Event: In 2015, the company achieved operating income of 271 million yuan, an increase of 20.37% over the previous year; net profit was 75.15 million yuan, an increase of 50.73% over the previous year. The two main industries of healthcare and smart grids drive development. 1) The increase in the company's performance was mainly due to a significant increase in revenue from Jiangsu Shixuan Technology, a newly merged wholly-owned subsidiary, and the healthcare business in the fourth quarter; 2) By business, healthcare achieved revenue of 69.89 million yuan, accounting for 24%, and a gross profit margin of 61.49%. The power transmission and distribution related business achieved revenue of 201 million yuan, accounting for 74% and gross profit margin of 60.77%; 3) The company's healthcare business contributions came from Shixuan Technology, Exxon, and Daqian Biotech. Among them, Shixuan Technology is a first-class medical informatization solution provider in China, has deep medical system resources, and collaborates with Exxon and Daqian Biotech, significantly enhancing the company's comprehensive competitiveness in the healthcare field. Shixuan Technology is positioned as an overall solution provider for medical informatization. 1) Shixuan Technology's promised profits for 2015-2017 were 46.88 million yuan, 58.59 million yuan, and 73.24 million yuan, respectively; 2) As the only academician workstation in the field of medical informatization in China, its core competencies are mainly reflected in three aspects: providing overall solutions based on regional medical information platforms to cities, overall solutions for large-scale digital hospitals to general hospitals, and construction and operation of health service platforms for individuals and families. Focus on advancing the “1+6” strategy to expand the smart medical industry chain. 1) Relying on Shixuan's existing medical information platform, it extends functional modules such as testing, ECG, imaging, medical services, elderly care, supply chain, etc., to achieve the extension of the smart medical industry chain; 2) The construction of regional imaging, regional ECG, and regional clinical examination centers can effectively integrate limited medical resources and maximize the interests of hospitals, doctors, and government actors. It is a useful experiment in advancing medical reform and is a future development trend. The establishment of an industrial investment company is beneficial to the expansion and strengthening of the two main businesses of healthcare and smart grids. 1) Extensive expansion has always been an important strategy for the company. Recently, Zhongyuanhui was established as the company's professional organization for foreign investment, which is responsible for the company's own investment; 2) the establishment of Zhongyuanhui is conducive to innovating business models and expanding the company's business areas and investment channels; it is conducive to improving the company's investment decision-making mechanism, integrating resources, and enhancing value-added service capabilities; and is conducive to improving the efficiency of capital use and enhancing its ability to withstand risks to a greater extent. Profit forecasts and investment advice. We forecast that the company's 2016-2018 EPS will be 0.56 yuan, 0.67 yuan, and 0.82 yuan, respectively, and the corresponding price-earnings ratios will be 46 times, 38 times, and 31 times. We believe that the company has a complete product line. The future layout is expected to be strong in the fields of health management platforms, old-age care, medical services, Internet medicine, medical big data, etc., and that the industrial chain will continue to improve. The company has high potential for growth and maintains a “buy” rating. Risk warning: Acquisition project performance meets or falls short of expectations; consolidation or slower than expected; market competition or intensification.