From January to September 2009, the company achieved operating income of 836 million yuan, an increase of 67.27% over the previous year; operating profit of 55.508 million yuan, an increase of 19.33% over the previous year; net profit attributable to owners of the parent company was 34.1334 million yuan, a slight decrease of 0.40% from the previous year; and earnings per share of 0.11 yuan. Revenue for the third quarter increased significantly year over year. The company's main business includes automobile sales and tap water production, etc., of which the automobile sales business accounts for more than 85% of revenue. In July-September, the company achieved revenue of 359 million yuan, a year-on-year increase of 120.26%, significantly higher than the year-on-year growth rate of 41.68% in the first half of the year. We believe that the company's significant year-on-year increase in revenue in the third quarter was mainly due to a sharp increase in automobile sales — in July-September of this year, automobile sales were 3,555,900 units, a sharp increase of 73.76% year on year. Annual automobile sales revenue is expected to increase 60% year over year. The company's automobile sales business is mainly engaged in the investment and operation management of Dongfeng Honda 4S stores in the Zhangzhou region. In the first half of this year, Dongfeng Nissan's cumulative sales volume was 225,000 vehicles, an increase of 41.27% over the previous year, and the company's automobile sales revenue was 405 million yuan, an increase of 42.61% over the previous year. As of September, Dongfeng Nissan's cumulative sales volume was 372,000 units, up 52.05% year on year. Sales volume is expected to increase 60% year on year this year. A sharp increase in Dongfeng Nissan's sales volume will drive an increase in the company's automobile sales revenue. The tap water production business has broad scope for development. The company is a water group that has formed the Zhangzhou Water Company as the main body, covering water production and sewage treatment. In the long run, the country's vigorous implementation of energy saving and emission reduction and environmental protection will bring certain development opportunities to the company's water supply and sewage treatment business. The company's earnings per share for 2009 and 2010 are estimated to be 0.12 yuan and 0.16 yuan respectively. Based on the closing price of 5.90 yuan on October 23, the corresponding dynamic price-earnings ratios are 49.17 times and 36.88 times, respectively, higher than the average price-earnings ratio of the automobile and accessories industry of about 30 times. Maintain a neutral investment rating for the company. Reminder attention to the risk that the growth rate of the automobile sales business is lower than expected and that the price of raw materials will fluctuate.