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Is Shenzhen InfoGem Technologies (SZSE:300085) Using Debt In A Risky Way?

Is Shenzhen InfoGem Technologies (SZSE:300085) Using Debt In A Risky Way?

深圳InfoGem Technologies(深圳證券交易所股票代碼:300085)是否以冒險的方式使用債務?
Simply Wall St ·  04/18 22:43

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 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 Shenzhen InfoGem Technologies Co., Ltd. (SZSE:300085) does use debt in its business. But the more important question is: how much risk is that debt creating?

大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,深圳InfoGem科技股份有限公司(深圳證券交易所股票代碼:300085)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.

當企業無法輕易履行這些義務時,無論是通過自由現金流還是以誘人的價格籌集資金,債務和其他負債就會面臨風險。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,這樣才能控制債務。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。

How Much Debt Does Shenzhen InfoGem Technologies Carry?

深圳InfoGem科技揹負了多少債務?

As you can see below, at the end of December 2023, Shenzhen InfoGem Technologies had CN¥422.0m of debt, up from CN¥257.2m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥496.1m in cash, so it actually has CN¥74.2m net cash.

如下所示,截至2023年12月底,深圳InfoGem Technologe的債務爲4.22億元人民幣,高於去年同期的2.572億元人民幣。點擊圖片查看更多細節。但是,其資產負債表顯示它持有4.961億元人民幣的現金,因此實際上擁有7,420萬元人民幣的淨現金。

debt-equity-history-analysis
SZSE:300085 Debt to Equity History April 19th 2024
SZSE: 300085 2024 年 4 月 19 日債務與股本比率的歷史記錄

How Strong Is Shenzhen InfoGem Technologies' Balance Sheet?

深圳InfoGem Technologies的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Shenzhen InfoGem Technologies had liabilities of CN¥747.5m due within 12 months and liabilities of CN¥10.9m due beyond that. Offsetting these obligations, it had cash of CN¥496.1m as well as receivables valued at CN¥253.5m due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.

放大最新的資產負債表數據,我們可以看到,深圳InfoGem Technologe的負債爲7.475億元人民幣,此後到期的負債爲1,090萬元人民幣。除了這些債務外,它還有4.961億元的現金以及價值2.535億元人民幣的應收賬款將在12個月內到期。因此,其總負債與其短期流動資產幾乎完全匹配。

This state of affairs indicates that Shenzhen InfoGem Technologies' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥6.73b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Shenzhen InfoGem Technologies also has more cash than debt, so we're pretty confident it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Shenzhen InfoGem Technologies will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

這種狀況表明,深圳InfoGem Technologies的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家67.3億元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。儘管確實有值得注意的負債,但深圳InfoGem Technologe的現金也多於債務,因此我們非常有信心它可以安全地管理債務。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲深圳InfoGem Technologe需要收益來償還債務。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 Shenzhen InfoGem Technologies had a loss before interest and tax, and actually shrunk its revenue by 9.1%, to CN¥1.0b. We would much prefer see growth.

去年,深圳InfoGem Technologes在利息和稅前出現虧損,實際上其收入減少了9.1%,至10億元人民幣。我們更希望看到增長。

So How Risky Is Shenzhen InfoGem Technologies?

那麼,深圳InfoGem科技的風險有多大?

While Shenzhen InfoGem Technologies lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥100m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. Case in point: We've spotted 1 warning sign for Shenzhen InfoGem Technologies you should be aware of.

儘管深圳InfoGem Technologe的息稅前收益(EBIT)水平出現虧損,但它實際上創造了1億元人民幣的正自由現金流。因此,儘管它處於虧損狀態,但考慮到淨現金,它似乎沒有太大的短期資產負債表風險。在我們看到息稅前利潤爲正數之前,我們對該股持謹慎態度,尤其是因爲收入增長相當溫和。資產負債表顯然是分析債務時需要關注的領域。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。一個很好的例子:我們已經發現了深圳InfoGem Technologe的1個警告信號,你應該注意。

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.

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,那麼請立即查看我們的獨家淨現金增長股票清單。

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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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