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Shanghai MicroPort Endovascular MedTech (SHSE:688016) Could Easily Take On More Debt

Shanghai MicroPort Endovascular MedTech (SHSE:688016) Could Easily Take On More Debt

上海微創血管內醫療科技(SHSE: 688016)很容易承擔更多債務
Simply Wall St ·  03/26 00:52

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 Shanghai MicroPort Endovascular MedTech Co., Ltd. (SHSE:688016) does use debt in its business. But the more important question is: how much risk is that debt creating?

大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”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,上海微創血管內醫療技術有限公司(上海證券交易所代碼:688016)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?

What Risk Does Debt Bring?

債務會帶來什麼風險?

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. 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. 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。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。但是,更頻繁(但仍然昂貴)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極好工具。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 Shanghai MicroPort Endovascular MedTech Carry?

上海微創血管內醫療科技揹負了多少債務?

You can click the graphic below for the historical numbers, but it shows that as of September 2023 Shanghai MicroPort Endovascular MedTech had CN¥39.4m of debt, an increase on none, over one year. However, it does have CN¥1.05b in cash offsetting this, leading to net cash of CN¥1.01b.

你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,上海微創血管內醫療科技在一年內有3940萬元人民幣的債務,比零有所增加。但是,它確實有10.5億元的現金抵消了這一點,淨現金爲10.1億元人民幣。

debt-equity-history-analysis
SHSE:688016 Debt to Equity History March 26th 2024
SHSE: 688016 2024 年 3 月 26 日債務與股權比率的歷史記錄

How Healthy Is Shanghai MicroPort Endovascular MedTech's Balance Sheet?

上海微創血管內醫療科技的資產負債表有多健康?

The latest balance sheet data shows that Shanghai MicroPort Endovascular MedTech had liabilities of CN¥242.1m due within a year, and liabilities of CN¥61.5m falling due after that. Offsetting this, it had CN¥1.05b in cash and CN¥186.0m in receivables that were due within 12 months. So it actually has CN¥929.8m more liquid assets than total liabilities.

最新的資產負債表數據顯示,上海微創血管內醫療科技在一年內到期的負債爲2.421億元人民幣,此後到期的負債爲6,150萬元人民幣。與此相抵消的是,它有10.5億加元的現金和1.86億元人民幣的應收賬款將在12個月內到期。所以它實際上有9.298億元人民幣 更多 流動資產超過總負債。

This surplus suggests that Shanghai MicroPort Endovascular MedTech has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shanghai MicroPort Endovascular MedTech boasts net cash, so it's fair to say it does not have a heavy debt load!

這種盈餘表明,上海微創血管內醫療科技公司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,上海微創血管內醫療科技擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

In addition to that, we're happy to report that Shanghai MicroPort Endovascular MedTech has boosted its EBIT by 54%, thus reducing the spectre of future debt repayments. 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 Shanghai MicroPort Endovascular MedTech 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.

除此之外,我們很高興地向大家報告,上海微創血管內醫療科技已將其息稅前利潤提高了54%,從而減少了對未來債務償還的擔憂。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上海微創血管內醫療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。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Shanghai MicroPort Endovascular MedTech 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. In the last three years, Shanghai MicroPort Endovascular MedTech's free cash flow amounted to 33% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.

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。儘管上海微創血管內科醫療科技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,上海微創血管內醫療科技的自由現金流佔其息稅前利潤的33%,低於我們的預期。這種疲軟的現金轉換使得處理債務變得更加困難。

Summing Up

總結

While it is always sensible to investigate a company's debt, in this case Shanghai MicroPort Endovascular MedTech has CN¥1.01b in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 54% over the last year. So we don't think Shanghai MicroPort Endovascular MedTech's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Shanghai MicroPort Endovascular MedTech .

儘管調查公司的債務總是明智的,但在本案中,上海微創血管內醫療科技的淨現金爲10.1億元人民幣,資產負債表看起來不錯。它的息稅前利潤比去年增長了54%,給我們留下了深刻的印象。因此,我們認爲上海微創血管內醫療科技公司使用債務沒有風險。在分析債務水平時,資產負債表是顯而易見的起點。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。爲此,你應該注意我們在上海微創血管內醫療技術公司發現的兩個警告信號。

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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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。

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