These 4 Measures Indicate That Huakai Yibai TechnologyLtd (SZSE:300592) Is Using Debt Safely
These 4 Measures Indicate That Huakai Yibai TechnologyLtd (SZSE:300592) Is Using Debt Safely
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 note that Huakai Yibai Technology Co.,Ltd. (SZSE:300592) does have debt on its balance sheet. But is this debt a concern to shareholders?
David Iben曾经说过:波动性并不是我们所关心的风险。我们关心的是避免永久性的资本损失。因此,当您考虑任何股票的风险时,需要考虑债务,因为太多的债务可能会让一家公司破产。我们注意到,华凯易佰技术股份有限公司(SZSE:300592)确实在其资产负债表上有负债。但是,这个债务是否会引起股东的担忧呢?
When Is Debt A Problem?
什么时候负债才是一个问题?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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,但如果企业无法偿还债务,那么它就处在债权人的控制之下。资本主义的必要环节是“创造性破坏”,即债权人无情地清算债务违约的企业。然而,更常见(但仍然痛苦的)情况是,企业不得不以低价发行新股份,从而永久性地稀释股东权益。当然,债务的好处在于它往往代表了廉价的资本,尤其是在替换具有高回报率的再投资能力的公司的稀释时。考虑一家公司的债务水平时,第一步是考虑其现金和债务的总和。
How Much Debt Does Huakai Yibai TechnologyLtd Carry?
华凯易佰技术有限公司负债有多少?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Huakai Yibai TechnologyLtd had CN¥220.7m of debt, an increase on CN¥71.5m, over one year. But it also has CN¥694.1m in cash to offset that, meaning it has CN¥473.4m net cash.
您可以点击下面的图表查看历史数据,但它显示,截至2024年3月,华凯易佰技术有限公司有2,207万元人民币的债务,比一年前的7150万元人民币增加了。但是,它也有69410万元人民币的现金来抵消这笔负债,这意味着它有47340万元人民币的净现金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240704/0-fe78e736484667ba6ba1c3bef556be83-0-4eddfb2ce55cc7b9297a78d34c3a1bb0.png/big)
A Look At Huakai Yibai TechnologyLtd's Liabilities
看一眼华凯易佰技术有限公司的负债情况
Zooming in on the latest balance sheet data, we can see that Huakai Yibai TechnologyLtd had liabilities of CN¥781.4m due within 12 months and liabilities of CN¥454.6m due beyond that. On the other hand, it had cash of CN¥694.1m and CN¥584.3m worth of receivables due within a year. So it actually has CN¥42.4m more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到,华凯易佰技术有限公司有78140万元人民币的负债在12个月内到期,45460万元人民币的负债超过了12个月。另一方面,它有69410万元人民币的现金和58430万元人民币的应收账款。因此它实际上有4240万元人民币。比总负债还多出了更多的流动资产。
This state of affairs indicates that Huakai Yibai TechnologyLtd's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥4.04b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Huakai Yibai TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
这种情况表明,华凯易佰技术有限公司的资产负债表看起来相当稳健,因为其总负债几乎等于其流动资产。因此,虽然很难想象这家市值达40.4亿元人民币的公司现金不足,但我们仍认为值得监控其资产负债表。简而言之,华凯易佰技术有限公司拥有净现金,因此可以说它没有过重的债务负担。
And we also note warmly that Huakai Yibai TechnologyLtd grew its EBIT by 15% last year, making its debt load easier to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Huakai Yibai TechnologyLtd can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
我们还热情地注意到,华凯易佰技术有限公司去年增长了15%的EBIt,这使得其债务负担更容易处理。如果您正在分析债务,资产负债表显然是需要关注的领域。但最终业务的未来盈利能力会决定华凯易佰技术有限公司是否能随时间加强其资产负债表。因此,如果您关注未来,可以查看这份显示分析师盈利预测的免费报告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Huakai Yibai TechnologyLtd 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. Happily for any shareholders, Huakai Yibai TechnologyLtd actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
但我们的最终考虑也很重要,因为一家公司不能用纸面利润支付债务;它需要冰冷的现金。尽管华凯易佰技术有限公司在其资产负债表上有净现金,但仍值得看看它将利息和税前利润(EBIT)转换为自由现金流的能力,以帮助我们了解其正在构建(或侵蚀)现金余额的速度。令股东高兴的是,华凯易佰技术有限公司在过去三年中实际上产生了比EBIt更多的自由现金流。这种强大的现金转换让我们和大众一样兴奋,就像在DaftPunk演唱会上的舞台效果一样。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Huakai Yibai TechnologyLtd has CN¥473.4m in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥187m, being 125% of its EBIT. So we don't think Huakai Yibai TechnologyLtd's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Huakai Yibai TechnologyLtd has 1 warning sign we think you should be aware of.
虽然调查一家公司的债务总是明智的,但在这种情况下,华凯易佰技术有限公司有47340万元人民币的净现金和一个看起来不错的资产负债表。它给我们留下深刻的印象,自由现金流高达18700万元人民币,是其EBIt的125%。因此,我们不认为华凯易佰技术有限公司的债务使用是有风险的。当您分析债务时,资产负债表显然是需要关注的领域。但最终,每个公司都可能存在超出资产负债表范围的风险。例如——华凯易百技术有限公司有1个警告标志,我们认为您应该注意。
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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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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