According to the 2009 annual report, the company achieved main business revenue of 976 million yuan, up 13.1% year on year; operating profit of 1.95 million yuan, down 93.5% year on year; total profit of 26.89 million yuan, down 28.6% year on year; net profit attributable to owners of the parent company was 24.95 million yuan, down 21.0% year on year; earnings per share was 0.066 yuan, slightly higher than our previous forecast of 0.06 yuan; the distribution plan gave 1 share for every 10 shares, and distributed cash of 0.5 yuan (tax included). Company performance analysis: The reason for the decline in the company's performance was the decline in the price of the company's products under the influence of the financial crisis, which led to a decline in profitability and sales revenue. In 2009, the average sales unit price of the company's products fell 8.6 percentage points year on year, and gross margin decreased by 5.02 percentage points year on year. Among them, the price of vitrified bricks in 2009 was 74.23 yuan per square meter, down 10.37 percentage points from the previous year. Glazed tiles were 64.47 yuan per square meter, down 1.42 percentage points from the previous year. The gross margin level of polished vitrified tiles decreased by 5.73 percentage points year on year, unpolished vitrified tiles decreased 1.03 percentage points year on year, crystal glazed tiles decreased 4.84 percentage points year on year, and ordinary glazed tiles decreased 6.68 percentage points year on year. Domestic sales revenue was 8.64 percentage points, down 3.19% year on year, and foreign sales revenue was 107 million yuan, down 14.23% year on year. There was a slight decrease in the cost rate during the period. In 2009, the company's rate of expenses for the period was 28.3%, down 0.7 percentage points from the previous year. This is mainly due to a 1.6 percentage point drop in the sales expense ratio. The reason is that the company's Jiangxi Smick sales network is mainly based on the original company's sales channels. There was a slight increase in the management cost rate. This was due to the fact that production equipment maintenance costs of 11.11 million yuan were included in management fees in 2009. The slight increase in the financial expense ratio is due to the stable exchange rate of RMB against the US dollar in 2009, and exchange earnings decreased. At the same time, all fund-raising deposits have been invested in fund-raising investment projects, and interest income on deposits has declined. Set up the high-end and expand the mid-range, and production capacity was fully released in 2010. The company actively expands the mid-range product business on the basis of maintaining its dominant position in the high-end product market. The company's fund-raising project, Jiangxi Smick, has gradually put into production 6 production lines and 1 test line since April 2009, producing 3.84 million square meters of ceramic tiles, with a production and sales rate of 62%. The products are mainly mid-range products. Production capacity will continue to be released in 2010, and production is expected to reach 12 million square meters. It reached full release of 15 million square meters in 2011. The company's earnings per share for 2010 and 2011 are expected to be 0.26 yuan and 0.28 yuan. Based on the closing price of 12.88 yuan on the previous trading day, the corresponding dynamic PE is 50 times and 44 times, maintaining the company's “neutral” rating. Considering the uncertainty about the positive impact of Disneyland and the building materials to the countryside policy on the company, we will track and adjust the company rating in a timely manner.