福耀玻璃以专攻汽车玻璃产业为特长，已经从家族型企业成长壮大为“中国制造”的代表性企业，在国内的市场占有率达到70%，已居于行业寡头地位，在国际市场的占有率也是成倍递增。

　　由此，引来了高盛集团参股。将来在产能大幅度扩张，产业链逐步完善，国际资本介入后管理体系得到提升的情形下，该公司已具有成长为国际性行业龙头企业的潜质。为此，其股票也得到了诸多机构的推崇。

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     (元)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                     07年         08年     09年        

中信证券                                                                                                                                                 2007/03/06    买入        公司06 年汽车玻璃业务收入同比增长34.6％，而国际OEM 增长率同比更是达到了103％。公司业务向上延伸至汽车级浮法玻璃的协同效应06 年开始呈现，平板玻璃景气趋好和成本压力缓解是07 年新成长动力。                                                                                         0.78         1.04     ----     24.00

国信证券                                                                                                                                                 2007/03/06    谨慎推荐    06 年综合毛利率为34.32%，同比增加3.81个百分点，07 年公司综合毛利率将基本保持稳定。产能的逐步扩张、海外业务的快速增长、国内汽车玻璃业务的稳步增长及国内浮法玻璃市场的相对稳定等多方面确保了公司未来几年仍将保持较快的增长势头。                                                     0.71         0.93     ----     ----

海通证券                                                                                                                                                 2007/03/06    买入        随着中国进入汽车普及时代以及公司向全球汽车玻璃OEM市场拓展，公司正在进入一个新的快速增长期，未来5 年公司的业务规模至少将在现有基础上翻番，主营业务收入与净利润年均复合增长率将分别达到19%与27%。公司的全球市场占有率也将从目前的3%提高至7%左右。                                    0.77         0.96     1.20     ----

中银国际                                                                                                                                                 2007/03/06    优于大市    预计公司在北京的生产厂将在07年年初投入运营，在广州投资的另一家汽车玻璃生产基地将从07年下半年开始对公司盈利产生影响。公司在海南投资的高端浮法玻璃生产项目将节约物流成本并缓解08年后原材料风险。                                                                                     0.76         0.98     1.16     19.60

天相投顾                                                                                                                                                 2007/03/06    增持        06年成功引进战略投资者高盛集团，负债经营压力大大缓解，更为公司跻身世界一流的汽车玻璃制造商增添了砝码；07 年公司汽车玻璃产能扩张至1100万套；海南浮法项目投产将使公司每年新增30万吨汽车级浮法玻璃的产能。公司供应链一体化优势和成本优势在国际汽车零部件业转移的大趋势下备显突出。    0.77         0.99     1.22     25.00

兴业证券                                                                                                                                                 2007/03/06    推荐        向高盛定向增发已经审批，定向增发将使公司总股本上升到11.13亿股，股本扩张约11.1%，但募集资金对财务费用下降的方面影响，股本扩张对业绩摊薄效应并不明显。                                                                                                                             0.74         0.86     ----     22.00

申银万国                                                                                                                                                 2007/03/07    增持        公司已集中精力继续做大质量识别力强的汽车玻璃市场，08 年可以达到年配套能力约1000万套，70%的市场占有率。                                                                                                                                                                             0.77         0.97     ----     ----

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                             0.757         0.961    1.193    22.65

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

（1）一股独大的家族企业带来法人治理结构问题；（2）过度依赖银行借款导致负债率较高；（3）人民币升值对出口业务有不利影响；（4）两税合并对公司有负面影响。                                                                                                                                                                                                                                                                                                                                                    

　　制表：证券通（www.178.com）