Is Gohigh NetworksLtd (SZSE:000851) A Risky Investment?
Is Gohigh NetworksLtd (SZSE:000851) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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 Gohigh Networks Co.,Ltd (SZSE:000851) does have debt on its balance sheet. But is this debt a concern to shareholders?
由伯克希尔哈撒韦的Li·芒格支持的外部基金经理Lu直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到高海尔网络有限公司(SZSE:000851)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
When Is Debt Dangerous?
债务在什么时候是危险的?
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 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
Check out our latest analysis for Gohigh NetworksLtd
查看我们对GoHigh NetworksLtd.的最新分析
What Is Gohigh NetworksLtd's Net Debt?
GoHigh NetworksLtd.的净债务是什么?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Gohigh NetworksLtd had CN¥1.49b of debt, an increase on CN¥1.38b, over one year. On the flip side, it has CN¥1.26b in cash leading to net debt of about CN¥222.7m.
你可以点击下图查看历史数据,但它显示,截至2023年6月,GoHigh NetworksLtd的债务为14.9亿元人民币,比一年前增加了13.8亿元人民币。另一方面,它拥有12.6亿加元的现金,导致净债务约为2.227亿加元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231018/0-df134ae2aa6d982d836ba81ede5aa7ce-0-1a55053572f33a1423f5c3da740551ea.png/big)
How Strong Is Gohigh NetworksLtd's Balance Sheet?
GoHigh NetworksLtd.的资产负债表有多强劲?
Zooming in on the latest balance sheet data, we can see that Gohigh NetworksLtd had liabilities of CN¥4.57b due within 12 months and liabilities of CN¥351.3m due beyond that. On the other hand, it had cash of CN¥1.26b and CN¥3.00b worth of receivables due within a year. So it has liabilities totalling CN¥649.3m more than its cash and near-term receivables, combined.
放大最新的资产负债表数据,我们可以看到,GoHigh NetworksLtd.有45.7亿元的负债在12个月内到期,超过12个月的负债有3.513亿元的负债到期。另一方面,它有12.6亿元现金和3亿元应收账款在一年内到期。因此,该公司的负债总额为6.493亿元,比现金和近期应收账款加起来还要多。
Given Gohigh NetworksLtd has a market capitalization of CN¥7.87b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Gohigh NetworksLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
鉴于GoHigh NetworksLtd.的市值为78.7亿元人民币,很难相信这些债务会构成太大威胁。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。在分析债务水平时,资产负债表显然是一个起点。但你不能完全孤立地看待债务,因为GoHigh NetworksLtd.需要盈利来偿还债务。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
Over 12 months, Gohigh NetworksLtd made a loss at the EBIT level, and saw its revenue drop to CN¥6.6b, which is a fall of 18%. That's not what we would hope to see.
在12个月的时间里,GoHigh网络有限公司息税前利润出现亏损,收入降至66亿元人民币,降幅为18%。这不是我们希望看到的。
Caveat Emptor
告诫买入者
Not only did Gohigh NetworksLtd's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost CN¥53m 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled CN¥180m in negative free cash flow over the last twelve months. So to be blunt we think it is risky. 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. For example - Gohigh NetworksLtd has 2 warning signs we think you should be aware of.
GoHigh NetworksLtd不仅在过去12个月中收入下滑,而且息税前收益(EBIT)也为负。事实上,在息税前利润水平上,它亏损了5300万元人民币。考虑到除了上面提到的债务,我们对公司应该使用如此多的债务没有太大的信心。坦率地说,我们认为资产负债表远远不能与之匹配,尽管随着时间的推移,它可能会得到改善。另一个值得警惕的原因是,在过去的12个月里,自由现金流为负1.8亿元。因此,坦率地说,我们认为这是有风险的。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如-GoHigh NetworksLtd.拥有2个警告标志我们认为你应该意识到。
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.
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。