在全球金融危机导致出口受损，经济衰退导致需求不旺，并且还是传统淡季的不利条件下，格力电器一季度的业绩表现大幅度超出市场预期。为此，引起了诸多机构投资者的高度关注，并形成投资好感。

　　目前看，格力电器较好的市场占有率、在变频技术上的国内领先地位、在中央空调与其它制冷产品方面的大幅拓展、具有国际竞争力的利润率等将促使公司继续保持优良的增长与优异的业绩回报。而销售旺季的来临，以及“以旧换新”补贴政策、高效节能空调财政补助政策的实施，均对公司的竞争力与业绩的提升如虎添翼，并构成了市场的催化剂。

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                     

                                                                                                 

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

评级机构	评级日期	股票评级	投资要点	EPS预测（元）	估值(元)
09年	10年	11年
中投证券	2009/05/20	强烈推荐	09年公司内销市场份额仍然在持续提高；毛利率会维持一个较高水平；公司资金利用效率会更高，财务公司会成为新的利润增长点；以供应链管理为代表的管理效率提升，提高公司的盈利能力。09 年公司仍然会保持较高的盈利水平，同比肯定有增长，中央空调的市场总容量最终目标会超过家用空调，以格力为代表的民族品牌会象当初在家用空调领域一样逐步挤占外资品牌的市场份额；公司在整个空调产业链上会进一步延，从家用空调巨头发展到制冷产业巨头。	2.01	2.49	----	40.00
长城证券	2009/05/19	推荐	格力电器在家用空调市场内销比重超过50%的份额，这个比例不存在天花板，公司未来商用空调的销售收入完全可能超过家用空调。冷库、冷藏车等制冷领域，以及上游压缩机等行业，都将是格力电器未来业务发展的方向。格力已经具备了低频15HZ 的变频空调技术，是目前国内空调企业中唯一掌握该项技术的企业，随着国家节能减排和可能出台的变频空调生产补贴措施，格力的变频空调业务将逐步上量，未来有可能格力变频产品占公司业务收入的占比会提升到90％以上。	1.87	2.09	----	-----
国信证券	2009/05/19	推荐	公司08年净利润率4.66%，09 年一季度更是达到6.11%，国内外传统家电行业中都是非常出色的水平。2010年全球房地产销售的进一步回暖、经济的复苏将成为带动耐用消费品销售增速提升，加上变频空调、中央空调等产品链的升级拓展，2010年公司的收入增速会明显回升，带动公司持续成长预期。	1.79	2.10	2.31	-----
中信证券	2009/05/12	买入	09年1季度是行业和公司业绩压力的顶峰，格力电器再次超越市场预期，5月份开始市场基数效应将开始显现，全年业绩增长可期。旺季市场需求的爆发将成为最有力的催化剂。	1.88	2.14	----	39.48
业绩预测与估值的均值（元）	1.89	2.205	2.31	39.74
目前股价的动态市盈率（倍）	16.03	13.74	13.12
风 险 提 示
（1）气温偏低会影响产品销售；（2）房地产交易量不景气会影响产品销量；（3）或有的限售股减持会给股价带来压力。