Is Shenzhen Han's CNC Technology (SZSE:301200) A Risky Investment?
Is Shenzhen Han's CNC Technology (SZSE:301200) 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 can see that Shenzhen Han's CNC Technology Co., Ltd. (SZSE:301200) does use debt in its business. But the more important question is: how much risk is that debt creating?
David Iben說得好,“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。”所以,當你考慮任何給定的股票有多大風險時,需要考慮債務,因爲過多的債務會讓公司陷入窘境。我們可以看到深圳漢尼斯CNC科技股份有限公司(SZSE:301200)確實在業務中使用了債務。但更重要的問題是:這些債務造成了多大的風險?
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
當一個企業無法靠自由現金流或以有吸引力的價格籌集資本來輕鬆履行其負債,債務和其他負債就會對企業構成風險。在最壞的情況下,如果一個公司無法還清其債權人,它可能會破產。雖然這並不太常見,但我們經常看到負債企業因爲貸方強制它們以困境價格籌集資本而永久稀釋股東。當然,債務對於企業尤其是重資產的企業可以是一種重要的工具。當我們研究債務水平時,我們首先考慮現金和債務水平。
How Much Debt Does Shenzhen Han's CNC Technology Carry?
深圳漢尼斯CNC科技的債務有多少?
As you can see below, at the end of March 2024, Shenzhen Han's CNC Technology had CN¥568.5m of debt, up from CN¥3.96m a year ago. Click the image for more detail. But it also has CN¥2.22b in cash to offset that, meaning it has CN¥1.65b net cash.
正如您下面所看到的,在2024年3月底,深圳漢尼斯CNC科技的債務爲5.685億元,比一年前的396萬元增加了很多。點擊圖像以獲取更多詳情。但它也有22.2億元的現金來抵消,這意味着它擁有16.5億元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240622/0-ad5eeda6bf4045907f1c8b0b7bf7bf1f-0-4be155509c43c579e3f8b655ac03e8f9.png/big)
How Strong Is Shenzhen Han's CNC Technology's Balance Sheet?
Zooming in on the latest balance sheet data, 我們可以看到深圳漢尼斯CNC科技有CN¥1.82b的負債到期,還有CN¥62.7m的負債過期後到期。另一方面,它有22.2億元的現金和21.7億元的應收款,到期時間在一年內。所以它比其他liabilities多了25.1億元的流動資產。
Zooming in on the latest balance sheet data, we can see that Shenzhen Han's CNC Technology had liabilities of CN¥1.82b due within 12 months and liabilities of CN¥62.7m due beyond that. On the other hand, it had cash of CN¥2.22b and CN¥2.17b worth of receivables due within a year. So it can boast CN¥2.51b more liquid assets than total liabilities.
這種盈餘表明深圳漢尼斯CNC科技在使用債務方面是安全和保守的。考慮到它有足夠的短期流動性,我們認爲它不會遇到任何問題與貸方發生分歧。簡而言之,深圳漢尼斯CNC科技擁有的現金比負債多,這可以認爲是一個很好的跡象,表明它可以安全地管理債務。總負債。
This surplus suggests that Shenzhen Han's CNC Technology is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Shenzhen Han's CNC Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
事實上,深圳漢尼斯CNC科技的債務水平很低,因爲它的EBIT在過去十二個月中下降了80%。當一個公司看到它的收益下降,它有時會發現它與貸款人的關係變得不好。毫無疑問,我們藉助資產負債表了解最多的是債務。但你不能完全孤立地看待債務;因爲深圳漢尼斯CNC科技需要盈利來還債務。因此,在考慮債務時,值得看一下盈利趨勢。
In fact Shenzhen Han's CNC Technology's saving grace is its low debt levels, because its EBIT has tanked 80% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. 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 Han's CNC 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.
最後,雖然稅務署可能崇拜會計利潤,但貸方只接受真金白銀。深圳漢尼斯CNC科技的資產負債表可能有淨現金,但看一下公司把利息和稅前利潤(EBIT)轉換成自由現金流的能力如何,仍然是值得注意的,因爲這將影響它需要和管理債務的能力。在最近三年中,深圳漢尼斯CNC技術的自由現金流僅佔其EBIT的24%,低於我們的預期。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Shenzhen Han's CNC Technology may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. In the last three years, Shenzhen Han's CNC Technology's free cash flow amounted to 24% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
雖然我們理解那些擔心債務的投資者們,但請記住,深圳漢尼斯CNC科技有16.5億元的淨現金,而且比負債多的流動資產。所以我們對深圳漢尼斯CNC科技使用債務沒有任何問題。我們毫無疑問地從資產負債表中了解到債務最多的信息。但是,每家公司最終可以在資產負債表之外包含存在的風險。這些風險很難發現。每個公司都有,我們已經發現了深圳漢尼斯CNC科技的4個警示信號(其中2個是重要的!)您應該知道。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Shenzhen Han's CNC Technology has net cash of CN¥1.65b, as well as more liquid assets than liabilities. So we don't have any problem with Shenzhen Han's CNC Technology's use of debt. 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. These risks can be hard to spot. Every company has them, and we've spotted 4 warning signs for Shenzhen Han's CNC Technology (of which 2 are significant!) you should know about.
其他負債和當前負債對於企業而言具有風險,因爲企業無法輕鬆以自由現金流或以合適的價格籌集資本來履行這些義務。在最壞的情況下,如果一個公司無法還清其債權人,它可能會破產。雖然這並不太常見,但我們經常看到負債企業因爲貸方強制它們以困境價格籌集資本而永久稀釋股東。綜上所述,我們同情那些擔心債務的投資者,但您需要記住,深圳漢尼斯CNC科技有1.65億元的淨現金,以及比負債多的流動資產。所以我們對深圳漢尼斯CNC科技使用債務沒有任何問題。我們毫無疑問地從資產負債表中了解到債務最多的信息。但是,每家公司最終可以在資產負債表之外包含存在的風險。這些風險很難發現。每個公司都有,我們已經發現了深圳漢尼斯CNC科技的4個警示信號(其中2個是重要的!)您應該知道。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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