1. The company's revenue increased by 8.3% in 2009, mainly due to the growth of the downstream bus industry (in 2009, the bus industry grew 10.6% year on year). Operating profit increased 99% year on year, far higher than the sales revenue growth rate. The main reason for this was the increase in gross margin due to falling costs of raw materials such as enameled wire (in 2009, the company's main raw material, enameled wire, fell 25.07% year on year). 2. Optimistic about the development prospects of the company's industry and the company's competitive advantages The company's main products are eddy-current retarders, which are safety accessories for medium to large buses and heavy trucks, and there is a lot of room for development in the retarder industry. The company has become a leading enterprise in the retarder segment and has strong market competitiveness. 3. The valuation and investment recommendations initially forecast the 2010 EPS to be 0.35 yuan. Statically, at this stage, the company's PE is close to 80 times, far exceeding the average valuation level of the market and the industry. We have given the company a “neutral” rating for the time being. However, considering the development prospects of the company and industry, we will closely follow the latest developments in the company and industry and make timely rating adjustments.