The company publishes annual reports. Current assets achieved sales revenue of 1.81 billion yuan in 2009, an increase of 23.74% over the previous year; net profit attributable to shareholders of listed companies was 93.02 million yuan, an increase of 51% over the previous year; and fully diluted earnings per share of 0.36 yuan, in line with expectations. Since the company has not published an audit report on the assets to be acquired, we are still unable to make an accurate judgment on the operation of the assets to be acquired in 2009. Continuing to recommend asset restructuring is in line with our earlier expectations. On December 29, 2009, the company's major asset restructuring was rejected. At the time, we thought that the denial of the acquisition would only delay the company's acquisition of group assets for a short period of time, but it would not change the direction of the company's asset integration, and the non-public offering of shares to buy assets would continue. The company's annual report indicates that 2010 will accelerate the pace of asset restructuring and continue to promote the restructuring and additional issuance of the three companies, which is in line with our earlier expectations. The company's positioning is gradually becoming clear. The company's “Announcement Report on Major Asset Restructuring and Non-public Issuance of Shares to Purchase Assets and Related Transactions” clearly states that as a listed company in the general aviation sector of AVIC, the company has the advantage of enjoying general aviation resources; furthermore, in a situation where AVIC is actively promoting capitalization operations, the company is likely to become an important platform for the integration of AVIC's general assets. It can be said that the company's positioning is gradually becoming clear, and it will benefit from the asset integration of the General Aviation Group in the future and become an important force in the Chinese general aviation market. The development of the general aviation industry is facing a flashpoint. Due to the lack of open airspace, China's general aviation industry is developing slowly. However, the stratification of airspace in 2010, industry support from the Ministry of Industry and Information Technology, and the improvement of the general aviation system by the General Aviation Administration give us reason that a period of rapid development of the general aviation industry is approaching. We expect China's general aviation aircraft demand to be in line with a growth rate of more than 20% over the next 10 years. Investment ratings and valuations. Based on the long-term development prospects of the general aviation industry and the company's position, we are optimistic about the company's future asset integration and performance growth. Assuming that the company completed asset acquisition in 2010, the company's EPS in 2010 and 2011 was 0.82 yuan and 0.94 yuan respectively, and corresponding dynamic PE was 28 times and 24 times, which is still lower than the average PE of military stocks of more than 40 times in 2010, and it is still recommended to increase holdings.