Here's Why Guangdong Dtech Technology (SZSE:301377) Has A Meaningful Debt Burden
Here's Why Guangdong Dtech Technology (SZSE:301377) Has A Meaningful Debt Burden
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.' 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 can see that Guangdong Dtech Technology Co., Ltd. (SZSE:301377) does use debt in its business. But the real question is whether this debt is making the company risky.
David Iben曾經說過:“波動性不是我們關心的風險。我們關心的是避免永久性損失的資本。” 當您考察一個公司的風險時,考慮其資產負債表是再自然不過的事情了,因爲一般企業倒閉時都會涉及債務關係。我們可以看到,廣東股份科技有限公司(深圳證券交易所:301377)的確在其業務中使用了債務,但真正的問題是,這筆債務是否會讓該公司變得有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以協助企業,直到企業難以償還,無論是新的資本還是自由現金流。如果情況變得非常糟糕,借款人可以接管企業。但常發生的代價高昂的情況是,一家公司不得不以極低的價格發行股票,永久性地稀釋股東權益,以挽回其資產負債表的巨大缺口。當然,債務的好處是它經常代表着便宜的資本,尤其是當它代替公司能夠以高回報率再投資的稀釋時。考慮一家公司的債務水平時,第一步是要考慮其現金和債務結合在一起。
What Is Guangdong Dtech Technology's Debt?
廣東股份科技的債務情況如何?
The image below, which you can click on for greater detail, shows that at March 2024 Guangdong Dtech Technology had debt of CN¥267.2m, up from CN¥177.8m in one year. However, its balance sheet shows it holds CN¥713.6m in cash, so it actually has CN¥446.3m net cash.
如下圖所示(點擊可放大),截至2024年3月,廣東股份科技的債務爲26720萬元人民幣,比一年前的17780萬元人民幣有所增加。但是,其資產負債表顯示其持有71360萬元人民幣的現金,因此其淨現金爲44630萬元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-4c0c9a172071e081b75366c8c887ca50-0-9fae4ab8fc8737c11bd6d1c4c8aea73f.png/big)
How Healthy Is Guangdong Dtech Technology's Balance Sheet?
廣東股份科技的資產負債表看起來如何健康?
According to the last reported balance sheet, Guangdong Dtech Technology had liabilities of CN¥672.0m due within 12 months, and liabilities of CN¥181.3m due beyond 12 months. Offsetting these obligations, it had cash of CN¥713.6m as well as receivables valued at CN¥803.0m due within 12 months. So it can boast CN¥663.3m more liquid assets than total liabilities.
根據最近公佈的資產負債表,廣東股份科技有責任於12個月內支付的負債總計67200萬元人民幣,以及12個月以上應付的負債總計18130萬元人民幣。抵消這些義務,其應收賬款在12個月內達到80300萬元人民幣,同時其持有71360萬元人民幣的現金。因此,它可以以66330萬元人民幣的流動資產抵消所有負債。
This short term liquidity is a sign that Guangdong Dtech Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Guangdong Dtech 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,廣東股份科技可以輕鬆償還其債務,因爲其資產負債表還沒有到極限。簡而言之,廣東股份科技有現金而沒有債務,可以說是一個良好的跡象,可以安全地管理其債務。
It is just as well that Guangdong Dtech Technology's load is not too heavy, because its EBIT was down 32% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Guangdong Dtech 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.
幸好廣東股份科技的負擔不太重,因爲過去一年中其EBIt下降了32%。當涉及清償債務時,萎縮的盈利與含糖飲料對健康也無益處。分析債務水平時,資產負債表是顯然的起點。但最終,未來收益勝過一切,這將決定廣東股份科技維持健康資產負債表的能力。因此,如果您想看看專業人士的想法,你可能會覺得這份免費的分析師利潤預測報告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Guangdong Dtech 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. Considering the last three years, Guangdong Dtech 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,公司需要自由現金流來償還債務;會計利潤並不能解決問題。雖然廣東股份科技在資產負債表上擁有淨現金,但看看其將稅前利潤和利息(EBIT)轉化爲自由現金流的情況也是很有意思的,因爲這將影響其管理債務的需求和能力。在過去的三年中,廣東股份科技的自由現金流實際上出現了流出。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將在未來產生自由現金流。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Guangdong Dtech Technology has CN¥446.3m in net cash and a decent-looking balance sheet. So while Guangdong Dtech Technology does not have a great balance sheet, it's certainly not too bad. 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 Guangdong Dtech Technology .
雖然調查公司的債務狀況始終是明智的做法,但在廣東股份科技的情況下,其淨現金達44630萬元人民幣,而且其資產負債表看起來還可以。因此,雖然廣東股份科技的資產負債表不是很好,但也算不錯。在分析債務水平時,資產負債表是顯然的起點。但是,最終,每個公司都可能包含存在於資產負債表以外的風險。爲此,您應該意識到我們注意到的1個警告信號與廣東股份科技有關。
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.
如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。
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對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至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
對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。