The increase in freight rates is in line with expectations. The increase in the company's freight rate is in line with expectations, and is basically in line with the domestic coastal dry bulk market situation and the interbank contract situation. There has been an increase in traffic volume, and the contract volume has increased by 8.8%, in line with the increase in the company's capacity. Last year, the company increased its capacity by 840,000 tons, and at the beginning of this year it increased by another 43,000 tons. The road business is still not ideal. Last year, the company's water transport business still had a gross profit level of 26.4%, achieving a total profit of 124 million yuan, while the road business still fell short of expectations, with losses of 121 million yuan, which greatly hampered performance. Whether the loss can be reversed still depends on the increase in road traffic, and it is expected that it will still be difficult to reverse the loss in the short term. Profit forecasts and investment ratings Under improved shipping and road losses reduction, the company's performance will recover steadily, but the current stock price is still unattractive, and it will maintain a neutral investment rating for half a year. Looking at the medium to long term, power plants and terminals related to coastal electricity and coal transportation are strongly involved in this industry, which still has good returns at the stage where ship prices are currently in position, and will put great pressure on existing transportation companies.