The company achieved steady growth in a number of operating indicators, reaching the best level in the same period in history. During the reporting period, the company achieved a significant increase in the throughput of goods such as coal, metal ore, and containers. The company achieved operating income of 568.57 million yuan, an increase of 17.43% over the previous year; realized operating profit of 222,814,400 yuan, an increase of 7.08% over the previous year; and realized net profit of 165.214,400 yuan, an increase of 7.32% over the previous year. Operating costs, on the other hand, were 25,16031 million yuan, an increase of 28.41% over the previous year. In addition, the company's main revenue was 5306.617,800 yuan, up 11.18% year on year. Of this, handling revenue was 47,0037,900 yuan, up 12.34% year on year, and operating profit margin increased 1.37 percentage points year on year. Diversified businesses develop together. With the development of coal resources in Mengdong, the company, as an important energy transportation base for China's “north-south coal transportation” and the closest land port to the sea, will become an important node in the fourth “north-south coal transportation” route. The Chifeng-Daban-Baiyinhua railway is expected to complete the entire line by 2013, and after opening to traffic, it can bring the company 8-10 million tons/year of coal transportation. In the next two years, containers and oil products will be the company's main growth point, coal is the bright spot of growth, the port area will double, the joint venture project will strengthen the company's production capacity, and cooperation with Dalian Port will gradually deepen. Furthermore, the company is actively expanding its business areas and increasing the company's revenue, such as cooperating with Baodi Construction in developing real estate projects in Liaoning. Increased distribution is beneficial to the company's growth and integration. The company's previous additional issuance can ease the company's financial pressure and speed up the growth process of its northern coal hub port and billion-ton port. The entry of Dalian Port also marks that the company and Dalian Port have taken an important step in resource integration. Investment advice: Although the company is currently facing many obstacles in terms of project construction, terminal return, and integration, due to good project prospects, the company is currently in a state of accumulation and decline, we acknowledge the company's long-term development prospects and performance growth. We expect the company's EPS for 2011-2013 to be 0.16 yuan, 0.18 yuan, and 0.21 yuan, respectively, and the corresponding PE is 26.69, 23.72, and 20.33 times, respectively, giving the company a “recommendation” rating. Risk warning: The growth rate of the port industry and trade growth are slowing down, domestic inflation, policy tightening, and competition between ports intensifies, as well as economic weakness and debt crises in mainstream countries.