近期市场中最闪亮的明星股当属沪东重机，激起该股行情千层浪的，是中船集团一系列优质资产即将通过定向增发注入，使该公司一举成为了行业老大，也使该股的业绩出现巨幅增长，并显著地提升了该股的估值空间。

　　依据机构专业报告的量化分析，尽管该股目前涨幅巨大，但仍有较为可观的涨升空间。

评级机构                                                                                 评级日期     股票评级    投资要点                                                                                                                                                                                                                                                                                                                                                                 EPS （元）                     估值

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (元)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             06年         07年     08年        

招商证券                                                                                 2007/01/29    强烈推荐    资产注入后的沪东重机成为中船集团核心民品资产整体上市的平台，此次增发完成后，公司将成为具有国际竞争力的集造船、修船和主机制造为一体的上市公司，将无可争议地成为中国船舶行业上市公司老大。                                                                                                                                                                                 2.30         3.00     ----     100.00

海通证券                                                                                 2007/01/29    买入        中船集团将其核心民品主业，包括大型船舶制造业务、修船业务纳入沪东重机，实现核心民品造、修、配三大业务的整合，形成完整的产业链，使新上市公司初步形成中船集团核心民品主业整体上市的平台。此外，通过资产注入也可以解决沪东重机和中船集团之间的关联交易。中船旗下还有沪东中华、江南造船厂、上海船厂、黄浦船厂等大型造船企业，此次增发为后续大规模的资产注入打开了想象空间。    2.26         2.66     3.40     93.10~

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             106.40

长江证券                                                                                 2007/01/29    推荐        本次增发后，上市公司资产规模、利润规模将有大幅度提高。根据虚拟计算，每股收益从1元/股增至2.3元/股，每股净资产从4.5元/股增至19元/股左右。从估值角度来看，国际主要船厂2006年合理估值水平为PE26倍，PB为3倍，沪东重机目前价格存在较大的低估。                                                                                                                                 2.30         ----     ----     59.80

国金证券                                                                                 2007/01/29    买入        此次定向增发资产作价以06年市净率计算为1倍，以06年市盈率计算为9.6倍，无论国际、国内估值比较都是相对较低的，对流通股股东是利好消息。此次定向增发将提高沪东重机的估值水平，不排除未来中船集团继续向上市公司注入优质资产的可能性，公司业绩可持续增长前景乐观。                                                                                                                2.26         ----     ----     59.89~

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             69.72

天相投顾                                                                                 2007/01/29    买入        公司07年净利润增速至少在30%以上。具有了外高桥造船、中船澄西修船、远航文冲船舶和原来沪东重机资产的新上市公司涵盖了船舶制造业中的造、修、配完整产业链，新公司有望成为具有国际竞争力的船舶制造企业。                                                                                                                                                                         2.30         2.41     ----     65.10

渤海证券                                                                                 2007/01/29    强烈推荐    去年前10个月外高桥、澄西修船和远航文冲分别实现净利润7.08、2.37和1.06亿元，净资产收益率32.87％、44.63％和14.19％。沪东重机前三季净利润1.45亿元，净资产收益率13.06％。因此，被收购资产的盈利能力极强。                                                                                                                                                                     2.30         3.23     ----     90.00~

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             100.00

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2.287         2.825    3.40     80.74

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                    26.56         21.50    17.86        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

因公司尚未披露增发资产有关的可行性分析报告，需要了解新公司更多情况才能作更精确的预测。                                                                                                                                                                                                                                                                                                                                                                                                                                            

　　制表：证券通（www.178.com）