平时,资产负债表显然是一个明显的起点。但是,你不能在完全孤立的情况下看待债务;因为福光股份将需要收益来偿还这笔债务。因此,如果你想了解更多关于它的收益,查看其长期收益趋势的图表可能是值得的。
In the last year Fujian Forecam Optics had a loss before interest and tax, and actually shrunk its revenue by 13%, to CN¥606m. That's not what we would hope to see.
在过去的一年里,福光股份在利息和税前亏损,实际营业收入减少了13%,至60600万人民币。这并不是我们所希望看到的。
Caveat Emptor
买方自负。
Not only did Fujian Forecam Optics's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥75m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any 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¥66m into a profit. So we do think this stock is quite risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Fujian Forecam Optics you should know about.
不仅福光股份的营业收入在过去的12个月中下滑,而且它还出现了负的息税前利润(EBIT)。具体来说,EBIT亏损为7500万人民币。当我们看到这一点并回顾资产负债表上的负债,相对现金而言,企业出现任何债务似乎都是不明智的。因此,我们认为它的资产负债表有些紧张,但并非不可修复。如果它能将过去12个月的6600万人民币亏损转变为利润,我们会更有信心。因此,我们确实认为这只股票相当有风险。在分析债务水平时,资产负债表显然是一个明显的起点。但归根结底,每家公司都可能存在资产负债表以外的风险。这些风险可能难以发现。每家公司都有风险,我们已经发现福光股份的2个警告信号,你应当了解。
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.
当一切尘埃落定时,有时更容易专注于那些甚至不需要债务的公司。读者可以立即免费查看零净债务的成长股列表。
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.
对这篇文章有反馈吗?对内容感到担忧吗?请直接与我们联系。或者,发送电子邮件至editorial-team @ simplywallst.com。
Simply Wall St的这篇文章是一般性质的。我们仅基于历史数据和分析师预测提供评论,使用公正的方法,我们的文章并非意在提供财务建议。这并不构成买入或卖出任何股票的建议,并且不考虑您的目标或财务状况。我们旨在为您带来基于基础数据驱动的长期聚焦分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St对提及的任何股票都没有持仓。