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Is Jiangsu Huahong Technology (SZSE:002645) A Risky Investment?
Is Jiangsu Huahong Technology (SZSE:002645) A Risky Investment?
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Jiangsu Huahong Technology Co., Ltd. (SZSE:002645) does use debt in its business. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. 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 think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Jiangsu Huahong Technology
What Is Jiangsu Huahong Technology's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Jiangsu Huahong Technology had debt of CN¥543.9m, up from CN¥150.2m in one year. But on the other hand it also has CN¥702.0m in cash, leading to a CN¥158.1m net cash position.
SZSE:002645 Debt to Equity History August 29th 2022How Healthy Is Jiangsu Huahong Technology's Balance Sheet?
The latest balance sheet data shows that Jiangsu Huahong Technology had liabilities of CN¥1.57b due within a year, and liabilities of CN¥237.1m falling due after that. Offsetting these obligations, it had cash of CN¥702.0m as well as receivables valued at CN¥685.1m due within 12 months. So it has liabilities totalling CN¥422.0m more than its cash and near-term receivables, combined.
Given Jiangsu Huahong Technology has a market capitalization of CN¥12.4b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Jiangsu Huahong Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, Jiangsu Huahong Technology grew its EBIT by 51% over the last twelve months, and that growth will make it easier to handle its 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 Jiangsu Huahong Technology's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Jiangsu Huahong Technology 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, Jiangsu Huahong Technology reported free cash flow worth 9.0% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Summing Up
We could understand if investors are concerned about Jiangsu Huahong Technology's liabilities, but we can be reassured by the fact it has has net cash of CN¥158.1m. And we liked the look of last year's 51% year-on-year EBIT growth. So is Jiangsu Huahong Technology's debt a risk? It doesn't seem so to us. 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. Be aware that Jiangsu Huahong Technology is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们可以看到江苏华虹科技有限公司。(SZSE:002645)确实在其业务中使用债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
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。如果情况真的变得很糟糕,贷款人可以控制业务。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。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。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对江苏华虹科技的最新分析
江苏华虹科技的净负债是多少?
下图显示,截至2022年6月,江苏华虹科技的债务为5.439亿加元,高于一年内的1.502亿加元。你可以点击查看更多细节。但另一方面,它也拥有7.02亿新元的现金,导致净现金头寸为1.581亿元。
深圳证交所:002645债转股历史2022年8月29日江苏华虹科技的资产负债表有多健康?
最新的资产负债表数据显示,江苏华虹科技有15.7亿元人民币的负债在一年内到期,2.371亿元的负债在一年内到期。作为这些债务的抵消,该公司有7.02亿加元的现金以及价值6.851亿加元的应收账款在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4.22亿元。
鉴于江苏华虹科技的市值为124亿元人民币,很难相信这些债务会构成太大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。尽管有值得注意的负债,但江苏华虹科技拥有净现金,可以说它没有沉重的债务负担!
最重要的是,江苏华虹科技在过去12个月中息税前利润增长了51%,这一增长将使其更容易处理债务。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,未来的收益将决定江苏华虹科技未来保持健康资产负债表的能力。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
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。江苏华虹科技的资产负债表上可能有净现金,但看看该业务将息税前利润(EBIT)转换为自由现金流的情况仍很有趣,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,江苏华虹科技报告的自由现金流占其息税前利润的9.0%,这确实是相当低的。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
总结
如果投资者担心江苏华虹科技的负债,我们可以理解,但我们可以放心的是,该公司拥有1.581亿元人民币的净现金。我们喜欢去年息税前利润同比增长51%的表现。那么,江苏华虹科技的债务是否存在风险?但在我们看来并非如此。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。要知道,江苏华虹科技正在展示我们的投资分析中的2个警告信号,其中一条不太适合我们……
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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