Mubang High-TechLtd (SHSE:603398) Is Making Moderate Use Of Debt
Mubang High-TechLtd (SHSE:603398) Is Making Moderate Use Of Debt
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Mubang High-Tech Co.,Ltd. (SHSE:603398) does use debt in its business. But the real question is whether this debt is making the company risky.
David·伊本說得好，波動不是我們關心的風險，我們關心的是避免資本的永久性損失。當我們考慮一家公司的風險有多大時，我們總是喜歡看它對債務的使用，因為債務過重可能導致破產。我們可以看到木邦高科技有限公司。(上海證券交易所：603398)確實在其業務中使用債務。但真正的問題是，這筆債務是否讓該公司面臨風險。
When Is Debt A Problem?
什麼時候債務是個問題？
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. If things get really bad, the lenders can take control of the business. 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 step when considering a company's debt levels is to consider its cash and debt together.
一般來說，只有當一家公司無法輕鬆償還債務時，債務才會成為一個真正的問題，無論是通過籌集資金還是用自己的現金流。如果情況真的變得很糟糕，貸款人可以控制業務。然而，一種更常見(但仍令人痛苦)的情景是，它不得不以低價籌集新的股本，從而永久性地稀釋股東。然而，通過取代稀釋，對於需要資本投資於高回報率增長的企業來說，債務可以成為一個非常好的工具。在考慮一家公司的債務水準時，第一步是同時考慮其現金和債務。
See our latest analysis for Mubang High-TechLtd
查看我們對Mubang高科技有限公司的最新分析
How Much Debt Does Mubang High-TechLtd Carry?
木邦高科技有限公司背負著多少債務？
The image below, which you can click on for greater detail, shows that at June 2023 Mubang High-TechLtd had debt of CN¥289.6m, up from CN¥202.0m in one year. However, because it has a cash reserve of CN¥113.2m, its net debt is less, at about CN¥176.4m.
你可以點擊查看更多細節的下圖顯示，截至2023年6月，木邦高科技有限公司的債務為2.896億元人民幣，高於一年內的2.02億元人民幣。然而，由於它擁有1.132億加元的現金儲備，其淨債務較少，約為1.764億加元。
A Look At Mubang High-TechLtd's Liabilities
看木邦高科技有限公司的負債情況
The latest balance sheet data shows that Mubang High-TechLtd had liabilities of CN¥2.21b due within a year, and liabilities of CN¥586.0m falling due after that. On the other hand, it had cash of CN¥113.2m and CN¥460.8m worth of receivables due within a year. So it has liabilities totalling CN¥2.22b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示，木邦高科技有限公司有22.1億元人民幣的負債在一年內到期，5.86億元人民幣的負債在一年內到期。另一方面，它有1.132億加元的現金和4.608億加元的應收賬款在一年內到期。因此，它的負債總額比現金和近期應收賬款加起來還要多人民幣22.2億元。
While this might seem like a lot, it is not so bad since Mubang High-TechLtd has a market capitalization of CN¥6.25b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. There's no doubt that we learn most about debt from the balance sheet. But it is Mubang High-TechLtd'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.
雖然這看起來可能很多，但並不是很糟糕，因為Mubang High-TechLtd.的市值為人民幣62.5億元，因此如果需要的話，它可能會通過籌集資本來加強其資產負債表。但很明顯，我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。毫無疑問，我們從資產負債表中瞭解到的債務最多。但Mubang High-TechLtd.的收益將影響未來資產負債表的表現。因此，當考慮債務時，絕對值得關注收益趨勢。點擊此處查看互動快照。
In the last year Mubang High-TechLtd wasn't profitable at an EBIT level, but managed to grow its revenue by 143%, to CN¥1.2b. So there's no doubt that shareholders are cheering for growth
去年，木邦高科技有限公司沒有實現息稅前利潤，但收入增長了143%，達到人民幣12億元。因此，毫無疑問，股東們正在為增長歡呼
Caveat Emptor
告誡買入者
Despite the top line growth, Mubang High-TechLtd still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥41m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥148m of cash over the last year. So suffice it to say we do consider the stock to be risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Mubang High-TechLtd that you should be aware of before investing here.
儘管營收增長，但Mubang High-TechLtd.去年仍出現息稅前收益(EBIT)虧損。具體地說，息稅前虧損為4100萬加元。當我們看到這一點，並回憶起資產負債表上相對於現金的負債時，在我們看來，該公司有任何債務似乎是不明智的。因此，我們認為它的資產負債表有點緊張，但並不是無法修復。然而，它在過去一年裡燒掉了1.48億元人民幣的現金，這也於事無補。因此，可以說，我們確實認為這只股票是有風險的。毫無疑問，我們從資產負債表中瞭解到的債務最多。然而，並非所有投資風險都存在於資產負債表中--遠非如此。例如，我們發現木邦高科技有限公司的1個警告標誌在這裡投資之前你應該意識到這一點。
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.
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣，那麼請立即查看我們的淨現金成長型股票清單。
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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.