InvestmentResearchReport(1).doc

Investment Analysis Report
—Changyu Pioneer pany Limited
投资分析报告
—烟台张裕葡萄酿酒股份有限公司
Contents
Company Introduction 3
Macroeconomic Analysis 3
Macroeconomic
1. GDP Growth 3
2. CPI Growth 4
3. Business Cycle Risk 4
Macropolicy
1. Fiscal Policy 4
2. ary Policy 5
Industry Analysis 5
Industry Summary 5
Industry Overview 6
Industry Life Cycle 7
Industry Structure 8
Technical Analysis 8
Trend Analysis 8
Indicators analysis 11
Conclusion of Technical Analysis 12
Financial Statement Analysis 12
Fundamental Analysis 12
Profitability Analysis 16
Development Capability Analysis 18
Summary 19
Stock Price Evaluation 20
Conclusion 23
Reference 24

Company Introduction
Company Profile
Yantai Changyu pany Limited is a large corporation operating in a wide variety of business areas. Focusing on production of wine products, pany has vigorously expanded into such business areas as development of health-aiding wines and Chinese herbs, procession of liquor and alcohol, importing and exporting, packaging, machinery, glass products. Its products are selling very well in China and more than 20 countries and regions in the world,it is a financially pany Y billion of total assets Y assets. Growing on the basis of Yantai Changyu Pioneer pany, a winery established by a well-known overseas Chinese merchant Mr. Chang Bishi in 1892, pany has been maintaining a track record for over a century.
Macroeconomic Economic ---- Economic growth, lay the foundation for the wine consumer
1. GDP Growth
In recent years, the economic of China has grown rapidly, 2010, China's GDP, the total, is ￥ trillion, increase of %.Economic growth is bound to promote the wine industry, and drive the development and prosperity of wine industry. In 2004, Changyu Pioneer pany drive into the top ten domestic wine business with 6 billion in total profits and taxes, breaking the pattern of the domestic wine market over the years, in 2007, Changyu was named "