Hua Hong Semiconductor (HKG:1347) Has Debt But No Earnings; Should You Worry?
Hua Hong Semiconductor (HKG:1347) Has Debt But No Earnings; Should You Worry?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Hua Hong Semiconductor Limited (HKG:1347) does use debt in its business. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過,“波動性與風險遠非同義詞。”當考察公司風險時,自然要考慮其資產負債表,因爲一旦企業破產,通常涉及債務。我們可以看到,華虹半導體股份有限公司(HKG:1347)確實有債務。但是,股東是否應該擔心公司的債務?
When Is Debt Dangerous?
債務何時有危險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業增長的一種工具,但是如果企業無法償還債主,那麼它就處在債權人的掌控之下。最終,如果公司無法履行償還債務的法律義務,股東可能一無所有。但是,更爲頻繁的(但仍然代價高昂的)情況是,公司必須以極低價格發行股票來解決其資產負債表問題,從而永久地稀釋股東的權益。但是,通過取代股票稀釋,債務可以成爲需要在高收益率下進行投資的企業的極好工具。當我們考慮債務水平時,我們首先要考慮現金和債務水平。
How Much Debt Does Hua Hong Semiconductor Carry?
華虹半導體承擔了多少債務?
The image below, which you can click on for greater detail, shows that at March 2024 Hua Hong Semiconductor had debt of US$2.23b, up from US$1.91b in one year. But on the other hand it also has US$6.11b in cash, leading to a US$3.88b net cash position.
下面的圖片(可以單擊進行放大)顯示,在2024年3月,華虹半導體的債務爲22.3億美元,比一年前的19.1億美元增長。但另一方面,它也擁有61.1億美元的現金,形成淨現金38.8億美元的優勢。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240714/0-f1b0f7ccf75b15666bea9c0aa0ff0acd-0-4576d89e51468c9cb7213b6a5ed8b358.png/big)
A Look At Hua Hong Semiconductor's Liabilities
看一下華虹半導體的負債
According to the last reported balance sheet, Hua Hong Semiconductor had liabilities of US$967.2m due within 12 months, and liabilities of US$2.01b due beyond 12 months. Offsetting these obligations, it had cash of US$6.11b as well as receivables valued at US$321.8m due within 12 months. So it actually has US$3.45b more liquid assets than total liabilities.
根據最近披露的財務報表,華虹半導體有9,672萬美元的負債,到期日在12個月內,以及20.1億美元的負債,到期日超過12個月。抵消這些義務,它擁有61.1億美元的現金以及31,820萬美元的應收賬款,到期日期在12個月內。因此,它實際上的流動資產比總負債還多了345億美元。
This surplus strongly suggests that Hua Hong Semiconductor has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Hua Hong Semiconductor has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Hua Hong Semiconductor'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.
這種盈餘強烈表明華虹半導體有一個堅實的資產負債表(而債務則完全沒有問題)。如果考慮到這一點,就可以得出結論,其資產負債表意味着公司能夠應對一些逆境。簡單地說,華虹半導體比債務更多是現金,是其能夠安全地管理債務的良好指標。當分析債務水平時,資產負債表是明顯的起點。但是,最重要的是未來的收益,這將決定華虹半導體在未來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看法,您可能會發現對分析師利潤預測的免費報告會很有趣。
In the last year Hua Hong Semiconductor had a loss before interest and tax, and actually shrunk its revenue by 16%, to US$2.1b. We would much prefer see growth.
去年,華虹半導體在利息和稅前賬面上虧損,實際上將其營收縮減了16%,至21億美元。我們更希望看到增長。
So How Risky Is Hua Hong Semiconductor?
華虹半導體有多大風險?
While Hua Hong Semiconductor lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of US$160m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. The next few years will be important as the business matures. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Hua Hong Semiconductor is showing 2 warning signs in our investment analysis , you should know about...
儘管華虹半導體在利息和稅前賬面上虧損,但它實際上獲得了1.6億美元的紙面利潤。所以當您考慮到其淨現金以及法定利潤時,這支股票可能並不像短期內看起來那麼危險。未來幾年對企業成熟度至關重要。在分析債務水平時,資產負債表是明顯的起點。然而,並不是所有的投資風險都存儲在資產負債表中。請注意,華虹半導體正在我們的投資分析中顯示出2個警示信號,您應該知道…
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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?關注內容?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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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