These 4 Measures Indicate That Yuneng Technology (SHSE:688348) Is Using Debt Reasonably Well
These 4 Measures Indicate That Yuneng Technology (SHSE:688348) Is Using Debt Reasonably Well
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. As with many other companies Yuneng Technology Co., Ltd. (SHSE:688348) makes use of debt. But the real question is whether this debt is making the company risky.
David Iben說得很對,'波動性不是我們關心的風險。我們關心的是避免永久的資本損失。'當你考察一個公司有多大風險時,考慮公司的資產負債表是很自然的,因爲債務往往是一家企業破產時的原因。就像許多其他公司一樣,雲能科技股份有限公司(SHSE:688348)使用債務。但真正的問題是這些債務是否讓公司變得風險更大。
When Is Debt Dangerous?
債務何時有危險?
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. 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. 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. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,當公司無法輕易償還債務(通過籌資或其自有的現金流)時,債務才真正成爲一個問題。如果情況變得真的很糟糕,債權人將接管公司。然而,更頻繁(但仍然昂貴)的情況是公司必須以低於市場價的價格發行股票,從而永久性地稀釋股東權益,以加強資產負債表。通過代替稀釋股東,債務可以成爲需要資本以高收益率投資增長的企業的一種極好的工具。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
What Is Yuneng Technology's Debt?
雲能科技的債務情況如何?
As you can see below, at the end of March 2024, Yuneng Technology had CN¥644.7m of debt, up from CN¥460.2m a year ago. Click the image for more detail. However, it does have CN¥2.00b in cash offsetting this, leading to net cash of CN¥1.36b.
正如下圖所示,在2024年3月底,雲能科技的債務爲64470萬人民幣,比一年前的46020萬人民幣增加。點擊圖片查看更多詳細信息。然而,它確實有20億人民幣的現金來抵銷這筆債務,從而產生了13.6億人民幣的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240821/0-444f805f21ebf043372c09a29aa04deb-0-513671fd4dbc77fea2a3cf7c2509e301.png/big)
How Strong Is Yuneng Technology's Balance Sheet?
雲能科技的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Yuneng Technology had liabilities of CN¥847.8m due within 12 months and liabilities of CN¥107.4m due beyond that. Offsetting these obligations, it had cash of CN¥2.00b as well as receivables valued at CN¥469.0m due within 12 months. So it can boast CN¥1.52b more liquid assets than total liabilities.
深入查看最新的資產負債表數據,我們可以看到雲能科技有着12個月內到期的人民幣84780萬的負債,以及超過12個月到期的人民幣10740萬的負債。 抵消這些義務的是,它有200億的現金以及12個月內到期的46900萬的應收賬款。 因此,它可以誇耀比總負債多152億的流動資產。
It's good to see that Yuneng Technology has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Yuneng Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
看到雲能科技在其資產負債表上有充足的流動性是件好事,這表明其對負債的保守管理。 由於它擁有大量資產,它不太可能與其貸款人發生麻煩。 簡潔地說,雲能科技擁有淨現金,因此可以說它沒有沉重的債務負擔!
The modesty of its debt load may become crucial for Yuneng Technology if management cannot prevent a repeat of the 93% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Yuneng 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.
如果管理層無法阻止過去一年EBIt減少93%的情況再次發生,那麼雲能科技的債務負擔的適中性可能變得至關重要。 當一家公司看到其收入下降時,有時會發現其與貸款人的關係變得不好。 在分析債務時,資產負債表顯然是需要重點關注的地方。 但最終,決定雲能科技未來是否能保持健康資產負債表的能力的將是未來的收入,而不是其他任何因素。 因此,如果你關注未來,可以查看這份免費報告,顯示分析師的利潤預測。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Yuneng 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 last three years, Yuneng Technology saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,雖然稅務部門可能喜歡會計利潤,但貸款人只接受冰冷的現金。 雖然雲能科技在其資產負債表上有淨現金,但仍然值得看一下它將息前稅前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解它是如何快速積累(或消耗)現金的。 在過去的三年裏,雲能科技看到了大幅的負自由現金流。 雖然這可能是爲了增長支出的結果,但這確實使債務變得更加風險。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Yuneng Technology has net cash of CN¥1.36b, as well as more liquid assets than liabilities. So we are not troubled with Yuneng Technology's debt use. 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. For example, we've discovered 4 warning signs for Yuneng Technology (1 makes us a bit uncomfortable!) that you should be aware of before investing here.
雖然我們能理解投資者對債務的擔憂,但你應該記住,雲能科技擁有13.6億人民幣的淨現金,以及比負債更多的流動資產。因此,我們對雲能科技的債務使用並不困擾。在分析債務水平時,資產負債表是明顯的起點。但最終,每家公司都可能存在資產負債表之外的風險。例如,我們發現了雲能科技的4個警示信號(其中一個讓我們有點不舒服!)在你在這裏投資之前,你應該了解這些警示信號。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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