In the past three years, apart from a sharp increase in throughput in 2008 due to the commissioning of bulk cargo and container terminals, Jinzhou Port's growth was mainly due to internal exploration without large-scale investment in new projects. We slightly revised the company's profit forecast for 2011 to 0.16 yuan, and the corresponding price-earnings ratio was 30 times. We believe that Jinzhou Port is the most growing company in the future port industry, and is currently on the eve of take-off. It is worth mentioning that in May 2010, the State Oceanic Administration approved the approval of the planned area of 753.18 hectares for the first phase of the Jinzhou Port area construction. This land is still in the backfill stage. For port enterprises, shoreline resources are the most valuable non-renewable resources, and solving the shoreline problem solves the problem of the company's long-term development space. 753 hectares of land, equivalent to the area of Jinzhou Port, will double in the future (shown in Figure 1 above). Undeveloped shoreline resources of this size are very rare among listed domestic port companies. Furthermore, the integration plan of Dalian Port to Jinzhou Port is still the focus of our attention in the coming year. In summary, we maintain the company's “buy” investment rating, with a target price of 6.3 yuan.