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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.
由伯克希爾哈撒韋的Li·芒格支持的外部基金經理Lu直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。我們注意到濰坊高新集團有限公司。(SZSE:200581)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務會帶來什麼風險?
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。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
請看我們對偉富高科技集團的最新分析
威富高科技集團的淨負債是多少?
如下所示,截至2022年9月底,威富高科技集團的債務為41.4億元人民幣,高於一年前的12.2億元人民幣。單擊圖像瞭解更多詳細信息。然而,其資產負債表顯示,它持有49.6億元人民幣的現金,因此它實際上擁有8.238億元淨現金。
深交所:200581債轉股歷史2022年12月6日偉富高科技集團的資產負債表有多健康?
放大最新的資產負債表數據,我們可以看到,威富高科技集團有112億加元的負債在12個月內到期,還有6.242億加元的負債在12個月內到期。另一方面,它有49.6億元現金和價值74.4億元的應收賬款在一年內到期。所以它實際上有5.36億元的CN更多流動資產超過總負債。
這一盈餘表明,威富高科技集團的資產負債表比較保守,很可能會毫不費力地消除債務。簡而言之,威富高科技集團現金多於債務的事實可以説是一個很好的跡象,表明它可以安全地管理債務。
如果管理層不能防止去年息税前利潤削減27%的情況重演,微富科技集團的適度債務負擔可能變得至關重要。收益下降(如果這種趨勢持續下去)最終可能會使規模不大的債務面臨相當大的風險。毫無疑問,我們從資產負債表中瞭解到的債務最多。但未來的收益將決定威富高科技集團未來能否保持健康的資產負債表。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。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然偉富高科技集團的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍值得一看,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。在過去的三年裏,威富高科技集團的自由現金流總體上出現了大幅負增長。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
總結
雖然調查一家公司的債務總是明智的,但在這起案件中,威富高科技集團擁有8.238億元人民幣的淨現金和看起來不錯的資產負債表。因此,儘管威富高科技集團的資產負債表不是很好,但肯定不是太糟糕。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。例如,我們已經確定威富高科技集團的2個警示標誌(1是重要的)您應該知道。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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。
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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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