Is Vanjee Technology (SZSE:300552) A Risky Investment?
Is Vanjee Technology (SZSE:300552) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Vanjee Technology Co., Ltd. (SZSE:300552) makes use of debt. But is this debt a concern to shareholders?
霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”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,萬吉科技股份有限公司(深圳證券交易所代碼:300552)也使用債務。但是這筆債務是股東關心的問題嗎?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。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,債務可以成爲企業的重要工具,尤其是資本密集型企業。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
What Is Vanjee Technology's Debt?
Vanjee Technology 的債務是多少?
As you can see below, at the end of December 2023, Vanjee Technology had CN¥45.0m of debt, up from none a year ago. Click the image for more detail. However, it does have CN¥537.3m in cash offsetting this, leading to net cash of CN¥492.3m.
如下圖所示,截至2023年12月底,萬吉科技的債務爲4,500萬元人民幣,高於去年同期的零。點擊圖片查看更多細節。但是,它確實有5.373億元的現金抵消了這一點,淨現金爲4.923億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240427/0-2ab85643228dc18a74da3cccd2de836f-0-f5b9e1caa400ebf4ef1edae25aee39fd.png/big)
A Look At Vanjee Technology's Liabilities
看看 Vanjee Technology 的負債
Zooming in on the latest balance sheet data, we can see that Vanjee Technology had liabilities of CN¥813.7m due within 12 months and liabilities of CN¥131.7m due beyond that. Offsetting these obligations, it had cash of CN¥537.3m as well as receivables valued at CN¥1.13b due within 12 months. So it actually has CN¥723.4m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,Vanjee Technology在12個月內到期的負債爲8.137億元人民幣,之後到期的負債爲1.317億元人民幣。除這些債務外,它有5.373億元的現金以及價值11.3億元人民幣的應收賬款將在12個月內到期。所以它實際上有7.234億元人民幣 更多 流動資產超過總負債。
This short term liquidity is a sign that Vanjee Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Vanjee Technology has more cash than debt is arguably a good indication that it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Vanjee Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
這種短期流動性表明,由於其資產負債表遠未緊張,Vanjee Technology可能會輕鬆還清債務。簡而言之,Vanjee 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。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。但最終,該業務未來的盈利能力將決定Vanjee Technology能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Over 12 months, Vanjee Technology reported revenue of CN¥909m, which is a gain of 4.2%, 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.
在過去的12個月中,Vanjee Technology公佈的收入爲9.09億元人民幣,增長了4.2%,儘管它沒有報告任何利息和稅前收益。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的發展。
So How Risky Is Vanjee Technology?
那麼 Vanjee Technology 的風險有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that Vanjee Technology had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥285m of cash and made a loss of CN¥386m. But at least it has CN¥492.3m on the balance sheet to spend on growth, near-term. 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. 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. We've identified 1 warning sign with Vanjee Technology , and understanding them should be part of your investment process.
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。而且我們確實注意到,Vanjee Technology去年出現了息稅前收益(EBIT)虧損。事實上,在那段時間裏,它燒燬了2.85億加元的現金,損失了3.86億元人民幣。但至少在短期內,它的資產負債表上有4.923億元人民幣可用於增長。總體而言,其資產負債表目前似乎風險不大,但在看到正自由現金流之前,我們始終保持謹慎。資產負債表顯然是分析債務時需要關注的領域。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。我們已經確定了Vanjee Technology的1個警告信號,了解它們應該是您投資過程的一部分。
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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