Here's Why Greatoo Intelligent Equipment (SZSE:002031) Can Afford Some Debt
Here's Why Greatoo Intelligent Equipment (SZSE:002031) Can Afford Some 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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Greatoo Intelligent Equipment Inc. (SZSE:002031) does use debt in its business. But the real question is whether this debt is making the company risky.
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“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,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,巨輪智能設備有限公司(深圳證券交易所:002031)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt A Problem?
債務何時會成爲問題?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
How Much Debt Does Greatoo Intelligent Equipment Carry?
巨輪智能設備揹負了多少債務?
The image below, which you can click on for greater detail, shows that Greatoo Intelligent Equipment had debt of CN¥1.15b at the end of September 2023, a reduction from CN¥1.35b over a year. However, it also had CN¥139.0m in cash, and so its net debt is CN¥1.01b.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月底,巨輪智能裝備的債務爲11.5億元人民幣,較一年內的13.5億元人民幣有所減少。但是,它也有1.39億元的現金,因此其淨負債爲101億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240209/0-5126aa1eb4e60e2b82fcd039beeaeb5a-0-8a18b25ee4dabd0f7f4835c06639a171.png/big)
How Healthy Is Greatoo Intelligent Equipment's Balance Sheet?
巨輪智能設備的資產負債表有多健康?
The latest balance sheet data shows that Greatoo Intelligent Equipment had liabilities of CN¥1.10b due within a year, and liabilities of CN¥521.2m falling due after that. On the other hand, it had cash of CN¥139.0m and CN¥361.9m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.12b.
最新的資產負債表數據顯示,巨輪智能設備的負債爲11.0億元人民幣,此後到期的負債爲5.212億元人民幣。另一方面,它有一年內到期的1.39億元現金和價值3.619億元人民幣的應收賬款。因此,其負債超過其現金和(短期)應收賬款總額11.2億元人民幣。
Since publicly traded Greatoo Intelligent Equipment shares are worth a total of CN¥7.28b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. There's no doubt that we learn most about debt from the balance sheet. But it is Greatoo Intelligent Equipment's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
由於公開交易的Greatoo智能設備股票總價值爲728億元人民幣,因此這種負債水平似乎不太可能構成重大威脅。但是,有足夠的負債,我們肯定會建議股東今後繼續監督資產負債表。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。但是,影響未來資產負債表狀況的是Greatoo Intelligent Equipment的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
Over 12 months, Greatoo Intelligent Equipment made a loss at the EBIT level, and saw its revenue drop to CN¥781m, which is a fall of 41%. To be frank that doesn't bode well.
在過去的12個月中,巨輪智能設備在息稅前利潤水平上出現虧損,收入下降至7.81億元人民幣,下降了41%。坦率地說,這並不是一個好兆頭。
Caveat Emptor
Caveat Emptor
Not only did Greatoo Intelligent Equipment's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥25m 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through CN¥333m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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. We've identified 3 warning signs with Greatoo Intelligent Equipment (at least 2 which shouldn't be ignored) , and understanding them should be part of your investment process.
在過去的十二個月中,Greatoo智能設備不僅收入下滑,而且還產生了負的利息和稅前收益(EBIT)。事實上,它在息稅前利潤水平上損失了2500萬元人民幣。考慮到這一點,除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。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。但是,去年它消耗了3.33億加元的現金,這無濟於事。因此,只要說我們確實認爲這隻股票有風險就足夠了。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。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經確定了Greatoo智能設備的3個警告信號(至少有2個不容忽視),了解它們應該是您投資過程的一部分。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。