Is Shenzhen Han's CNC Technology (SZSE:301200) A Risky Investment?
Is Shenzhen Han's CNC Technology (SZSE:301200) A Risky Investment?
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. We can see that Shenzhen Han's CNC Technology Co., Ltd. (SZSE:301200) does use debt in its business. But the more important question is: how much risk is that debt creating?
David Iben说得好,“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。”所以,当你考虑任何给定的股票有多大风险时,需要考虑债务,因为过多的债务会让公司陷入窘境。我们可以看到深圳汉尼斯CNC科技股份有限公司(SZSE:301200)确实在业务中使用了债务。但更重要的问题是:这些债务造成了多大的风险?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
当一个企业无法靠自由现金流或以有吸引力的价格筹集资本来轻松履行其负债,债务和其他负债就会对企业构成风险。在最坏的情况下,如果一个公司无法还清其债权人,它可能会破产。虽然这并不太常见,但我们经常看到负债企业因为贷方强制它们以困境价格筹集资本而永久稀释股东。当然,债务对于企业尤其是重资产的企业可以是一种重要的工具。当我们研究债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does Shenzhen Han's CNC Technology Carry?
深圳汉尼斯CNC科技的债务有多少?
As you can see below, at the end of March 2024, Shenzhen Han's CNC Technology had CN¥568.5m of debt, up from CN¥3.96m a year ago. Click the image for more detail. But it also has CN¥2.22b in cash to offset that, meaning it has CN¥1.65b net cash.
正如您下面所看到的,在2024年3月底,深圳汉尼斯CNC科技的债务为5.685亿元,比一年前的396万元增加了很多。点击图像以获取更多详情。但它也有22.2亿元的现金来抵消,这意味着它拥有16.5亿元的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240622/0-ad5eeda6bf4045907f1c8b0b7bf7bf1f-0-4be155509c43c579e3f8b655ac03e8f9.png/big)
How Strong Is Shenzhen Han's CNC Technology's Balance Sheet?
Zooming in on the latest balance sheet data, 我们可以看到深圳汉尼斯CNC科技有CN¥1.82b的负债到期,还有CN¥62.7m的负债过期后到期。另一方面,它有22.2亿元的现金和21.7亿元的应收款,到期时间在一年内。所以它比其他liabilities多了25.1亿元的流动资产。
Zooming in on the latest balance sheet data, we can see that Shenzhen Han's CNC Technology had liabilities of CN¥1.82b due within 12 months and liabilities of CN¥62.7m due beyond that. On the other hand, it had cash of CN¥2.22b and CN¥2.17b worth of receivables due within a year. So it can boast CN¥2.51b more liquid assets than total liabilities.
这种盈余表明深圳汉尼斯CNC科技在使用债务方面是安全和保守的。考虑到它有足够的短期流动性,我们认为它不会遇到任何问题与贷方发生分歧。简而言之,深圳汉尼斯CNC科技拥有的现金比负债多,这可以认为是一个很好的迹象,表明它可以安全地管理债务。总负债。
This surplus suggests that Shenzhen Han's CNC Technology is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Shenzhen Han's CNC Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
事实上,深圳汉尼斯CNC科技的债务水平很低,因为它的EBIT在过去十二个月中下降了80%。当一个公司看到它的收益下降,它有时会发现它与贷款人的关系变得不好。毫无疑问,我们借助资产负债表了解最多的是债务。但你不能完全孤立地看待债务;因为深圳汉尼斯CNC科技需要盈利来还债务。因此,在考虑债务时,值得看一下盈利趋势。
In fact Shenzhen Han's CNC Technology's saving grace is its low debt levels, because its EBIT has tanked 80% in the last twelve months. 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 Shenzhen Han's CNC 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.
最后,虽然税务署可能崇拜会计利润,但贷方只接受真金白银。深圳汉尼斯CNC科技的资产负债表可能有净现金,但看一下公司把利息和税前利润(EBIT)转换成自由现金流的能力如何,仍然是值得注意的,因为这将影响它需要和管理债务的能力。在最近三年中,深圳汉尼斯CNC技术的自由现金流仅占其EBIT的24%,低于我们的预期。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Shenzhen Han's CNC Technology may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. In the last three years, Shenzhen Han's CNC Technology's free cash flow amounted to 24% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
虽然我们理解那些担心债务的投资者们,但请记住,深圳汉尼斯CNC科技有16.5亿元的净现金,而且比负债多的流动资产。所以我们对深圳汉尼斯CNC科技使用债务没有任何问题。我们毫无疑问地从资产负债表中了解到债务最多的信息。但是,每家公司最终可以在资产负债表之外包含存在的风险。这些风险很难发现。每个公司都有,我们已经发现了深圳汉尼斯CNC科技的4个警示信号(其中2个是重要的!)您应该知道。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that Shenzhen Han's CNC Technology has net cash of CN¥1.65b, as well as more liquid assets than liabilities. So we don't have any problem with Shenzhen Han's CNC Technology's use of debt. 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 4 warning signs for Shenzhen Han's CNC Technology (of which 2 are significant!) you should know about.
其他负债和当前负债对于企业而言具有风险,因为企业无法轻松以自由现金流或以合适的价格筹集资本来履行这些义务。在最坏的情况下,如果一个公司无法还清其债权人,它可能会破产。虽然这并不太常见,但我们经常看到负债企业因为贷方强制它们以困境价格筹集资本而永久稀释股东。综上所述,我们同情那些担心债务的投资者,但您需要记住,深圳汉尼斯CNC科技有1.65亿元的净现金,以及比负债多的流动资产。所以我们对深圳汉尼斯CNC科技使用债务没有任何问题。我们毫无疑问地从资产负债表中了解到债务最多的信息。但是,每家公司最终可以在资产负债表之外包含存在的风险。这些风险很难发现。每个公司都有,我们已经发现了深圳汉尼斯CNC科技的4个警示信号(其中2个是重要的!)您应该知道。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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