Here's Why Guangdong Dtech Technology (SZSE:301377) Has A Meaningful Debt Burden
Here's Why Guangdong Dtech Technology (SZSE:301377) Has A Meaningful Debt Burden
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.' 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. We can see that Guangdong Dtech Technology Co., Ltd. (SZSE:301377) does use debt in its business. But the real question is whether this debt is making the company risky.
David Iben曾经说过:“波动性不是我们关心的风险。我们关心的是避免永久性损失的资本。” 当您考察一个公司的风险时,考虑其资产负债表是再自然不过的事情了,因为一般企业倒闭时都会涉及债务关系。我们可以看到,广东股份科技有限公司(深圳证券交易所:301377)的确在其业务中使用了债务,但真正的问题是,这笔债务是否会让该公司变得有风险。
What Risk Does Debt Bring?
债务带来了什么风险?
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 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. 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.
债务可以协助企业,直到企业难以偿还,无论是新的资本还是自由现金流。如果情况变得非常糟糕,借款人可以接管企业。但常发生的代价高昂的情况是,一家公司不得不以极低的价格发行股票,永久性地稀释股东权益,以挽回其资产负债表的巨大缺口。当然,债务的好处是它经常代表着便宜的资本,尤其是当它代替公司能够以高回报率再投资的稀释时。考虑一家公司的债务水平时,第一步是要考虑其现金和债务结合在一起。
What Is Guangdong Dtech Technology's Debt?
广东股份科技的债务情况如何?
The image below, which you can click on for greater detail, shows that at March 2024 Guangdong Dtech Technology had debt of CN¥267.2m, up from CN¥177.8m in one year. However, its balance sheet shows it holds CN¥713.6m in cash, so it actually has CN¥446.3m net cash.
如下图所示(点击可放大),截至2024年3月,广东股份科技的债务为26720万元人民币,比一年前的17780万元人民币有所增加。但是,其资产负债表显示其持有71360万元人民币的现金,因此其净现金为44630万元人民币。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240713/0-4c0c9a172071e081b75366c8c887ca50-0-9fae4ab8fc8737c11bd6d1c4c8aea73f.png/big)
How Healthy Is Guangdong Dtech Technology's Balance Sheet?
广东股份科技的资产负债表看起来如何健康?
According to the last reported balance sheet, Guangdong Dtech Technology had liabilities of CN¥672.0m due within 12 months, and liabilities of CN¥181.3m due beyond 12 months. Offsetting these obligations, it had cash of CN¥713.6m as well as receivables valued at CN¥803.0m due within 12 months. So it can boast CN¥663.3m more liquid assets than total liabilities.
根据最近公布的资产负债表,广东股份科技有责任于12个月内支付的负债总计67200万元人民币,以及12个月以上应付的负债总计18130万元人民币。抵消这些义务,其应收账款在12个月内达到80300万元人民币,同时其持有71360万元人民币的现金。因此,它可以以66330万元人民币的流动资产抵消所有负债。
This short term liquidity is a sign that Guangdong Dtech Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Guangdong Dtech Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
这种短期流动性表明,广东股份科技可以轻松偿还其债务,因为其资产负债表还没有到极限。简而言之,广东股份科技有现金而没有债务,可以说是一个良好的迹象,可以安全地管理其债务。
It is just as well that Guangdong Dtech Technology's load is not too heavy, because its EBIT was down 32% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Guangdong Dtech Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
幸好广东股份科技的负担不太重,因为过去一年中其EBIt下降了32%。当涉及清偿债务时,萎缩的盈利与含糖饮料对健康也无益处。分析债务水平时,资产负债表是显然的起点。但最终,未来收益胜过一切,这将决定广东股份科技维持健康资产负债表的能力。因此,如果您想看看专业人士的想法,你可能会觉得这份免费的分析师利润预测报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Guangdong Dtech 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. Considering the last three years, Guangdong Dtech Technology actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
最后,公司需要自由现金流来偿还债务;会计利润并不能解决问题。虽然广东股份科技在资产负债表上拥有净现金,但看看其将税前利润和利息(EBIT)转化为自由现金流的情况也是很有意思的,因为这将影响其管理债务的需求和能力。在过去的三年中,广东股份科技的自由现金流实际上出现了流出。对于自由现金流不可靠的公司来说,债务风险要大得多,因此股东应该希望过去的支出将在未来产生自由现金流。
Summing Up
总之
While it is always sensible to investigate a company's debt, in this case Guangdong Dtech Technology has CN¥446.3m in net cash and a decent-looking balance sheet. So while Guangdong Dtech Technology does not have a great balance sheet, it's certainly not too bad. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Guangdong Dtech Technology .
虽然调查公司的债务状况始终是明智的做法,但在广东股份科技的情况下,其净现金达44630万元人民币,而且其资产负债表看起来还可以。因此,虽然广东股份科技的资产负债表不是很好,但也算不错。在分析债务水平时,资产负债表是显然的起点。但是,最终,每个公司都可能包含存在于资产负债表以外的风险。为此,您应该意识到我们注意到的1个警告信号与广东股份科技有关。
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.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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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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