The company is a leader in the domestic hospital construction and medical professional engineering industry. In recent years, through innovative PPP and buyer credit models, it has further solved the funding bottlenecks of local hospitals, and its business has developed rapidly. Currently, the number of orders in hand exceeds 5 billion, and there is plenty of momentum for growth. We believe that the company's business model is innovating and the construction of the industrial chain platform is becoming more and more perfect. It will enjoy the spring breeze of medical service policies for the long term, and for the first time, cover it with a prudent recommendation rating. There are plenty of orders in hand. The company currently has orders in hand involving an amount of 5.685 billion dollars (based on the final audited settlement price), and the average construction period is 2-3 years. If the construction of the project progresses smoothly, the settlement of existing orders will strongly support the company's future performance growth. At the same time, the company has a number of potential projects that have signed cooperation framework agreements, and the overall amount is expected to exceed 7 billion dollars. Among them, the total amount of the Lanzhou New Area project and the Shangqiu project is estimated to be 2-2.5 billion and 3 billion, respectively. Among them, the construction project of a traditional Chinese medicine hospital in the Lanzhou New Area (457 million) has already been successfully implemented. The company is likely to receive two major projects in Lanzhou and Shangqiu, which will strongly support subsequent development. PPP and buyer credit models accelerate the expansion of hospital construction projects. In order to solve the funding bottlenecks faced by some local governments in the process of building new hospitals or renovating and expanding, the company introduced PPP and buyer credit models. Currently, the company has a total of 6 PPP projects in Qinhuangdao in Hebei, Fuping County in Shaanxi, Dushan County and Sandu Aqua Autonomous County in Guizhou, Huainan City in Anhui Province, and Jiaxiang County in Shandong Province. Among them, the Fuping Hospital for Integrated Traditional Chinese and Western Medicine has already been put into operation. The company plans to invest in the construction of 30 hospitals and manage 20,000 beds in the next 3-5 years using the PPP model. While developing the company's overall hospital construction project, the PPP project helps the company manage the hospital supply chain and obtain value-added services and subsequent investment benefits. A fixed increase of 840 million dollars will be raised to accelerate business development. The company's re-launched fixed growth plan plans to issue no more than 80 million shares and raise no more than 840 million yuan for hospital surgery departments, ICU product industrialization projects (590 million), and increase overall hospital construction business capital (250 million). Previously, in June 2016, the company issued an additional 8.52 million shares to major shareholders at 23.47 yuan/share, raising 200 million yuan, providing a safety cushion for the company's stock price. For the first time coverage, a prudent recommendation rating was given. We believe that the company's current overall hospital construction business is in line with the country's policy of strengthening the standard of primary care, and will benefit from the continuous promotion of hierarchical diagnosis and treatment in the long term. PPP and buyer credit models help solve hospital funding bottlenecks while helping companies rapidly expand their business. The company currently has abundant orders and is full of momentum for future growth. Net profit is expected to increase by 36% in '17, and for the first time, it has been given a prudent recommendation rating. Risk warning: Project construction progress falls short of expectations, hospital repayment risk.