We Think Weihai Honglin Electronic (SZSE:301439) Can Stay On Top Of Its Debt
We Think Weihai Honglin Electronic (SZSE:301439) Can Stay On Top Of Its Debt
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. As with many other companies Weihai Honglin Electronic Co., Ltd. (SZSE:301439) makes use of debt. But the real question is whether this debt is making the company risky.
大卫·伊本说得好,他说:“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损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(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,威海宏林电子有限公司(深圳证券交易所代码:301439)也使用债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt A Problem?
债务何时会成为问题?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。考虑公司债务水平的第一步是将其现金和债务放在一起考虑。
What Is Weihai Honglin Electronic's Debt?
威海宏林电子的债务是什么?
The image below, which you can click on for greater detail, shows that Weihai Honglin Electronic had debt of CN¥41.5m at the end of March 2024, a reduction from CN¥141.9m over a year. However, it does have CN¥998.4m in cash offsetting this, leading to net cash of CN¥956.9m.
您可以点击下图查看更多详情,该图片显示,威海宏林电子截至2024年3月底的债务为4150万元人民币,较一年内的1.419亿元人民币有所减少。但是,它确实有9.984亿元的现金抵消了这一点,净现金为9.569亿元人民币。
How Strong Is Weihai Honglin Electronic's Balance Sheet?
威海宏林电子的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Weihai Honglin Electronic had liabilities of CN¥726.8m due within 12 months and liabilities of CN¥48.4m due beyond that. Offsetting these obligations, it had cash of CN¥998.4m as well as receivables valued at CN¥1.16b due within 12 months. So it can boast CN¥1.38b more liquid assets than total liabilities.
放大最新的资产负债表数据,我们可以看到,威海宏林电子在12个月内到期的负债为7.268亿元人民币,在此之后到期的负债为4,840万元人民币。除了这些债务外,它还有9.984亿元人民币的现金以及价值11.6亿元人民币的应收账款将在12个月内到期。因此,它拥有的流动资产可以多出13.8亿元人民币 总 负债。
This excess liquidity suggests that Weihai Honglin Electronic is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Weihai Honglin Electronic has more cash than debt is arguably a good indication that it can manage its debt safely.
这种过剩的流动性表明威海宏林电子对债务采取了谨慎的态度。由于它拥有充足的资产,因此不太可能与贷款人发生麻烦。简而言之,威海宏林电子的现金多于债务,这一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。
Weihai Honglin Electronic's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of debt. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Weihai Honglin Electronic will need earnings to service that debt. 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.
威海宏林电子的息税前利润与去年持平,但鉴于它没有太多债务,这应该不是问题。在分析债务水平时,资产负债表是显而易见的起点。但是你不能完全孤立地看待债务;因为威海宏林电子需要收益来偿还债务。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Weihai Honglin Electronic 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, Weihai Honglin Electronic burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。威海宏林电子资产负债表上可能有净现金,但研究该企业如何将其利息税前收益(EBIT)转换为自由现金流仍然很有趣,因为这将影响其对债务的需求和管理能力。在过去的三年中,威海宏林电子烧毁了大量现金。尽管投资者无疑预计这种情况将在适当的时候逆转,但这显然意味着其使用债务的风险更大。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Weihai Honglin Electronic has net cash of CN¥956.9m, as well as more liquid assets than liabilities. So we don't have any problem with Weihai Honglin Electronic's use of debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Weihai Honglin Electronic is showing 2 warning signs in our investment analysis , and 1 of those is significant...
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,威海宏林电子的净现金为9.569亿元人民币,流动资产也多于负债。因此,我们对威海宏林电子使用债务没有任何问题。在分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表中,远非如此。请注意,威海宏林电子在我们的投资分析中显示了两个警告信号,其中一个是重大的...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。