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Zhejiang Huangma TechnologyLtd (SHSE:603181) Has A Pretty Healthy Balance Sheet
Zhejiang Huangma TechnologyLtd (SHSE:603181) Has A Pretty Healthy Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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 Zhejiang Huangma Technology Co.,Ltd (SHSE:603181) does have debt on its balance sheet. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Zhejiang Huangma TechnologyLtd
How Much Debt Does Zhejiang Huangma TechnologyLtd Carry?
The image below, which you can click on for greater detail, shows that at March 2022 Zhejiang Huangma TechnologyLtd had debt of CN¥428.9m, up from CN¥145.1m in one year. However, its balance sheet shows it holds CN¥739.0m in cash, so it actually has CN¥310.1m net cash.
SHSE:603181 Debt to Equity History July 7th 2022How Strong Is Zhejiang Huangma TechnologyLtd's Balance Sheet?
The latest balance sheet data shows that Zhejiang Huangma TechnologyLtd had liabilities of CN¥461.7m due within a year, and liabilities of CN¥427.8m falling due after that. On the other hand, it had cash of CN¥739.0m and CN¥411.1m worth of receivables due within a year. So it can boast CN¥260.5m more liquid assets than total liabilities.
This short term liquidity is a sign that Zhejiang Huangma TechnologyLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Zhejiang Huangma TechnologyLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
Another good sign is that Zhejiang Huangma TechnologyLtd has been able to increase its EBIT by 24% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Zhejiang Huangma TechnologyLtd's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Zhejiang Huangma TechnologyLtd 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, Zhejiang Huangma TechnologyLtd recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
Summing up
While it is always sensible to investigate a company's debt, in this case Zhejiang Huangma TechnologyLtd has CN¥310.1m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 24% over the last year. So we are not troubled with Zhejiang Huangma TechnologyLtd's debt use. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Zhejiang Huangma TechnologyLtd (of which 1 is significant!) you should know about.
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.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们注意到浙江黄马科技有限公司(上交所:603181)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对浙江黄马科技有限公司的最新分析
浙江黄马科技有限公司背负着多少债务?
你可以点击查看更多细节的下图显示,截至2022年3月,浙江黄马科技有限公司的债务为4.289亿加元,高于一年内的1.451亿加元。然而,其资产负债表显示,它持有7.39亿元人民币的现金,因此它实际上拥有3.101亿元净现金。
上证综指:603181债转股历史2022年7月7日浙江黄马科技有限公司的资产负债表有多强?
最新的资产负债表数据显示,浙江黄马科技有限公司有4.617亿加元的负债在一年内到期,4.278亿加元的负债在一年内到期。另一方面,它有7.39亿加元的现金和4.111亿加元的应收账款在一年内到期。因此,它的流动资产比总计负债。
这种短期流动性是浙江黄马科技有限公司可能轻松偿还债务的迹象,因为其资产负债表远未捉襟见肘。简而言之,浙江黄马科技有限公司现金多于债务的事实可以说是一个很好的迹象,表明它可以安全地管理债务。
另一个好迹象是,浙江黄马科技有限公司在12个月内息税前利润增长了24%,使偿还债务变得更容易。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定浙江黄马科技有限公司未来保持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。浙江黄马科技有限公司的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,浙江黄马科技有限公司的自由现金流总额为负。对于自由现金流不可靠的公司来说,债务的风险要大得多,因此股东们应该希望过去的支出能在未来产生自由现金流。
总结
虽然调查一家公司的债务总是明智之举,但在这起案件中,浙江黄马科技有限公司拥有3.101亿元人民币的净现金和体面的资产负债表。去年息税前利润增长了24%,给我们留下了深刻的印象。因此,我们对浙江黄马科技有限公司的债务使用并不感到困扰。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。这些风险可能很难发现。每家公司都有它们,我们已经发现浙江黄马科技有限公司2个警示标志(其中1个是重要的!)你应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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