From January to September 2009, the company achieved operating income of 614 million yuan, a year-on-year decrease of 14.02%, operating profit of 45.71 million yuan, a year-on-year increase of 2.25%, and net profit attributable to the parent company of 26.74 million yuan, an increase of 41.21% over the previous year, and an income of 0.11 yuan per share. Among them, the third quarter achieved operating income of 251 million yuan, a year-on-year decrease of 6.8%, net profit attributable to the parent company of 15.57 million yuan, a year-on-year increase of 78.3%, and earnings of 0.07 yuan per share. Optical products increased sharply month-on-month, and there are clear signs of a steady recovery in performance. The company achieved a 20% month-on-month increase in operating income in the third quarter, and the profit growth rate was greater than the revenue growth rate. Currently, market demand for the company's products, especially foreign demand, is gradually recovering, and there are clear signs of a steady recovery in performance. Gross margin increased slightly over the same period last year, and the pace of transformation to the high-end should accelerate. The comprehensive gross margin of the company's products in the first three quarters was 15.53%, a slight increase of 0.38 percentage points over the previous year. Currently, the growth rate of the company's spherical lens processing market share is slowing down, and prices are showing a downward trend year by year. Therefore, the pace of transformation to high-end products should accelerate. The fee rate for the period decreased. In the first three quarters, the company's expense ratio for the three periods was 7.47%, down 1.23 percentage points from the previous year. The main reason is that due to the continued appreciation of the yen against the renminbi, the company's year-on-year exchange losses were reduced by 6.414 million yuan, resulting in a financial expense ratio of 0.94 percentage points lower than 0.54% year on year. In the future, we will focus mainly on high-end market expansion. In the future, the company will focus technology research and development mainly on optical components such as mobile phone lenses, DSC lenses, and CCTV lenses, focusing on challenging difficult optical lens products. We are optimistic about the company's high-end development strategy. Earnings forecasts and ratings. We expect the company's earnings per share in 2009, 2010, and 2011 to be 0.18 yuan, 0.23 yuan, and 0.28 yuan respectively. Based on the calculation of the closing price of 6.78 yuan on the previous trading day, the company's dynamic price-earnings ratio in 2009 was 37 times. The valuation is at a reasonable level. We maintain the company's “neutral” investment rating.