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Is Gold cup Electric ApparatusLtd (SZSE:002533) Using Too Much Debt?
Is Gold cup Electric ApparatusLtd (SZSE:002533) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Gold cup Electric Apparatus Co.,Ltd. (SZSE:002533) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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 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 Gold cup Electric ApparatusLtd
What Is Gold cup Electric ApparatusLtd's Net Debt?
As you can see below, Gold cup Electric ApparatusLtd had CN¥1.05b of debt at June 2022, down from CN¥1.38b a year prior. However, its balance sheet shows it holds CN¥1.37b in cash, so it actually has CN¥318.3m net cash.
SZSE:002533 Debt to Equity History August 4th 2022How Healthy Is Gold cup Electric ApparatusLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Gold cup Electric ApparatusLtd had liabilities of CN¥3.72b due within 12 months and liabilities of CN¥608.2m due beyond that. Offsetting this, it had CN¥1.37b in cash and CN¥2.84b in receivables that were due within 12 months. So it has liabilities totalling CN¥120.8m more than its cash and near-term receivables, combined.
This state of affairs indicates that Gold cup Electric ApparatusLtd's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥6.08b company is struggling for cash, we still think it's worth monitoring its balance sheet. While it does have liabilities worth noting, Gold cup Electric ApparatusLtd also has more cash than debt, so we're pretty confident it can manage its debt safely.
Fortunately, Gold cup Electric ApparatusLtd grew its EBIT by 5.7% in the last year, making that debt load look even more manageable. When analysing debt levels, the balance sheet is the obvious place to start. But it is Gold cup Electric ApparatusLtd'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Gold cup Electric ApparatusLtd 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. During the last three years, Gold cup Electric ApparatusLtd produced sturdy free cash flow equating to 60% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Gold cup Electric ApparatusLtd has CN¥318.3m in net cash. So we don't have any problem with Gold cup Electric ApparatusLtd's use of debt. 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 instance, we've identified 1 warning sign for Gold cup Electric ApparatusLtd that you should be aware of.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。与许多其他公司一样金杯电器有限公司。(SZSE:002533)利用债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。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。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。
查看我们对金杯电器有限公司的最新分析
金杯电器有限公司的净债务是多少?
如下所示,截至2022年6月,金杯电器有限公司的债务为人民币10.5亿元,低于一年前的人民币13.8亿元。然而,其资产负债表显示,它持有13.7亿元人民币的现金,因此它实际上拥有3.183亿元净现金。
深交所:002533债转股历史2022年8月4日金杯电器有限公司的资产负债表有多健康?
放大最新的资产负债表数据,我们可以看到,金杯电器有限公司有37.2亿元的负债在12个月内到期,还有6.082亿元的负债在12个月内到期。作为抵消,它有13.7亿加元的现金和28.4亿加元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多1.208亿元。
这种情况表明,金杯电器有限公司的资产负债表看起来相当稳健,其总负债与流动资产大致相同。因此,尽管很难想象这家60.8亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为,值得监控其资产负债表。虽然金杯电器有限公司确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
幸运的是,金杯电器有限公司去年息税前利润增长了5.7%,使债务负担看起来更容易管理。在分析债务水平时,资产负债表显然是一个起点。但金杯电器有限公司的收益将影响未来资产负债表的表现。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。金杯电器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,金杯电器有限公司产生了相当于息税前利润60%的强劲自由现金流,这与我们预期的差不多。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
总结
虽然看一家公司的总负债总是明智的,但金杯电器有限公司拥有3.183亿元人民币的净现金,这让人非常放心。因此,我们对金杯电器有限公司的债务使用没有任何问题。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,我们已经确定1个金杯电器有限公司的警告标志这一点你应该知道。
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。
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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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