常州天合光能 TSL

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。

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

12/2009 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Receivables 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) (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

10 3 1 0 0 Taxes

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Liabilities 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 - - - - - 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 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 Shareholder's Equity - - - - - 股东权益普通股Common Shareholder's Equity 677 433 367 157 14 总权益Total Equity 677 433 367 157 14

总负债和股东权益Total Liabilities &

1,549 940 601 252 32 Shareholder's Equity

损益表

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Depreciation & 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

185,802 128,533 41,206 17,099 4,261 Expense (EBIT)

利息支出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

135,369 99,987 35,362 13,174 3,220 Operations

停业部门净收益Net Income from Discontinued

- - 368 (753) 91 Operations

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