In 2009, the company achieved an operating income of 137 million yuan, an increase of 2.48% over the same period last year; an operating profit of 7.39 million yuan, a decrease of 45.78% over the same period last year; a net profit of 7.3 million yuan belonging to the parent company, a decrease of 39.62% over the same period last year; and EPS0.03 yuan.

The main reasons for the decline in the company's performance are as follows: 1. The decline in investment income. The company holds a 25% stake in Nanjing Port Longtan Container Company. In 2009, due to the negative impact of the international financial crisis on the real economy, the container industry collectively entered the cold winter, and the investment income declined greatly. For the whole year, its investment income contributed 6.91 million yuan, down 35% from the same period last year, accounting for 94.66% of the company's net profit. 2. The company holds a 40% stake in Sinochem Yangzhou. In 2009, the company realized an investment income of-7.74 million yuan, with a loss of 1.5 times that of last year. 3. As a result of the construction of the fourth Yangtze River Bridge, the Anchorage positions 1, 2 and 3 of Qixia Anchorage of the company cannot be used, and the annual carrying capacity of Haijin Jiangyuan oil has decreased greatly, from 18 million tons to 7.2 million tons. The decline in capacity of Qixia Anchorage restricts the market expansion of the company's Haijinjiang crude oil transit business, and restricts the market development of other kinds of Jiangzhong barge operations. 4. Since the opening of China Petroleum & Chemical Corp Changling-Yizheng oil pipeline, the company's main crude oil loading and unloading business is facing great diversion pressure, and its business volume has been in a continuous decline in recent years. In the first half of the year, crude oil transportation revenue reached 33.566 million yuan, a decrease of 19.5% over the same period last year.

Capital requirements and usage plans. The company plans to renovate the wharf, with an estimated total investment of 110 million yuan, with compensation of about 100 million yuan for the main Qixia Anchorage, and additional investment of Nanjing Port Longtan Container Company and Sinochem Yangzhou Petrochemical Storage Terminal Co., Ltd. it is estimated that a total investment of 90 million yuan will be required.

At the same time, with the continuous expansion of the company's production and operation scale, the company's liquidity demand is also gradually increasing. In order to solve the above problems of capital demand, the company will strengthen its cooperation with commercial banks.

It is expected that the company's liquid chemical and refined oil revenue will remain stable, while the crude oil business income, which accounts for the largest proportion of main business income, will continue to decline. We believe that the company's existing main business prospects are limited, and its short-term growth mainly depends on the investment income of the participating companies, but because the investment scale is limited and the container industry is difficult to recover in the short term, it is difficult to have a significant impact on the overall performance; in the long run, the company focuses more on the asset injection of major shareholders and the possibility of regional port business integration. It is estimated that the EPS of the company from 2010 to 2011 is 0.04 yuan and 0.04 yuan respectively, and the corresponding dynamic PE is as high as 220 times. at present, the valuation is too high and lack of investment safety margin. Maintain a "neutral" rating.