Coastal ocean cruises are also being carried out, and efforts are being made to develop international routes. ① The company is mainly engaged in electricity and coal transportation services from the northern coal port to Zhejiang Province and the southern regions, as well as some ocean transportation services. In 2010, the company's cargo throughput was 18.883 million tons, up 19.67% year on year, and cargo turnover was 32,899 billion tons/km, up 14.73% year on year. It is expected that as the market recovers, traffic volume and freight rates will rise further. Intensify efforts to develop international routes. In 2010, Ningbo Shipping (Singapore) Co., Ltd., a wholly-owned subsidiary of the company, was officially put into operation. At the same time, a 70,000-ton bulk carrier was purchased and a single shipping company was set up, further strengthening international route development efforts. The completion of the road network is expected to bring about a rapid increase in traffic, and the western section of the project around the city is gradually entering a good harvest period. The Ningbo City-Bypass Expressway West Section project operated by the company's Mingzhou Expressway was put into operation at the end of 2007. As the highway business gradually got on track, the company's traffic increased at an accelerated pace. In 2010, it was 5.85 million vehicles, an increase of 35.99% over the previous year, and the average daily cross-sectional flow rate was 1,674 vehicles, an increase of 72.68% over the previous year, and the gross margin reached 52.04%. ② The eastern section of the Ningbo City-Bypass Expressway and other major links are scheduled to be completed by the end of 2011, and 11 expressway links in the city will also be completed in 2012, and the road network effect will further expand at that time. Meanwhile, the Zhoushan Cross-Sea Bridge allows trucks to pass. It is expected that the company's traffic volume will continue to grow rapidly in the western section around the city, and the project will gradually enter a good harvest period. The construction of the Zhejiang Marine Economic Development Demonstration Zone provides new development opportunities. The Zhejiang Maritime Economic Development Demonstration Zone has been upgraded to a national strategy. Zhejiang Province will build a “trinity” port and shipping logistics service system with a commodity trading platform, land and sea linkage transportation network, and financial and information support systems. Among them, the Ningbo-Zhoushan port area, the island and surrounding cities are the core areas, and the company, as the largest shipping enterprise in the Ningbo region, will usher in rare development opportunities. The participating companies are due to historical reasons, and they will maintain the status quo in the near future. Citron Industrial Co., Ltd. and Shanghai Collaborative Technology Co., Ltd. invested by the company are venture capital projects of the company. Continued losses are dragging down the company's performance due to industry and historical reasons, and there have been no further developments with regard to participating companies recently. Investment advice: Maintain a “recommended” rating based on the main business and valuation. We expect revenue for 2011-2013 to be $1,522, 19.01, and $2,478 billion, respectively, and EPS of $0.10, 0.16, and 0.31 yuan, respectively. Combined with the main business and valuation, we maintain the recommended investment rating. Risk warning: imbalance between supply and demand; penetration effects lower than expected, etc.; emergencies; sharp rise in oil prices.