The performance was in line with expectations, and Leadman released the 2015 three-quarter report: the first three quarters achieved sales revenue of 448 million yuan, an increase of 47.82% over the previous year; achieved net profit attributable to shareholders of the parent company of 79 million yuan, corresponding to EPS of 0.50 yuan, an increase of 20.06% over the previous year, in line with our expectations. The combination of development trends led to high revenue growth: the company's revenue increased by 47.82% year-on-year in the first three quarters, mainly due to the inclusion of Desai Systems and Desai products in the merger list. The combined revenue volume of the two companies in the first three quarters of 2015 was 191 million yuan, and the combined ratio of Desai Systems and Desai products had increased to 70% from 25% and 31% in January-May. The company's gross margin fell by nearly 4 percentage points year-on-year in the first three quarters, and the net profit margin remained basically the same, mainly due to mergers and increases in the share of instrument agency business. At the same time, the increase in depreciation expenses and related taxes after construction projects have been upgraded has also led to an increase in operating costs. Actively promote product line expansion: The fully automated biochemical immunoassay analyzer cooperated by the company and IDS has been approved, further strengthening the company's influence in the biochemical field. At the same time, the integration of the IDS instrument platform acquired by the company with the company's existing chemiluminescence reagents is nearing completion, and the chemiluminescence instruments developed independently by the company have also begun to be marketed and sold. The chemiluminescence business is expected to become a new growth point for the company. The company launched 17 chemiluminescence reagent projects in the first three quarters, and the company is also actively promoting research and development of molecular detection. Initiate an epitaxial expansion strategy: In 2014, the company acquired two companies, Desai Systems and Desai Products. In the future, the company is expected to continue to enrich its product line along the inspection field. The profit forecast predicts that the company's 2015/2016 EPS will be 0.89 yuan/1.06 yuan, respectively, with a year-on-year increase of 19% and 19%. The valuation and recommended current stock price corresponding to 2015/2016 P/E is 51x/43x. The company's product layout is perfect, extended expansion and rich product lines, and there is room for improvement in future performance. Maintain the “recommended” rating and maintain the target price of 51 yuan, corresponding to a 15-year P/E of 57x. Risk marketing adjustments are progressing slower than expected; chemiluminescence promotion is slower than expected.