Wright 关于新疆天业滴灌的分析报告

CompanyFundamentalsCompanyFundamentals\CompanyProfileCOMPANYPROFILEFiguresinChineseRenmimbiAWrightInvestors'ServiceResearchReport:XinjiangTianyeWaterSavingIrrigationSytemCoLtd440WheelersFarmsRoadMilford,CT06461U.S.A.WrightQualityRating:LBNNXinjiangTianyeWaterSavingIrrigationSystemCompanyLimitedanditssubsidiariesareengagedinthedesign,manufacture,installationandsaleofirrigationsystemandequipment.TheprincipalactivitiesoftheCompanyincludesdesign,manufacturingandsalesofdripfilms,PolyvinylChloride(PVC),Polyethylene(PE)pipelinesanddripassembliesusedinagriculturalwatersavingirrigationsystem,andisalsoengagedintheprovisionofinstallationservicesofwatersavingirrigationsystemforitscustomers.TheCompany'simmediateholdingcompanyisXinjiangTianyeCompanyLimited(TianyeCompany).TianyeRecyclingisinvolveinrecyclingofusedmaterials;TianyeInstallationisinvolveininstallationofirrigationsystem,andBeijingTianyeisinvolveintradingofdripfilmsarethesubsidiariesoftheCompany.StockPrice(11/19/2010):0.98StockChartRecentstockperformance1Week -3.4%4Weeks -4.4%13Weeks 8.5%52Weeks    19.1% ExecutiveDirector&ChiefExecutive ShuangQuanLi Secretary XinYiXiong      OfficersEarnings/Dividends(asof9/30/2010)EarningsDividendsMostRecentQtr0.000.00Last12Months0.010.00RatioAnalysisPrice/EarningsRatio97.62  DividendYield0.00%KeyDataTicker:82802009Sales:571,028,000MajorIndustry:Machinery&EquipmentSubIndustry:MiscellaneousMachinery&EquipmentCountry:ChinaCurrency:ChineseRenmimbiFiscalYearEnds:DecemberEmployees1,342Exchanges:HKGShareType:HGuMarketCapitalization:507,167,337TotalSharesOutstanding:519,521,560CloselyHeldShares:N/A Price/SalesRatio0.89  PayoutRatio0.00%Price/BookRatio0.76 %HeldbyInsiders N/AAddress213Queen'sRoadEastWanchai   HONGKONGPhone HomePage©2000-2010DistributedbyWrightInvestors'Service,Inc.AllRightsReserved.Exceptforquotationsbyestablishednewsmedia,nopagesonthissitemaybereproduced,storedinaretrievalsystem,ortransmittedforcommercialpurposes,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwisewithoutpriorwrittenpermission.Informationisbelievedreliable,butaccuracy,completenessandopinionsarenotguaranteed.  CompanyFundamentals\ComparativeBusinessAnalysisAWrightInvestors'ServiceResearchReport:XinjiangTianyeWaterSavingIrrigationSytemCoLtdProvidedByCorporateInformation.com440WheelersFarmsRoadMilford,CT06461U.S.A.WrightComparativeBusinessAnalysisReportReportDate:11/19/2010CompanyDescriptionXinjiangTianyeWaterSavingIrrigationSystemCompanyLimitedanditssubsidiariesareengagedinthedesign,manufacture,installationandsaleofirrigationsystemandequipment.TheprincipalactivitiesoftheCompanyincludesdesign,manufacturingandsalesofdripfilms,PolyvinylChloride(PVC),Polyethylene(PE)pipelinesanddripassembliesusedinagriculturalwatersavingirrigationsystem,andisalsoengagedintheprovisionofinstallationservicesofwatersavingirrigationsystemforitscustomers.TheCompany'simmediateholdingcompanyisXinjiangTianyeCompanyLimited(TianyeCompany).TianyeRecyclingisinvolveinrecyclingofusedmaterials;TianyeInstallationisinvolveininstallationofirrigationsystem,andBeijingTianyeisinvolveintradingofdripfilmsarethesubsidiariesoftheCompany.CompetitorAnalysisXinjiangTianyeWaterSavingIrrigationSytemCoLtdoperatesintheFarmmachineryandequipmentsector.ThisanalysiscomparesXinjiangTianyeWaterSavingIrrigationSytemCoLtdwiththreeothercompanies:SuidoKikoKaisha,Ltd.ofJapan(2010salesof16.17billionJapaneseYen[US$194.24million]ofwhich87%wasWaterTreatment),ZhongdaInternationalHoldingsLimitedofHongKong(2009sales:516.36millionHongKongDollars[US$66.57million]ofwhich43%wasAutomobileEquipment),andABGInfralogisticsLimitedwhichisbasedinIndia(2010salesof2.00billionIndianRupees[US$45.32million]).Note:notallofthesecompanieshavethesamefiscalyear:themostrecentdataforeachcompanyarebeingused.SalesAnalysisXinjiangTianyeWaterSavingIrrigationSytemCoLtdreportedsalesof571.03millionChineseRenmimbi(US$85.97million)fortheyearendingDecemberof2009.Thisrepresentsadecreaseof14.0%versus2008,whenthecompany'ssaleswere664.25millionChineseRenmimbi.Contributingtothedropinoverallsaleswasthe16.7%declineinDripFilmsandDripAssemblies,from442.22millionChineseRenmimbito368.54millionChineseRenmimbi.TherewerealsodecreasesinsalesinPvc/pePipelines(down8.0%to202.49millionChineseRenmimbi).RecentSalesatXinjiangTianyeWaterSavingIrrigationSytemCoLtd(FiguresinMillionsofChineseRenmimbi)XinjiangTianyeWaterSavingIrrigationSytemCoLtdcurrentlyhas1,342employees.Withsalesof571.03millionChineseRenmimbi(US$85.97million),thisequatestosalesofUS$64,064peremployee.SalesComparisons(MostRecentFiscalYear)389376462616664571200420052006200720082009CompanyYearEndedSales(US$mlns)SalesGrowthSales/Emp(US$)LargestRegion RecentStockPerformanceInrecentyears,thisstockhasperformedterribly.In2007,thestocktradedashighas4.38ChineseRenmimbi,versus0.98ChineseRenmimbion11/19/2010.Forthe52weeksending11/19/2010,thestockofthiscompanywasup19.1%to0.98ChineseRenmimbi.Duringthepast13weeks,thestockhasincreased8.5%.Duringthepast52weeks,thestoc