HC SemiTek (SZSE:300323) Is Making Moderate Use Of Debt
HC SemiTek (SZSE:300323) Is Making Moderate Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 HC SemiTek Corporation (SZSE:300323) makes use of debt. But the real question is whether this debt is making the company risky.
沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。與許多其他公司一樣,華燦光電公司(深圳證券交易所代碼:300323)也使用債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。
Check out our latest analysis for HC SemiTek
查看我們對 HC SemiTek 的最新分析
How Much Debt Does HC SemiTek Carry?
HC SemiTek 揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that HC SemiTek had CN¥2.59b of debt in September 2023, down from CN¥3.07b, one year before. However, it also had CN¥2.46b in cash, and so its net debt is CN¥130.7m.
你可以點擊下圖查看歷史數字,但它顯示華燦光電在2023年9月有25.9億元人民幣的債務,低於一年前的30.7億元人民幣。但是,它也有24.6億元的現金,因此其淨負債爲1.307億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231206/0-a8cf8de25c86826ddef2fcf7f82b9552-0-ba36dded1e91b1eb3d593ea85b576434.png/big)
A Look At HC SemiTek's Liabilities
看看華燦光電的負債
The latest balance sheet data shows that HC SemiTek had liabilities of CN¥2.86b due within a year, and liabilities of CN¥1.34b falling due after that. Offsetting this, it had CN¥2.46b in cash and CN¥1.31b in receivables that were due within 12 months. So it has liabilities totalling CN¥428.8m more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,華燦光電的負債爲28.6億元人民幣在一年內到期,13.4億元人民幣的負債在此之後到期。與此相抵消的是,它有24.6億元人民幣的現金和13.1億元人民幣的應收賬款將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出4.288億元人民幣。
Given HC SemiTek has a market capitalization of CN¥10.6b, 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. But either way, HC SemiTek has virtually no net debt, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is HC SemiTek's earnings that will influence how the balance sheet holds up in the future. 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.
鑑於華燦光電的市值爲106億元人民幣,很難相信這些負債會構成很大的威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。但是無論哪種方式,HC SemiTek幾乎沒有淨負債,因此可以公平地說,它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,HC SemiTek的收益將影響未來資產負債表的狀況。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
Over 12 months, HC SemiTek saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that's not too bad, we'd prefer see growth.
在過去的12個月中,HC SemiTek的收入保持相當穩定,並且沒有公佈利息和稅前盈利。雖然這還不錯,但我們希望看到增長。
Caveat Emptor
Caveat Emptor
Importantly, HC SemiTek had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥1.0b at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any 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¥580m in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. 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. For example - HC SemiTek has 1 warning sign we think you should be aware of.
重要的是,HC SemiTek去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了1.0億元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流爲負5.8億元人民幣。因此,只要說我們認爲這隻股票風險很高就足夠了。在分析債務水平時,資產負債表是顯而易見的起點。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,HC SemiTek 有 1 個警告標誌,我們認爲您應該注意。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。