In line with expectations, performance declined slightly. The company completed operating income of about 316 million yuan last year, down 12.28% from the same period last year, and realized net profit attributable to shareholders of listed companies of 410 million yuan, a year-on-year decrease of 3.83%. The slight decline in the company's performance was mainly due to the impact of the macroeconomic situation and the introduction of relevant highway policies, which had a negative impact on road and bridge tolls and logistics business transformation. Furthermore, the results for the same period last year included revenue from the Shenzhen Wutongshan Tunnel in January-March. The performance of the road transport business was mixed, and the performance of the warehousing and logistics business declined significantly. The road company, a subsidiary of the company, was adversely affected by industry policies, and while traffic traffic increased positively, its performance declined by 20.17%, while Xiangtan Four Airlines benefited from economic development in surrounding regions and rapid growth in urban private vehicles, and its performance was reversed; the company's warehousing and logistics business, etc. were adversely affected by the economic environment and rising land rent costs, so the performance declined significantly. We expect that the road transport business will gradually stabilize, that warehousing and logistics, etc. will benefit from economic improvements and that industry policy guidance will gradually improve. The return on investment is relatively stable, and the contribution to performance is still very impressive. Although the company's investment income declined slightly compared to the previous year, the overall income was relatively stable, accounting for a further increase in operating profit to 74.55%, contributing significantly to the company's overall performance. Among them, the joint venture Yantian International has completed a slight decline in container throughput, but profit has achieved positive growth; the port company in the Xigang District achieved a slight increase in throughput, and the slight decline in profit is due to changes in tax policy; investment in Caofeidian Port has declined sharply due to increases in depreciation, financial expenses, and labor costs, but judging from the cargo throughput performance and port development situation, the return on this investment will become more and more prominent in the future. Promote the construction of key projects and provide new profit growth points. Facing a severe economic, policy and competitive environment, the company actively leverages its advantages to seek steady development, and actively promotes the construction and expansion of key projects such as the Xigang District Phase II and Huizhou Coal Terminal, providing the company with new profit growth points and expanding the company's handling capacity. Investment advice: We forecast that the company's operating income for 2013-2015 will be 318, 329 and 347 million yuan respectively, net profit attributable to the parent company will be 3.94, 4.08 and 438 million yuan respectively, and basic earnings per share will be 0.20, 0.21 and 0.23 yuan respectively. The corresponding dynamic price-earnings ratio for 2013-2015 is 21.29, 20.55 and 19.16 times, and maintain the company's “increase in holdings” rating.