Affected by the economic situation and related policies, 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 achieved 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 related highway policies, which had a negative impact on road and bridge tolls and logistics business transformation. Also, 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. Due to the adverse effects of industry policies, the company's subsidiary Highway Company's performance declined by 20.17% while traffic volume increased positively, while Xiangtan Four Airlines benefited from economic development in surrounding regions and the rapid growth of urban private cars, and its performance reversed losses; the company's warehousing and logistics business, etc. saw a significant decline in performance due to the negative impact of the economic environment and rising land rent costs. 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, overall earnings were relatively stable, accounting for a further increase of 74.55% of operating profit, which contributed greatly to the company's overall performance. Among them, the joint venture Yantian International finished container throughput declined slightly, but profits achieved positive growth; Westport Terminal Company achieved a slight increase in throughput, and a slight decline in profit was due to changes in tax policy; although net profit of investment in Caofeidian Port declined significantly due to increases in depreciation fees, financial expenses, and labor costs, etc., judging from cargo throughput performance and port development, this investment income will become more and more prominent in the future.

Promote the construction of key projects and provide new profit growth points. Facing a tough economic, policy and competitive environment, the company actively uses its advantages to seek steady development, actively promotes the construction and expansion of key projects, provides new profit growth points for the company, and broadens the company's handling capacity.

Investment suggestions: 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. The basic earnings per share will be 0.20, 0.21 and 0.23 yuan respectively, corresponding to the dynamic price-earnings ratio of 2013-2015 of 21.29, 20.55 and 19.16 times, and maintain the company's “increase in holdings” rating.