Profit forecast and valuation

We estimate that the diluted EPS of the company from 2011 to 2013 will be 0.16,0.18,0.23,22.38,19.89,15.57times respectively according to the current share price. Considering that the coal throughput of the company will increase explosively when the Jinchi railway and the company's coal berth are completed at the same time in 2013, we think that it is reasonable to give the company 22 times PE in 2012, and the corresponding reasonable share price is 3.96 yuan. Give a rating of "overweight".

Risk hints: the construction process of the Jinchi railway and coal terminal project is slower than expected; the container business is subject to the continuous decline of regional competition; and the fluctuation of international oil prices affects the import volume of the two major refineries in the company's hinterland.