Innuovo Technology (SZSE:000795) Has A Pretty Healthy Balance Sheet
Innuovo Technology (SZSE:000795) Has A Pretty Healthy Balance Sheet
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.' 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. As with many other companies Innuovo Technology Co., Ltd. (SZSE:000795) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。與許多其他公司一樣,英諾華科技有限公司(深圳證券交易所代碼:000795)也使用債務。但更重要的問題是:這筆債務會帶來多大的風險?
When Is Debt A Problem?
債務何時會成爲問題?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。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,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
What Is Innuovo Technology's Net Debt?
Innuovo Technology的淨負債是多少?
The image below, which you can click on for greater detail, shows that Innuovo Technology had debt of CN¥424.6m at the end of March 2024, a reduction from CN¥1.39b over a year. But on the other hand it also has CN¥673.1m in cash, leading to a CN¥248.5m net cash position.
您可以點擊下圖查看更多詳情,該圖片顯示,英諾華科技截至2024年3月底的債務爲4.246億元人民幣,較一年內的13.9億元人民幣有所減少。但另一方面,它也有6.731億元的現金,淨現金狀況爲2.485億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-b8440a8cc80365526b8b13c4fd866873-0-c2ed01facefebc04fac9f868e5a5c104.png/big)
A Look At Innuovo Technology's Liabilities
看看英諾沃科技的負債
We can see from the most recent balance sheet that Innuovo Technology had liabilities of CN¥1.25b falling due within a year, and liabilities of CN¥71.6m due beyond that. Offsetting this, it had CN¥673.1m in cash and CN¥1.05b in receivables that were due within 12 months. So it can boast CN¥397.5m more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,英諾華科技的負債爲12.5億元人民幣,一年後到期的負債爲7160萬元人民幣。與此相抵消的是,它有6.731億元的現金和10.5億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出3.975億元人民幣 總 負債。
This short term liquidity is a sign that Innuovo Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Innuovo Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
這種短期流動性表明,Innuovo Technology可能會輕鬆償還債務,因爲其資產負債表遠未緊張。簡而言之,Innuovo Technology的現金多於債務這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。
It is just as well that Innuovo Technology's load is not too heavy, because its EBIT was down 31% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Innuovo Technology 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.
同樣地,英諾華科技的負擔並不太重,因爲其息稅前利潤比去年下降了31%。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。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。但是你不能完全孤立地看待債務;因爲Innuovo Technology需要收益來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Innuovo Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. In the last three years, Innuovo Technology created free cash flow amounting to 6.2% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管Innuovo Technology的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去的三年中,英諾沃科技創造了相當於其息稅前利潤的6.2%的自由現金流,表現平淡無奇。對我們來說,低現金轉換率會引發一點偏執狂,那就是償還債務的能力。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that Innuovo Technology has net cash of CN¥248.5m, as well as more liquid assets than liabilities. So we are not troubled with Innuovo Technology's debt use. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Innuovo Technology you should know about.
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,英諾華科技的淨現金爲2.485億元人民幣,流動資產也多於負債。因此,我們對英諾沃科技的債務使用並不感到困擾。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。這些風險可能很難發現。每家公司都有它們,我們發現了你應該知道的英諾沃科技的1個警告信號。
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。