蕪湖通證科學：債務有問題嗎？

蕪湖通證科技（深交所：300088）的債務為 3.21 億人民幣，較一年前增加 26%。但一線希望是，它擁有 1.73 億人民幣現金，導致淨債務約 1.48 億人民幣。

Legendary fund manager Li Lu, who Charlie Munger backed, once said: 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' Hence, it seems wise to examine whether Wuhu Token Sciences Co., Ltd. (SZSE:300088) carries any debt. Debt is a risky factor, so does Wuhu Token Sciences's debt level sound concerning to you?

查理·芒格支持的傳奇基金經理李錄曾說過：“最大的投資風險不是價格的波動，而是你是否會遭受資金的永久性損失。”因此，檢視蕪湖長信科技股份有限公司（深交所：300088）是否存在債務似乎是明智之舉。債務是一個風險因素，那麼您對蕪湖通訊的債務水準感到擔憂嗎？

What Does Debt Mean For Wuhu Token Sciences

債務對蕪湖通證科學意味著什麼

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. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together. See our latest analysis for Wuhu Token Sciences

當企業無法輕鬆履行這些義務（無論是透過自由現金流還是以有吸引力的價格籌集資金）時，債務和其他負債就會成為風險。資本主義的重要組成部分是「創造性破壞」的過程，失敗的企業被銀行家無情地清算。雖然這種情況不太常見，但我們經常看到負債累累的公司永久稀釋了股東的權益，因為貸方迫使它們以低價籌集資金。當然，債務的好處在於它通常代表著廉價的資本，特別是當它取代了一家有能力以高回報率進行再投資的公司時。當我們檢查債務水平時，我們首先考慮現金和債務水平。請參閱我們對蕪湖通證科學的最新分析

How Much Debt Does Wuhu Token Sciences Carry?

蕪湖通證科學背負多少債務？

The image below, which you can click on for greater detail, shows that Wuhu Token Sciences had debt of CN¥3.21b at the end of September 2024, a an increase of CN¥1.95b over the year. But on the other hand it also had CN¥1.73b in cash, leading to a net debt of about CN¥1.48b. A Look At Wuhu Token Sciences's Liabilities We can see from the most recent balance sheet that Wuhu Token Sciences had liabilities of CN¥6.27b falling due within a year, and liabilities of CN¥865.1m due beyond that. Offsetting this, it had CN¥1.73b in cash and CN¥3.68b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.72b more than its cash and near-term receivables, combined. Since publicly traded Wuhu Token Sciences shares are worth a total of CN¥17.4b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it. While Wuhu Token Sciences's low debt to EBITDA ratio of 1.4 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 5.4 times last year does give us pause. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. Shareholders should be aware that Wuhu Token Sciences's EBIT was down 63% last year. If that decline continues then paying off debt will be harder than selling fois gras at a vegan convention. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Wuhu Token Sciences 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. Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Wuhu Token Sciences saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky. Our View On the face of it, Wuhu Token Sciences's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its net debt to EBITDA is a good sign, and makes us more optimistic. Once we consider all the factors above, together, it seems to us that Wuhu Token Sciences's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. The balance sheet is clearly the area to focus on when you are analysing debt. But every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has

下圖顯示，截至 2024 年 9 月，蕪湖通證科技的債務為 3.21 億人民幣，全年增加 1.95 億人民幣。但另一方面，它也擁有 1.73 億人民幣現金，導致淨債務約 1.48 億人民幣。蕪湖長信的負債情況 從最新的資產負債表中可以看出，蕪湖長信一年內到期的負債為人民幣 6.27 億元，逾期負債為人民幣 8.651 億元。為了抵​​消這一損失，它擁有 1.73 人民幣現金和 3.68 人民幣人民幣的 12 個月內到期的應收帳款。因此，其負債總額比其現金和近期應收帳款的總和還要多 1.72b 人民幣。由於蕪湖長信科技公開交易的股票總價值為人民幣 17.4 元，因此這種水準的負債似乎不太可能構成重大威脅。但由於負債充足，我們當然會建議股東繼續監控未來的資產負債表。我們透過計算公司的淨債務除以息稅折舊攤銷前利潤 (EBITDA)，併計算其利息稅前利潤 (EBIT) 覆蓋其利息的容易程度，來衡量公司相對於其盈利能力的債務負擔費用（利息保障）。這樣，我們既考慮了債務的絕對數量，也考慮了債務的利率。雖然蕪湖通訊科技的債務與 EBITDA 比率較低，為 1.4，顯示其債務使用量不大，但去年 EBIT 僅涵蓋利息支出 5.4 倍的事實確實讓我們猶豫不決。但利息支付肯定足以讓我們思考其債務的承受能力。股東應注意，蕪湖長信科技去年的息稅前利潤下降了 63%。如果這種下降繼續下去，那麼償還債務將比在純素大會上出售鵝肝更困難。毫無疑問，我們從資產負債表中了解最多有關債務的資訊。但最終，該業務的未來獲利能力將決定蕪湖通訊科技能否隨著時間的推移增強其資產負債表。因此，如果您想了解專業人士的想法，您可能會發現這份關於分析師利潤預測的免費報告很有趣。最後，雖然稅務人員可能喜歡會計利潤，但貸款人只接受冷硬現金。因此，值得檢查一下有多少息稅前利潤是由自由現金流支持的。過去三年，蕪湖通證科學的自由現金流總額為大量負值。雖然這可能是成長支出的結果，但它確實使債務風險更大。我們的觀點從表面上看，蕪湖通證科學將息稅前利潤轉換為自由現金流，讓我們對這隻股票持懷疑態度，其息稅前利潤增長率並不比一年中最繁忙的夜晚一家空蕩蕩的餐廳更有吸引力。但從好的一面來看，其對 EBITDA 的淨債務是一個好兆頭，讓我們更加樂觀。一旦我們綜合考慮上述所有因素，我們認為蕪湖通訊的債務使其具有一定的風險。有些人喜歡這種風險，但我們注意到潛在的陷阱，所以我們可能更希望它承擔更少的債務。資產負債表顯然是分析債務時要重點關注的領域。但每家公司都可能包含資產負債表以外的風險。這些風險可能很難發現。每個公司都有