Events: The company achieved operating income of 1.91 billion yuan in January-September, a year-on-year decrease of 6.6%; net profit attributable to shareholders of listed companies was 67 million yuan, an increase of 70.8% over the previous year; based on the latest share capital calculation, earnings per share were 0.21 yuan. Conclusion: The company's earnings per share for 2010, 2011 and 2012 are estimated to be 0.30, 0.43, and 0.69 yuan respectively, maintaining the company's recommended investment rating. Text: Since the second half of 2009, domestic DAP prices have continued to rise. Since the second quarter of this year, the average export price has been above 450 US dollars/ton, and the company's profit level has rebounded. Currently, foreign prices of DAP and MAP are about 560-600 US dollars/ton. Higher phosphate fertilizer prices in foreign markets are driving phosphate fertilizer exports. In January-August of this year, exports of diammonium phosphate increased by about 72% year on year, and the export volume of monoammonium phosphate increased by about 19% year on year. From October 16 to December 31, off-season export tariffs for ammonium phosphate will be implemented. Under the current level of domestic and foreign price spreads, export volume will continue to remain at a high level. Prices of agricultural products at home and abroad are on an upward trend. We expect demand and prices for phosphate fertilizer to remain high in the fourth quarter. The extension of the industrial chain will enter the harvest period. After delivery, the Susong phosphate mine will produce 32% of taste phosphorus concentrate (P2O5) of 382,500 tons, 50,000 tons/year of industrial grade wet phosphate purification and 30,000 tons/year of industrial monoammonium phosphate projects, which are expected to be completed within the year; a 280,000-ton ammonia synthesis project will be completed in 2012; a battery-grade phosphate production technology research and development center will be jointly established with Sichuan University. The lithium iron phosphate project is in the pilot phase.