Is Nanjing Panda Electronics (SHSE:600775) Using Debt Sensibly?
Is Nanjing Panda Electronics (SHSE:600775) Using Debt Sensibly?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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 Nanjing Panda Electronics Company Limited (SHSE:600775) does use debt in its business. But is this debt a concern to shareholders?
有人认为波动性而不是债务是投资者思考风险的最佳方式,但沃伦•巴菲特曾经说过:“波动性远非风险的代名词。”当我们考虑一家公司有多大风险时,我们总是喜欢看它使用债务的情况,因为债务过载可能导致破产。我们可以看到南京熊猫(SHSE:600775)确实在业务中使用了债务。但这种费用会不会让股东感到担忧?
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务可以帮助企业,直到企业无法用新资本或自由现金流偿还债务。最坏的情况是,如果公司无法支付其债务人,它可能会破产。然而,更常见的情况(但仍然昂贵)是公司必须以便宜的股票价格稀释股东,以控制债务。当然,很多公司使用债务来资助成长而没有任何负面影响。当我们考虑债务水平时,首先要考虑现金和债务水平的总和。
What Is Nanjing Panda Electronics's Debt?
南京熊猫的债务是什么?
As you can see below, at the end of March 2024, Nanjing Panda Electronics had CN¥26.4m of debt, up from CN¥18.1m a year ago. Click the image for more detail. But on the other hand it also has CN¥1.38b in cash, leading to a CN¥1.36b net cash position.
正如您在下面看到的,截至2024年3月底,南京熊猫的债务为CN¥2640万,比一年前的CN¥1810万增加。点击图像以获取更多详细信息。但另一方面,它也拥有CN¥13.8亿的现金,导致CN¥13.6亿的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240727/0-35837c24b87ac31f80c2140b172a6085-0-f3cc3dcb62dce733f18560de04297ba7.png/big)
How Healthy Is Nanjing Panda Electronics' Balance Sheet?
南京熊猫电子公司的资产负债表有多健康?
We can see from the most recent balance sheet that Nanjing Panda Electronics had liabilities of CN¥1.72b falling due within a year, and liabilities of CN¥57.3m due beyond that. On the other hand, it had cash of CN¥1.38b and CN¥1.35b worth of receivables due within a year. So it actually has CN¥958.0m more liquid assets than total liabilities.
从最近的资产负债表上,我们可以看到南京熊猫对一年内到期的负债为CN¥17.2亿,到期超过一年的负债为CN¥5730万。而与此同时,它拥有CN¥13.8亿现金和CN¥13.5亿应收账款。因此,它实际上比总负债多CN¥95800万的流动资产。
It's good to see that Nanjing Panda Electronics has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. 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 Nanjing Panda Electronics 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 ultimately the future profitability of the business will decide if Nanjing Panda Electronics can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
很高兴看到南京熊猫在资产负债表上拥有足够的流动性,这表明他们审慎管理负债。考虑到短期流动性充足,我们认为它不会遇到任何与债权人的问题。简而言之,南京熊猫电子公司拥有比债务多的现金,这arguably是它可以安全地管理债务的一个很好的指示。资产负债表显然是分析债务时需要关注的方面。但最终业务的未来盈利能力将决定南京熊猫电子公司能否随着时间的推移加强其资产负债表。因此,如果您想了解专业人士的意见,您可能会发现这份有关分析师利润预测的免费报告很有趣。
In the last year Nanjing Panda Electronics had a loss before interest and tax, and actually shrunk its revenue by 22%, to CN¥2.8b. That makes us nervous, to say the least.
在过去的一年里,南京熊猫电子公司的利润税前亏损,并且其营业收入缩水了22%、CN¥28亿。这让我们非常紧张。
So How Risky Is Nanjing Panda Electronics?
南京熊猫电子公司有多大的风险?
While Nanjing Panda Electronics lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥60m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Nanjing Panda Electronics's profit, revenue, and operating cashflow have changed over the last few years.
虽然南京熊猫电子公司在利息和税前收益(EIBT)方面亏损了,但它实际上产生了正面的自由现金流CN¥6000万。所以,从表面上看,考虑到净现金情况,我们认为这只股票在短期内不太有风险。由于去年营收增长中规中矩,我们并不认为这是一个特别有吸引力的投资机会。当我们看到一个更高风险的公司,我们喜欢检查他们的利润(或亏损)是如何随时间推移变化的。今天,我们为读者提供一份互动图表,显示南京熊猫电子公司的利润、营业收入和营业现金流在过去几年里的变化。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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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
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。