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Does Zhuhai Aerospace Microchips Science & Technology (SZSE:300053) Have A Healthy Balance Sheet?

Does Zhuhai Aerospace Microchips Science & Technology (SZSE:300053) Have A Healthy Balance Sheet?

珠海航天微芯科技(SZSE: 300053)的資產負債表是否良好?
Simply Wall St ·  03/12 19:00

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Zhuhai Aerospace Microchips Science & Technology Co., Ltd. (SZSE:300053) does carry debt. But the more important question is: how much risk is that debt creating?

禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,珠海航天微芯科技股份有限公司(深圳證券交易所代碼:300053)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

When Is Debt A Problem?

債務何時會成爲問題?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆償還債務時,債務才會成爲真正的問題。在最壞的情況下,如果一家公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可能是一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。

How Much Debt Does Zhuhai Aerospace Microchips Science & Technology Carry?

珠海航天微芯片科技揹負多少債務?

The image below, which you can click on for greater detail, shows that at September 2023 Zhuhai Aerospace Microchips Science & Technology had debt of CN¥159.9m, up from CN¥136.0m in one year. But on the other hand it also has CN¥256.8m in cash, leading to a CN¥96.9m net cash position.

您可以點擊下圖查看更多細節,該圖片顯示,截至2023年9月,珠海航天微芯科技的債務爲1.599億元人民幣,高於一年內的1.36億加元。但另一方面,它也有2.568億元的現金,淨現金狀況爲9,690萬元人民幣。

debt-equity-history-analysis
SZSE:300053 Debt to Equity History March 12th 2024
SZSE: 300053 2024 年 3 月 12 日債務與股權比率歷史記錄

How Healthy Is Zhuhai Aerospace Microchips Science & Technology's Balance Sheet?

珠海航天微芯科技的資產負債表有多健康?

We can see from the most recent balance sheet that Zhuhai Aerospace Microchips Science & Technology had liabilities of CN¥510.0m falling due within a year, and liabilities of CN¥78.1m due beyond that. Offsetting these obligations, it had cash of CN¥256.8m as well as receivables valued at CN¥889.3m due within 12 months. So it actually has CN¥558.0m more liquid assets than total liabilities.

我們可以從最新的資產負債表中看出,珠海航天微芯科技在一年內到期的負債爲5.1億元人民幣,在此之後到期的負債爲7,810萬元人民幣。除了這些債務外,它還有2.568億元的現金以及價值8.893億元人民幣的應收賬款將在12個月內到期。所以它實際上有5.58億元人民幣 更多 流動資產超過總負債。

This short term liquidity is a sign that Zhuhai Aerospace Microchips Science & Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Zhuhai Aerospace Microchips Science & Technology boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is Zhuhai Aerospace Microchips Science & Technology's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

這種短期流動性表明,珠海航天微芯科技可能會輕鬆償還債務,因爲其資產負債表遠未緊張。簡而言之,珠海航天微芯科技擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,影響未來資產負債表狀況的是珠海航天微芯科技的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。

In the last year Zhuhai Aerospace Microchips Science & Technology had a loss before interest and tax, and actually shrunk its revenue by 29%, to CN¥378m. To be frank that doesn't bode well.

去年,珠海航天微芯科技在利息和稅前出現虧損,實際收入減少了29%,至3.78億元人民幣。坦率地說,這並不是一個好兆頭。

So How Risky Is Zhuhai Aerospace Microchips Science & Technology?

那麼,珠海航天微芯片科技有多危險?

By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that Zhuhai Aerospace Microchips Science & Technology had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through CN¥19m of cash and made a loss of CN¥253m. While this does make the company a bit risky, it's important to remember it has net cash of CN¥96.9m. That means it could keep spending at its current rate for more than two years. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for Zhuhai Aerospace Microchips Science & Technology (1 shouldn't be ignored!) that you should be aware of before investing here.

就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。而且我們確實注意到,珠海航天微芯科技在去年出現了息稅前收益(EBIT)虧損。事實上,在那段時間裏,它燒燬了1900萬加元的現金,損失了2.53億加元。儘管這確實使該公司有點風險,但重要的是要記住它的淨現金爲9,690萬元人民幣。這意味着它可以在兩年多的時間內將支出保持在目前的水平。總體而言,其資產負債表目前似乎風險不大,但在看到正自由現金流之前,我們始終保持謹慎。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了珠海航天微芯科技的 2 個警告標誌(1 個不容忽視!)在這裏投資之前,您應該注意這一點。

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.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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