Is Obio Technology (Shanghai) (SHSE:688238) Using Too Much Debt?
Is Obio Technology (Shanghai) (SHSE:688238) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Obio Technology (Shanghai) Corp., Ltd. (SHSE:688238) does have debt on its balance sheet. But is this debt a concern to shareholders?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們注意到,奧比奧科技(上海)股份有限公司(上海證券交易所股票代碼:688238)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。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。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。考慮公司的債務水平的第一步是同時考慮其現金和債務。
What Is Obio Technology (Shanghai)'s Debt?
Obio Technology(上海)的債務是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Obio Technology (Shanghai) had debt of CN¥193.7m, up from CN¥49.4m in one year. However, its balance sheet shows it holds CN¥779.4m in cash, so it actually has CN¥585.7m net cash.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月,奧比奧科技(上海)的債務爲1.937億元人民幣,高於一年的4,940萬元人民幣。但是,其資產負債表顯示其持有7.794億元的現金,因此實際上擁有5.857億元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240316/0-532de33ca89cd9032c4e33f9ec772ad4-0-7c7e2eec58bf74fa11e589b299b596d9.png/big)
A Look At Obio Technology (Shanghai)'s Liabilities
看看奧比奧科技(上海)的負債
Zooming in on the latest balance sheet data, we can see that Obio Technology (Shanghai) had liabilities of CN¥261.4m due within 12 months and liabilities of CN¥239.7m due beyond that. Offsetting these obligations, it had cash of CN¥779.4m as well as receivables valued at CN¥106.2m due within 12 months. So it can boast CN¥384.5m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,Obio Technology(上海)在12個月內到期的負債爲2.614億元人民幣,之後到期的負債爲2.397億元人民幣。除了這些債務外,它還有7.794億元的現金以及價值1.062億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出3.845億元人民幣 總 負債。
This surplus suggests that Obio Technology (Shanghai) has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Obio Technology (Shanghai) has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Obio Technology (Shanghai) 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.
這種盈餘表明Obio Technology(上海)的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,Obio Technology(上海)的現金多於債務這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定Obio Technology(上海)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 Obio Technology (Shanghai) had a loss before interest and tax, and actually shrunk its revenue by 27%, to CN¥213m. That makes us nervous, to say the least.
去年,奧比奧科技(上海)在利息和稅前出現虧損,實際上其收入減少了27%,至2.13億元人民幣。至少可以說,這讓我們感到緊張。
So How Risky Is Obio Technology (Shanghai)?
那麼奧比奧科技(上海)的風險有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that Obio Technology (Shanghai) had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥730m and booked a CN¥128m accounting loss. Given it only has net cash of CN¥585.7m, the company may need to raise more capital if it doesn't reach break-even soon. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Obio Technology (Shanghai)'s profit, revenue, and operating cashflow have changed over the last few years.
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。而且我們確實注意到,Obio Technology(上海)去年出現了息稅前收益(EBIT)虧損。同期,它的自由現金流出爲負7.3億元人民幣,會計虧損爲1.28億元人民幣。鑑於其淨現金僅爲5.857億元人民幣,如果不能很快達到收支平衡,該公司可能需要籌集更多資金。總體而言,其資產負債表目前似乎風險不大,但在看到正自由現金流之前,我們始終保持謹慎。當我們研究一家風險較高的公司時,我們喜歡檢查他們的利潤(或虧損)隨着時間的推移而呈現的趨勢。今天,我們向讀者提供這張交互式圖表,顯示奧比奧科技(上海)的利潤、收入和運營現金流在過去幾年中發生了怎樣的變化。
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.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家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。