From January to September 2009, the company achieved operating income of 16. 9.6 billion yuan, down 13.8% from the same period last year; operating profit was-137 million yuan; total profit was-115 million yuan; net profit attributed to the owner of the parent company was-98.06 million yuan, of which the net profit attributed to the owner of the parent company in the third quarter was 1.41 million yuan. Realized earnings per share is-0.13 yuan.

The reasons for serious performance losses are: 1. The glass cost of the original production line is too high, which reduces the profitability of the company. The company's gross profit margin in the first three quarters of 2009 was 12.03%, lower than the industry average. two。 Relocation of the original production line. The company's revenue has been seriously affected by the relocation of two production lines. 3. The company has a ultra-white glass production line scrapped due to the expiration of the kiln age, affecting the performance of the company.

During this period, the expense rate decreased slightly. The company's expense rate during the third quarter of 2009 was 17.8%, up 1.1% from a year earlier, but down 4.7% from 22.5% in the second quarter of 2009. Among them, the sales expense rate was 4.4%, down 1% from the same period last year; the management expense rate was 11%, up 4% from the same period last year; and the financial expense rate was 2.4%, down 1.9% from the same period last year. The increase in the rate of management expenses is mainly due to the staff diversion fees of Guangdong Yaopi Glass Co., Ltd.

The company reversed its losses in the third quarter and its future performance will improve. In the third quarter of 2009, the company's net profit belonging to the owner of the parent company was 1.41 million yuan, an increase of 327.27% over the same period last year, making a profit for the first time in 2009. The main reason is that the rapid rise in glass prices has reduced the company's loss, while there was 15.36 million yuan in non-operating income during the reporting period. With the commissioning of the new production line, the company's performance will be improved in the future.

Profit forecast and investment rating. It is estimated that the company's earnings per share in 2009 and 2010 are-0.12 yuan and 0.02 yuan. Based on yesterday's closing price of 7.74 yuan, the company's 2010 corresponding dynamic PE is 465 times. Based on the upward trend of the company's future performance, temporarily maintain the company's "neutral" rating.