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Does Wangsu Science & TechnologyLtd (SZSE:300017) Have A Healthy Balance Sheet?
Does Wangsu Science & TechnologyLtd (SZSE:300017) Have A Healthy 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.' 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 can see that Wangsu Science & Technology Co.,Ltd. (SZSE:300017) does use debt in its business. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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, 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.
Check out our latest analysis for Wangsu Science & TechnologyLtd
What Is Wangsu Science & TechnologyLtd's Debt?
The image below, which you can click on for greater detail, shows that at March 2022 Wangsu Science & TechnologyLtd had debt of CN¥582.8m, up from CN¥201.2m in one year. However, it does have CN¥6.36b in cash offsetting this, leading to net cash of CN¥5.78b.
SZSE:300017 Debt to Equity History July 22nd 2022A Look At Wangsu Science & TechnologyLtd's Liabilities
According to the last reported balance sheet, Wangsu Science & TechnologyLtd had liabilities of CN¥1.88b due within 12 months, and liabilities of CN¥101.5m due beyond 12 months. Offsetting these obligations, it had cash of CN¥6.36b as well as receivables valued at CN¥1.72b due within 12 months. So it can boast CN¥6.10b more liquid assets than total liabilities.
This excess liquidity is a great indication that Wangsu Science & TechnologyLtd's balance sheet is almost as strong as Fort Knox. Having regard to this fact, we think its balance sheet is as strong as an ox. Simply put, the fact that Wangsu Science & TechnologyLtd has more cash than debt is arguably a good indication that it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Wangsu Science & TechnologyLtd 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.
Over 12 months, Wangsu Science & TechnologyLtd made a loss at the EBIT level, and saw its revenue drop to CN¥4.8b, which is a fall of 7.6%. That's not what we would hope to see.
So How Risky Is Wangsu Science & TechnologyLtd?
Although Wangsu Science & TechnologyLtd had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥175m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We'll feel more comfortable with the stock once EBIT is positive, given the lacklustre revenue growth. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Wangsu Science & TechnologyLtd you should know about.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。我们可以看到望苏科技股份有限公司(SZSE:300017)确实在其业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务会带来什么风险?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。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,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对旺苏科技有限公司的最新分析
旺苏科技有限公司的债务是什么?
你可以点击查看更多详细信息的下图显示,截至2022年3月,旺苏科技有限公司的债务为5.828亿加元,高于一年内的2.012亿加元。然而,它确实有63.6亿加元的现金抵消了这一点,导致净现金为57.8亿加元。
深交所:300017债转股历史2022年7月22日望素科技股份有限公司的负债问题
根据最近一次报告的资产负债表,网苏科技有限公司有18.8亿加元的负债在12个月内到期,1.015亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有63.6亿加元的现金以及17.2亿加元的应收账款在12个月内到期。因此,它可以吹嘘比总计负债。
这种过剩的流动性是一个很好的迹象,表明旺苏科技有限公司的资产负债表几乎与诺克斯堡一样强劲。考虑到这一事实,我们认为它的资产负债表像牛一样坚固。简单地说,旺苏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。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定旺苏科技有限公司能否随着时间的推移加强其资产负债表。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。
在12个月的时间里,网苏科技有限公司息税前利润出现亏损,收入下降至48亿加元,降幅为7.6%。这不是我们希望看到的。
那么,网苏科技有限公司的风险有多大呢?
尽管网苏科技有限公司在过去12个月中出现息税前收益(EBIT)亏损,但它实现了1.75亿元的法定利润。因此,当你考虑到它有净现金和法定利润时,它的股票风险可能并不像看起来那样高,至少在短期内是这样。考虑到收入增长乏力,一旦息税前利润为正,我们将对该股感到更放心。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。这些风险可能很难发现。每家公司都有它们,我们已经发现王素科技有限公司的2个警示标志你应该知道。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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