The company's performance in January-September fell 35.4% year on year. In the third quarter, the company achieved a total operating income of 2,056 billion yuan, a year-on-year decrease of 13.5%; net profit attributable to shareholders of listed companies was 74 million yuan, a year-on-year decrease of 57.8%, or a combined earnings of 0.05 yuan per share, which was lower than our expectations. We judge that the main reason for this was that the decline in operating income due to a combination of shrinking downstream demand and increased competition in the industry exceeded expectations, and the increase in the three expenses exceeded expectations. In January-September, the company achieved cumulative operating income of 6,491 billion yuan, a year-on-year decrease of 10.0%; net profit attributable to shareholders of listed companies was 342 million yuan, a year-on-year decrease of 35.4%, or a combined earnings of 0.21 yuan per share. It is expected that the full-year performance will not meet expectations. Risk factors: risk of macroeconomic fluctuations, the decline in the prosperity of the steel industry exceeding expectations, the increase in raw material prices exceeding expectations, and the progress of industrial layout falling short of expectations. Maintaining Taiyuan Heavy Industries' “increase in holdings” rating: According to the performance of the company's three-quarter report, we slightly lowered its 11/12/13 EPS forecast to 0.27/0.32/0.40 yuan (the original forecast was 0.33/0.38/0.48 yuan), and the corresponding PE was 26/22/17 times, respectively. We are still cautiously optimistic about the company's long-term fundamentals, and believe that the current stock price is basically reasonable, so maintain its “increase in holdings” rating.