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Does Weifu High-Technology Group (SZSE:200581) Have A Healthy Balance Sheet?
Does Weifu High-Technology Group (SZSE:200581) 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.' 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. We note that Weifu High-Technology Group Co., Ltd. (SZSE:200581) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Weifu High-Technology Group
What Is Weifu High-Technology Group's Net Debt?
As you can see below, at the end of September 2022, Weifu High-Technology Group had CN¥4.14b of debt, up from CN¥1.22b a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥4.96b in cash, so it actually has CN¥823.8m net cash.
SZSE:200581 Debt to Equity History December 6th 2022How Healthy Is Weifu High-Technology Group's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Weifu High-Technology Group had liabilities of CN¥11.2b due within 12 months and liabilities of CN¥624.2m due beyond that. On the other hand, it had cash of CN¥4.96b and CN¥7.44b worth of receivables due within a year. So it actually has CN¥536.0m more liquid assets than total liabilities.
This surplus suggests that Weifu High-Technology Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Weifu High-Technology Group has more cash than debt is arguably a good indication that it can manage its debt safely.
The modesty of its debt load may become crucial for Weifu High-Technology Group if management cannot prevent a repeat of the 27% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Weifu High-Technology Group'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Weifu High-Technology Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Weifu High-Technology Group saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While it is always sensible to investigate a company's debt, in this case Weifu High-Technology Group has CN¥823.8m in net cash and a decent-looking balance sheet. So while Weifu High-Technology Group does not have a great balance sheet, it's certainly not too bad. 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. For instance, we've identified 2 warning signs for Weifu High-Technology Group (1 is significant) you should be aware of.
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.
由伯克希尔哈撒韦的Li·芒格支持的外部基金经理Lu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。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。我们注意到潍坊高新集团有限公司。(SZSE:200581)的资产负债表上确实有债务。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。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。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
请看我们对伟富高科技集团的最新分析
威富高科技集团的净负债是多少?
如下所示,截至2022年9月底,威富高科技集团的债务为41.4亿元人民币,高于一年前的12.2亿元人民币。单击图像了解更多详细信息。然而,其资产负债表显示,它持有49.6亿元人民币的现金,因此它实际上拥有8.238亿元净现金。
深交所:200581债转股历史2022年12月6日伟富高科技集团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,威富高科技集团有112亿加元的负债在12个月内到期,还有6.242亿加元的负债在12个月内到期。另一方面,它有49.6亿元现金和价值74.4亿元的应收账款在一年内到期。所以它实际上有5.36亿元的CN更多流动资产超过总负债。
这一盈余表明,威富高科技集团的资产负债表比较保守,很可能会毫不费力地消除债务。简而言之,威富高科技集团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。
如果管理层不能防止去年息税前利润削减27%的情况重演,微富科技集团的适度债务负担可能变得至关重要。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。毫无疑问,我们从资产负债表中了解到的债务最多。但未来的收益将决定威富高科技集团未来能否保持健康的资产负债表。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。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。虽然伟富高科技集团的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,威富高科技集团的自由现金流总体上出现了大幅负增长。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
总结
虽然调查一家公司的债务总是明智的,但在这起案件中,威富高科技集团拥有8.238亿元人民币的净现金和看起来不错的资产负债表。因此,尽管威富高科技集团的资产负债表不是很好,但肯定不是太糟糕。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。例如,我们已经确定威富高科技集团的2个警示标志(1是重要的)您应该知道。
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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