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Does Chengdu Guibao Science & TechnologyLtd (SZSE:300019) Have A Healthy Balance Sheet?
Does Chengdu Guibao Science & TechnologyLtd (SZSE:300019) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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, Chengdu Guibao Science & Technology Co.,Ltd. (SZSE:300019) does carry debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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 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. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Chengdu Guibao Science & TechnologyLtd
What Is Chengdu Guibao Science & TechnologyLtd's Net Debt?
You can click the graphic below for the historical numbers, but it shows that Chengdu Guibao Science & TechnologyLtd had CN¥90.0m of debt in March 2022, down from CN¥239.5m, one year before. But it also has CN¥698.7m in cash to offset that, meaning it has CN¥608.7m net cash.
SZSE:300019 Debt to Equity History July 11th 2022A Look At Chengdu Guibao Science & TechnologyLtd's Liabilities
We can see from the most recent balance sheet that Chengdu Guibao Science & TechnologyLtd had liabilities of CN¥624.0m falling due within a year, and liabilities of CN¥32.5m due beyond that. Offsetting this, it had CN¥698.7m in cash and CN¥826.8m in receivables that were due within 12 months. So it can boast CN¥869.0m more liquid assets than total liabilities.
This surplus suggests that Chengdu Guibao Science & TechnologyLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Chengdu Guibao Science & TechnologyLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
Also good is that Chengdu Guibao Science & TechnologyLtd grew its EBIT at 19% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Chengdu Guibao Science & 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. Chengdu Guibao Science & 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, Chengdu Guibao Science & TechnologyLtd reported free cash flow worth 20% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
Summing up
While we empathize with investors who find debt concerning, you should keep in mind that Chengdu Guibao Science & TechnologyLtd has net cash of CN¥608.7m, as well as more liquid assets than liabilities. And we liked the look of last year's 19% year-on-year EBIT growth. So we don't think Chengdu Guibao Science & TechnologyLtd's use of debt is risky. 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. For example Chengdu Guibao Science & TechnologyLtd has 3 warning signs (and 1 which is significant) we think you should know about.
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.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。重要的是成都贵宝科技有限公司(SZSE:300019)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?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对成都贵宝科技有限公司的最新分析
成都贵宝科技有限公司的净负债是多少?
你可以点击下图查看历史数据,但它显示了成都贵宝科技有限公司在2022年3月的债务为9000万元人民币,低于一年前的2.395亿元人民币。但它也有6.987亿加元的现金来抵消,这意味着它有6.087亿加元的净现金。
深交所:300019债转股历史2022年7月11日成都贵宝科技股份有限公司的负债问题
从最新的资产负债表可以看出,成都贵宝科技有限公司有6.24亿元人民币的负债在一年内到期,超过一年的负债有3250万元人民币到期。作为抵消,它有6.987亿加元的现金和8.268亿加元的应收账款在12个月内到期。因此,它的流动资产比总计负债。
这一盈余表明,成都贵宝科技有限公司的资产负债表保守,很可能会毫不费力地消除债务。简而言之,成都贵宝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。
同样好的是,成都贵宝科技有限公司去年息税前利润增长了19%,进一步增强了其管理债务的能力。在分析债务水平时,资产负债表显然是一个起点。但决定成都贵宝科技有限公司未来保持健康资产负债表的能力,最重要的是未来的收益。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。成都贵宝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利润(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,成都贵宝科技有限公司报告的自由现金流相当于其息税前利润的20%,这确实是相当低的。这种疲软的现金转换水平削弱了它管理和偿还债务的能力。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,成都贵宝科技有限公司拥有6.087亿元人民币的净现金,流动资产多于负债。我们喜欢去年息税前利润同比增长19%的表现。因此,我们不认为成都贵宝科技有限公司使用债务是有风险的。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。例如,成都贵宝科技有限公司有3个警示标志(还有一点很重要)我们认为你应该知道。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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