Is Opple LightingLTD (SHSE:603515) Using Too Much Debt?
Is Opple LightingLTD (SHSE:603515) 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.' 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 Opple Lighting Co.,LTD (SHSE:603515) does use debt in its business. 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。”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。我們可以看到歐普照明有限公司, LTD(上海證券交易所股票代碼:603515)確實在其業務中使用債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時會成爲問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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 thing to do when considering how much debt a business uses is to look at 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。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。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。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極好工具。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 Opple LightingLTD's Debt?
歐普照明有限公司的債務是多少?
The chart below, which you can click on for greater detail, shows that Opple LightingLTD had CN¥218.7m in debt in September 2023; about the same as the year before. But on the other hand it also has CN¥5.35b in cash, leading to a CN¥5.13b net cash position.
您可以點擊下圖查看更多詳情,該圖表顯示,2023年9月,歐普照明有限公司的債務爲2.187億元人民幣;與前一年大致相同。但另一方面,它也有53.5億元人民幣的現金,淨現金狀況爲51.3億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-00d9dea31382ce4764cfb38fbcb4ac31-0-5c71f89b10bc21cd36572965370c3226.png/big)
How Healthy Is Opple LightingLTD's Balance Sheet?
歐普照明有限公司的資產負債表有多健康?
The latest balance sheet data shows that Opple LightingLTD had liabilities of CN¥3.04b due within a year, and liabilities of CN¥27.1m falling due after that. On the other hand, it had cash of CN¥5.35b and CN¥742.9m worth of receivables due within a year. So it actually has CN¥3.02b more liquid assets than total liabilities.
最新的資產負債表數據顯示,歐普照明有限公司的負債爲30.4億元人民幣,此後到期的負債爲2710萬元人民幣。另一方面,它有一年內到期的現金爲53.5億元人民幣,還有價值7.429億加元的應收賬款。所以它實際上有30.2億元人民幣 更多 流動資產超過總負債。
This excess liquidity suggests that Opple LightingLTD is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Opple LightingLTD has more cash than debt is arguably a good indication that it can manage its debt safely.
這種過剩的流動性表明歐普照明有限公司對債務採取了謹慎的態度。由於它擁有充足的資產,因此不太可能與貸款人發生麻煩。簡而言之,Opple LightingLtd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。
Another good sign is that Opple LightingLTD has been able to increase its EBIT by 27% in twelve months, making it easier to pay down debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Opple LightingLTD 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.
另一個好兆頭是,歐普照明有限公司得以在十二個月內將其息稅前利潤提高27%,從而更容易償還債務。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定Opple LightingLtd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。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Opple LightingLTD has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Opple LightingLTD generated free cash flow amounting to a very robust 86% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。儘管Opple LightingLtd的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,歐普照明有限公司產生的自由現金流相當於其息稅前利潤的86%,超出了我們的預期。如果需要的話,這有利於償還債務。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Opple LightingLTD has net cash of CN¥5.13b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥1.2b, being 86% of its EBIT. When it comes to Opple LightingLTD's debt, we sufficiently relaxed that our mind turns to the jacuzzi. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Opple LightingLTD you should be aware of.
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,Opple LightingLtd的淨現金爲51.3億元人民幣,流動資產也多於負債。它以12億元人民幣的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的86%。說到歐普照明有限公司的債務,我們已經足夠放鬆了,以至於我們的注意力轉向了按摩浴缸。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們發現了你應該注意的歐普照明有限公司的1個警告標誌。
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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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。