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      2008 年 5 月 25 日
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    5版:大智慧大鳄猎物
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      | 5版:大智慧大鳄猎物
    基金无为难抑热钱炒作冲动
    申银万国研究报告认为:政策性反弹推动主题投资深化
    平安证券研究报告认为:市场震荡向上趋势有望延续
    通讯板块:3G时代即将来临
    纺织板块:重组预期带来契机
    宁波华翔(002048):小公司也可做成大事业
    一周强势股排行榜
    ■强股上通道
    光大证券研究报告认为:奥运前A 股市场将强劲反弹
    估值趋于合理 中期反弹可期
    一周概念板块相关数据一览表
    游资唱戏精彩
    短线机会涌动
    招商证券研究报告认为:等待新动力确定突破方向
    更多新闻请登陆中国证券网〉〉〉
     
     
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    宁波华翔(002048):小公司也可做成大事业
    2008年05月25日      来源:上海证券报      作者:
      宁波华翔是一家典型的小公司做大事业的企业,它在国内军用车市场的占有率超过了50%。因此,它也是成长性与扩张性极为迅猛的公司,在上市以来三年不到的时间里,它的总股本扩张了5.20倍,流通股本扩张了13.17倍,利润增长了6.65倍。从机构深度研究报告来看,基于大量下属子公司纷纷进入扭亏开始贡献利润的阶段,以及受益于一汽集团的快速发展,宁波华翔仍处于继续高速成长的路途上。因此,在目前比较疲弱的市态中仍被机构投资者继续重点看好。

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                     

                                                                                                                                                                                                             公司在东北地区收入增长较快。后期公司还将加大东北基地的投资力度,以提升企业整体盈利水平,将受益一汽集团的快速发展。                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

    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
    平安证券2008/05/20强烈推荐陆平机器具有设备优势和技术与设计能力,熟悉军队采购体系,拥有稳固的客户资源。后期将受益于军队装备定点生产企业范围的调整,市场份额将稳中有升。公司生产的多种车辆跟随部队投入到抗灾抢险行动中去,有关单位追加了产品订货。富奥零部件公司下属的合资企业技术水平较高,盈利能力强。预计富奥公司2008年有望实现净利润1.5 亿元-2亿元。富奥公司将成为宁波华翔投资收益的主要来源。                                                                                                                    0.470.630.7920.00
    中银国际2008/05/19优大于市由于华翔持股49%的一汽富奥1-4月份业绩表现不俗,将宁波华翔08年投资收益预测进一步上调。陆平机器股份有限公司是国内领先的军用和民用特种和改装车制造商,公司军用和民用车的年产量分别达到了2,000台和500-600台。目前,公司在国内军用车的市场份额约为50-60%,位居国内首位,且遥遥领先于竞争者。预计陆平机器08年军用和民用产品销售收入分别达到10亿人民币和2亿人民币。预计陆平机器对宁波华翔08年净利润贡献将同比增长10%至5,500万人民币。0.510.801.0316.00
    兴业证券2008/05/17强烈推荐陆平机器主要生产军用改装车,打算未来军民品并重,变成一个专用车生产企业。富奥汽车零部件公司有9 家全资公司,18 家合资公司,1-4 月净利润为1.6 亿元,富奥方面自己的计划是08 年1 亿元、09 年1.5-1.8 亿元,目前全资公司亏损在迅速减少,盈利水平将远超过计划。公司海外战略比较清晰,通过收购一些有技术含量的产品建立全球供货平台,目前收购已有比较大进展,如成功对利润增厚明显。0.450.620.84-----
    业绩预测与估值的均值(元)0.477 0.6830.88718.00
    目前股价的动态市盈率(倍)29.35 20.5015.78
    风 险 提 示
    (1)公司处于高速扩张时期,对资金的需求量大,融资步伐不畅将延缓公司的各项战略实施;(2)公司旗下子公司众多,考验公司的管理能力和整合能力;(3)原材料价格上涨带来利润压力。