Hangzhou Lianluo Interactive Information TechnologyLtd (SZSE:002280) Has Debt But No Earnings; Should You Worry?
Hangzhou Lianluo Interactive Information TechnologyLtd (SZSE:002280) Has Debt But No Earnings; Should You Worry?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Hangzhou Lianluo Interactive Information Technology Co.,Ltd (SZSE:002280) does use debt in its business. But the more important question is: how much risk is that debt creating?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,杭州联罗互动信息技术有限公司, Ltd(深圳证券交易所:002280)确实在其业务中使用债务。但更重要的问题是:这笔债务会带来多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
当企业无法通过自由现金流或以诱人的价格筹集资金来轻松履行这些义务时,债务和其他负债就会成为风险。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可以成为一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is Hangzhou Lianluo Interactive Information TechnologyLtd's Net Debt?
杭州联罗互动信息技术有限公司的净负债是多少?
The image below, which you can click on for greater detail, shows that Hangzhou Lianluo Interactive Information TechnologyLtd had debt of CN¥3.27b at the end of September 2023, a reduction from CN¥4.02b over a year. However, it also had CN¥852.1m in cash, and so its net debt is CN¥2.42b.
您可以点击下图查看更多详情,该图片显示,截至2023年9月底,杭州联罗互动信息技术有限公司的债务为32.7亿元人民币,较去年同期的40.2亿元人民币有所减少。但是,它也有8.521亿元的现金,因此其净负债为24.2亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240205/0-df1bf2e5f2271bab5e371abb68bca18d-0-d5a35d4d9d8e7093e013b57382615236.png/big)
A Look At Hangzhou Lianluo Interactive Information TechnologyLtd's Liabilities
看看杭州联罗互动信息技术有限公司的负债
We can see from the most recent balance sheet that Hangzhou Lianluo Interactive Information TechnologyLtd had liabilities of CN¥5.68b falling due within a year, and liabilities of CN¥1.87b due beyond that. On the other hand, it had cash of CN¥852.1m and CN¥1.20b worth of receivables due within a year. So it has liabilities totalling CN¥5.49b more than its cash and near-term receivables, combined.
我们可以从最新的资产负债表中看出,杭州联罗互动信息技术有限公司的负债为56.8亿元人民币,一年后到期的负债为18.7亿元人民币。另一方面,它有8.521亿元的现金和价值12.0亿元人民币的应收账款将在一年内到期。因此,它的负债总额比现金和短期应收账款的总和多出54.9亿元人民币。
Given this deficit is actually higher than the company's market capitalization of CN¥4.01b, we think shareholders really should watch Hangzhou Lianluo Interactive Information TechnologyLtd's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Hangzhou Lianluo Interactive Information TechnologyLtd 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.
鉴于这一赤字实际上高于该公司40.1亿元人民币的市值,我们认为股东们确实应该关注杭州联罗互动信息技术有限公司的债务水平,就像父母第一次看着孩子骑自行车一样。假设,如果公司被迫通过按当前股价筹集资金来偿还负债,则需要进行极其严重的稀释。资产负债表显然是分析债务时需要关注的领域。但是你不能完全孤立地看待债务;因为杭州联罗互动信息技术有限公司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。
In the last year Hangzhou Lianluo Interactive Information TechnologyLtd had a loss before interest and tax, and actually shrunk its revenue by 13%, to CN¥12b. That's not what we would hope to see.
去年,杭州联罗互动信息技术有限公司在利息和税前出现亏损,实际收入减少了13%,至120亿元人民币。这不是我们希望看到的。
Caveat Emptor
Caveat Emptor
While Hangzhou Lianluo Interactive Information TechnologyLtd's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Its EBIT loss was a whopping CN¥841m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through CN¥427m in negative free cash flow over the last year. That means it's on the risky side of things. 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. To that end, you should be aware of the 1 warning sign we've spotted with Hangzhou Lianluo Interactive Information TechnologyLtd .
尽管杭州联络互动信息技术有限公司收入的下降就像开玩笑一样令人心动,但可以说,其息税前收益(EBIT)亏损的吸引力更小。其息税前利润亏损高达8.41亿元人民币。当我们将其与巨额负债一起看时,我们对公司并不特别有信心。在对股票过于感兴趣之前,我们希望看到一些强劲的短期改善。尤其是因为它在过去一年中消耗了4.27亿元人民币的负自由现金流。这意味着它站在危险的一面。资产负债表显然是分析债务时需要关注的领域。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。为此,你应该注意我们在杭州联罗互动信息技术有限公司发现的1个警告标志。
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。
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