在我国家电行业中具备优势的企业也是国际性的优势公司，美的电器即是其中之一。

　　经过市场的充分竞争，家电企业两极分化的格局已成定势，美的电器在竞争中取得良性发展的优势地位，这在该公司优良业绩和稳健增长的财务数据上已经得到表现。

　　将来，公司通过股权激励机制保障了业绩继续优异，同时，也使该公司的优势地位和国际竞争力更加突出，从而能继续享受到市场的估值溢价。

评级                                                                                                     评级日期     股票                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         EPS （元）                     估值

机构                                                                                                                    评级         投资要点                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     (元)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     06年         07年     08年        

国泰                                                                                                     2007/01/23    增持         目前美的商用空调规模在25 亿元左右，市场份额在15％以上。按照集团规划，年增速在35％以上。随着规模的提升，盈利能力也将有所提升，对公司整体的利润贡献显著。大型中央空调业务目前收入2-3 亿元，规模尚小，但增长明显。根据多元化白电业务的定位，该业务未来将注入上市公司。压缩机业务2007年应有5%以上的增长。收购了集团直接或间接持有的洗衣机设备、冰箱公司及营销公司各50％的股权，拥有产能电冰箱120万台和洗衣机130万台，公司规划未来总产能将扩至500万台以上。                                                                                                                         0.75         0.94     1.18     22.00

君安                                                                                                                                 综合下来，未来几年公司收入规模可保持20%左右的增长。就各项业务，未来几年商用空调与冰洗业务的增长很可能超出市场预期。                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

申银                                                                                                     2007/01/23    买入         2007年美的旗下的荣事达冰、洗资产正式注入上市公司，明确了集团对美的电器的定位，成为了综合性的白色家电上市公司旗舰。后续的白电相关资产整合仍将继续。                                                                                                                                                                                                                                                                                                                                                                                                                             0.79         1.01     1.29     26.00

万国                                                                                                                                 大股东通过二级市场增持、引入高盛作为战略投资者、对职业经理人进行股权激励，合理的股权结构为公司战略实现以及管理激励提供了保障，为快速业绩增长提供了保障。                                                                                                                                                                                                                                                                                                                                                                                                                                                        

招商                                                                                                     2007/01/23    强烈         股权激励到位，公布的行权条件相对其它家电公司严格，最近连续3年净利润率每年增长15％、加权平均净资产收益率增长12％。                                                                                                                                                                                                                                                                                                                                                                                                                                                             0.77         0.99     1.25     25.00

证券                                                                                                                    推荐         高盛作为战略投资者，除改善决策机制之外，还将融入美的的经营发展。美的市场拓展的外延式增长能力很强，近两年出口业务突飞猛进，高盛加盟对提升国际化竞争力有帮助。                                                                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                     白色家电特别是空调行业作为完全竞争行业中的耐用消费品，在中国本土具有极强竞争力，且正在向全球扩展；本土龙头公司过往两年业绩主要依靠集中度提升，竞争力足够的公司未来将进入品牌定价的良性竞争阶段。                                                                                                                                                                                                                                                                                                                                                                                                                

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         0.77         0.98     1.24     24.33

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         24.29         19.08    15.08        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

1、股权激励计划设定成长底线，但是对当期利润有负面影响；                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

2、产品价格会否大幅降低尚存在一定的不确定性。                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

　　制表：证券通（www.178.com）