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Does NARI Technology (SHSE:600406) Have A Healthy Balance Sheet?

Does NARI Technology (SHSE:600406) Have A Healthy Balance Sheet?

NARI Technology(SHSE: 600406)的資產負債表是否良好?
Simply Wall St ·  05/21 12:33

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 seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that NARI Technology Co., Ltd. (SHSE:600406) does use debt in its business. But is this debt a concern to shareholders?

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,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們可以看到,南瑞科技有限公司(上海證券交易所代碼:600406)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

What Risk Does Debt Bring?

債務會帶來什麼風險?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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. When we examine debt levels, we first consider both cash and debt levels, together.

債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。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。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人迫使他們以不良价格籌集資金。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。

What Is NARI Technology's Debt?

NARI Technology的債務是什麼?

The image below, which you can click on for greater detail, shows that NARI Technology had debt of CN¥618.2m at the end of March 2024, a reduction from CN¥1.39b over a year. However, its balance sheet shows it holds CN¥20.6b in cash, so it actually has CN¥20.0b net cash.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月底,NARI Technology的債務爲6.182億元人民幣,較一年內的13.9億元人民幣有所減少。但是,其資產負債表顯示其持有206億元人民幣的現金,因此實際上擁有200億元人民幣的淨現金。

debt-equity-history-analysis
SHSE:600406 Debt to Equity History May 21st 2024
SHSE: 600406 2024 年 5 月 21 日債務與股權比率的歷史記錄

How Healthy Is NARI Technology's Balance Sheet?

NARI Technology的資產負債表有多健康?

The latest balance sheet data shows that NARI Technology had liabilities of CN¥31.6b due within a year, and liabilities of CN¥616.4m falling due after that. Offsetting this, it had CN¥20.6b in cash and CN¥30.1b in receivables that were due within 12 months. So it actually has CN¥18.5b more liquid assets than total liabilities.

最新的資產負債表數據顯示,NARI Technology的負債爲316億元人民幣,此後到期的負債爲6.164億元人民幣。與此相抵消的是,它有206億加元的現金和301億元人民幣的應收賬款將在12個月內到期。所以它實際上有18.5億元人民幣 更多 流動資產超過總負債。

This surplus suggests that NARI Technology has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, NARI Technology boasts net cash, so it's fair to say it does not have a heavy debt load!

這種盈餘表明,NARI Technology的資產負債表很保守,可以毫不費力地消除債務。簡而言之,NARI Technology擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

The good news is that NARI Technology has increased its EBIT by 7.9% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if NARI Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

好消息是,NARI Technology在十二個月內將其息稅前利潤增長了7.9%,這應該可以緩解對債務償還的任何擔憂。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務的未來盈利能力將決定NARI Technology能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. NARI Technology may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, NARI Technology recorded free cash flow worth a fulsome 83% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。NARI Technology的資產負債表上可能有淨現金,但研究該企業將其利息稅前收益(EBIT)轉換爲自由現金流的效果仍然很有趣,因爲這將影響其對債務的需求和管理能力。在過去三年中,NARI Technology錄得的自由現金流相當於其息稅前利潤的83%,比我們通常預期的要強。如果需要的話,這有利於償還債務。

Summing Up

總結

While we empathize with investors who find debt concerning, you should keep in mind that NARI Technology has net cash of CN¥20.0b, as well as more liquid assets than liabilities. The cherry on top was that in converted 83% of that EBIT to free cash flow, bringing in CN¥11b. So we don't think NARI Technology's use of debt is risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for NARI Technology that you should be aware of.

雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,NARI Technology的淨現金爲200億元人民幣,流動資產比負債還多。最重要的是,它將息稅前利潤的83%轉換爲自由現金流,帶來了110億元人民幣的收入。因此,我們認爲NARI Technology使用債務沒有風險。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,我們已經確定了NARI Technology的1個警告信號,你應該注意這一點。

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。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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