We estimate that the company's earnings per share in 2009, 2010 and 2011 will reach 0.14,0.19,0.22 yuan respectively, corresponding to the current stock price of 5.93 yuan, the price-to-earnings ratio is 41,32 and 27 times, respectively, and the valuation is on the high side. Considering the core advantages of the company's logistics business and the greater performance flexibility of the logistics business when the macro economy is good, we give the company a "wait-and-see" rating.