From January to September 2009, the company achieved operating income of 1,262 billion yuan, a year-on-year decrease of 5.25%; achieved operating profit of 104 million yuan, an increase of 10.68%; net profit attributable to shareholders of listed companies was 61.975 million yuan, an increase of 28.83% over the previous year; and basic earnings per share were 0.26 yuan, an increase of 28.83% year on year. Overall gross margin declined sharply. Affected by the economic situation during the reporting period, the company's gross margin was high, and the surveying and mapping instrument business declined. As a result, the company's overall gross margin fell from 25.5% in the same period last year to 22.8% in the current period, a drop of 2.7 percentage points. Related transactions increase profits. During the reporting period, the company signed an agreement with the controlling shareholder Chuangyuan Investment Group to sell 60% of the shares of Suzhou Xucheng Building Co., Ltd., 95% of Suzhou Chuangyuan Real Estate Development Co., Ltd., and 95% of Suzhou Crystal Components Co., Ltd. to Chuangyuan Investment Group, while also purchasing Chuangyuan Investment Group's buildings, related ancillary facilities and land use rights. The total price of assets to be purchased by the company is 41.525 million yuan, and the total price of assets to be sold is 78.5716 million yuan. The difference between the two is 37.0691 million yuan paid to the company by Chuangyuan Investment Group in cash. The company completed the relevant change procedures the day before the third quarter earnings report deadline, and the relevant revenue obtained was included in the current period, enabling the company to achieve a 10.68% year-on-year increase in operating profit even when both operating income and gross margin declined. The business presents a diversified pattern. The company's main products include electric ceramics, purification products, surveying and mapping instruments, automobile sales, bearings, abrasives, etc., and the business share is relatively average, forming a relatively diversified pattern, so that the company's overall business performance is not greatly affected by a single industry, and the stability is good, but the diversified pattern also makes the company have no prominent main business and lacks momentum for rapid growth. Profit forecast and investment rating: The company's earnings per share for 2009 and 2010 are estimated to be 0.35 yuan and 0.47 yuan, respectively. Based on the closing price of 6.86 yuan on October 28, the 2009 and 2010 dynamic price-earnings ratios are 19 times and 14 times, respectively. They have certain valuation advantages. For the first time, we have given the company an “increase in weight” rating. Risk warning: 1) uncertainty about the growth rate of downstream demand; 2) risk of fluctuations in the prices of raw materials such as energy.