Is Primarius Technologies (SHSE:688206) Using Debt Sensibly?
Is Primarius Technologies (SHSE:688206) Using Debt Sensibly?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 note that Primarius Technologies Co., Ltd. (SHSE:688206) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”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。我们注意到,Primarius Technologies有限公司(上海证券交易所股票代码:688206)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。
Why Does Debt Bring Risk?
为什么债务会带来风险?
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 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 step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法还清贷款人的债务,那么债务就任其摆布。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。考虑公司的债务水平的第一步是同时考虑其现金和债务。
How Much Debt Does Primarius Technologies Carry?
Primarius Technologies 背负了多少债务?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 Primarius Technologies had CN¥17.6m of debt, an increase on none, over one year. But it also has CN¥1.55b in cash to offset that, meaning it has CN¥1.54b net cash.
你可以点击下图查看历史数字,但它显示,截至2023年9月,Primarius Technologies在一年内有1760万元人民币的债务,比零有所增加。但它也有15.5亿元的现金来抵消这一点,这意味着它的净现金为15.4亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240323/0-84cf020ef785ab0ef1e64e88d6035dce-0-5fcb0566b1e39e32e526e61883c25317.png/big)
How Strong Is Primarius Technologies' Balance Sheet?
Primarius Technologies的资产负债表有多强?
According to the last reported balance sheet, Primarius Technologies had liabilities of CN¥206.2m due within 12 months, and liabilities of CN¥162.9m due beyond 12 months. On the other hand, it had cash of CN¥1.55b and CN¥90.9m worth of receivables due within a year. So it actually has CN¥1.28b more liquid assets than total liabilities.
根据上次公布的资产负债表,Primarius Technologies的负债为2.062亿元人民币,12个月后到期的负债为1.629亿元人民币。另一方面,它有15.5亿元人民币的现金和价值9,090万元人民币的应收账款在一年内到期。所以它实际上有128亿元人民币 更多 流动资产超过总负债。
It's good to see that Primarius Technologies 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 Primarius Technologies has more cash than debt is arguably a good indication that it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Primarius Technologies's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
很高兴看到Primarius Technologies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,Primarius Technologies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。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益将决定Primarius Technologies未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, Primarius Technologies reported revenue of CN¥329m, which is a gain of 18%, 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,Primarius Technologies公布的收入为3.29亿元人民币,增长了18%,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 Primarius Technologies?
那么Primarius Technologies的风险有多大
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Primarius Technologies lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥40m and booked a CN¥58m accounting loss. With only CN¥1.54b on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. For riskier companies like Primarius Technologies I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
就其本质而言,亏损的公司比盈利历史悠久的公司风险更大。事实是,在过去的十二个月中,Primarius Technologies的息税前收益(EBIT)额度出现了亏损。同期,它的自由现金流出为负4000万元人民币,会计亏损为5800万元人民币。由于资产负债表上只有15.4亿元人民币,看来它需要很快再次筹集资金。总体而言,其资产负债表目前似乎风险不大,但在看到正自由现金流之前,我们始终保持谨慎。对于像Primarius Technologies这样的风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们的利润、收入和运营现金流的交互式图表。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么请立即查看我们的独家净现金增长股票清单。
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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。