These 4 Measures Indicate That Qingdao Gaoce Technology (SHSE:688556) Is Using Debt Reasonably Well
These 4 Measures Indicate That Qingdao Gaoce Technology (SHSE:688556) Is Using Debt Reasonably Well
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Qingdao Gaoce Technology Co., Ltd (SHSE:688556) makes use of debt. But the real question is whether this debt is making the company risky.
豪華馬克斯說得很好,他說,與其擔心股價波動,『我擔心的是永久損失的可能性…我認識的每位實踐投資者也都會擔心。』因此,聰明的資金知道,債務(通常涉及破產)是評估公司風險時的一個非常重要因素。與許多其他公司一樣,青島高測科技股份有限公司(SHSE:688556)使用債務。但真正的問題是,這筆債務是否使公司變得更加風險。
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般來說,當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有現金流。資本主義的一部分是「創造性破壞」過程,即失敗的企業被它們的銀行家無情清算。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東權益,簡單地爲了控制債務。當然,很多公司使用債務來資助增長,而沒有任何負面後果。在考慮企業使用多少債務時,首先要做的事情是看看其現金和債務。
What Is Qingdao Gaoce Technology's Net Debt?
高測股份有多少淨債務?
As you can see below, at the end of June 2024, Qingdao Gaoce Technology had CN¥488.4m of debt, up from CN¥353.2m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥1.54b in cash, so it actually has CN¥1.05b net cash.
如下所示,在2024年6月底,青島高測科技債務爲48840萬人民幣,比一年前的35320萬人民幣增加。點擊圖片查看更多細節。然而,其資產負債表顯示,公司持有15.4億人民幣現金,因此其淨現金實際爲10.5億人民幣。
How Strong Is Qingdao Gaoce Technology's Balance Sheet?
高測股份的資產負債表有多強?
According to the last reported balance sheet, Qingdao Gaoce Technology had liabilities of CN¥3.67b due within 12 months, and liabilities of CN¥645.9m due beyond 12 months. Offsetting this, it had CN¥1.54b in cash and CN¥3.40b in receivables that were due within 12 months. So it can boast CN¥631.8m more liquid assets than total liabilities.
根據最近報告的資產負債表,高測股份的短期負債爲36.7億人民幣,長期負債爲64590萬人民幣。 抵消這些,該公司擁有15.4億現金和34億應收款,這些款項在12個月內到期。 因此,它比總負債多擁有63180萬人民幣的流動資產。
This surplus suggests that Qingdao Gaoce Technology has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Qingdao Gaoce Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
這種盈餘表明,高測股份擁有保守的資產負債表,很可能可以輕鬆清償債務。 簡而言之,高測股份比債務多現金這一事實,可以認爲是其能夠安全管理債務的一個良好跡象。
The modesty of its debt load may become crucial for Qingdao Gaoce Technology if management cannot prevent a repeat of the 22% 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 ultimately the future profitability of the business will decide if Qingdao Gaoce Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
如果管理層無法阻止上一年EBIt減少22%的情況重演,那麼對高測股份來說,其債務負擔的適度性可能變得至關重要。 當一家公司看到其收益下降時,有時會發現其與貸款人的關係變得紿澀。 在分析債務時,資產負債表顯然是要重點關注的領域。 但最終,業務未來的盈利能力將決定高測股份能否隨着時間加強其資產負債表。 如果您想了解專業人士的看法,您可能會發現分析師利潤預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Qingdao Gaoce 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. In the last three years, Qingdao Gaoce Technology created free cash flow amounting to 9.2% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
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。 高測股份雖然在資產負債表上具有淨現金,但仍值得關注其將收益轉化爲自由現金流的能力,以幫助我們了解它正在多快地累積(或消耗)現金。 在過去的三年中,高測股份創造的自由現金流佔其EBIt的9.2%,表現令人失望。 對我們來說,如此低的現金轉換率會讓人對其清償債務的能力產生一些擔憂。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Qingdao Gaoce Technology has CN¥1.05b in net cash and a decent-looking balance sheet. So we are not troubled with Qingdao Gaoce Technology'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. We've identified 3 warning signs with Qingdao Gaoce Technology (at least 1 which is significant) , and understanding them should be part of your investment process.
在調查一家公司的負債時總是明智的,但在這種情況下,高測股份有淨現金人民幣10.5億,資產負債表看起來還不錯。 所以我們對於高測股份的債務使用並不感到困擾。毫無疑問,我們從資產負債表中了解到大部分有關債務的信息。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。我們已經確定了高測股份的3個預警信號(至少其中1個相當重要),了解這些信號應該成爲您的投資過程的一部分。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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