We Think Hangzhou Huaxing Chuangye Communication Technology (SZSE:300025) Has A Fair Chunk Of Debt
We Think Hangzhou Huaxing Chuangye Communication Technology (SZSE:300025) Has A Fair Chunk Of Debt
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 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 Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. (SZSE:300025) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
傳奇基金經理李錄(得到查理·芒格支持)曾經說過:「最大的投資風險不是價格的波動,而是你是否會遭受永久性資本損失。」因此,聰明的錢知道,債務——通常涉及破產——是評估公司風險時非常重要的因素。我們注意到,華星創業通信技術股份有限公司(SZSE:300025)的資產負債表上確實有債務。但更重要的問題是: 這筆債務到底帶來了多少風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
負債是幫助企業增長的工具,但如果一家企業無力償還其債權人,那麼它就要處於他們的掌控之下。資本主義的一個組成部分是「創造性毀滅」過程,即銀行家無情地清算失敗的企業。然而,更常見(但仍然痛苦)的情況是它不得不以低價籌集新股本,因此永久性地稀釋股東的利益。話雖如此,最常見的情況是一家公司合理地管理其債務,併爲自己謀取利益。當我們考慮一家公司使用債務的方式時,我們首先看的是現金和債務的總和。
How Much Debt Does Hangzhou Huaxing Chuangye Communication Technology Carry?
華星創業通信技術承擔了多少債務?
As you can see below, at the end of June 2024, Hangzhou Huaxing Chuangye Communication Technology had CN¥146.4m of debt, up from CN¥89.3m a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥95.7m, its net debt is less, at about CN¥50.7m.
正如您在下面看到的那樣,在2024年6月底,華星創業通信技術的債務爲人民幣14640萬,比一年前的8930萬增加。點擊圖片了解更多詳情。然而,由於其現金儲備爲人民幣9570萬,其淨債務減少,約爲5070萬。
A Look At Hangzhou Huaxing Chuangye Communication Technology's Liabilities
一覽華星創業通信技術的負債
Zooming in on the latest balance sheet data, we can see that Hangzhou Huaxing Chuangye Communication Technology had liabilities of CN¥312.3m due within 12 months and liabilities of CN¥7.05m due beyond that. On the other hand, it had cash of CN¥95.7m and CN¥472.6m worth of receivables due within a year. So it can boast CN¥248.9m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,華星創業通信技術有1230萬人民幣的負債到期在12個月內,705萬人民幣的負債超過該期限。另一方面,它持有9570萬元人民幣的現金和47260萬元人民幣的應收賬款,其中1年內到期。因此,其流動資產比總負債多了24890萬元人民幣。
This short term liquidity is a sign that Hangzhou Huaxing Chuangye Communication Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Carrying virtually no net debt, Hangzhou Huaxing Chuangye Communication Technology has a very light debt load indeed. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Hangzhou Huaxing Chuangye Communication Technology will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
這種短期流動性表明華星創業通信技術可能能夠輕鬆償還債務,因爲其資產負債表遠未過度拉伸。華星創業通信技術幾乎沒有淨負債,債務負擔非常輕。在分析債務水平時,資產負債表是顯而易見的起點。但是,不能孤立地看待債務;因爲華星創業通信技術需要收入來償付債務。因此,如果您想了解更多有關其收益的信息,可能值得查看其長期收益趨勢圖。
In the last year Hangzhou Huaxing Chuangye Communication Technology's revenue was pretty flat, and it made a negative EBIT. While that hardly impresses, its not too bad either.
在過去的一年中,華星創業通信技術的營業收入基本持平,但EBIT爲負。儘管這並不令人印象深刻,但也不算太糟糕。
Caveat Emptor
買方自負。
Over the last twelve months Hangzhou Huaxing Chuangye Communication Technology produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥32m. On a more positive note, the company does have liquid assets, so it has a bit of time to improve its operations before the debt becomes an acute problem. Still, we'd be more encouraged to study the business in depth if it already had some free cash flow. So it seems too risky for our taste. 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. Case in point: We've spotted 2 warning signs for Hangzhou Huaxing Chuangye Communication Technology you should be aware of, and 1 of them is significant.
在過去十二個月中,華星創業通信技術產生了利息和稅前利潤(EBIT)虧損。具體而言,EBIT虧損達到3200萬元人民幣。更爲積極的是,該公司擁有流動資產,因此在債務成爲嚴重問題之前,還有一些時間來改善其運營。不過,如果公司已經有一些自由現金流,我們會更加鼓勵深入研究該業務。因此,對我們來說,這似乎過於風險。在分析債務水平時,資產負債表是顯而易見的起點。然而,並非所有的投資風險都存在於資產負債表中,遠非如此。以此爲例:我們已經發現了華星創業通信技術的2個警示信號,您應該注意到其中1個是重要的。
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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