常熟阿特斯CSIQ.doc

阿特斯成立于2001年。自2001年以来，CSI阿特斯先后在中国建立了三家独资企业：CSI阿特斯光伏电子（常熟）有限公司，CSI阿特斯光伏科技（苏州）有限公司，CSI阿特斯太阳能光电（苏州）有限公司。阿特斯为全球客户生产在住宅、商用、工业等领域有着广泛应用的太阳能光伏产品及太阳能发电应用产品，同时还以公司的专业品牌为汽车行业、通讯行业等特殊市场提供太阳能光伏产品的解决方案，CSI阿特斯也为世界领先的太阳能光伏厂商进行OEM加工。常熟阿特斯于2006年在美国纳斯达克成功上市（代码:CSIQ），是中国第一家登陆美国纳斯达克的光伏企业。发行价是每股15美元。目前，CSIQ的股价是12.97美元，市值约5亿5602万美元，市盈率59.5。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CSIQ原油及燃料類股道瓊工業今年以來-55.48%16.18%17.73%最近一週1.26%1.82%1.3%最近一個月-10.22%8.42%7.08%最近三個月3.8%23.4%14.8%最近六個月15.59%25.17%18.51%最近一年-57.45%15.22%17.71%最近二年111.37%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 Equivalents16011638416可限制现金Restrictable Cash17921210可卖出证券Marketable Securities-7-应收账款Receivables1916971203存货Inventories16493714012待摊费用Prepaid Expenses429102-流动递延所得税Current Deferred Income Taxes-0其他流动资产Other Current Assets172529135流动资产总值Total Current Assets75433922011726固定资产总值Gross Fixed Assets2491775481累计折旧Accumulated Depreciation(32)(12)(2)(0)(0)固定资产净值Net Fixed Assets2171665181无形资产Intangibles1313-0-成本溢余Cost in Excess-非流动递延所得税Non-Current Deferred Income Taxes117440其他非流动资产Other Non-Current Assets444691-非流动资产总值Total Non-Current Assets28523265131资产总值Total Assets1,03957128513027负债Liabilities单位：百万/美元12/200912/200812/200712/200612/2005应付账款Accounts Payable12753874短期借款Short Term Debt2521114031应付票据Notes Payable1051-4应计费用Accrued Expenses-应计债务Accrued Liabilities-0递延收入Deferred Revenues44-流动递延所得税Current Deferred Income Taxes-0其他流动负债Other Current Liabilities2741166流动负债总额Total Current Liabilities515173591615长期借款Long Term Debt304693-4递延所得税Deferred Income Tax119-其他非流动负债Other Non-Current Liabilities1711611少数权益Minority Interest0-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 Liabilities58669915负债总额Total Liabilities5732381581720股东权益优先股Preferred Shareholders Equity-股东权益普通股Common Shareholders Equity4663321261137总权益Total Equity4663321261137总负债和股东权益Total Liabilities & Shareholders Equity1,03957128513027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 Revenue630,961705,006302,79868,21218,324收入调整Adjustments to Revenue-主营业务成本Cost of Revenue(532,312)(623,537)(277,324)(54,957)(10,994)毛利润Gross Operating Profit98,64981,46925,47413,2557,329三项费用Selling/General/Admin Expense(68,413)(45,118)(24,735)(10,833)(1,865)研发费用Research & Development(3,180)(1,825)(998)(398)(16)前利润EBITDA27,05634,527(259)2,0255,448折旧和摊销Depreciation & Amortization(20,544)(10,462)(1,698)(915)(217)营业收益Operating Income6,51224,065(1,957)1,1105,231利息收益Interest Income5,0843,53156236322其他净收益Other Income, Net17,551(13,275)3,368(8,277)(604)息税前收益Total Income Avail For Interest Expense (EBIT)30,93514,3211,972(6,804)4,649利息支出Interest Expense(9,459)(12,201)(2,367)(2,194)(239)税前收益Pre-Tax Income21,4762,120(395)(8,998)4,409所得税Income Taxes1,302(9,654)185(432)(605)少数权益Minority Interest(132)-营业部门净收益Net Income from Continuing Operations22,646(7,534)(210)(9,430)3,804停业部门净收益Net Income from Discontinued Operations-总营业净收益Net Income from Total Operations22,646(7,534)(210)(9,430)3,804营业收益Normalized Income22,646(7,534)(210)(9,430)3,804营业外收益Extraordinary Income-特殊收入/费用Special Income/Cha