The performance was in line with expectations. In the third quarter of 2009, the company achieved operating income of 193 million yuan, an increase of 19.86% year on year; achieved net profit attributable to the parent company of 43.7779 million yuan, an increase of 4.82% year on year; corresponding to earnings of 0.135 yuan per share, the performance was basically in line with expectations. In the first three quarters of 2009, the company achieved cumulative operating income of 506 million yuan, an increase of 23.32% over the previous year; net profit attributable to the parent company was 910.961 million yuan, an increase of 9.14% over the previous year, corresponding to earnings of 0.28 yuan per share. The performance is a natural increase in the company's performance. The growth points are mainly due to the natural increase in the market demand for electricity and water, as well as the reduction in the company's internal efficiency potential. The financial situation was optimized, and sales expenses for the third quarter decreased by 54.87% year-on-year. The main reason was that the hotel fee accounting model was standardized, and changes in cost aggregation led to a decrease of 3.410,500 yuan in hotel sales expenses compared to the same period last year. Financial expenses were reduced by 68.25% year on year, mainly because the company adjusted the loan size and lowered the loan interest rate. Minority shareholders' equity decreased by 30.08% year on year, mainly because the company bought minority shares of the former holding subsidiaries Star Electric and Star Hotel in the third quarter. The fourth quarter results will grow at a high rate due to the recording of 28.184,900 yuan of asset impairment preparations for thermal power plants and bad debt provisions for loans of 6 million yuan from the Sichuan Dazhou Finance Bureau in the fourth quarter of 2008, and the results for the single quarter declined sharply. It is expected that there will be no large non-recurrent losses in the fourth quarter of this year, the company's profits will return to normal levels, and performance will grow at a high rate as a result. The valuation and investment recommendations maintain the company's performance forecasts of achieving earnings of 0.37 and 0.44 yuan per share in 2009 and 2010, respectively. A reasonable dynamic price-earnings ratio for the next year should be between 28-30 times, corresponding to a reasonable value range of 10.36 to 11.1 yuan/share, maintaining the company's “buy” investment rating.