Net profit increased 19 times in the first three quarters of 2009. From January to September 2009, the company achieved operating income of 1,405 million yuan, an increase of 6.98 times over the previous year; operating profit of 602 million yuan, an increase of 15.60 times over the previous year; net profit attributable to the parent company of 448 million yuan, an increase of 19.21 times over the previous year; and realized earnings per share of 0.42 yuan. Overview of the company's fundamentals: The company's stock trading began to be suspended in March 2006, and major asset restructuring was completed in May 2009 - the sale of original assets and liabilities, the purchase of real estate assets under Rongan Group, successfully transformed into a real estate development enterprise, and resumed listing on September 11, 2009. The registered name of the company has been changed to Rongan Real Estate Co., Ltd., and real estate projects are mainly distributed in Yangtze River Delta cities such as Ningbo, Hangzhou, and Changshu. The company's main projects. The company has developed projects such as Rong'an Heyuan (a high-end residential living community in the central district of Yinzhou, Ningbo, with a total construction area of 177,500 square meters, delivery began in June 2009, the main source of revenue and profit during the reporting period) and Changshu Central Garden Phase I (southwestern part of Changshu city, total construction area of 541,300 square meters, 2007 was officially put into use in October, and there are currently few saleable resources left). The projects under construction by the company are Rong'an Qin Bay (Ningbo Yinzhou Xincheng District, construction started in March 2008, completed in June 2010, delivery began at the end of 2010), Rong'an Garden (Beicang District, Ningbo, began construction in May 2008, completed in June 2010, delivered at the end of October 2010), Yinnan Rong'an Building (Ningbo South Business District, Business District 5A grade A office building, started in June 2007, completed in September 2010, delivered in December 2010), Hangzhou Rong'an Building (business district grade 5A grade A) Office building, construction started in September 2006, completed in June 2010, delivered in October 2010). Performance analysis of the company's three quarterly reports. The company's net profit increased 19 times in the first three quarters, mainly due to revenue growth and higher gross margin (at the same time, the company's base for 2008 was very low). The company's operating income for the first three quarters increased 6.98 times year on year, mainly due to revenue confirmed from centralized delivery of Rong'an Heyuan projects during the reporting period; gross margin was 50.76%, up 10.7 percentage points from the previous year, mainly due to higher project sales prices. The company predicted in its three-quarter report that net profit attributable to the parent company in 2009 was 4.7 billion yuan, an increase of 14.85 times over the previous year, equivalent to earnings of 0.44 yuan per share. The company's important points of interest: 1). The valuation level in 2009 is low: The company expects earnings per share for 2009 to be 0.44 yuan. Based on yesterday's closing price of 10.32 yuan, the corresponding dynamic price-earnings ratio is 23.5 times, and the valuation level is low. 2) The company's four projects under construction were mainly delivered at the end of 2010, but pre-sales have not yet begun; as of the end of September 2009, the company's pre-collected accounts were 252 million yuan, a decrease of 71.82% from the beginning of the year, and the 2010 results cannot be guaranteed. Some opinions. We will not give the company's profit forecast or rating yet. Although the 2009 valuation was low, the 2010 performance is uncertain.