平安证券--格力电器--深度研究报告：极具投资价值的寡头垄断者0712   23pages

目 录
一、 盈利预测及估值 3
1、绝对估值····················································································································3
2、相对估值····················································································································4
3、综合估值考虑············································································································5
二、 公开增发扩充产能，打造全球最大空调生产企业 5
三、 空调行业寡头竞争格局已定，格力将充分享受寡头垄断利润 6
1、家电行业白电景气度上升最为明显，我们维持对白电行业推荐评级···················6
2、家用空调寡头竞争格局已定，中央空调发展潜力巨大··········································7
四、 空调行业外在宏观基本面继续看好，不利因素影响有限 11
1、国内经济持续高速增长，有效缓解欧美经济放缓隐忧········································ 11
2、人民币升值压力将在未来几年存在，但仍处于可以承受范围···························· 14
3、原材料价格高企使得产品成本大增，价格战将不再是手段································ 15
4、我们对空调行业的综合判断···················································································17
五、 格力电器——空调霸主，继续蚕食中小企业市场份额 17