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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)的资产负债表是否良好?
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?

沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。重要的是,珠海航天微芯科技股份有限公司(深圳证券交易所代码:300053)确实有债务。但更重要的问题是:这笔债务会带来多大的风险?

When Is Debt A Problem?

债务何时会成为问题?

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,只有当公司无法通过筹集资金或利用自己的现金流轻松偿还债务时,债务才会成为真正的问题。在最坏的情况下,如果一家公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可能是一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是将现金和债务放在一起看。

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

珠海航天微芯片科技背负多少债务?

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.

您可以点击下图查看更多细节,该图片显示,截至2023年9月,珠海航天微芯科技的债务为1.599亿元人民币,高于一年内的1.36亿加元。但另一方面,它也有2.568亿元的现金,净现金状况为9,690万元人民币。

debt-equity-history-analysis
SZSE:300053 Debt to Equity History March 12th 2024
SZSE: 300053 2024 年 3 月 12 日债务与股权比率历史记录

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

珠海航天微芯科技的资产负债表有多健康?

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.

我们可以从最新的资产负债表中看出,珠海航天微芯科技在一年内到期的负债为5.1亿元人民币,在此之后到期的负债为7,810万元人民币。除了这些债务外,它还有2.568亿元的现金以及价值8.893亿元人民币的应收账款将在12个月内到期。所以它实际上有5.58亿元人民币 更多 流动资产超过总负债。

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.

这种短期流动性表明,珠海航天微芯科技可能会轻松偿还债务,因为其资产负债表远未紧张。简而言之,珠海航天微芯科技拥有净现金,因此可以公平地说,它没有沉重的债务负担!毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,影响未来资产负债表状况的是珠海航天微芯科技的收益。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。

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税前出现亏损,实际收入减少了29%,至3.78亿元人民币。坦率地说,这并不是一个好兆头。

So How Risky Is Zhuhai Aerospace Microchips Science & Technology?

那么,珠海航天微芯片科技有多危险?

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.

就其本质而言,亏损的公司比盈利历史悠久的公司风险更大。而且我们确实注意到,珠海航天微芯科技在去年出现了息税前收益(EBIT)亏损。事实上,在那段时间里,它烧毁了1900万加元的现金,损失了2.53亿加元。尽管这确实使该公司有点风险,但重要的是要记住它的净现金为9,690万元人民币。这意味着它可以在两年多的时间内将支出保持在目前的水平。总体而言,其资产负债表目前似乎风险不大,但在看到正自由现金流之前,我们始终保持谨慎。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,我们发现了珠海航天微芯科技的 2 个警告标志(1 个不容忽视!)在这里投资之前,您应该注意这一点。

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.

毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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