Here's Why Hubei DOTI Micro Technology (SZSE:301183) Can Manage Its Debt Despite Losing Money
Here's Why Hubei DOTI Micro Technology (SZSE:301183) Can Manage Its Debt Despite Losing Money
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.' 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. Importantly, Hubei DOTI Micro Technology Co., Ltd. (SZSE:301183) does carry debt. But the real question is whether this debt is making the company risky.
David Iben曾說得很好,“波動性並不是我們所關心的風險。我們所關心的是避免永久性資本損失。”因此,當您考慮股票的風險時,需要考慮債務,因爲債務過多會使公司陷入困境。重要的是,湖北DOTI微科技股份有限公司(SZSE:301183)確實負債。但真正的問題是,這筆債務是否會讓公司有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. 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.
債務可以在企業遇到困難支付時提供幫助,無論是通過新的資本還是自由現金流。如果情況變得非常糟糕,貸款人可以控制企業。然而,一個更常見(但仍然痛苦)的場景是,它必須以低價籌集新的股權資本,因此永久地稀釋股東的權益。然而,取代稀釋,債務可以成爲需要資本來以高回報率投資增長的企業的極好工具。考慮公司的債務水平的第一步是將其現金和債務一起考慮。
What Is Hubei DOTI Micro Technology's Debt?
湖北DOTI微科技的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Hubei DOTI Micro Technology had CN¥35.5m of debt, an increase on CN¥10.0m, over one year. However, its balance sheet shows it holds CN¥359.1m in cash, so it actually has CN¥323.6m net cash.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年3月,湖北DOTI微科技負債35.5萬元,比一年前增加了10.0萬元。但是,其資產負債表顯示它持有現金359.1萬元,因此它實際上有323.6萬元的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240615/0-eaadaf03fab86462141d82d2ab95723f-0-f95f8e0a95c84aa8c097e782c8de9aa0.png/big)
A Look At Hubei DOTI Micro Technology's Liabilities
我們可以從最新的資產負債表中看到,湖北DOTI微科技有3.228億人民幣的短期債務,到期時間在一年內,以及3,070萬元的長期債務。抵消這些義務,它持有3.591億元的現金以及在12個月內到期的343.9萬元的應收賬款。所以它實際上擁有3.495億元的淨現金。
We can see from the most recent balance sheet that Hubei DOTI Micro Technology had liabilities of CN¥322.8m falling due within a year, and liabilities of CN¥30.7m due beyond that. Offsetting these obligations, it had cash of CN¥359.1m as well as receivables valued at CN¥343.9m due within 12 months. So it actually has CN¥349.5m more liquid assets than total liabilities.
這種短期流動性是湖北DOTI微科技可以輕鬆償還其債務的跡象,因爲其資產負債表遠未過度緊張。簡單地說,湖北DOTI微科技擁有的現金多於債務,可以安全地管理債務。很明顯,資產負債表是分析債務時需要關注的區域。但是,您不能完全孤立地看待債務;因爲湖北DOTI微科技需要收入來服務該債務。因此,考慮債務時,絕對值得關注盈利趨勢。比總負債還多出了更多的流動資產。
This short term liquidity is a sign that Hubei DOTI Micro Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Hubei DOTI Micro Technology 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 you can't view debt in total isolation; since Hubei DOTI Micro 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.
在過去一年中,Hubei Doti微科技在EBIT水平上沒有盈利,但成功將營業收入增長了57%,達到4.16億元。股東們可能已銘記在心,它可以成長爲盈利公司。那麼湖北DOTI微科技的風險到底有多大?我們毫不懷疑,虧損的公司總體上比盈利的公司更具風險。坦白地說,在過去一年中,湖北DOTI微科技確實出現了利息、稅項、折舊和攤銷(EBIT)虧損。在同一時期,它看到自由現金流出流量爲-8700萬人民幣,並計入20萬元的會計虧損。雖然這確實使公司有點冒險,但重要的是記住它有3.236億元的淨現金。這意味着它可以以現在的速度繼續花費兩年以上的時間。在過去一年中,Hubei DOTI微科技的營收增長非常穩固,可能正在走向盈利。購買盈利之前,股東承擔更大的風險。在分析債務水平時,資產負債表是明顯的起點。但是,並非所有的投資風險都存在於資產負債表中-相反,還有很多風險。例如,我們已經確定了湖北DOTI微科技的兩個警告信號,您應該注意。
In the last year Hubei DOTI Micro Technology wasn't profitable at an EBIT level, but managed to grow its revenue by 57%, to CN¥416m. Shareholders probably have their fingers crossed that it can grow its way to profits.
在過去一年中,湖北DOTI微科技在EBIT水平上沒有盈利,但成功將營業收入增長了57%,達到4.16億元。股東們可能已銘記在心,它可以成長爲盈利公司。
So How Risky Is Hubei DOTI Micro Technology?
那麼湖北DOTI微科技的風險到底有多大?我們毫不懷疑,虧損的公司總體上比盈利的公司更具風險。
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Hubei DOTI Micro Technology had an earnings before interest and tax (EBIT) loss, truth be told. And over the same period it saw negative free cash outflow of CN¥87m and booked a CN¥20m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of CN¥323.6m. That means it could keep spending at its current rate for more than two years. With very solid revenue growth in the last year, Hubei DOTI Micro Technology may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Hubei DOTI Micro Technology that you should be aware of.
我們毫不懷疑虧損公司總體上比盈利公司更加風險。去年湖北道迪微技術(Hubei DOTI Micro Technology)確實出現了利息和稅前利潤虧損(EBIT),並且在同期看到了8700萬元人民幣的負自由現金流和2000萬元人民幣的會計虧損。雖然這使得公司有點冒險,但重要的是記住它擁有3.236億元人民幣的淨現金。這意味着它可以以當前的支出速度繼續支出兩年以上。在過去一年中,湖北道迪微技術的營業收入增長非常穩健,有可能邁向盈利的道路。通過在利潤到來之前進行投資,股東承擔更多的風險,以期獲得更大的回報。在分析負債水平時,資產負債表是顯而易見的起點。然而,並不是所有的投資風險都存在於資產負債表中,遠非如此。例如,我們已經發現湖北道迪微技術存在2個警示信號,您應該注意。
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.
當然,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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