Qianjiang Water Resources (600283) released its 2011 three-quarter report. The main highlights include: From January to September 2011, the company achieved operating income of 430 million yuan, a year-on-year increase of 5.67%, and realized net profit (attributable to the owners of the parent company) of 62 million yuan, a year-on-year decrease of 40.30%, and a year-on-year earnings of 0.22 yuan; of these, the three-quarter revenue was 153 million yuan, a year-on-year increase of 12.30%, and net profit of 021 million yuan, a year-on-year decline of 57.48%. Revenue from the company's main water business showed a steady growth trend. In the first three quarters, the company achieved revenue of 430 million yuan, an increase of 5.67% year on year; in the third quarter, an increase of 153 million yuan, a year-on-year increase of 12.30%, a year-on-year increase of 6.79%; however, the investment income for the first three quarters of 2011 declined significantly year-on-year due to the strong impact of equity transfers in the same period last year and investment income contributed by Paradise Silicon Valley in the same period last year. By expanding the water supply area and the scope of sewage treatment, the company achieved a steady increase in revenue from the main water supply business, which is basically in line with our previous expectations; however, the secondary market fluctuated greatly in the third quarter. Affected by this, the investment income contributed by Paradise Silicon Valley to the company declined year-on-year. Combining various factors, the company's earnings per share in 2011 and 2012 are expected to be 0.32 yuan and 0.45 yuan respectively, maintaining the “prudent recommendation” rating.