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Is IFLYTEKLTD (SZSE:002230) A Risky Investment?

Is IFLYTEKLTD (SZSE:002230) A Risky Investment?

IFLYTEKLTD (SZSE:002230) 是一個風險投資嗎?
Simply Wall St ·  2024/12/22 08:46

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.' 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 note that iFLYTEK CO.,LTD (SZSE:002230) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

由巴菲特的查理·芒格支持的外部基金經理李錄直言不諱地表示,'最大投資風險不是價格的波動,而是你是否會遭受永久性資本損失。' 當我們考慮一家公司有多風險時,我們總是喜歡查看其債務使用情況,因爲債務過載可能導致破產。我們注意到,科大訊飛股份有限公司(深交所代碼:002230)確實在其資產負債表上有債務。但真正的問題是,這些債務是否使公司變得有風險。

When Is Debt Dangerous?

債務何時會變得危險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.

當企業無法輕易履行債務和其他負債時,這些負債就變得風險極大,無論是通過自由現金流還是以有吸引力的價格籌集資金。在最糟糕的情況下,如果公司無法支付其債權人,則可能會破產。雖然這種情況並不常見,但我們經常看到負債累累的公司因債權人迫使他們以低價籌集資金而永久稀釋股東權益。當然,債務的好處在於,它通常代表低成本的資本,特別是當它能夠替代一個能夠以高回報率再投資的公司的稀釋時。考慮公司債務水平的第一步是將其現金和債務結合在一起考慮。

What Is iFLYTEKLTD's Debt?

科大訊飛的債務是什麼?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 iFLYTEKLTD had CN¥8.61b of debt, an increase on CN¥4.78b, over one year. On the flip side, it has CN¥2.75b in cash leading to net debt of about CN¥5.86b.

您可以點擊下面的圖表查看歷史數據,但它顯示截至2024年9月,科大訊飛的債務爲86.1億人民幣,較一年前的47.8億人民幣有所增加。另一方面,它有27.5億人民幣的現金,因此淨債務約爲58.6億人民幣。

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SZSE:002230 Debt to Equity History December 22nd 2024
深交所:002230債務與權益歷史 2024年12月22日

How Healthy Is iFLYTEKLTD's Balance Sheet?

iFLYTEKLTD的資產負債表健康狀況如何?

The latest balance sheet data shows that iFLYTEKLTD had liabilities of CN¥14.3b due within a year, and liabilities of CN¥8.72b falling due after that. On the other hand, it had cash of CN¥2.75b and CN¥16.2b worth of receivables due within a year. So it has liabilities totalling CN¥4.10b more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,iFLYTEKLTD有短期負債143億人民幣和長期負債87.2億人民幣。另一方面,iFLYTEKLTD有現金27.5億人民幣和短期應收賬款162億人民幣。因此,它的負債總額比現金和短期應收賬款之和多出41億人民幣。

Given iFLYTEKLTD has a humongous market capitalization of CN¥118.7b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. 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 iFLYTEKLTD 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.

考慮到iFLYTEKLTD擁有1187億人民幣的巨額市值,我們很難相信這些負債會構成多大威脅。但是這些負債確實足夠多,我們一定會建議股東繼續關注資產負債表。資產負債表顯然是分析債務時需要關注的重點。但是,最終業務的未來盈利能力將決定iFLYTEKLTD能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。

Over 12 months, iFLYTEKLTD reported revenue of CN¥22b, which is a gain of 17%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在過去的12個月裏,iFLYTEKLTD報告的營業收入爲220億人民幣,增長了17%,儘管沒有報告稅息前利潤。這個增長速度對我們來說有點慢,但世界上需要各種類型。

Caveat Emptor

買者自負盈虧

Over the last twelve months iFLYTEKLTD produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥403m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through CN¥4.0b of cash over the last year. So suffice it to say we do consider the stock to be risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for iFLYTEKLTD you should be aware of.

在過去的12個月裏,iFLYTEKLTD產生了稅息前利潤(EBIT)損失。具體來說,EBIT損失爲40300萬人民幣。當我們看到這些並回顧其資產負債表上的負債相對於現金時,我們認爲公司有任何債務都是不明智的。坦率地說,我們認爲資產負債表距離適合匹配還有很長的路要走,儘管隨着時間的推移可能會有所改善。然而,過去一年它消耗了40億人民幣的現金也無助於改善情況。因此,可以說我們確實認爲股票是有風險的。在分析債務水平時,資產負債表無疑是一個明顯的起點。但是,最終每家公司都可能存在資產負債表之外的風險。舉個例子:我們注意到iFLYTEKLTD有1個需要你注意的警告信號。

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.

無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
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。

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