Is EGing Photovoltaic TechnologyLtd (SHSE:600537) Using Debt Sensibly?
Is EGing Photovoltaic TechnologyLtd (SHSE:600537) Using Debt Sensibly?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, EGing Photovoltaic Technology Co.,Ltd. (SHSE:600537) does carry debt. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾經說過:'波動性與風險遠非同義。' 當你考慮一家公司有多大風險時,自然會考慮其資產負債表,因爲當一家企業倒閉時,常常涉及債務。重要的是,億晶光電(SHSE:600537)的確存在債務。但更重要的問題是:這些債務造成了多大風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. 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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般來說,債務只有在一家公司無法輕鬆償還時才會成爲真正的問題,無論是通過增加資本還是用自己的現金流。如果情況變得非常糟糕,債權人可以接管企業。然而,一個更頻繁(但仍然昂貴)的情況是一家公司必須以極低價格發行股票,永久性地稀釋股東,只是爲了彌合資產負債表。然而,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業極好的工具。在考慮一家企業使用了多少債務時,首先要做的是將其現金和債務合併起來。
What Is EGing Photovoltaic TechnologyLtd's Net Debt?
億晶光電科技有限公司的淨債務是多少?
The image below, which you can click on for greater detail, shows that at September 2024 EGing Photovoltaic TechnologyLtd had debt of CN¥591.7m, up from CN¥367.9m in one year. But on the other hand it also has CN¥1.23b in cash, leading to a CN¥634.9m net cash position.
下面的圖片,您可以點擊查看更詳細,顯示截至2024年9月,億晶光電科技有限公司的債務爲59170萬人民幣,比一年前的36790萬人民幣有所增加。但另一方面,它也有12.3億人民幣的現金,導致淨現金位置爲63490萬人民幣。
A Look At EGing Photovoltaic TechnologyLtd's Liabilities
億晶光電科技有限公司的負債情況
The latest balance sheet data shows that EGing Photovoltaic TechnologyLtd had liabilities of CN¥3.32b due within a year, and liabilities of CN¥2.51b falling due after that. Offsetting these obligations, it had cash of CN¥1.23b as well as receivables valued at CN¥833.9m due within 12 months. So its liabilities total CN¥3.77b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,億晶光電科技有限公司的負債中,有CN¥33.2億需在一年內償還,而CN¥25.1億則是在此之後到期。抵消這些債務的是,它擁有CN¥12.3億的現金以及價值CN¥83390萬的應收賬款,其中12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和多出CN¥37.7億。
This deficit is considerable relative to its market capitalization of CN¥4.44b, so it does suggest shareholders should keep an eye on EGing Photovoltaic TechnologyLtd's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. Despite its noteworthy liabilities, EGing Photovoltaic TechnologyLtd boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since EGing Photovoltaic TechnologyLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
相對於其市值爲CN¥44.4億,這個赤字相當可觀,因此確實表明股東應密切關注億晶光電科技有限公司對債務的使用。如果其債權人要求其加強資產負債表,股東可能面臨嚴重稀釋。儘管其顯著的負債,億晶光電科技有限公司擁有淨現金,因此可以說它並沒有沉重的債務負擔!資產負債表顯然是進行債務分析時應重點關注的領域。但不能孤立地看待債務;因爲億晶光電科技有限公司需要盈利來償還債務。因此,在考慮債務時,看一下盈利趨勢絕對是值得的。點擊此處查看互動快照。
In the last year EGing Photovoltaic TechnologyLtd had a loss before interest and tax, and actually shrunk its revenue by 62%, to CN¥4.1b. To be frank that doesn't bode well.
在過去一年中,億晶光電科技有限公司在利息和稅前虧損,實際上將其營業收入減少了62%,至CN¥41億。坦率地說,這並不樂觀。
So How Risky Is EGing Photovoltaic TechnologyLtd?
億晶光電科技有限公司的風險有多大?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months EGing Photovoltaic TechnologyLtd lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥310m and booked a CN¥806m accounting loss. With only CN¥634.9m on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, we'd say the stock is a bit risky, and we're usually very cautious until we see positive free cash flow. For riskier companies like EGing Photovoltaic TechnologyLtd I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
從本質上講,虧損的公司比長期盈利的公司更具風險。事實上,在過去的十二個月中,億晶光電科技有限公司在利息和稅前收入(EBIT)方面虧損了。在同一期間,它看到負自由現金流流出了CN¥31000萬,並有的會計虧損達到CN¥80600萬。資產負債表上僅剩下CN¥63490萬,看起來它很可能需要很快再次籌集資本。總的來說,我們會說該股票有一定風險,通常在看到正自由現金流之前我們都會非常謹慎。對於像億晶光電科技有限公司這樣風險較高的公司,我總是喜歡密切關注長期利潤和營收趨勢。幸運的是,您可以點擊查看我們的利潤、營收和經營現金流的互動圖表。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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