Is Tianshui Huatian Technology (SZSE:002185) Using Too Much Debt?
Is Tianshui Huatian Technology (SZSE:002185) Using Too Much Debt?
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.' 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 Tianshui Huatian Technology Co., Ltd. (SZSE:002185) makes use of debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。與許多其他公司一樣,天水華天科技股份有限公司(深圳證券交易所:002185)也使用債務。但更重要的問題是:這筆債務會帶來多大的風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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 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. 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.
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的一個非常好的工具。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。
Check out our latest analysis for Tianshui Huatian Technology
查看我們對天水華天科技的最新分析
What Is Tianshui Huatian Technology's Net Debt?
天水華天科技的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Tianshui Huatian Technology had CN¥9.01b of debt, an increase on CN¥6.79b, over one year. However, it also had CN¥6.06b in cash, and so its net debt is CN¥2.95b.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,天水華天科技在一年內有90.1億元人民幣的債務,比67.9億元人民幣有所增加。但是,它也有60.6億元的現金,因此其淨負債爲29.5億元人民幣。
How Healthy Is Tianshui Huatian Technology's Balance Sheet?
天水華天科技的資產負債表有多健康?
We can see from the most recent balance sheet that Tianshui Huatian Technology had liabilities of CN¥7.86b falling due within a year, and liabilities of CN¥5.42b due beyond that. Offsetting this, it had CN¥6.06b in cash and CN¥2.23b in receivables that were due within 12 months. So its liabilities total CN¥4.98b more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,天水華天科技的負債爲78.6億元人民幣,一年後到期的負債爲54.2億元人民幣。與此相抵消的是,它有60.6億加元的現金和22.3億元人民幣的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出49.8億元人民幣。
Tianshui Huatian Technology has a market capitalization of CN¥23.8b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Tianshui Huatian Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
天水華天科技的市值爲238億元人民幣,因此,如果有需要,它很可能會籌集資金以改善其資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務未來的盈利能力將決定天水華天科技能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
In the last year Tianshui Huatian Technology had a loss before interest and tax, and actually shrunk its revenue by 12%, to CN¥11b. We would much prefer see growth.
去年,天水華天科技在利息和稅前出現虧損,實際收入減少了12%,至110億元人民幣。我們更希望看到增長。
Caveat Emptor
Caveat Emptor
Not only did Tianshui Huatian Technology's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥741m at the EBIT level. 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled CN¥1.7b in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Tianshui Huatian Technology you should know about.
在過去的十二個月中,天水華天科技不僅收入下滑,而且還產生了負的息稅前收益(EBIT)。事實上,它在息稅前利潤水平上損失了7.41億元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流爲負17億元人民幣。因此,只要說我們認爲這隻股票風險很高就足夠了。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。這些風險可能很難發現。每家公司都有它們,我們已經發現了兩個你應該知道的天水華天科技的警告標誌。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。