From January to September 2010, the company achieved operating income of 265 million yuan, an increase of 19.40% year on year; operating profit of 368.15 million yuan, an increase of 10.08% year on year; net profit attributable to the owner of the parent company was 27.1296 million yuan, an increase of 7.17% year on year. Basic earnings per share were $0.08. In the third quarter of 2010, the company achieved operating income of 109 million yuan, an increase of 88.77% year on year; operating profit of 10.7741 million yuan, up 60.05% year on year; net profit attributable to owners of the parent company of 6.893 million yuan, an increase of 3.57% year on year. Basic earnings per share were $0.02. Sales of both major products have been growing steadily. The company mainly produces grapes, wine, barley malt, pharmaceuticals, etc., and is a modern agricultural enterprise focusing on the development of efficient and characteristic agriculture. The company's wine industry maintained a steady growth rate in the first three quarters of this year. The company achieved sales revenue of 138 million yuan, an increase of 19.75% over the previous year; in addition, the company's poor barley malt business improved in the first half of the year, achieving a total sales revenue of 92.4526 million yuan from the beginning of the year to date, an increase of 28.60% over the previous year. In the first three quarters of this year, the company achieved a total net profit of 27.1296 million yuan, an increase of 7.17% over the previous year. Mid-range and high-end wines will be a profit growth point in the future. The company's barley malt business is currently benefiting from rising agricultural product prices, but in the long run, the business faces problems such as reduced demand and low bargaining power due to process improvements in imports and beer companies, making it difficult to improve competitiveness. Therefore, the company's wine business will be a long-term profit growth point. At present, the company has formed a complete product line that includes different types of wine such as dry red, dry white, and ice wine. Relying on Gansu's high-quality raw materials resources, medium and high-end wines will be the focus of the company's future development. The Pinot Noir and fine ice wines it produces are already the best among the country's high-end wines. With the company's Mogao International Winery project reaching production next year and the completion and commissioning of an additional 20,000 mu wine grape base project in the future, the company's production capacity is expected to double. In particular, this additional production capacity is mainly wine from wineries with high gross margins, and the company's profitability should increase to a considerable extent. Profit forecasting and investment ratings. The company's earnings per share from 2010 to 2012 are expected to be 0.11 yuan, 0.16 yuan, and 0.23 yuan, respectively. Based on the latest closing price of 13.72 yuan, the corresponding dynamic price-earnings ratios are 120 times, 86 times, and 59 times, respectively, maintaining a “neutral” rating.