Does Leedarson IoT Technology (SHSE:605365) Have A Healthy Balance Sheet?
Does Leedarson IoT Technology (SHSE:605365) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Leedarson IoT Technology Inc. (SHSE:605365) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋的查理·芒格背後的外部基金經理李錄毫不掩飾地說,“最大的投資風險不是價格波動,而是你是否會蒙受永久性資本損失。” 當你考慮風險時,自然考慮到了公司的資產負債表,因爲債務往往涉及到企業崩潰。我們注意到,物聯網公司利爾達電子(SHSE:605365)的資產負債表上確實有債務。但真正的問題是,這筆債務是否會使公司變得冒險。
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
一般來說,當公司無法輕鬆償還債務時,債務才成爲真正的問題,無論是通過籌集資本還是靠自身的現金流。最終,如果公司無法履行償還債務的法律義務,股東可能會一文不值。雖然這並不常見,但我們經常看到負債的公司因爲放貸人強迫他們按照不利價格籌集資本而永久稀釋股東權益。話雖如此,最常見的情況是公司合理地管理債務,並以自己的利益爲先。我們在考慮債務水平時,首先考慮現金和債務水平。
What Is Leedarson IoT Technology's Debt?
利爾達電子技術的債務情況是什麼?
You can click the graphic below for the historical numbers, but it shows that Leedarson IoT Technology had CN¥259.7m of debt in March 2024, down from CN¥303.0m, one year before. But on the other hand it also has CN¥1.62b in cash, leading to a CN¥1.36b net cash position.
您可以點擊下面的圖表查看歷史數據,但它顯示利爾達電子技術於2024年3月有2.597億元的債務,比一年前的3.03億元有所下降。但另一方面,它也有16.2億元的現金,導致其淨現金頭寸爲13.6億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-afbff1a4c9d907a2bd899a70facfa2be-0-81e1084f8afd262ef9ac96f89748716c.png/big)
A Look At Leedarson IoT Technology's Liabilities
關注利爾達電子技術的負債
Zooming in on the latest balance sheet data, we can see that Leedarson IoT Technology had liabilities of CN¥1.93b due within 12 months and liabilities of CN¥328.9m due beyond that. Offsetting this, it had CN¥1.62b in cash and CN¥1.10b in receivables that were due within 12 months. So it actually has CN¥462.8m more liquid assets than total liabilities.
Zooming在最新的資產負債表數據上,我們可以看到利爾達電子技術有19.3億元的負債,到期日爲12個月內,3289萬的負債超過了到期日。抵消這一點的是,它有16.2億元的現金和11億元的應收賬款,到期日在12個月之內。所以它實際上擁有4628萬元。比總負債還多出了更多的流動資產。
This short term liquidity is a sign that Leedarson IoT Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Leedarson IoT Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
這種短期流動性表明,利爾達電子技術可能很容易償還債務,因爲其資產負債表遠未過度。簡而言之,利爾達電子技術擁有的現金比債務多,可以安全地管理債務,這可能是一個好的跡象。
On the other hand, Leedarson IoT Technology's EBIT dived 14%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Leedarson IoT Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
另一方面,利爾達電子技術的EBIT在過去一年中下降了14%。我們認爲,如果這種表現經常重複,可能會給股票帶來困難。在分析債務水平時,資產負債表是開始的顯而易見的地方。但最終,決定利爾達電子技術能否保持健康資產負債表的,主要是未來的收益。因此,如果您想了解專業人員的看法,您可能會發現這份關於分析師利潤預測的免費報告有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Leedarson IoT 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. Over the most recent three years, Leedarson IoT Technology recorded free cash flow worth 73% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,雖然稅務官員可能喜歡會計利潤,但放貸人只接受真金白銀。雖然利爾達電子技術在其資產負債表上擁有淨現金,但看看它將利潤前所未有地將利潤轉化爲自由現金流(EBIT),可以幫助我們理解它快速建立(或削弱)現金平衡的能力。在最近的三年中,利爾達電子技術記錄的自由現金流價值約爲其EBIT的73%,這是正常的,因爲自由現金流不包括利息和稅。這種自由現金流使公司有能力在適當時償還債務。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Leedarson IoT Technology has CN¥1.36b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 73% of that EBIT to free cash flow, bringing in CN¥308m. So we don't have any problem with Leedarson IoT Technology's use of debt. 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 1 warning sign we've spotted with Leedarson IoT Technology .
儘管調查公司的債務始終是明智的,但在這種情況下,利達森物聯網科技擁有13.6億人民幣的淨現金和一個看起來不錯的資產負債表。更棒的是,他們將73%的EBIt轉換爲自由現金流,獲得了30800萬人民幣的現金流。所以我們對利達森物聯網科技使用債務沒有任何問題。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每個公司都可能存在超出資產負債表範圍的風險。爲此,您應該注意到我們已經發現了利達森物聯網科技的1個警示信號。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時更容易關注那些甚至不需要債務的公司。讀者可以免費查看零淨債務增長股票列表,立即獲得。
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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。
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