芜湖通证科学：债务有问题吗？

芜湖通证科技（深交所：300088）的债务为人民币 3.21 亿人民币，较一年前增加 26%。但一线希望是，它拥有 1.73 亿人民币现金，导致净债务约为 1.48 亿人民币。

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·芒格支持的传奇基金经理李录曾说过：“最大的投资风险不是价格的波动，而是你是否会遭受资金的永久性损失。”因此，检查一下芜湖长信科技股份有限公司（深交所：300088）是否存在债务似乎是明智之举。债务是一个风险因素，那么您对芜湖通信的债务水平感到担忧吗？

What Does Debt Mean For Wuhu Token Sciences

债务对芜湖通证科学意味着什么

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

当企业无法轻松履行这些义务（无论是通过自由现金流还是通过以有吸引力的价格筹集资金）时，债务和其他负债就会成为风险。资本主义的重要组成部分是“创造性破坏”的过程，失败的企业被银行家无情地清算。虽然这种情况不太常见，但我们经常看到负债累累的公司永久性地稀释了股东的权益，因为贷方迫使它们以低价筹集资金。当然，债务的好处在于它通常代表着廉价的资本，特别是当它取代了一家有能力以高回报率进行再投资的公司时。当我们检查债务水平时，我们首先考虑现金和债务水平。请参阅我们对芜湖通证科学的最新分析

How Much Debt Does Wuhu Token Sciences Carry?

芜湖通证科学背负多少债务？

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

下图显示，截至 2024 年 9 月，芜湖通证科技的债务为人民币 3.21 亿人民币，全年增加人民币 1.95 亿人民币。但另一方面，它也拥有 1.73 亿人民币现金，导致净债务约为 1.48 亿人民币。芜湖长信的负债情况 从最新的资产负债表中可以看出，芜湖长信一年内到期的负债为人民币 6.27 亿元，逾期负债为人民币 8.651 亿元。为了抵消这一损失，它拥有 1.73 人民币现金和 3.68 人民币人民币的 12 个月内到期的应收账款。因此，其负债总额比其现金和近期应收账款的总和还要多 1.72b 人民币。由于芜湖长信科技公开交易的股票总价值为人民币 17.4 元，因此这种水平的负债似乎不太可能构成重大威胁。但由于负债充足，我们当然会建议股东继续监控未来的资产负债表。我们通过计算公司的净债务除以息税折旧摊销前利润 (EBITDA)，并计算其利息税前利润 (EBIT) 覆盖其利息的容易程度，来衡量公司相对于其盈利能力的债务负担费用（利息保障）。这样，我们既考虑了债务的绝对数量，也考虑了债务的利率。虽然芜湖通信科技的债务与 EBITDA 比率较低，为 1.4，表明其债务使用量不大，但去年 EBIT 仅覆盖利息支出 5.4 倍的事实确实让我们犹豫不决。但利息支付肯定足以让我们思考其债务的承受能力。股东应注意，芜湖长信科技去年的息税前利润下降了 63%。如果这种下降继续下去，那么偿还债务将比在纯素大会上出售鹅肝更困难。毫无疑问，我们从资产负债表中了解最多有关债务的信息。但最终，该业务的未来盈利能力将决定芜湖通信科技能否随着时间的推移增强其资产负债表。因此，如果您想了解专业人士的想法，您可能会发现这份关于分析师利润预测的免费报告很有趣。最后，虽然税务人员可能喜欢会计利润，但贷方只接受冷硬现金。因此，值得检查一下有多少息税前利润是由自由现金流支持的。过去三年，芜湖通证科学的自由现金流总额为大量负值。虽然这可能是增长支出的结果，但它确实使债务风险更大。我们的观点 从表面上看，芜湖通证科学将息税前利润转换为自由现金流，让我们对这只股票持怀疑态度，其息税前利润增长率并不比一年中最繁忙的夜晚一家空荡荡的餐厅更有吸引力。但从好的一面来看，其对 EBITDA 的净债务是一个好兆头，让我们更加乐观。一旦我们综合考虑上述所有因素，我们认为芜湖通信的债务使其具有一定的风险。有些人喜欢这种风险，但我们注意到潜在的陷阱，所以我们可能更希望它承担更少的债务。资产负债表显然是分析债务时要重点关注的领域。但每家公司都可能包含资产负债表之外存在的风险。这些风险可能很难发现。每个公司都有