High Poly .x Models

I am currently trying to render high poly .x (directx mesh) models for a small shooter game that i am working on. I currently get : 20 fps - Athlon 3000+, geforce7300 - 200k poly mesh untextured Is this normal ? Rendering code for .x:

for(DWORD i = 0; i < numMaterials; i++)    
	{	
		// set the appropriate material for the subset	
		Dx9Render->m_pD3DDevice->SetMaterial( &vMaterials );  

		if( vTextures != NULL ) 
			Dx9Render->m_pD3DDevice->SetTexture( 0, vTextures );

		// draw the subset
		meshObjFromX->DrawSubset(i);    
	}

Any idea how efficient drawing .x meshes is ? Any help on rendering high-poly models is appreciated. Thank you.