1、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.
2、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12/2009 12/2008 12/2007 12/2006 12/2005现金 Cash and Equivalents 406 132 60 93 1可限制现金 Restrictable Cash 72 45 103 5 1可卖出证券 Marketable Securities 4 - - - -应收账款 Receiva
3、bles 288 105 77 32 7存货 Inventories 81 86 59 32 7待摊费用 Prepaid Expenses 76 52 - - 0流动递延所得税 Current Deferred Income Taxes - - 0 1 -其他流动资产 Other Current Assets - - 44 35 5流动资产总值 Total Current Assets 928 420 342 198 21固定资产总值 Gross Fixed Assets 538 385 205 53 11累计折旧 Accumulated Depreciation (61) (27) (8)
4、(2) (0)固定资产净值 Net Fixed Assets 477 358 197 51 11无形资产 Intangibles - - 5 2 1成本溢余 Cost in Excess - - - - -非流动递延所得税 Non-Current Deferred Income Taxes 10 3 1 0 0其他非流动资产 Other Non-Current Assets 134 160 55 - -非流动资产总值 Total Non-Current Assets 621 520 258 54 12资产总值 Total Assets 1,549 940 601 252 32负债 Liabil
5、ities 单位：百万/ 美元12/2009 12/2008 12/2007 12/2006 12/2005应付账款 Accounts Payable 187 63 43 9 4短期借款 Short Term Debt 267 249 164 71 7应付票据 Notes Payable - - - - -应计费用 Accrued Expenses - - 10 5 0应计债务 Accrued Liabilities 49 21 - - 0递延收入 Deferred Revenues - - - - -流动递延所得税 Current Deferred Income Taxes - - - -
6、-其他流动负债 Other Current Liabilities 13 4 4 2 1流动负债总额 Total Current Liabilities 515 336 220 88 13长期借款 Long Term Debt 318 148 8 5 5递延所得税 Deferred Income Tax - - - - -其他非流动负债 Other Non-Current Liabilities 38 23 4 1 0少数权益 Minority Interest - - - - -融资租赁债务 Capital Lease Obligations - - - - -附属信托优先股 Preferr
7、ed 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 Liabilities 356 171 13 7 5负债总额 Total Liabilities 871 507 233 95 18股东权益优先股 Preferred Shareholders Equity - - - - -股东权益普通股 Common Shareholders Equity 677 433 367 157 14总
8、权益 Total Equity 677 433 367 157 14总负债和股东权益 Total Liabilities & Shareholders Equity 1,549 940 601 252 32损益表收益状况 Income 单位：千 /美元12/2009 12/2008 12/2007 12/2006 12/2005主营业务收入 Operating Revenue 845,136 831,901 301,819 114,500 27,275收入调整 Adjustments to Revenue - - - - -主营业务成本 Cost of Revenue (571,314) (6
9、46,157) (228,039) (83,006) (20,589)毛利润 Gross Operating Profit 273,822 185,744 73,780 31,494 6,686三项费用 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 EBITDA 172,037 121,289 42,139 18,364 4,669折旧和摊销 Deprecia
10、tion & Amortization (36,668) (21,302) (6,152) (1,444) (397)营业收益 Operating Income 135,369 99,987 35,987 16,920 4,272利息收益 Interest Income 1,667 2,944 4,810 261 16其他净收益 Other Income, Net 48,766 25,602 409 (82) (27)息税前收益 Total Income Avail For Interest Expense (EBIT) 185,802 128,533 41,206 17,099 4,261利
11、息支出 Interest Expense (25,737) (23,936) (7,551) (2,137) (470)税前收益 Pre-Tax Income 160,065 104,596 33,655 14,962 3,791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 Operations 135,369 99,987 35,362 13,174 3,220停业部门净收益 Net Income f
12、rom Discontinued Operations - - 368 (753) 91总营业净收益 Net Income from Total Operations 135,369 99,987 35,730 12,421 3,311营业收益 Normalized Income 135,369 99,987 35,362 13,174 3,220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 Income from Cum. Effect of Acct Change - - - - -税损转结收益 Income from Tax Loss Carryforward - - - - -其他收益 Other Gains (37,785) (38,627) - - -净收益总额 Total Net Income 97,584 61,360 35,730 12,421 3,311
