金马集团收购眉山启明星铝业公司40%股权将给公司带来的显著变化，一是，公司将从竞争激烈的通信服务业逐步转向电解铝为主的有色金属业；二是，此资产收购将给公司业绩带来巨大的增长；三是，背靠大集团，后期仍有资产注入值得期待。

　　伴随着公司公司基本面的巨变，该股行情也改变了以往投机性强的特征而被诸多机构所重视。通过机构深度研究给予的估值来看，该股显然还具备着比较显著的涨升潜力。

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

                                                                                                                                                                                                             投资要点                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (元)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        07年         08年     09年        

兴业证券                                                                                                                                                                         2007/07/18    强烈推荐    公司以1.12亿元收购眉山启明星铝业公司40%股权进入铝行业。眉山启明星铝业公司的资产为一条12.5万吨电解铝(实际规模可能达到13.7万吨)生产线,共安装300KA槽168台。6月21日，首批电解槽通电成功，顺利实现投产。据了解，四川眉山启明星铝业的氧化铝全部由鲁能晋北铝业提供，定价以长单形式，且还有5%的优惠。按照目前20000元/吨的铝价，17%的长单价格比例计算，公司购买氧化铝的价格为3230元/吨；另外，电价为0.35元/KWH，参照其它电解铝公司的成本情况，预计公司每吨电解铝的完全成本不超过15000元/吨，铝价20000元/吨时，吨铝税后净利润高达2863元。按照正常情况，07年电解铝产量为5万吨，在完全销售的情况下贡献净利润5726.5万元，每股收益增厚0.38元。08年可完全达产，产量13万吨，假设08年电解铝均价为19000元/吨，则贡献净利润12873万元，每股收益增厚0.85元。    0.68         1.15     ----     24.30

招商证券                                                                                                                                                                         2007/07/12    强烈推荐    日前，金马集团收购眉山启明星铝业公司40％股权在4 月26 日股东大会通过的前提下已经完成了资产交割。未来公司50％以上的主营业务收入和利润将会来自电解铝业务，这表明公司的主营业务正逐步从电力通讯往电解铝进行战略转移。眉山启明星铝业公司由于在氧化铝和电力供应方面的优势，预计未来的经营业绩在电解铝行业中将会处于领先优势，并给金马集团带来较高的回报。                                                                                                                                                                                                                                                                                                                                                                                        0.54         1.02     1.10        

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        23.00

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        ~

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        25.00

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             0.61         1.085    1.10     24.15

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             23.34         13.12    12.95        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

1、北京国源联合因收购鲁能集团未向证监会提出申请被要求整改可能给公司可能带来风险；2、眉山启明星铝业公司建成投产和达产是否能按期的风险；3、未来电解铝和氧化铝价格波动带来的风险。