Key investment points: The company transforms medical services and maintains an increase in holdings rating. The decline in the company's profit was due to the expansion of new business and the increase in expenses. Considering the large investment in new business, short-term performance was affected, the 2016-17 profit forecast EPS of 0.14 (-0.1) /0.17 (-0.15) yuan was lowered, and EPS of 0.19 yuan was given for the first time in 2018. The company is actively expanding new business, laying out the fields of medical informatization, medical service management and genetic testing, further improving its competitiveness, maintaining an increase in holdings rating, and considering the company's forward-looking layout in hot fields, it grants a certain premium, with a target price of 20 yuan. The development of the main business is under pressure, and the exploration of new businesses is increasing. In 2015, the company's blood collection revenue was 220 million yuan, a decrease of 3.74%, a gross profit margin of 49%, a decrease of 0.77%, and reagent revenue of 120 million yuan, an increase of 4.68% over the previous year. Affected by the reduction in overall bidding prices for medical devices, the growth rate of the main business slowed. The company is actively expanding new businesses and seeking new growth points. In 2015, the financial leasing business achieved revenue of 20 million yuan, a revenue increase of 2.73 times. At the same time, Guangzhou Huiqiao merged in August 2015, contributing 8.41 million yuan in profit. Expenses have increased, and short-term performance has fluctuated. Due to the increase in new product promotion expenses and sales staff remuneration, sales expenses increased by 26.7% and management expenses increased 27.09% in 2015. With the expansion of the financial leasing business and mergers and acquisitions to benefit overseas, financial expenses increased by 463% in 2015. New business growth is expected in 2016, cost control, and the growth rate is expected to resume. The company is actively expanding new business. In 2015, the company actively expanded new business: (1) acquired Guangzhou Huiqiao Computer Technology Co., Ltd. and laid out medical informatization to provide strategic support for the company to enter the medical service field; (2) signed a PPP cooperation framework agreement with Chenzhou Third People's Hospital and Yizhang County Hospital of Traditional Chinese Medicine to enter the medical service field; (3) established a medical testing company to carry out genetic testing business. Risk warning: the profit cycle of medical services is long; the risk of collection of accounts receivable