The 2009 three-quarter report shows that in January-September, operating income was 2,532 million yuan, down 29.9% year on year; operating profit was 352 million yuan, up 86.2% year on year; net profit attributable to owners of parent companies was 392 million yuan, up 7.8% year on year; and basic earnings per share of 0.25 yuan. The company is mainly in the transportation industry, and profits mainly come from the taxi business. The company has 8,458 taxis in Shanghai, and each car charges drivers 9,000 yuan per month. The gross margin of this business is about 28%, and it contributed about 260 million yuan in revenue in 2008, which is a stable source of profit for the company. There are about 47,000 taxis in Shanghai. More than 80% of the license plates are shared by several large state-owned enterprises such as Volkswagen, Bus, Haibo, Jin Jiang, and Jiaotong Co., Ltd. There are also small companies that own some licenses. Companies may also buy some small companies or bid for taxi licenses from overseas at the right time. Divestment of loss-making bus assets. The company disclosed an announcement on the targeted transfer of bus shares on 2009/3, and confirmed the transaction price in October. The divestment of the company's bus assets to Shanghai Bus and Pudong Bus will help the company stop losses and revitalize its assets, and increase the return on assets. The book value of the company's bus assets is about 400 million yuan. After deducting government subsidies, this part of the assets loses about 20 to 30 million yuan a year. The company's real estate business is expected to make a profit of 60 million yuan in 2009. In addition, the company also owns 607 acres of land in Jiashan and obtained a cost of 400 million yuan, which will contribute to the company's future earnings. Financial equity has potential value. The company owns shares in a number of financial institutions. Among them, Haitong Securities is already listed, and the others are Everbright Securities and Guojun Securities. A rough estimate of the company's financial equity premium is about 3 times, which is equivalent to an increase in asset value of 1.37 billion yuan and an increase in value of 0.87 yuan per share. We expect the company's EPS for 2009 and 2010 to be 0.34 yuan and 0.37 yuan respectively. Based on the closing price of 11.42 yuan on October 26, the corresponding dynamic price-earnings ratio is 34 times and 31 times, respectively, maintaining the company's “neutral” investment rating. Risk warning: The economic downturn reduces corporate logistics and car rental business profits, and real estate market policy risks.