Net profit for the first three quarters of 2009 decreased by 10% year-on-year to RMB 189 million, and revenue decreased by 15% year-on-year to RMB 1.029 billion. However, from the third quarter results, the company's net profit increased by 15% year-on-year, indicating that the company has already stepped out. The shadow of the financial crisis is basically in line with our expectations. We believe that the performance in the first half of the year should be a low point in the whole year. In the second half of the year, the company is expected to achieve a quarter-on-quarter and year-on-year growth in the context of the overall economic recovery. As the raw material prices, especially steel, have fallen sharply throughout the year, the company's gross profit margin has increased by 2.7 percentage points, so the full-year gross profit margin may remain high. In the first half of 2009, the entire machine tool industry was poorly affected by the insufficient capacity utilization of the downstream industry. The worst period of the current industry has passed, but we judge that the recovery of the entire machine tool industry will be a slow process, as of the third quarter of 2009. At the end of the company, the newly added contract amount was 868 million yuan, and the numerical control rate increased to 88.57%. We maintain our BUY rating on the stock.
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