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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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們可以看到江蘇華虹科技有限公司。(SZSE:002645)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對江蘇華虹科技的最新分析
江蘇華虹科技的淨負債是多少?
下圖顯示,截至2022年6月,江蘇華虹科技的債務為5.439億加元,高於一年內的1.502億加元。你可以點擊查看更多細節。但另一方面,它也擁有7.02億新元的現金,導致淨現金頭寸為1.581億元。
深圳證交所:002645債轉股歷史2022年8月29日江蘇華虹科技的資產負債表有多健康?
最新的資產負債表數據顯示,江蘇華虹科技有15.7億元人民幣的負債在一年內到期,2.371億元的負債在一年內到期。作為這些債務的抵消,該公司有7.02億加元的現金以及價值6.851億加元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多4.22億元。
鑑於江蘇華虹科技的市值為124億元人民幣,很難相信這些債務會構成太大威脅。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管有值得注意的負債,但江蘇華虹科技擁有淨現金,可以説它沒有沉重的債務負擔!
最重要的是,江蘇華虹科技在過去12個月中息税前利潤增長了51%,這一增長將使其更容易處理債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定江蘇華虹科技未來保持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。江蘇華虹科技的資產負債表上可能有淨現金,但看看該業務將息税前利潤(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,江蘇華虹科技報告的自由現金流佔其息税前利潤的9.0%,這確實是相當低的。對我們來説,低現金轉換引發了一點偏執,那就是償還債務的能力。
總結
如果投資者擔心江蘇華虹科技的負債,我們可以理解,但我們可以放心的是,該公司擁有1.581億元人民幣的淨現金。我們喜歡去年息税前利潤同比增長51%的表現。那麼,江蘇華虹科技的債務是否存在風險?但在我們看來並非如此。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。要知道,江蘇華虹科技正在展示我們的投資分析中的2個警告信號,其中一條不太適合我們……
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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