青岛海尔是我国制造业锻造国际品牌的标志，也曾是我国企业的典范，其股票更曾是蓝筹股的代表，但随着股改后市场对公司评判标准的更新，其关联交易一直被市场投资者所诟病。因而，清除关联交易、推行股权激励、进行资产整合是该股恢复投资者信心，体现国际品牌公司价值重估，重树蓝筹风范的关键所在。所幸的是，公司与控股股东已经充分认识到这一点，以上三大举措已进入日程，公司股票因而也再度受到机构投资者的重视与青睐。

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        

申银万国                                                                                                                                     2007/08/23    买入        如果考虑用现金收购相关白电资产，则08 年预测EPS 有望升至1.13 元，对应估值区间为28~32 元；如果现金收购的同时，下调采购费率，则08 年预测EPS 最高有望升至1.25 元，对应估值区间31~35 元；如果将集团内与白电业务相关资产注入，则EPS 升至1.32元，对应估值区间为33~37 元。                                                        0.59         0.88     1.11        

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 28.00

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ~

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 37.00

国信证券                                                                                                                                     2007/08/23    推荐        以下5点将成为推动股价上涨的催化剂：（1）白电相关优质资产横向和纵向整合可能会激发公司规模和盈利增长的再一次跳跃式增长；（2）公司国际化推进需要白电资产的整合平台，利于未来存在的并购拓展；（3）对冰箱和洗衣机产品结构优化的盈利上升还没有充分反映；（4）采购零部件的关联交易存在进一步改善空间；（5）奥运对品牌的推动。    0.55         0.85     1.09     28.00

东方证券                                                                                                                                     2007/08/23    增持        基于销售模式的调整、新进入的4 家公司5-6月份并表，公司销售收入增长29.75%，净利润增长36.9%。                                                                                                                                                                                                                                0.57         0.70     ----     25.00

安信证券                                                                                                                                     2007/08/23    买入        关联交易还大量存在，只有进行白电业务整合才能较彻底的解决这一问题。可能注入资产包括洗衣机、热水器以及模具、特钢等业务。                                                                                                                                                                                                    0.51         0.70     ----     -----

                                                                                                                                                         -B                                                                                                                                                                                                                                                                                                                                                                        

平安证券                                                                                                                                     2007/08/23    推荐        此次出资4900万独资设立合肥海尔电冰箱有限公司，有利于消除公司与海尔集团存在的同业竞争和关联交易，增加公司资产的完整性、独立性，保护中小流通股东的利益。                                                                                                                                                                    0.52         0.84     ----     -----

中信证券                                                                                                                                     2007/08/23    增持        冰箱市场需求旺盛，计划2007 年销量增长20%，2008 年合肥扩产120 万台；空调加强渠道建设，并促进产品销售结构改善；医疗低温设备等明星业务盈利贡献渐显。                                                                                                                                                                         0.60         0.79     ----     28.40

国泰君安                                                                                                                                     2007/08/15    增持        股权激励在07年底应有较为明确的结果，业绩增长可能超出预期；白色家电相关的资产整合有望打开业绩上升通道。                                                                                                                                                                                                                    0.55         0.84     ----     30.00

业绩预测与估值的均值（元）                                                                                                                                                                                                                                                                                                                                                                                                                                                                     0.556         0.80     1.10     28.78

目前股价的动态市盈率（倍）                                                                                                                                                                                                                                                                                                                                                                                                                                                                     40.20         27.94    20.32        

风 险 提 示                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

（1）资产注入的时间、方式和代价存在不确定性；（2）空调业务季节性波动导致定向增发资产对下半年业绩增厚下降；（3）股权激励获批的进度不可控。