Is Naruida Technology (SHSE:688522) A Risky Investment?
Is Naruida Technology (SHSE:688522) A Risky Investment?
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 Naruida Technology Co., Ltd. (SHSE:688522) does use debt in its business. But the real question is whether this debt is making the company risky.
有些人認爲,作爲投資者,波動性而非債務是考慮風險的最佳方式,但禾倫·巴菲特曾經說過「波動性遠非風險的同義詞」。當我們考慮一家公司的風險時,我們總是喜歡看看它的債務使用情況,因爲債務超載可能會導致毀滅。我們可以看到,納瑞達科技股份有限公司(SHSE:688522)在業務中使用了債務。但真正的問題是,這筆債務是否會使公司變得風險更高。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以爲企業提供支持,直到企業無法償還債務,無論是通過新的資本還是自由現金流。如果情況變得非常糟糕,貸款人可能會控制企業。然而,在更常見(但仍然昂貴)的情況是,公司必須以便宜的股票價格稀釋股東權益,就可以控制債務。話雖如此,最常見的情況是公司合理地管理其債務 – 並且對其自身有利。在考慮企業使用多少債務時,首先要做的是將其現金和債務合在一起來看。
What Is Naruida Technology's Net Debt?
納瑞達科技的淨債務是多少?
As you can see below, Naruida Technology had CN¥60.0m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it does have CN¥1.64b in cash offsetting this, leading to net cash of CN¥1.58b.
正如下圖所示,納瑞達科技於2024年3月有6,000萬元人民幣的債務,與前年大致相同。您可以單擊圖表以獲取更詳細信息。但是,它確實有16.4億元人民幣的現金來抵消這一點,導致淨現金達到15.8億元人民幣。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240817/0-73f7c3fbcf65d3da54c33af6c11ea8f0-0-01b861e0c52f22cec0fbd4f7b736cbe0.png/big)
A Look At Naruida Technology's Liabilities
納瑞達科技的負債情況如何?
The latest balance sheet data shows that Naruida Technology had liabilities of CN¥130.9m due within a year, and liabilities of CN¥16.9m falling due after that. Offsetting this, it had CN¥1.64b in cash and CN¥314.0m in receivables that were due within 12 months. So it can boast CN¥1.80b more liquid assets than total liabilities.
最新的資產負債表數據顯示,納瑞達科技有1.309億元人民幣的應付短期債務,1,690萬元人民幣的到期債務。相對地,在12個月內到期的他們587.32萬元人民幣應收賬款和31,400萬元人民幣的應收賬款。因此,它可以誇耀比總負債多18億元人民幣的流動資產。
This surplus suggests that Naruida 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 Naruida Technology has more cash than debt is arguably a good indication that it can manage its debt safely.
這種盈餘表明,納瑞達科技正在以既安全又保守的方式使用債務。由於其短期流動性足夠,我們認爲它不會與其債權人有任何問題。簡單地說,納瑞達科技擁有比債務多得多的現金,這可以認爲是它可以安全地管理債務的一個很好的指示。
In fact Naruida Technology's saving grace is its low debt levels, because its EBIT has tanked 80% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Naruida Technology 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.
事實上,納瑞達科技的拯救之道是其低債務水平,因爲其EBIt在過去十二個月中暴跌了80%。在償還債務方面,下降的收入與對健康有害的含糖汽水一樣無用。當你分析債務時,很明顯要關注資產負債表。但最終,業務未來的盈利能力將決定納瑞達科技是否能隨着時間的推移加強其資產負債表。如果您想看看專業人士的看法,您可能會發現這份關於分析師盈利預測的免費報告相當有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Naruida 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. Over the last three years, Naruida Technology saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
但我們最後的考慮也很重要,因爲一家公司不能用紙上利潤來償還債務,它需要實實在在的現金。納瑞達科技的資產負債表上可能有淨現金,但看一下這家公司如何將其利息和稅前利潤(EBIT)轉化爲自由現金流是很有趣的,因爲這將影響其管理債務的需求和能力。過去三年,納瑞達科技總體上具有實質性的負自由現金流。雖然投資者無疑希望在適當的時候扭轉這種局面,但這顯然意味着其借款風險更高。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Naruida Technology has CN¥1.58b in net cash and a decent-looking balance sheet. So we don't have any problem with Naruida Technology's use of debt. 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 2 warning signs for Naruida Technology (1 makes us a bit uncomfortable!) that you should be aware of before investing here.
儘管調查公司的債務狀況總是明智的,但在這種情況下,納瑞達科技具有1.58億元人民幣的淨現金和一個看起來不錯的資產負債表。因此,我們對納瑞達科技的債務使用沒有任何問題。當您分析債務時,很明顯要關注資產負債表。然而,並非所有的投資風險都存在於資產負債表之內,遠非如此。例如,我們已經發現了納瑞達科技的兩個預警信號(其中有一個讓我們有點不舒服!)在這裏投資之前,您應該知道。
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.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。