Is Netac Technology (SZSE:300042) Weighed On By Its Debt Load?
Is Netac Technology (SZSE:300042) Weighed On By Its Debt Load?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Netac Technology Co., Ltd. (SZSE:300042) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
作爲投資者,有些人認爲波動性而不是債務是思考風險的最佳方式,但禾倫•巴菲特曾經著名地說過「波動性遠非風險的同義詞。」因此,看起來聰明的投資者知道,通常與破產有關的債務是評估公司風險的非常重要的因素。我們注意到,朗科科技股份有限公司(SZSE:300042)確實在其資產負債表上有債務。但真正的問題是,這些債務是否讓公司變得更加具有風險性。
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. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,當一個公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是通過自身的現金流。如果公司不能履行償還債務的法律義務,股東可能會一無所有。雖然這不太常見,但我們經常看到負債的公司永久稀釋股東的情況,因爲貸方以低價強迫其以困境價格籌集資本。當然,債務的好處是它通常代表廉價資本,特別是當它用來替代具有高投資回報率的公司的股權稀釋時。考慮到公司的債務使用,我們首先要考慮現金和債務的總和。
What Is Netac Technology's Net Debt?
朗科科技的淨負債是什麼?
As you can see below, at the end of June 2024, Netac Technology had CN¥198.8m of debt, up from none a year ago. Click the image for more detail. But it also has CN¥685.8m in cash to offset that, meaning it has CN¥487.0m net cash.
正如下圖所示,2024年6月底,朗科科技的債務爲人民幣1.988億元,高於一年前的零。單擊圖像以獲取更多詳細信息。但是,它還有人民幣6.858億元的現金來抵消這些債務,這意味着它擁有人民幣4.87億元的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240816/0-ec7d45147f07025ab4c5e39cf0ed383c-0-2e8bc945afad90e53f49d18f92f12c52.png/big)
How Healthy Is Netac Technology's Balance Sheet?
朗科科技的資產負債表狀況如何?
According to the last reported balance sheet, Netac Technology had liabilities of CN¥206.7m due within 12 months, and liabilities of CN¥61.5m due beyond 12 months. Offsetting these obligations, it had cash of CN¥685.8m as well as receivables valued at CN¥86.9m due within 12 months. So it actually has CN¥504.4m more liquid assets than total liabilities.
根據最近披露的資產負債表,朗科科技有2067萬元的到期負債,以及6150萬元的長期負債。抵消這些責任,它有688萬元的現金以及869萬元的應收賬款到期。因此,它實際上比總負債多了504.4萬元的流動資產。這種盈餘表明,朗科科技擁有保守的資產負債表,可能可以輕鬆消除債務。簡而言之,朗科科技擁有更多現金而不是債務顯然是它能夠安全管理其債務的良好指示。毫無疑問,我們從資產負債表上更多地了解債務。但重要的是,未來的盈利,而不是其他任何因素,將決定朗科科技維持健康資產負債表的能力。因此,如果您關注未來,可以查看此免費報告,其中顯示分析師的利潤預測。
This surplus suggests that Netac Technology has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Netac Technology has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Netac Technology'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.
在12個月內,朗科科技在EBIT水平上虧損,並看到其營業收入下降了53%至7.97億元。這使我們感到非常緊張。
Over 12 months, Netac Technology made a loss at the EBIT level, and saw its revenue drop to CN¥797m, which is a fall of 53%. That makes us nervous, to say the least.
從統計學角度來看,虧損的公司比盈利的公司更具風險性。實話實說,在過去的一年中,朗科科技EBIT(利息、稅務、折舊和攤銷前利潤)虧損。在同一時期,它看到了負自由現金流9500萬元和5400萬元會計虧損。鑑於它只有淨現金4870萬元,如果不很快達到盈虧平衡,該公司可能需要籌集更多資本。即使其資產負債表看起來足夠流動,如果公司不定期產生自由現金流,債務始終會讓我們感到有些緊張。當您分析債務時,資產負債表顯然是需要關注的地區。但是,請注意,投資風險並不全都在資產負債表之內。請注意,朗科科技在我們的投資分析中顯示了一項警告信號,您應該了解......
So How Risky Is Netac Technology?
那麼,朗科科技有多大的風險?
Statistically speaking companies that lose money are riskier than those that make money. And in the last year Netac Technology had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of CN¥95m and booked a CN¥54m accounting loss. Given it only has net cash of CN¥487.0m, the company may need to raise more capital if it doesn't reach break-even soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Netac Technology is showing 1 warning sign in our investment analysis , you should know about...
從統計學角度來看,虧損的公司比盈利的公司更具風險性。實話實說,在過去的一年中,朗科科技EBIT(利息、稅務、折舊和攤銷前利潤)虧損。在同一時期,它看到了負自由現金流9500萬元和5400萬元會計虧損。鑑於它只有淨現金4870萬元,如果不很快達到盈虧平衡,該公司可能需要籌集更多資本。即使其資產負債表看起來足夠流動,如果公司不定期產生自由現金流,債務始終會讓我們感到有些緊張。當您分析債務時,資產負債表顯然是需要關注的地區。但是,請注意,投資風險並不全都在資產負債表之內。請注意,朗科科技在我們的投資分析中顯示了一項警告信號,您應該了解......
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,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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