We Think Yijiahe Technology (SHSE:603666) Has A Fair Chunk Of Debt
We Think Yijiahe Technology (SHSE:603666) Has A Fair Chunk Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that Yijiahe Technology Co., Ltd. (SHSE:603666) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。我們注意到,億嘉和科技股份有限公司(上海證券交易所股票代碼:603666)的資產負債表上確實有債務。但是,股東是否應該擔心其債務的使用?
When Is Debt A Problem?
債務何時會成爲問題?
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有當公司無法通過籌集資金或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。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。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。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
What Is Yijiahe Technology's Net Debt?
易嘉和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 Yijiahe Technology had CN¥691.1m of debt, an increase on CN¥655.3m, over one year. However, because it has a cash reserve of CN¥615.3m, its net debt is less, at about CN¥75.8m.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,易家和科技在一年內有6.911億元人民幣的債務,比6.553億元人民幣增加了人民幣。但是,由於其現金儲備爲6.153億元人民幣,其淨負債較少,約爲7,580萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240325/0-2acbe36ac7698c72833d98b591cfada4-0-30b0412eb0c9003ede56bfd6dec9bf30.png/big)
How Healthy Is Yijiahe Technology's Balance Sheet?
億嘉和科技的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that Yijiahe Technology had liabilities of CN¥1.07b due within 12 months and liabilities of CN¥213.2m due beyond that. Offsetting these obligations, it had cash of CN¥615.3m as well as receivables valued at CN¥986.7m due within 12 months. So it can boast CN¥316.3m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,易家和科技在12個月內到期的負債爲10.7億元人民幣,之後到期的負債爲2.132億元人民幣。除這些債務外,它有6.153億元的現金以及價值9.867億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3.163億元人民幣 總 負債。
This short term liquidity is a sign that Yijiahe Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. But either way, Yijiahe Technology has virtually no net debt, so it's fair to say it does not have a heavy debt load! 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 Yijiahe Technology can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
這種短期流動性表明,億嘉和科技可能會輕鬆償還債務,因爲其資產負債表遠未捉襟見肘。但是不管怎樣,億嘉和科技幾乎沒有淨負債,所以可以公平地說,它沒有沉重的債務負擔!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億嘉和科技能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
In the last year Yijiahe Technology had a loss before interest and tax, and actually shrunk its revenue by 61%, to CN¥461m. To be frank that doesn't bode well.
去年,易家和科技在利息和稅前出現虧損,實際收入減少了61%,至4.61億元人民幣。坦率地說,這並不是一個好兆頭。
Caveat Emptor
Caveat Emptor
Not only did Yijiahe Technology'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¥209m. On a more positive note, the company does have liquid assets, so it has a bit of time to improve its operations before the debt becomes an acute problem. Still, we'd be more encouraged to study the business in depth if it already had some free cash flow. So it seems too risky for our taste. 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 Yijiahe Technology's profit, revenue, and operating cashflow have changed over the last few years.
在過去的十二個月中,億嘉和科技不僅收入下滑,而且還產生了負的息稅前收益(EBIT)。具體而言,息稅前利潤虧損爲2.09億元人民幣。從更積極的方面來看,該公司確實擁有流動資產,因此在債務成爲嚴重問題之前,它有一點時間來改善運營。儘管如此,如果該業務已經有一定的自由現金流,我們將更鼓勵我們深入研究該業務。因此,對於我們的口味來說,這似乎太冒險了。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,我們爲讀者提供這張交互式圖表,顯示億嘉和科技的利潤、收入和運營現金流在過去幾年中發生了怎樣的變化。
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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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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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。