在吸收合并东方锅炉后，东方电机已经成为“五电并举”的行业巨头。这赋予了该股具有可持续性的优良业绩，也是机构投资者重点配置并长期持有的核心资产。从机构深度研究报告看，风电业务已经成为该公司新的成长点，并成为继续看好和提升估值的重要依据。

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        

平安证券                                                                                                         2007/06/48    推荐        整体上市后的产品结构将更加完整，以单机容量的价格计算，电机、汽轮机和锅炉的大致比例为1：1.5：3，锅炉和汽轮机的加盟将使得公司的总体规模成倍提高。另外，东方汽轮机的快速发展的风电业务也将进一步提升公司的综合竞争力。                                                                                                                                                                                                                                                                 1.79         2.82     2.94     68.00

                                                                                                                                             风电业务目前的定单在90 亿左右，其中，2007 年新增为45 亿左右。依照公司计划，2007 年计划完成200 台，2008 年和2009 年分别完成300 台和500 台。国内竞争格局看，以在手定单计算，东方电机仅次于金风和大连重工，依靠公司的综合竞争实力，公司的市场地位仍有提升空间。                                                                                                                                                                                                                                                         ~85.00

申银万国                                                                                                         2007/06/18    增持        公司2007 年上半年又新签订约40 亿风电订单；目前在手约950 台1.5MW 风电订单，约合85 亿元左右。预计2007 年将完成约300－350台的生产，并预计后期仍有较高速增长。                                                                                                                                                                                                                                                                                                                         2.67         3.06     3.13     78.99

                                                                                                                                             基于产品结构的调整、原材料国产化程度提高、以及产品产量规模和配套性增强，预计公司毛利率水平将逐步呈现小幅回升趋势。                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                             公司完成吸收合并，电源设备实现国内唯一的五电并举，后续意欲染指输变电及成套设备领域，打开新的发展空间。                                                                                                                                                                                                                                                                                                                                                                                                                

长城证券                                                                                                         2007/06/20    中性        公司07-09年的业绩增长预期有限。原因之一，水电、风电设备等在公司主营业务中所占比重不断加大，这些设备的盈利能力都低于火电设备；原因之二，火电设备中60 万千瓦以上机组所占比重不断加大，由于原材料成本较高，其盈利能力亦低于30 万千瓦以下机组；原因之三，公司除本次定向增发之外还准备负债收购部分资产，加大财务费用负担。                                                                                                                                                                2.52         2.39     ----     ----

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        2.33         2.76     3.04     77.75

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        28.25         23.85    21.65        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

（1）绝对业绩虽优，但08年后的增长幅度一般；（2）汇率与原材料价格波动会影响到经营绩效；（3）火电业务景气度不足。