Rated "neutral" for the first time:

We are optimistic about the long-term growth of the company's cargo throughput, but the company's short-term performance is weighed down by investment losses in the container business, and the company is currently valued at a high level, giving it a "neutral" rating for the first time. It is estimated that the EPS of the company from 2012 to 2013 is 0.14,0.19 yuan respectively, and the corresponding PE is 34 and 25 times respectively.

Risk tips: rapid decline in economic growth, related goods policy adjustment, facilities construction is slower than expected.