常州天合光能 TSL.docx

常州天合光能成立于1997年，注册资本4000万元。该公司在2006年底挂牌纽交所（代号TSL），发行价为每ADS18.50美元（1ADS=50普通股）。由于投资者看好，该股一度被追捧至 73.06美元。目前，该公司的注册资本已增至1.2亿美元，全球市场占有率约8%，国内市场占有率3-5%。股价23.62美元，市值约16亿5000万美元，市盈率8.37。以下图表为该公司的股价走势和最近几年的报表披露：名稱TSL原油及燃料類股道瓊工業今年以來-56.59%16.18%17.73%最近一週2.14%1.82%1.3%最近一個月0.3%8.42%7.08%最近三個月-12.15%23.4%14.8%最近六個月26.1%25.17%18.51%最近一年-57.84%15.22%17.71%最近二年230%43.04%74.34%资产负债表资产Assets单位：百万/美元12/200912/200812/200712/200612/2005现金Cash and Equivalents40613260931可限制现金Restrictable Cash724510351可卖出证券Marketable Securities4-应收账款Receivables28810577327存货Inventories818659327待摊费用Prepaid Expenses7652-0流动递延所得税Current Deferred Income Taxes-01-其他流动资产Other Current Assets-44355流动资产总值Total Current Assets92842034219821固定资产总值Gross Fixed Assets5383852055311累计折旧Accumulated Depreciation(61)(27)(8)(2)(0)固定资产净值Net Fixed Assets4773581975111无形资产Intangibles-521成本溢余Cost in Excess-非流动递延所得税Non-Current Deferred Income Taxes103100其他非流动资产Other Non-Current Assets13416055-非流动资产总值Total Non-Current Assets6215202585412资产总值Total Assets1,54994060125232负债Liabilities单位：百万/美元12/200912/200812/200712/200612/2005应付账款Accounts Payable187634394短期借款Short Term Debt267249164717应付票据Notes Payable-应计费用Accrued Expenses-1050应计债务Accrued Liabilities4921-0递延收入Deferred Revenues-流动递延所得税Current Deferred Income Taxes-其他流动负债Other Current Liabilities134421流动负债总额Total Current Liabilities5153362208813长期借款Long Term Debt318148855递延所得税Deferred Income Tax-其他非流动负债Other Non-Current Liabilities3823410少数权益Minority Interest-融资租赁债务Capital Lease Obligations-附属信托优先股Preferred Securities of Subsidiary Trust-股东权益以外优先股Preferred Equity Outside Shareholders Equity-非流动负债总额Total Non-Current Liabilities3561711375负债总额Total Liabilities8715072339518股东权益优先股Preferred Shareholders Equity-股东权益普通股Common Shareholders Equity67743336715714总权益Total Equity67743336715714总负债和股东权益Total Liabilities & Shareholders Equity1,54994060125232损益表收益状况Income单位：千/美元12/200912/200812/200712/200612/2005主营业务收入Operating Revenue845,136831,901301,819114,50027,275收入调整Adjustments to Revenue-主营业务成本Cost of Revenue(571,314)(646,157)(228,039)(83,006)(20,589)毛利润Gross Operating Profit273,822185,74473,78031,4946,686三项费用Selling/General/Admin Expense(96,346)(61,416)(28,836)(11,227)(1,895)研发费用Research & Development(5,439)(3,039)(2,805)(1,903)(122)前利润EBITDA172,037121,28942,13918,3644,669折旧和摊销Depreciation & Amortization(36,668)(21,302)(6,152)(1,444)(397)营业收益Operating Income135,36999,98735,98716,9204,272利息收益Interest Income1,6672,9444,81026116其他净收益Other Income, Net48,76625,602409(82)(27)息税前收益Total Income Avail For Interest Expense (EBIT)185,802128,53341,20617,0994,261利息支出Interest Expense(25,737)(23,936)(7,551)(2,137)(470)税前收益Pre-Tax Income160,065104,59633,65514,9623,791所得税Income Taxes(24,696)(4,610)1,707(1,788)(571)少数权益Minority Interest-营业部门净收益Net Income from Continuing Operations135,36999,98735,36213,1743,220停业部门净收益Net Income from Discontinued Operations-368(753)91总营业净收益Net Income from Total Operations135,36999,98735,73012,4213,311营业收益Normalized Income135,36999,98735,36213,1743,220营业外收益Extraordinary Income-特殊收入/费用Special Income/Charges-来源于会计变更累计影响的收益I