Does JoulWatt Technology (SHSE:688141) Have A Healthy Balance Sheet?
Does JoulWatt Technology (SHSE:688141) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, JoulWatt Technology Co., Ltd. (SHSE:688141) does carry debt. But the real question is whether this debt is making the company risky.
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”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。重要的是,JoulWatt科技有限公司(上海證券交易所股票代碼:688141)確實有債務。但真正的問題是這筆債務是否使公司面臨風險。
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 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。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,債務可以成爲一個非常好的工具。考慮公司的債務水平的第一步是同時考慮其現金和債務。
What Is JoulWatt Technology's Debt?
什麼是JoulWatt Technology的債務?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 JoulWatt Technology had CN¥1.29b of debt, an increase on CN¥529.8m, over one year. But it also has CN¥1.74b in cash to offset that, meaning it has CN¥448.4m net cash.
你可以點擊下圖查看歷史數字,但它顯示,截至2024年3月,JoulWatt Technology的債務在一年內增加了12.9億元人民幣,比5.298億加元人民幣有所增加。但它也有17.4億元的現金來抵消這一點,這意味着它有4.484億元的淨現金。
How Healthy Is JoulWatt Technology's Balance Sheet?
JoulWatt Technology 的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that JoulWatt Technology had liabilities of CN¥877.2m due within 12 months and liabilities of CN¥781.3m due beyond that. Offsetting these obligations, it had cash of CN¥1.74b as well as receivables valued at CN¥357.6m due within 12 months. So it can boast CN¥441.3m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,JoulWatt Technology在12個月內到期的負債爲8.772億元人民幣,之後到期的負債爲7.813億元人民幣。除了這些債務外,它還有17.4億元人民幣的現金以及價值3.576億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出4.413億元人民幣 總 負債。
This short term liquidity is a sign that JoulWatt Technology could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, JoulWatt 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 future earnings, more than anything, that will determine JoulWatt 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.
這種短期流動性表明,由於其資產負債表遠未緊張,JoulWatt Technology可能會輕鬆還清債務。簡而言之,JoulWatt Technology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,未來的收益將決定JoulWatt Technology未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
In the last year JoulWatt Technology had a loss before interest and tax, and actually shrunk its revenue by 3.8%, to CN¥1.4b. That's not what we would hope to see.
去年,JoulWatt Technology在利息和稅前出現虧損,實際上其收入減少了3.8%,至14億元人民幣。這不是我們希望看到的。
So How Risky Is JoulWatt Technology?
那麼 JoulWatt 技術的風險有多大?
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 JoulWatt Technology had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥416m and booked a CN¥687m accounting loss. While this does make the company a bit risky, it's important to remember it has net cash of CN¥448.4m. That kitty means the company can keep spending for growth for at least two years, at current rates. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for JoulWatt Technology that you should be aware of.
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,去年JoulWatt Technology出現了息稅前收益(EBIT)虧損。同期,它的自由現金流出爲負4.16億元人民幣,會計虧損爲6.87億元人民幣。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4.484億元人民幣。這意味着,按照目前的速度,公司可以將增長支出保持至少兩年。儘管其資產負債表看起來足夠流動,但如果一家公司不定期產生自由現金流,債務總是會讓我們有點緊張。在分析債務水平時,資產負債表是顯而易見的起點。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,我們已經確定了JoulWatt Technology的1個警告信號,你應該注意這一點。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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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。