Union OptechLtd (SZSE:300691) Has A Somewhat Strained Balance Sheet
Union OptechLtd (SZSE:300691) Has A Somewhat Strained Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, Union Optech Co.,Ltd. (SZSE:300691) does carry debt. But the real question is whether this debt is making the company risky.
受巴菲特的查理·芒格支持的外部基金經理李露毫不掩飾地說,"最大的投資風險並不是價格的波動,而是你是否會遭受永久的資本損失。"因此,聰明的錢知道,債務 - 通常與破產相關 - 是評估一家公司風險時非常重要的因素。重要的是,聯合光電有限公司(深圳證券交易所代碼:300691)確實負債。但真正的問題是,這些債務是否使公司變得有風險。
When Is Debt A Problem?
何時債務成爲問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. When we think about a company's use of debt, we first look at cash and debt together.
一般來說,債務只有在公司無法輕鬆償還時才會成爲真正的問題,無論是通過籌集資金還是靠自身的現金流。資本主義的一個組成部分是創造性破壞的過程,失敗的企業會被其銀行家無情清算。然而,更普遍(但仍然代價昂貴)的情況是,一家公司必須以便宜的股價稀釋股東,以便控制債務。儘管如此,最常見的情況是公司合理管理其債務,並使其自身受益。當我們考慮一家公司使用債務時,首先會將現金和債務一起考慮。
How Much Debt Does Union OptechLtd Carry?
聯合光電有限公司負擔了多少債務?
As you can see below, at the end of September 2024, Union OptechLtd had CN¥582.8m of debt, up from CN¥452.7m a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥405.3m, its net debt is less, at about CN¥177.4m.
如您所見,截至2024年9月底,聯合光電有限公司的債務爲58280萬元人民幣,較一年前的45270萬元增加。點擊圖像以獲取更多詳細信息。 然而,由於其現金儲備爲40530萬元人民幣,其淨債務則較少,約爲17740萬元人民幣。

How Healthy Is Union OptechLtd's Balance Sheet?
聯合光電的資產負債表有多健康?
The latest balance sheet data shows that Union OptechLtd had liabilities of CN¥857.9m due within a year, and liabilities of CN¥347.1m falling due after that. Offsetting this, it had CN¥405.3m in cash and CN¥529.6m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥270.0m.
最新的資產負債表數據顯示,聯合光電的負債爲85790萬人民幣,需在一年內償還,34710萬人民幣的負債在之後到期。對此,它擁有40530萬人民幣的現金和52960萬人民幣的應收賬款,期限在12個月內。因此,它的負債比現金和(短期)應收賬款之和多出27000萬人民幣。
Since publicly traded Union OptechLtd shares are worth a total of CN¥5.56b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
由於公開交易的聯合光電股份總值爲55.6億人民幣,這一負債水平似乎不會構成重大威脅。然而,我們確實認爲值得關注其資產負債表的強度,因爲這可能會隨着時間而變化。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們使用兩個主要比率來了解相對於收益的債務水平。第一個是淨債務除以息稅折舊攤銷前利潤(EBITDA),而第二個是它的息稅前利潤(EBIT)覆蓋其利息支出的次數(或者簡稱爲利息覆蓋率)。這樣,我們同時考慮債務的絕對數量以及所支付的利率。
We'd say that Union OptechLtd's moderate net debt to EBITDA ratio ( being 1.8), indicates prudence when it comes to debt. And its commanding EBIT of 1k times its interest expense, implies the debt load is as light as a peacock feather. Shareholders should be aware that Union OptechLtd's EBIT was down 29% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. There's no doubt that we learn most about debt from the balance sheet. But it is Union OptechLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
我們認爲,聯合光電較爲適中的淨債務與EBITDA比率(爲1.8)表明其在債務管理上是謹慎的。而其EBIT爲利息支出的0.1萬倍,意味着其債務負擔輕如孔雀羽毛。股東需要注意的是,聯合光電的EBIT去年下降了29%。如果這種盈利趨勢持續,那麼償還債務將幾乎如同將貓驅趕上過山車一樣困難。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,影響資產負債表未來表現的將是聯合光電的盈利。因此,如果你想進一步了解其盈利情況,查看其長期盈利趨勢的圖表可能會值得。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Union OptechLtd burned a lot of cash. 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.
最後,企業需要自由現金流來償還債務;會計利潤遠遠不夠。因此,值得檢查一下EBIT中有多少是由自由現金流支持的。在過去三年中,聯合光電消耗了大量現金。儘管投資者無疑期待這一情況會在適當時候得到扭轉,但這顯然意味着其債務使用更具風險。
Our View
我們的觀點
Union OptechLtd's EBIT growth rate and conversion of EBIT to free cash flow definitely weigh on it, in our esteem. But its interest cover tells a very different story, and suggests some resilience. Taking the abovementioned factors together we do think Union OptechLtd's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Union OptechLtd is showing 4 warning signs in our investment analysis , and 2 of those are potentially serious...
聯合光電有限公司的EBIT增長率和EBIT轉化爲自由現金流的能力確實影響了我們的看法。但它的利息覆蓋率則講述了一個非常不同的故事,並暗示了一些韌性。將上述因素結合在一起,我們認爲聯合光電有限公司的債務對業務構成了一些風險。因此,雖然這種槓桿確實提升了股本回報率,但我們不希望看到它在此基礎上繼續增加。分析債務時,資產負債表顯然是重點關注的部分。但最終,每家公司都可能存在超出資產負債表的風險。請注意,聯合光電有限公司在我們的投資分析中顯示出4個警示信號,其中2個可能是嚴重的……
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,如果你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,今天就來發現我們獨家的淨現金成長股票列表。
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這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。