Geovis TechnologyLtd (SHSE:688568) Seems To Use Debt Quite Sensibly
Geovis TechnologyLtd (SHSE:688568) Seems To Use Debt Quite Sensibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 note that Geovis Technology Co.,Ltd (SHSE:688568) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
著名的基金經理李錄(得到了查理·芒格的支持)曾經說過,「最大的投資風險不是價格的波動性,而是是否會遭受永久性的資本損失。」所以當您思考任何給定股票的風險時,需要考慮債務,因爲過多的債務會使一家公司陷入困境。我們注意到中科星圖(SHSE:688568)確實在其資產負債表上有債務。但真正的問題在於這些債務是否會使公司具有風險。
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
一般來說,只有當公司無法輕鬆償還債務時,它才成爲真正的問題,無論是通過籌集資本還是通過自己的現金流。最終,如果公司無法履行償還債務的法律義務,股東可能什麼都得不到。然而,更常見(但仍然痛苦的)情況是它不得不以低價籌集新的股本資本,從而永久稀釋股東的股權。當然,很多公司使用債務來資助增長,沒有任何負面影響。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。
How Much Debt Does Geovis TechnologyLtd Carry?
中科星圖究竟負債多少?
As you can see below, at the end of March 2024, Geovis TechnologyLtd had CN¥415.7m of debt, up from CN¥26.2m a year ago. Click the image for more detail. However, it does have CN¥1.29b in cash offsetting this, leading to net cash of CN¥872.2m.
正如下圖所示,到2024年3月底,中科星圖的債務爲人民幣41570萬,比一年前的人民幣2620萬增加了很多。點擊圖像以了解更多詳情。但是,由於有人民幣12.9億的現金,因此淨現金爲人民幣87220萬。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240806/0-663e6fe47dfc3d9fe5cdf444429611c7-0-fb620d0c2d653b862585fa26cba8ee4d.png/big)
How Strong Is Geovis TechnologyLtd's Balance Sheet?
中科星圖的資產負債表有多強?
We can see from the most recent balance sheet that Geovis TechnologyLtd had liabilities of CN¥1.92b falling due within a year, and liabilities of CN¥136.7m due beyond that. On the other hand, it had cash of CN¥1.29b and CN¥2.52b worth of receivables due within a year. So it can boast CN¥1.75b more liquid assets than total liabilities.
我們可以從最近一份資產負債表中看到,中科星圖的短期負債爲人民幣19.2億,超過一年的長期負債爲人民幣13670萬。另一方面,短期內到期的應收賬款爲人民幣12.億和人民幣25.2億。因此,其流動資產超過其負債總額175億元。
This surplus suggests that Geovis TechnologyLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Geovis TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
這種盈餘表明中科星圖的資產負債表非常保守,可能很容易消除其債務。簡言之,中科星圖擁有淨現金,因此可以說其沒有沉重的債務負擔!
In addition to that, we're happy to report that Geovis TechnologyLtd has boosted its EBIT by 51%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Geovis TechnologyLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
此外,我們很高興報告說,中科星圖已經將其息稅前利潤(EBIT)提高了51%,從而減少了未來債務償還的壓力。毫無疑問,我們可以從資產負債表中了解債務情況。但是,與任何事情相比,未來的盈利能力更加重要,這將決定中科星圖能否保持健康的資產負債表。因此,如果您關注未來,可以查看此份免費報告,其中顯示了分析師的盈利預測。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Geovis TechnologyLtd 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. During the last three years, Geovis TechnologyLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,企業需要自由現金流來償還債務;會計利潤僅僅不能解決問題。儘管中科星圖在其資產負債表上擁有淨現金,但查看企業將其息稅前利潤(EBIT)轉換爲自由現金流的能力非常有趣,因爲這將影響到其管理債務的需要和能力。在過去的三年中,中科星圖燒掉了大量現金。儘管這可能是由於公司成長所需的支出,但確實使債務風險更大。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Geovis TechnologyLtd has CN¥872.2m in net cash and a decent-looking balance sheet. And we liked the look of last year's 51% year-on-year EBIT growth. So we are not troubled with Geovis TechnologyLtd's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Geovis TechnologyLtd that you should be aware of.
儘管調查公司的債務情況總是明智的,但在這種情況下,中科星圖擁有人民幣87220萬元的淨現金和一個看起來不錯的資產負債表。我們還喜歡去年同比增長了51%的息稅前利潤(EBIT)。因此,我們對中科星圖的債務使用並不感到困擾。毫無疑問,我們可以從資產負債表中了解債務情況。但是,不是所有的投資風險都在資產負債表中 - 遠非如此。例如,我們已經確定了中科星圖的1個警示信號,您應該了解。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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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.
對本文有任何反饋?對內容有任何疑慮?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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。