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作为深圳地区的集装箱码头运营商,公司业绩于2008年4季度陷入衰退。基于外围经济有望于2009年4季度开始缓慢复苏,我们认为产能瓶颈得到阶段性缓解的深赤湾(000022)将在2009年业绩筑底,同时亦迎来漫漫复苏之旅的起点。一、从衰退到复苏1.外贸衰退背景下公司业绩于2008年4季度开始下滑。受金融海啸冲击,公司集装箱吞吐量在2008年4季度出现大幅衰退。由此,公司
As a container terminal operator in Shenzhen, the Company’s performance dipped into recession in 4Q08. With the peripheral economy expected to start a slow recovery in 4Q2009, we believe that the deep-seated depression of capacity bottleneck (000022) will bottom out in 2009 and at the same time usher in a starting point for a long journey of recovery. First, from recession to recovery 1. In the context of the decline of foreign trade, the performance of the company started to decline in 4Q08. Affected by the financial tsunami, the container throughput of the company experienced a sharp decline in 4Q08. As a result, the company