在弱市行情中，大多数投资者的策略都侧重于防御性。在股市资产中，高速公路股以其优良但缺乏增长弹性的稳定业绩水平，以及较低的估值水平一直被视为防御性资产的首选。在A股市场的高速公路股中赣粤高速则以其“大动脉”式的路网资产、首屈一指的业绩水平、长期享受政府财政补贴等优势一直是各类是机构投资者在做行业配置时的首选，从而成为A股市场中重点的防御性资产股之一，在弱市行情中也更加受到保守型资金的青睐。

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评级机构	评级日期	股票评级		EPS预测（元）	估值                                                                                                                                                                                          投资要点
08年	09年	10年
长江证券	2008/07/16	推荐	公司上市以来一直收到政府的财政补贴，且金额呈逐年提高的状态，赣粤高速不仅具备行业优势，而且通过融资得到了大量的现金，使公司在当前具备了强大的扩张能力，未来业绩比较有保障。	1.03	1.13	1.15	-----
东方证券	2008/07/15	买入	财政补贴反映了江西省政府对于公司一如既往的支持，下半年政府层面仍然会有两方面影响公司的价值，一是下半年财政补贴的发放；二是对公司高新技术企业的认定，公司继续享有15%的概率较大。如果公司能够继续保持15%的优惠税率，预计综合税率水平将低于20%，预测业绩还有提升的空间，	0.92	0.92	1.05	13.80
西南证券	2008/07/15	强烈推荐	由于雪灾和春运，公司执行相关部门对通行费的优惠政策，导致收入较去年同期较大幅度降低15%。作为一家自担风险、自负盈亏的公众公司，因执行国家或地方政府相关政策而损害到自身利益的时候，理应享受政府补贴。基于公司对促使权证行权（最新行权价为20.53 元）的重视，公司业绩可能超预期。	1.01	----	----	15.00
中信证券	2008/07/14	买入	补贴可增加上半年EPS0.128元，预计财政补贴可持续到2010年，按公司税前利润25%给予财政补贴。公司以交易分离可转债附带权证的行权融资，预计将有收购或项目投资，继续收购公路的可能性较大。	1.15	1.35	1.40	22.50
兴业证券	2008/07/10	推荐	赣粤高速主要路产纵贯江西，是连接华中、华北、华东与广东、福建的大通道，其在重要程度上仅次于京珠高速，是经江西南下的首选路径。公司未来几年仍可保持10%以上的持续增长，目前现金流折现价值为14.83 元（债权为7%，股权为10%），下跌的空间已经不大。	0.92	----	----	14.83
业绩预测与估值的均值（元）	1.006	1.133	1.20	16.53
目前股价的动态市盈率（倍）	10.54	9.36	8.83
风 险 提 示
（1）周边路网竞争分流的风险，房地产投资的风险；（2）彭湖高速征地拆迁能否按时完成存在一定不确定性；（3）江西经济能否借产业转移机会获得快速发展存在不确定性。