Is Shenzhen Hui Chuang Da Technology (SZSE:300909) A Risky Investment?
Is Shenzhen Hui Chuang Da Technology (SZSE:300909) A Risky Investment?
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 note that Shenzhen Hui Chuang Da Technology Co., Ltd. (SZSE:300909) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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。我們注意到,深圳匯創達科技股份有限公司(深交所股票代碼:300909)的資產負債表上確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at 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。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。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。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。
What Is Shenzhen Hui Chuang Da Technology's Net Debt?
深圳匯創達科技的淨負債是多少?
As you can see below, Shenzhen Hui Chuang Da Technology had CN¥32.5m of debt at March 2024, down from CN¥110.3m a year prior. However, its balance sheet shows it holds CN¥616.5m in cash, so it actually has CN¥584.0m net cash.
如下所示,截至2024年3月,深圳匯創達科技的債務爲3,250萬元人民幣,低於去年同期的1.103億元人民幣。但是,其資產負債表顯示它持有6.165億元人民幣的現金,因此實際上擁有5.84億元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240430/0-ffc67656d2d3285720463b42124b4834-0-da5ae359a86a30056838e439104ad45c.png/big)
A Look At Shenzhen Hui Chuang Da Technology's Liabilities
看看深圳匯創達科技的負債
The latest balance sheet data shows that Shenzhen Hui Chuang Da Technology had liabilities of CN¥485.5m due within a year, and liabilities of CN¥227.3m falling due after that. Offsetting this, it had CN¥616.5m in cash and CN¥474.6m in receivables that were due within 12 months. So it actually has CN¥378.3m more liquid assets than total liabilities.
最新的資產負債表數據顯示,深圳惠創達科技的負債爲4.855億元人民幣,此後到期的負債爲2.273億元人民幣。與此相抵消的是,它有6.165億元的現金和4.746億元人民幣的應收賬款將在12個月內到期。所以它實際上有3.783億元人民幣 更多 流動資產超過總負債。
This surplus suggests that Shenzhen Hui Chuang Da Technology has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shenzhen Hui Chuang Da Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
這種盈餘表明深圳匯創達科技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,深圳匯創達科技擁有淨現金,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 Shenzhen Hui Chuang Da Technology has boosted its EBIT by 46%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Shenzhen Hui Chuang Da Technology will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
除此之外,我們很高興地向大家報告,深圳市匯創達科技已將其息稅前利潤提高了46%,從而減少了對未來債務償還的擔憂。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。但是你不能完全孤立地看待債務;因爲深圳匯創達科技需要收益來償還債務。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。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Shenzhen Hui Chuang Da Technology 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. Considering the last three years, Shenzhen Hui Chuang Da Technology actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
最後,企業需要自由現金流來償還債務;會計利潤根本無法減少債務。儘管深圳匯創達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。考慮到過去三年,深圳惠創達科技實際上總體上記錄了現金流出。對於自由現金流不可靠的公司來說,債務風險要大得多,因此股東應該希望過去的支出能夠在未來產生自由現金流。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Shenzhen Hui Chuang Da Technology has CN¥584.0m in net cash and a decent-looking balance sheet. And we liked the look of last year's 46% year-on-year EBIT growth. So is Shenzhen Hui Chuang Da Technology's debt a risk? It doesn't seem so to us. 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. For example - Shenzhen Hui Chuang Da Technology has 4 warning signs we think you should be aware of.
儘管調查公司的債務總是明智的,但在本案中,深圳匯創達科技擁有5.84億元人民幣的淨現金和不錯的資產負債表。我們喜歡去年息稅前利潤同比增長46%的樣子。那麼深圳匯創達科技的債務有風險嗎?在我們看來,情況並非如此。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。例如,深圳惠創達科技有4個警示標誌,我們認爲你應該注意。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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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。