The company's performance is in line with expectations. From January to September 2011, the company achieved operating income of 239 million yuan, a year-on-year increase of 26.29%, and realized net profit attributable to shareholders of listed companies of 68.36 million yuan, a year-on-year increase of 32.90%, and fully diluted earnings per share of 0.48 yuan. Among them, in the third quarter of 2011, the company achieved operating income of 83.2231 million yuan, an increase of 24.28% over the previous year, and realized net profit attributable to shareholders of listed companies of 21.2743 million yuan, an increase of 49.14% over the previous year. The company's operating performance was basically in line with expectations. Profitability remains stable. In the third quarter of 2011, the gross profit margin of the company's product sales was 37.18%, down 2.46% year on year, and was basically the same month on month. We believe that due to factors such as rising human resource costs and rising raw material prices, a slight year-on-year decline in the company's gross margin is still within the normal range. However, overall, driven by the growing demand for high-power semiconductor devices, the company's profit level is still optimistic, and it is still at a high level compared to business-related companies in the same industry. The fund-raising project is progressing smoothly, and the revenue structure is actively transforming. It is expected that at the end of this year, the company's fund-raising project “1.25 million high-power semiconductor device technology upgrade and expansion” project will initially achieve production capacity and further enhance the competitiveness of the enterprise. In terms of product revenue structure, the company actively promotes market space in areas where “rail transit” and other countries encourage development, and continuously reduces the share of revenue from “steel and metallurgy.” The adjustment of the product revenue structure will lay a good foundation for the company's future sustainable development. The valuation advantage remains. The development of the national economy has brought good development opportunities to the high-power semiconductor device manufacturing industry. However, the company has competitive advantages such as production capacity scale, quality brands, marketing channels, and technology development within the industry, and is expected to achieve further improvements in business performance in the future. We expect the company's operating income in 2011 to reach 338 million yuan and earnings per share of 0.70 yuan. Currently, the company's 2011 dynamic PE is 24.70 times higher. The valuation advantage is obvious. We have given the company a “recommended” rating.