Is Mabwell (Shanghai) Bioscience (SHSE:688062) Using Too Much Debt?
Is Mabwell (Shanghai) Bioscience (SHSE:688062) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Mabwell (Shanghai) Bioscience Co., Ltd. (SHSE:688062) does use debt in its business. But is this debt a concern to shareholders?
沃伦•巴菲特曾经说过:“波动性远非风险的代名词。” 当我们考虑一个公司的风险性时,我们总是喜欢观察它的债务使用情况,因为债务负担过重可能会导致破产。 我们可以看到马博医疗(上海)生物科技股份有限公司(SHSE:688062)在业务中确实正在使用债务。 但是,这种债务会让股东担忧吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,当一家公司无法轻松地用自己的筹资或现金流偿还债务时,债务才真正成为一个问题。最终,如果一家公司无法履行其偿还债务的法律义务,股东可能一无所有。然而,一种更频繁的(但仍然昂贵的)情况是,一家公司必须以折扣价格发行股票,永久性地稀释股东的资产,仅仅是为了支撑其资产负债表。通过取代稀释,债务可以成为需要高回报的增长资本的企业的一个极好的工具。当我们检查债务水平时,我们首先综合考虑现金和债务水平。
How Much Debt Does Mabwell (Shanghai) Bioscience Carry?
马博医疗(上海)生物科技股份有限公司承担了多少债务?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Mabwell (Shanghai) Bioscience had CN¥1.74b of debt, an increase on CN¥806.5m, over one year. However, it does have CN¥1.80b in cash offsetting this, leading to net cash of CN¥59.0m.
你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,马博医疗(上海)生物科技股份有限公司负有17.4亿人民币的债务,相比一年增加了8065万人民币。 然而,它有18亿元的现金抵消了这笔债务,从而形成了净现金为5900万人民币。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240717/0-9cc438fe4748a0651c97e4d337dc3a2d-0-186f0257dc94bf2b5ca157807c3b44d4.png/big)
A Look At Mabwell (Shanghai) Bioscience's Liabilities
观察马博医疗(上海)生物科技股份有限公司的负债
We can see from the most recent balance sheet that Mabwell (Shanghai) Bioscience had liabilities of CN¥1.05b falling due within a year, and liabilities of CN¥1.19b due beyond that. Offsetting this, it had CN¥1.80b in cash and CN¥142.7m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥305.2m.
从最近的资产负债表中,我们可以看到马博医疗(上海)生物科技股份有限公司有10.5亿人民币的短期到期负债,和11.9亿人民币的长期到期负债。 抵消这些债务的是,它有18亿元的现金和1.427亿元在12个月内到期的应收款。 因此,它的负债超过了其现金和(短期的)应收款总和305.2万元人民币。
Since publicly traded Mabwell (Shanghai) Bioscience shares are worth a total of CN¥11.3b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Mabwell (Shanghai) Bioscience also has more cash than debt, so we're pretty confident it can manage its debt safely. 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 Mabwell (Shanghai) Bioscience 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.
由于上市的马博医疗(上海)生物科技股份有限公司股票的总价值达到了113亿元人民币,因此这种程度的负债似乎不太可能构成重大威胁。 尽管如此,很显然我们应该继续监测其资产负债表是否恶化。 虽然它的负债值值得关注,但马博医疗(上海)生物科技股份有限公司的现金多于债务,因此我们相当有信心它能够安全地处理其债务。 在分析债务时,资产负债表很明显是需要关注的领域。 但是,最终业务的未来盈利能力将决定马博医疗(上海)生物科技股份有限公司是否能够随着时间的推移加强其资产负债表。 因此,如果您关注未来,可以查看这份免费的分析师盈利预测报告。
In the last year Mabwell (Shanghai) Bioscience wasn't profitable at an EBIT level, but managed to grow its revenue by 591%, to CN¥191m. That's virtually the hole-in-one of revenue growth!
在过去一年中,马博医疗(上海)生物科技股份有限公司的EBIt亏损,但营业收入增长了591%,达到了1.91亿元人民币。 那几乎是营收增长的“一击进洞”!
So How Risky Is Mabwell (Shanghai) Bioscience?
那么,马博医疗(上海)生物科技股份有限公司有多大风险?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that Mabwell (Shanghai) Bioscience had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥1.3b and booked a CN¥1.0b accounting loss. However, it has net cash of CN¥59.0m, so it has a bit of time before it will need more capital. The good news for shareholders is that Mabwell (Shanghai) Bioscience has dazzling revenue growth, so there's a very good chance it can boost its free cash flow in the years to come. High growth pre-profit companies may well be risky, but they can also offer great rewards. 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. For example, we've discovered 1 warning sign for Mabwell (Shanghai) Bioscience that you should be aware of before investing here.
我们毫不怀疑,亏损的公司总体上比盈利的公司更具风险性。 我们确实注意到,马博医疗(上海)生物科技股份有限公司在过去一年中的利息和税前利润(EBIT)亏损。 在同一时期,它看到了13亿元人民币的负自由现金流和10亿元人民币的会计亏损。 但是,它有5900万元人民币的净现金,因此在需要更多资本之前还有一段时间。 对于股东来说的好消息是,马博医疗(上海)生物科技股份有限公司拥有惊人的营收增长,因此未来几年它可以提高自由现金流。 高增长但未盈利的公司可能具有风险,但它们也可能带来巨大的回报。 分析债务时,资产负债表很明显是需要关注的领域。 然而,并非所有的投资风险都来自于资产负债表——远非如此。例如,我们发现马博医疗(上海)生物科技股份有限公司的1个警示标志值得您在投资之前了解。
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.
当然,如果您是那种喜欢购买没有负债负担的股票的投资者,则今天就可以发现我们的独家净现金增长股清单。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?对内容感到担忧?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。