China Stock Profile – China GrenTech Corporation Limited (GRRF)1

Statistics for GRRF:

P/E NA
Long Term EPS Growth 15%
PEG Ratio NA
Net Margin -8%
Average Rating Value 2.5
Average Rating Hold
Average Target Price 2.75
Current Price 3.7
Year to Date Performance 208%
Institutional Ownership NA
Short Interest as % of Float 0.16%

Explanation of Terms

P/E - Price divided by Earnings

Long Term EPS Growth - Long-Term (next 3-5 years) EPS Growth Rate estimated by Wall Street analysts
PEG Ratio – P/E to Growth Ratio. Generally the lower the ratio the more attractive the stock
Net Margin – Net Profit divided by Revenue
Average Rating Value – Based on Ratings given by Wall Street analysts. Generally, the lower the value, the
higher the rating
Average Rating – Based on Ratings given by Wall Street analysts
Average Target Price – Based on Target Price given by Wall Street analysts
Current Price – Current Market Price of stock
Year to Date Performance – Year to Date Performance in Price of stock
Institutional Ownership - % of Shares held by Large Institutions
Short Interest as % of Float – Short Interest in the stock as a % of Equity Float

Chart of GRRF

GRRF Company Profile

GRRF is involved in the manufacture and sale of wireless coverage products and services in China such as
repeaters, trunk amplifiers, and base station amplifiers, which supports various transmission protocols,
including GSM, CDMA, TD-SCDMA, WCDMA, and CDMA2000. The company offers its wireless
1
By H.U.
coverage products in the areas of indoor coverage, which distributes emission of radio signals from the base
stations to indoor environments such as high-rise buildings, underground areas, and elevators; and outdoor
coverage, which provides wireless coverage in specified geographic and topographic regions that include
highways, railways, subways, and tunnels.

The Corporation also provides wireless coverage services, such as design services, installation of wireless
coverage products, and project warranties. GRRF also develops, manufactures, and supplies RF parts and
components, such as filters, duplexers, multi-frequency splitters, combiners and couplers, and antennae; RF-
based wireless access products; and base station RF subsystems. It offers its wireless coverage products and
services to telecommunications operators; and base station RF parts and components to base station
equipment manufacturers. The company, formerly known as Powercom Holdings Limited, was founded in
1999 and is headquartered in Shenzhen in China.

Key Executives of GRRF

Ms. Rong Yu , 44
Chief Financial Officer, Principal Accounting Officer, Director and Member of Corp. Governance &
Nominating Committee
Mr. Qi Wang , 43
VP
Mr. Qingchang Liu , 41
VP of Fin.
Mr. Yingjie Gao , 53
Chairman, Chief Exec. Officer, Member of Compensation Committee and Member of Corp. Governance &
Nominating Committee
Ms. Ying Liu ,
Head of Wireless Coverage Bus.

Major Holders of GRRF

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported

WELLS FARGO & COMPANY 3,705,311 15.39 $5,039,222 31-Mar-09
FMR LLC 356,800 1.48 $485,248 31-Mar-09
ARTIS CAPITAL MANAGEMENT, LLC 289,200 1.20 $393,312 31-Mar-09
RENAISSANCE TECHNOLOGIES, LLC 179,800 .75 $244,528 31-Mar-09
First Allied Securities, Inc. 24,650 .10 $33,524 31-Mar-09
Harris Financial Corp 10,580 .04 $34,385 30-Jun-09
Ameriprise Financial, Inc. 600 .00 $816 31-Mar-09
Credit Suisse 100 .00 $136 31-Mar-09

TOP MUTUAL FUND HOLDERS

 Holder Shares % Out Value* Reported
Wells Fargo Advantage Small Cap Value Fd 1,422,905 5.91 $5,093,999 31-May-09
Wells Fargo Advantage Small/Mid Cap Value
415,460 1.73 $1,487,346 31-May-09
Fd
Fidelity Select Portfolios-Select
166,306 .69 $595,375 31-May-09
Communications Equipment
Wells Fargo Advantage Diversified Small
92,197 .38 $330,065 31-May-09
Cap Fd
FIDELITY SELECT PORTFOLIOS -
30,000 .12 $107,400 31-May-09
TECHNOLOGY
Wells Fargo Advantage Var Tr-Small/Mid
23,210 .10 $83,091 31-May-09
Cap Value Fd
Wells Fargo Advantage Diversified Equity Fd 14,215 .06 $25,444 30-Apr-09
Wells Fargo Advantage Growth Balanced Fd 11,431 .05 $20,461 30-Apr-09
Wells Fargo Advantage Growth Equity Fd 10,009 .04 $17,916 30-Apr-09
Fidelity Advisor Communications Equipment
4,694 .02 $16,804 31-May-09
Fund

Analysts’ Estimates

Current Qtr Next Qtr Current Year Next Year

Earnings Estimate
Jun-09 Sep-09 Dec-09 Dec-10
Avg. Estimate 0.02 0.03 0.18 0.27
No. of Analysts 2 2 2 2
Low Estimate -0.02 -0.01 0.08 0.22
High Estimate 0.06 0.07 0.27 0.31
Year Ago EPS -0.10 -0.05 -0.71 0.18

Analysts estimate earnings growth for GRRF to be 50% next year.

Recent News Headlines for GRRF

[June 4th] Under GRRF’s share repurchase program, the company may repurchase up to US$7.0 million
worth of its issued and outstanding American Depositary Shares ("ADSs") from time to time in open-market
transactions on the Nasdaq Global Market.

[June 17th] The company announced that Ms. Ying Liu, currently the Deputy General Manager of wireless
coverage, head the Company's wireless coverage business. Mr. Liping Mao, current Director, Vice President
of China GrenTech and General Manager of wireless coverage business, has resigned due to personal
reasons, but he will remain a member of the Board of Directors. This change is effective as of June 30,
2009.
GRRF Financial Statements

Income Statement PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Total Revenue 144,325 134,250 106,712
Cost of Revenue 110,131 83,820 56,001

Gross Profit 34,194 50,430 50,711

Operating Expenses
Research Development 10,294 7,749 6,108
Selling General and Administrative 38,922 26,775 21,642
Non Recurring 4,044 - -
Others - - -

Total Operating Expenses - - -

Operating Income or Loss (19,066) 15,906 22,961

Income from Continuing Operations

Total Other Income/Expenses Net 5,997 1,535 2,206
Earnings Before Interest And Taxes (13,069) 17,441 25,167
Interest Expense 8,039 4,846 3,591
Income Before Tax (21,108) 12,595 21,576
Income Tax Expense 463 1,415 2,342
Minority Interest 117 135 (162)

Net Income From Continuing Ops (21,454) 11,315 19,072

Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -

Net Income (21,454) 11,315 19,072

Preferred Stock And Other Adjustments - - (70)

Net Income Applicable To Common Shares ($21,454) $11,315 $19,002

 31-Dec-08 31-Dec-07 31-Dec-06
Balance Sheet PERIOD ENDING

Assets
Current Assets
Cash And Cash Equivalents 60,934 79,039 90,471
Short Term Investments - - -
Net Receivables 109,294 128,157 96,786
Inventory 76,309 74,314 55,664
Other Current Assets 14,316 7,428 6,744

Total Current Assets 260,853 288,938 249,665

Long Term Investments 80,793 54,485 35,482
Property Plant and Equipment 60,839 49,312 21,604
Goodwill - 5,243 1,053
Intangible Assets 266 5 1,756
Accumulated Amortization - - -
Other Assets 13,368 12,910 -
Deferred Long Term Asset Charges - - -

Total Assets 416,119 410,893 309,560

Liabilities
Current Liabilities
Accounts Payable 112,335 81,889 67,962
Short/Current Long Term Debt 73,317 62,519 43,061
Other Current Liabilities - 26,827 -

Total Current Liabilities 185,652 171,235 111,023

Long Term Debt 19,055 20,563 -
Other Liabilities - - -
Deferred Long Term Liability Charges 697 814 -
Minority Interest 638 790 2,431
Negative Goodwill - - -

Total Liabilities 206,042 193,402 113,454

Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 15 14 13
Retained Earnings 69,016 84,077 69,764
Treasury Stock (5,356) (3,626) -
Capital Surplus 125,565 117,001 109,363
Other Stockholder Equity 20,837 20,025 16,966

Total Stockholder Equity 210,077 217,491 196,106

Net Tangible Assets $209,811 $212,243 $193,297

Reference

Yahoo Finance
China Analyst