Incident: In 2015, the company achieved revenue of 271 million yuan, an increase of 20.37% over the previous year; net profit to mother was 75.15 million yuan, an increase of 50.73% over the previous year. The dual 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 the new consolidated wholly-owned subsidiary Jiangsu Shixuan Technology 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 210 million yuan, accounting for 74%, and a 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 domestic provider of medical informatization solutions, has deep medical system resources, and collaborates with Exxon and Daqian Biotech to significantly enhance the company's overall competitiveness in the healthcare field. Shixuan Technology is positioned as an overall solution provider for medical informatization. 1) Shixuan Technology promised profits of 46.88 million yuan, 58.59 million yuan, and 73.24 million yuan respectively from 2015 to 2017; 2) As the only academician workstation in the field of medical informatization in China, its core capabilities are mainly reflected in the three aspects of providing overall solutions based on regional medical and health information platforms for cities, providing overall solutions for large-scale digital hospitals for general hospitals, and the construction and operation of health service platforms for individuals and families. Focus on promoting the “1+6” strategy to expand the smart medical industry chain. 1) Relying on Shixuan's existing medical information platform to extend functional modules such as testing, ECG, imaging, medical services, pension, supply chain, etc.; 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 entities. It is a useful experiment in promoting 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) Epitaxial expansion has always been an important strategy for the company. Recently, Zhongyuanhui was established as the company's foreign investment agency, responsible for the company's direct investment; 2) The establishment of Zhongyuanhui is conducive to innovating business models and expanding the company's business areas and investment channels; improving the company's investment decision-making mechanism, integrating resources, and improving value-added service capabilities; it is conducive to improving the efficiency of capital use and enhancing resilience to risks. Profit forecasting and investment advice. We predict that the company's EPS for 2016 to 2018 will be 0.56 yuan, 0.67 yuan, and 0.82 yuan, respectively, with corresponding price-earnings ratios of 46 times, 38 times, and 31 times. We believe that the company's product line is complete, and the future layout is expected to be strong in the fields of health management platforms, pension, medical services, Internet medicine, medical big data, etc., the industrial chain will continue to improve, and the company has high potential for growth and maintain a “buy” rating. Risk warning: Acquisition project performance falls short of expectations; consolidation or slower than expected; market competition or intensification.