Zhuhai PORT: Annual net profit 70%-120% reviews

Events: Zhuhai Port (000507) released its 2010-year performance announcement today.　　The company expects 2010 net profit of about 170 million yuan to 218 million yuan, the year-on-year growth of about 70% to 120%, the basic earnings per share of about 0.49 yuan to 0.63 yuan. Pure Light Analysis: 1, the company's performance of a significant increase in the main reason for the large increase in investment income: The company shares 15% of Zhuhai bi-Chemical Co., Ltd. on the 2009 profit implementation distribution, the company according to the proportion of equity to confirm the investment income of 93.133 million yuan; the company shares 18.18% Zhuhai Special Economic Zone Guang Zhu Power generation company for the 2009 profit implementation dividend, the company shares the proportion of investment income of 123 million yuan.　　The two investment receipts, totalling about $216 million, grew by about 50% from 2009 investment income of $144 million. 2, the company announced at the same time, the company and the Zhuhai government, Shenhua Group, Guangdong Electric Group proposed to sign the Zhuhai coal storage and Transportation Center cooperation Framework Agreement. Shenhua Group, Guangdong Electric Group, Zhuhai Port Tripartite shareholders will be 40%, 40%, 30% of the proportion of equity capital to form a joint venture, in Zhuhai Gaolan port South Water operation area of the north side of the large sudden mention of joint investment in the development, construction and operation of coal terminals and supporting yards.　　The project plans a total investment of about 4 billion yuan, the planning and construction of 100,000 tons of coal unloading berth 2, 1 to 50,000 tons of coal loading berth several, annual throughput capacity of more than 40 million tons, and supporting the construction of large capacity yards and railway lines and other professional facilities. 3, the company's securities referred to as from September 16, 2010 "Yue Fu Hua" changed to "Zhuhai Port", the company will safely from the glass fiber composite materials and other non-main business exit, around the Zhuhai "to Hong Kong city" strategy, to enter the port logistics, to create first-class port logistics operators, integrated logistics real estate developers and power energy investors.　　Zhuhai Port will focus on the development of dry bulk goods, oil and gas chemical logistics services, and the surrounding port dislocation development. 4, the company 2010 years ago three quarter earnings per share of 0.25 yuan, the fourth quarter performance increased significantly, quarterly performance fluctuations. At present, the company is in the strategic transformation period, the investment income is the main performance support in the process of the company's strategic transformation, and the expectation of injecting the port assets into the future is strong. The company 2010-2012 Dynamic PE is estimated to be about 23 times times, 14 times times, 12 times times respectively, the valuation is basically reasonable.