From January to September 2009, the company achieved operating income of 836 million yuan, a year-on-year increase of 67.3%; operating profit of 55.5 million yuan, an increase of 19.3%; net profit attributable to shareholders of listed companies of 34.13 million yuan, a year-on-year decrease of 0.4%; and diluted earnings per share of 0.11 yuan. In July-September, the company achieved operating income of 359 million yuan, a year-on-year increase of 120.26%; net profit attributable to shareholders of listed companies was 3.41 million yuan, a year-on-year decrease of 59.81%; and diluted earnings per share of 0.01 yuan. The company's main business includes tap water production and sales, sewage treatment, water engineering installation, automobile sales, and import and export trade. The business is mainly aimed at the three regions of Zhangzhou, Fuzhou and Xiamen. In 2009, due to the financial crisis, some local industries were affected, industrial water supply declined, and import and export trade was also greatly affected, but the automobile business increased its operating income with the support of national policies. Car sales account for about 86% of the company's revenue, but gross margins are lower, at 8%-9%. Operating income and inventory increased substantially. From January to September 2009, the company's revenue increased sharply by 67.27%, and inventory increased by 86.47% year-on-year during the same period, reaching 164 million yuan. The main reason is that five subsidiaries of Fujian Huajun Auto Sales & Service Co., Ltd., Xiamen Southeast Auto Trading Co., Ltd., Sanming Huajun Auto Sales & Service Co., Ltd., Sanming Jiujiu Toyota Automobile Sales & Service Co., Ltd., and Zhangzhou Xinbao Real Estate Development Co., Ltd. were added to the scope of the consolidated statement. The automobile sales company's inventory vehicle inventory and development costs of real estate companies increased compared to the same period last year. Investment income has a significant impact on the company's performance. Zhangzhou Jingda Land Comprehensive Development Co., Ltd., a wholly-owned subsidiary of the company, had a great impact on the company. Since highway dividends are only recognized as investment income when they are actually received, if they are not distributed or distributed in a timely manner, it will directly affect the company's performance. This portion of the dividend contributes about 100 million yuan in investment income to the company every year. The cash flow situation has improved markedly. At the end of the reporting period, the net cash flow from the company's operating activities was 129 million yuan, compared to -39.46 million yuan in the same period last year, mainly due to improvements in automobile sales this year and an increase in the company's repayments. Profit forecast. The company's 2009-2011 EPS is expected to be 0.19 yuan, 0.26 yuan, and 0.27 yuan respectively. Yesterday's closing price was 5.62 yuan. The corresponding dynamic PE was 30 times, 21 times, and 21 times, respectively. Considering that the company's automobile sales business did not have a clear competitive advantage, gross margin was low, giving the company a “neutral” rating. Risk warning. Automobile sales have declined, and fierce competition has led to a series of risks brought about by price wars.