任何投资者只要能了解天马股份的行业属性、行业地位、公司特性、盈利能力、增长前景等，都会认为这是一家非常典型的高成长性小公司，即被专业投资者称之为“小巨人”类型的公司，该公司上市后也一直得到了机构投资者的高度推崇。当然，“好股不便宜”也是该股行情的一大特点，长期投资、享受成长的策略比较适应于该股。

                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                         

                                                                                                                                              

                                                                                                                                              

                                                                                                                                                                                  

                                                                                                                                                                                  

                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                        

评级机构	评级日期	股票评级	投资要点	EPS预测（元）	估值                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (元)
08年	09年	10年
中银国际	2008/05/15	优大于市	公司成功打入风电承轴市场，在全球风电承轴供应短缺的背景下，该业务必将成为公司未来盈利增长的重要推动力。由于该业务对质量标准和技术要求都非常高，目前国内仅两家企业有能力向风电设备制造商提供风电承轴。考虑到市场领军地位、外部扩张策略和向高端市场拓展，天马股份未来将进入快速成长期。	1.93	2.97	3.97	89.10
渤海证券	2008/05/13	推荐	公司增发项目将形成年新增1万套风力发电机轴承的生产能力。齐重项目形成年产200台高档重型数控机床的生产能力，使高档重型数控机床这一项高科技产品实现产业化生产。鉴于这两个行业的良好的发展前景，公司产品的稀缺性，公司高估值的状态是可持续的。	1.89	2.98	4.20	85.40                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ~                                                                                                                                                                                                                                                                                                                                                                                                                                                                          103.74
中信建头	2008/05/13	买入	公司此次定向增发增强在风电轴承和重型数控机床领域竞争实力的意图明显。公司7个募集资金项目中，4个募集资金项目均已基本建成，目前处在投产初期，生产能力和增收能力快速提高。相对国内其他轴承生产企业，公司内生式增长和外延式扩张使业绩快速增长。	1.78	2.34	3.26	100.00
齐鲁证券	2008/05/13	推荐	风电行业的快速发展为风电轴承发展提供了广阔的空间。公司利用自己在技术、装备等方面的优势在行业内取得了突破，公司此次进行技改项目扩大产能，更是牢牢把握了市场的主导权，对公司未来的业绩增长提供了保障。	1.83	2.61	3.31	-----
国金证券	2008/05/13	买入	两个增发项目均为公司未来的主要增长潜力所在，风电轴承项目前景广阔，是未来轴承行业发展的重中之重。齐重数控作为国企改制，以前负债较高，恰逢大型立车市场空前兴旺，进一步扩大生产规模并补充资金也是必要的。	1.83	2.67	3.62	-----
国泰君安	2008/05/13	谨慎增持	虽然增发主要投向非常有发展前景的两块业务，但产生业绩还需要一个过程，对近期业绩的摊薄有9%左右。可以以最低的股本摊薄获得发展所需资金。由于市场对再融资比较敏感，短期会对公司股价产生不利影响。	1.78	2.61	----	86.00
业绩预测与估值的均值（元）	1.84	2.70	3.67	92.42
目前股价的动态市盈率（倍）	33.32	22.70	16.70
风 险 提 示
（1）原材料上涨对利润产生影响；（2）宏观调控对行业的影响；（3）地震灾害对成都天马的影响；（4）再发再融资还需报审。