行情走到目前，从价值角度能够安心买入并持有的股票已经不多。尽管如此，在投资的驱动下，投资者，尤其是理性的机构投资者仍在孜孜不倦地挖掘着价值投资型的好股票，中远航运就是在此市态下被机构投资者一致看好。从机构专业研究与专业投资的角度看，中远航运的三大价值要素分别是：一、国际与国内经济的高增长，促使航运业保持着相当长周期的景气度；二、杂散件货运居于垄断性地位；三、未来四年将保持20%以上的复合增长。从行情角度看，其估值低廉与稳健增长的优势既能抵御当前行情高热的风险，又能获取价值增长的潜在收益，在策略上是一举两得。

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        

中金公司                                                                     2007/05/22    推荐        整体而言，公司此次购船符合市场预期，且能够在目前船只紧张的情况下以相对合理的价格购船体现了公司的管理能力，也保障了所购船舶的利润率。即使考虑到此次购船后，公司未来的现金流状况仍然非常健康，有利于进一步运力扩张。                                                                                                                                                                                                                                 1.14         1.30     1.57     ----

                                                                                                     基于2007年以来BDI的强劲走势，分别小幅上调2007年和2008年盈利预测6%和3.4%。考虑到2007-2010年的净利润年复合增长将达到21%，中远航运为航运板块中少有的值得长期投资的公司。                                                                                                                                                                                                                                                                                                                    

招商证券                                                                     2007/05/22    强烈推荐    公司当前公告的订单，再加上2006 年11 月签订的4 艘27000 吨级多用途船订单，则公司运力将在2009 年以后的一段时间内得到大幅提升，进一步增强公司在机械设备运输领域的竞争能力。                                                                                                                                                                                                                                                                             1.19         1.31     1.57     ----

                                                                                                     根据半潜船市场的分析，该市场前景广阔。且公司的主要竞争对手DOCKWISE 目前尚无明确扩张方案。公司如能适时抓住机遇加大在该领域的投入，相信会给公司带来高额的回报。预计未来几年公司业绩的快速增长将在2007 年开始显现，公司业绩增长超预期的可能较大。公司蕴涵着重大的投资机会。                                                                                                                                                                                                                

联合证券                                                                     2007/05/22    增持        未来几年全球杂货运力供求持续紧缺，同时干散货运力供需基本平衡将共同驱使公司所处的件杂货运输行业景气度稳步提升。                                                                                                                                                                                                                                                                                                                                     1.26         1.56     ----     29.00

                                                                                                     多用途船是未来业绩的重要增长点，在期租水平为1.9 万美元的假设下，考虑前期公司订造的4 艘多用途船，估计全投产后的12 艘多用途船将为公司贡献主营利润约4 亿元。                                                                                                                                                                                                                                                                                                                                

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1.197         1.39     1.57     29.00

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 20.05         17.27    15.29        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

（1）中国乃至世界经济出现明显衰退；（2）国际干散货货运价格BDI指数的波动。