Investment highlights: Incident: The company and Strong signed a “Cooperation Agreement” to obtain no less than 30% of the shares in the stem cell storage company Life Origin held by the latter through acquisitions and capital increases. The initial valuation of the origin of life is 300 million yuan. Comment: 1) Enrich the “Dahuabang Medical Alliance” industry chain and obtain high-end precision medical resources. The “Dahuabang Medical Alliance” industrial chain framework that the company has focused on in recent years has gradually been clarified, based on the pharmaceutical industry, and medical services are extended. Among them, medical services are centered on rehabilitation chains, integrating comprehensive or specialist medical resources from outside the country to provide medical resources and traffic introduction to the rehabilitation operation model. In addition, it has gradually further laid out high-end resources such as precision medicine, such as the acquisition of Swiss Bassel Hospital to obtain cancer treatment technology, anti-aging, chronic disease treatment and rehabilitation technology, and biological dentistry technology. The acquisition of part of Life Origin's shares this time is the second step in the company's layout of high-end medical resources. It can not only improve some nodes in the company's industrial chain layout and form synergy with the existing layout, but also cultivate new profit points for the company. 2) The origin of life, a rising star, and strong technology. Life Origin was established in July '13, and is mainly engaged in technical services such as cell and tissue preparation, refrigeration technology development, and cell biotherapy technology transformation. On March 21, 2014, the Hebei Provincial Health Planning Commission approved it to build a stem cell bank in Hebei Province and carry out placenta collection work; on February 11, 2015, after being tested and passed by the Hebei Drug Inspection Institute, the stem cell bank began operation. It is the only stem cell bank in Hebei Province that has obtained permission from the health administration department. Currently, the storage capacity is 100,000 copies. Professor Gao Dayong, the core member of the “Immune Cell Product Market Access License” technical team of the Hebei Provincial Health Planning Commission, was an internationally renowned scientist in the field of cryogenic bioengineering and cryopreservation, and invented and successfully developed the world's leading cryopreservation technology and complete equipment for biomaterials, including the first proposed and experimental verification that the interaction between microwaves and cryogenic protectants during cooling can inhibit ice crystal formation, opening up a new path for vitrified preservation; a single-mode microwave resonance chamber was invented for the first time to reduce cell recrystallization damage. A dialysis machine is used to remove harmful protective agents from cells after cryopreservation; a novel controlled cryopreservation and cooling instrument has been successfully developed, which can greatly reduce the cost and improve the survival rate of cell organs in cryopreservation at low temperature. Valuation rating: On the basis of the steady growth of the pharmaceutical industry, the company promoted the upgrading of the company's business strategy, and Yingtai Jiahe (agrochemical) listed a new third board, laying out rehabilitation projects nationwide, and supplementing them with projects in the field of precision medicine. Currently, the field of rehabilitation medicine continues to take steps to integrate domestic resources to achieve domestic introduction and replication, and the national layout goals are becoming more and more clear. We predict that EPS will be 0.4 yuan, 0.5 yuan, and 0.62 yuan in 15-17, corresponding PE will be 36 times, 29 times, and 23 times, maintaining the shareholding rating. Risk warning: Health care layout progress falls short of expectations