Medium report performance

The company realized operating income of 569 million yuan (+ 17.43%) and operating profit of 223 million yuan (+ 7.08%).

The net profit attributed to the shareholders of the listed company is 165 million yuan (+ 7.32%), and the EPS is 0.11 yuan (+ 7.07%).

Four bright spots

(1) executives collectively increased their holdings of the company's shares in the first half of 2011: 155000 shares. It shows that senior executives are optimistic about the future development of Jinzhou Port.

(2) holding hands to establish China Light and Power Investment Jinzhou Port Co., Ltd. (Jinzhou Port has a 33% stake), build a special coal wharf and build Jinzhou Port into the mouth of Mengdong coal. At the same time, the construction of the Jinchi Railway provides more than 100 million tons of coal to the port. In 2010, the coal throughput of Jinzhou Port reached 16.84 million tons, an increase of nearly seven times.

(3) the expected integration of Dalian Port. Dalian Port is located in the international shipping center of Northeast Asia, which needs to further expand the domestic trade container business and bulk cargo business through the integration of Jinzhou Port.

(4) marching into the northeast real estate industry. The company and Liaoning Baodi Construction Co., Ltd. set up a joint venture (Shuangfa each holds 50%) to carry out real estate project development.

The company has more room for development, but we are unable to estimate the profits of the real estate business and Dalian Port integration expectations. considering that the reported results are slightly lower than expected, we still give the holding rating, with an estimated EPS of 0.19,0.21 and 0.31 yuan in 2011-2013.

Risk hint: real estate business policy risk, port throughput growth slows down