According to the valuation and recommended profit forecast, earnings per share for 2011-2013 were 0.22/0.19/0.19 yuan, respectively. In a context where high export growth is difficult to reproduce, the company's long-term growth space lies in external expansion, but capacity expansion comes after the release of previous performance. The 2012 price-earnings ratio corresponding to the current stock price is about 22 times, which is 11-12 times higher than the valuation of peers. It mainly implies expectations and concepts that the acquisition of Yantian Phase III and the approval of the Caofeidian Free Trade Zone will be approved, and further extended expansion. We maintain a neutral rating considering factors such as the announcement that the third phase of the acquisition has been suspended, Caofeidian Port Company's high expansion costs, and poor export environment.