From January to September 2009, the company achieved operating income of 441 million yuan, a year-on-year increase of 11.56%; net profit attributable to owners of the parent company was 221 million yuan, a year-on-year decrease of 25.33%; and diluted earnings per share of 0.406 yuan, of which earnings per share were -0.004 yuan in the third quarter. The increase in the company's revenue was due to the increase in the price of heat charges for the heating business. The advantages of cogeneration have made the company's profitability far exceed the thermal power average. The main reason for the company's losses in the third quarter was the increase in corporate costs for the company's subsidiary located in Russia. At the same time, the rise in coal prices for Heisui Baoyuan, the company and its holding subsidiary, has also led to an increase in fuel costs. The company's performance in the third quarter has always been low. The thermal power business contributes more than 50% of the company's operating income. The heat load declined during the non-heating season, and the company's main business unit costs rose. At the same time, the third quarter was also an important season for the company's unit maintenance. The payment of maintenance costs also led to an increase in operating costs. Participate in Fangzheng Securities to enhance investment value. The company currently holds 6.44% of the shares in Fangzheng Securities. Fangzheng Securities has 81 business outlets and ranked 12th in the country in terms of market share in the company's brokerage business in 2007, and has strong competitiveness in brokerage business. The book value of the company's investment in Fangzheng Securities is 850 million yuan. Based on the net market ratio of 3.9 times that of the securities sector in the market, the company's investment in Fangzheng Securities has increased the company's value by about 600 million yuan. The company's profitability focuses too much on investment returns. In the first three quarters of 2009, the company sold some of its shares in Minsheng Bank, increasing investment income by 260 million yuan and increasing EPS by 0.4 yuan. Since there is still a lot of uncertainty in the future market, we believe that the company's strategy for selling financial assets is not sustainable, and financial assets should be monetized and invested in the industry as soon as possible. Valuation and investment advice. We expect the company's EPS for 2009, 10, and 11 to be 0.50 yuan, 0.59 yuan, and 0.61 yuan, respectively, and the corresponding dynamic price-earnings ratios are 18 times, 15 times, and 15 times, respectively, and the valuation level is high. At the same time, considering that the company's profit mainly comes from investment income from the sale of financial assets, and there is still uncertainty about the profitability of the main business, we gave it a “neutral” rating. Risk warning. 1. Systemic risk. 2. There is a risk that regional electricity demand will continue to slow down.