Is Unionman TechnologyLtd (SHSE:688609) Using Too Much Debt?
Is Unionman TechnologyLtd (SHSE:688609) Using Too Much 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.' 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. We note that Unionman Technology Co.,Ltd. (SHSE:688609) does have debt on its balance sheet. But is this debt a concern to shareholders?
傳奇基金經理李路(查理·芒格支持的人)曾說過:「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。」 考慮一家公司資產負債表的風險是很自然的,因爲企業崩潰時通常涉及到債務。我們注意到,Unionman科技有限公司(SHSE:688609)確實在其資產負債表上有債務。但是,這些債務對股東來說是個問題嗎?
When Is Debt A Problem?
何時債務成爲問題?
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. If things get really bad, the lenders can take control of the business. 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, 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,無論是通過籌集資金還是自己的現金流,債務才會成爲真正的問題。如果情況變得非常糟糕,貸方可以控制公司。雖然這種情況並不常見,但我們常常看到負債公司因爲貸方迫使他們以折價籌集資金而永久稀釋股東的股權。當然,很多公司利用債務來資助增長,沒有任何負面後果。考慮公司債務水平的第一步是將其現金和債務一起考慮。
What Is Unionman TechnologyLtd's Net Debt?
Unionman科技有限公司的淨債務是多少?
As you can see below, at the end of September 2024, Unionman TechnologyLtd had CN¥1.31b of debt, up from CN¥1.18b a year ago. Click the image for more detail. On the flip side, it has CN¥266.5m in cash leading to net debt of about CN¥1.05b.
正如您在下方所見,截至2024年9月底,Unionman科技有限公司的債務爲13.1億人民幣,比一年前的11.8億人民幣有所上升。點擊圖片以獲取更多詳細信息。另一方面,它有26650萬現金,導致淨債務約爲10.5億人民幣。

How Healthy Is Unionman TechnologyLtd's Balance Sheet?
Unionman Technology Ltd 的資產負債表健康嗎?
According to the last reported balance sheet, Unionman TechnologyLtd had liabilities of CN¥2.10b due within 12 months, and liabilities of CN¥415.9m due beyond 12 months. Offsetting this, it had CN¥266.5m in cash and CN¥1.27b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥986.4m.
根據最後報告的資產負債表,Unionman Technology Ltd 的負債爲21億CN¥,在12個月內到期,41590萬CN¥的負債在12個月之後到期。對此,Unionman Technology Ltd 擁有26650萬CN¥的現金和12.7億CN¥在12個月內到期的應收賬款。因此,其負債超過現金和(短期)應收賬款的總和98640萬CN¥。
Of course, Unionman TechnologyLtd has a market capitalization of CN¥5.73b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Unionman TechnologyLtd can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
當然,Unionman Technology Ltd 的市值爲57.3億CN¥,所以這些負債可能是可控的。不過,很明顯,我們應繼續監測其資產負債表,以防出現不利變化。在分析債務水平時,資產負債表是顯而易見的起點。但最終,業務的未來盈利能力將決定Unionman Technology Ltd 是否能夠隨着時間的推移而增強其資產負債表。因此,如果您關注未來,可以查看這份免費的報告,顯示分析師的盈利預測。
In the last year Unionman TechnologyLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 18%, to CN¥2.5b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去一年中,Unionman Technology Ltd 在EBIT層面上並未盈利,但成功將收入增長了18%,達到了25億CN¥。這個增長率對我們來說有點慢,但各類公司都有其生存之道。
Caveat Emptor
買者自負盈虧
Importantly, Unionman TechnologyLtd had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥170m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥3.1m of cash over the last year. So suffice it to say we do consider the stock to be risky. 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 instance, we've identified 2 warning signs for Unionman TechnologyLtd that you should be aware of.
重要的是,Unionman Technology Ltd 在過去一年中出現了利息和稅前盈利(EBIT)虧損。實際上,它在EBIT層面上虧損了17000萬CN¥。考慮到上述負債,這並沒有給我們多少信心,認爲公司應該使用如此多的債務。因此,我們認爲其資產負債表有點緊張,雖然並非無法修復。然而,過去一年燒掉310萬CN¥的現金也無益於公司。因此,可以說我們確實認爲這隻股票具有風險。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每個公司都可能存在資產負債表之外的風險。例如,我們已經識別出Unionman Technology Ltd 的2個警告信號,您應該加以注意。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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