We Think CnlightLtd (SZSE:002076) Needs To Drive Business Growth Carefully
We Think CnlightLtd (SZSE:002076) Needs To Drive Business Growth Carefully
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?
毫無疑問,擁有虧損業務的股票可以賺錢。例如,生物技術和礦業勘探公司在新藥物或礦藏的發現前常年虧損。但是,雖然歷史上讚揚了這些少見的成功者,但那些失敗的公司卻常被遺忘。誰還記得Pets.com?
Given this risk, we thought we'd take a look at whether CnlightLtd (SZSE:002076) shareholders should be worried about its cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.
鑑於這種風險,我們認爲應該考慮一下中國光大電力科技股份有限公司(SZSE:002076)的現金流量。在本文中,現金流量是指赤字公司爲資助其業務增長每年所花費的現金,也就是其負自由現金流量。第一步是將其現金流量與其現金儲備進行比較,以得出它的“現金跑道”。
How Long Is CnlightLtd's Cash Runway?
中國光大電力科技股份有限公司的現金跑道有多長?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at March 2024, CnlightLtd had cash of CN¥108m and no debt. Looking at the last year, the company burnt through CN¥148m. So it had a cash runway of approximately 9 months from March 2024. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.
公司的現金跑道是指根據其當前的現金流量來計算其消耗現金儲備的時間。截至2024年3月,中國光大電力科技股份有限公司(CnlightLtd)有人民幣1.08億元現金,無債務。回顧過去一年,該公司的現金燃燒額爲1.48億元。因此,從2024年3月開始,其現金跑道約爲9個月左右。坦白說,這種較短的現金跑道讓我們感到擔憂,因爲它表明公司必須顯著減少其現金流出,否則即將融資。您可以在下圖中看到其現金餘額隨時間的變化。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240511/0-bef71b388923bfa83db976f73b353ee2-0-013b091d0dc044952fd20dcb893c47ef.png/big)
How Well Is CnlightLtd Growing?
中國光大電力科技股份有限公司的增長態勢如何?
Notably, CnlightLtd actually ramped up its cash burn very hard and fast in the last year, by 118%, signifying heavy investment in the business. While operating revenue was up over the same period, the 12% gain gives us scant comfort. Considering both these metrics, we're a little concerned about how the company is developing. Of course, we've only taken a quick look at the stock's growth metrics, here. You can take a look at how CnlightLtd has developed its business over time by checking this visualization of its revenue and earnings history.
值得注意的是,CnlightLtd在過去一年中實際上大力增加其現金流出,增幅達118%,表明公司在其業務領域進行了大量投資。雖然營業收入在同一時期有所增長,但僅爲12%增長,給我們帶來了微不足道的安慰。考慮到這兩個指標,我們對公司的發展有點擔憂。當然,我們在這裏只概覽了該股票增長指標的快速情況。您可以通過查看其營收和收益歷史的可視化圖表來查看CnlightLtd的業務發展歷程。
How Hard Would It Be For CnlightLtd To Raise More Cash For Growth?
CnlightLtd籌集更多資金用於增長的難度有多大?
Given the trajectory of CnlightLtd's cash burn, many investors will already be thinking about how it might raise more cash in the future. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
鑑於CnlightLtd的現金流出情況,許多投資者已經開始思考它如何在未來籌集更多資金。一般來說,上市公司可以通過發行股票或發行債務來籌集新的資金。公開上市公司擁有的主要優勢之一是可以將股票出售給投資者,以籌集資金並發展業務。通過將公司的年度現金流出彙總到其總市值中,我們可以大概估算其需要發行多少股票才能以相同的燃燒速率維持公司運行,即在未來一年內足以支撐。
Since it has a market capitalisation of CN¥2.5b, CnlightLtd's CN¥148m in cash burn equates to about 6.0% of its market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.
由於其市值爲25億元人民幣,CnlightLtd的1.48億元現金流出佔其市值的約6.0%。這是一個很低的比例,因此我們認爲公司可以通過一定程度的稀釋籌集更多資金以資助其業務增長,甚至僅借一些錢。
Is CnlightLtd's Cash Burn A Worry?
CnlightLtd的現金流出是否令人擔憂?
On this analysis of CnlightLtd's cash burn, we think its cash burn relative to its market cap was reassuring, while its increasing cash burn has us a bit worried. Even though we don't think it has a problem with its cash burn, the analysis we've done in this article does suggest that shareholders should give some careful thought to the potential cost of raising more money in the future. Taking an in-depth view of risks, we've identified 2 warning signs for CnlightLtd that you should be aware of before investing.
根據CnlightLtd的現金流出分析,我們認爲相對於其市值的現金流出是令人放心的,但是其日益增長的現金流出令我們有點擔心。即使我們認爲其現金流出問題不大,但在本文中所做的分析還是表明股東們在未來籌集更多資金的潛在成本上需要認真思考。在深入了解風險後,我們確定了CnlightLtd存在的2個嚴重問題,投資者在投資之前應該予以關注。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies insiders are buying, and this list of stocks growth stocks (according to analyst forecasts)
當然,您也可以通過其他方式尋找出色的投資機會。因此,瀏覽公司內部人士正在購買的免費股票列表以及股票增長股票列表(根據分析師預測) 。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。