Nanjing Canatal Data-Centre Environmental Tech (SHSE:603912) Has Debt But No Earnings; Should You Worry?
Nanjing Canatal Data-Centre Environmental Tech (SHSE:603912) Has Debt But No Earnings; Should You Worry?
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Nanjing Canatal Data-Centre Environmental Tech Co., Ltd (SHSE:603912) does use debt in its business. But is this debt a concern to shareholders?
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看到,南京佳能数据中心环境技术有限公司(SHSE: 603912)确实在其业务中使用了债务。但是这笔债务是股东关心的问题吗?
When Is Debt Dangerous?
债务何时危险?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。当然,债务可能是企业的重要工具,尤其是资本密集型企业。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
Check out our latest analysis for Nanjing Canatal Data-Centre Environmental Tech
查看我们对南京凯纳尔数据中心环境技术的最新分析
What Is Nanjing Canatal Data-Centre Environmental Tech's Net Debt?
南京凯纳尔数据中心环境科技的净负债是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Nanjing Canatal Data-Centre Environmental Tech had debt of CN¥841.0m, up from CN¥721.6m in one year. But it also has CN¥1.79b in cash to offset that, meaning it has CN¥946.0m net cash.
您可以点击下图查看更多详情,该图片显示,截至2023年9月,南京佳耐尔数据中心环境科技的债务为8.41亿元人民币,高于一年内的7.216亿元人民币。但它也有17.9亿元的现金来抵消这一点,这意味着它拥有9.46亿元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240124/0-f2d599e0047cfdb95e5b26e6b53fa0af-0-30a81179c0e8e679f4989b2a38021e0c.png/big)
How Strong Is Nanjing Canatal Data-Centre Environmental Tech's Balance Sheet?
南京凯纳尔数据中心环境科技的资产负债表有多强?
We can see from the most recent balance sheet that Nanjing Canatal Data-Centre Environmental Tech had liabilities of CN¥1.02b falling due within a year, and liabilities of CN¥299.9m due beyond that. Offsetting these obligations, it had cash of CN¥1.79b as well as receivables valued at CN¥342.6m due within 12 months. So it actually has CN¥806.4m more liquid assets than total liabilities.
我们可以从最新的资产负债表中看出,南京佳能数据中心环境科技的负债为10.2亿元人民币,一年后到期的负债为2.999亿元人民币。除了这些债务外,它还有17.9亿元人民币的现金以及价值3.426亿元人民币的应收账款将在12个月内到期。所以它实际上有8.064亿元人民币 更多 流动资产超过总负债。
It's good to see that Nanjing Canatal Data-Centre Environmental Tech has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Due to its strong net asset position, it is not likely to face issues with its lenders. Simply put, the fact that Nanjing Canatal Data-Centre Environmental Tech has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Nanjing Canatal Data-Centre Environmental Tech 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.
很高兴看到南京凯纳尔数据中心环境科技的资产负债表上有充足的流动性,这表明对负债的管理比较保守。由于其强大的净资产状况,它不太可能面临贷款人的问题。简而言之,南京凯纳尔数据中心环境科技的现金多于债务,这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。在分析债务水平时,资产负债表是显而易见的起点。但是你不能完全孤立地看待债务;因为南京凯纳尔数据中心环境技术需要收益来偿还债务。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。
Over 12 months, Nanjing Canatal Data-Centre Environmental Tech reported revenue of CN¥598m, which is a gain of 6.9%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,南京凯纳尔数据中心环境技术报告收入为5.98亿元人民币,增长6.9%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
So How Risky Is Nanjing Canatal Data-Centre Environmental Tech?
那么,南京凯纳尔数据中心环境科技的风险有多大?
Although Nanjing Canatal Data-Centre Environmental Tech had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥36m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. 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. These risks can be hard to spot. Every company has them, and we've spotted 4 warning signs for Nanjing Canatal Data-Centre Environmental Tech (of which 1 is potentially serious!) you should know about.
尽管南京凯纳尔数据中心环境技术在过去十二个月中出现了息税前收益(EBIT)亏损,但其法定利润为3,600万元人民币。因此,当你考虑到它有净现金和法定利润时,该股票的风险可能没有看起来那么大,至少在短期内是如此。鉴于收入增长乏善可陈,一旦息税前利润为正,我们将对该股感到更加满意。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表中,远非如此。这些风险可能很难发现。每家公司都有警告,我们已经发现了南京凯纳尔数据中心环境科技的4个警告信号(其中1个可能很严重!)你应该知道。
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.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。