Key investment points: Relying on Changbaishan's abundant herbal medicine resources, Yisheng Pharmaceutical has formed its own unique competitive advantage in the market, and has maintained a relatively stable level of profit. Since its launch, the company has used capital raising advantages to lay out the ginseng industry chain and health products business, and has steadily completed the strategic layout of the three major businesses of the pharmaceutical industry, participation, and bee industry: in the short term: the pharmaceutical industry is the main support for the company's current performance. The key varieties of Qingkailing injections and Shengmai injections all remain in the new national drug catalogue, but due to strong market competition, they will be sufficient in the future. A certain price reduction is expected; the capsule series is expected to maintain steady growth in various areas, benefiting from the expansion of the cardiovascular market, the obvious competitive advantage of exclusive products, and the effectiveness of the company's marketing reforms. Looking at the industry in the medium term, the company, as a proponent of growing non-woodland ginseng in China, has been putting it into practice since 2007, with good results. The first batch of non-woodland ginseng entered the harvest period this year, and the quality also met national standards. As the domestic ginseng market continues to rise, we believe that upstream planting enterprises represented by the company will undoubtedly take the lead in benefiting. On the basis of deep cultivation of raw materials, the company is also actively expanding the downstream deep processing industry in the ginseng industry chain. It is expected that with the marketing and sale of ginseng tablets and health foods, the company's advantages in the entire industry chain participating in the industry will gradually be reflected in its performance. Furthermore, as the company achieves control over the entire process of ginseng breeding, cultivation, and processing, the company has the potential to build a Chinese ginseng brand and enter the high-end ginseng market, and this will also be the focus of our attention in the future. Looking at the bee industry in the long term: The company's bee industry focuses on developing new functional foods combining ginseng and honey. The focus is still on the health products market. In the future, as the living standards of domestic residents improve and the number of sub-healthy people increases, we should also note that the company, as a traditional pharmaceutical company, still has many problems such as product reserves, brand positioning, and marketing that need to be solved in the expansion of business into the health products market. It is expected that this part of the business will contribute limited to performance in the short term. Investment Rating: We forecast the company's EPS for 13-15 years to be 0.46 yuan, 0.52 yuan, and 0.67 yuan respectively, with year-on-year growth rates of 4.80%, 12.90%, and 28.42%, respectively, and corresponding dynamic price-earnings ratios of 56, 49, and 38 times, respectively. We believe that, on the one hand, with the launch and sale of the company's ginseng tablets and health foods next year, the company's ginseng industry chain advantages will gradually be reflected in the performance; on the other hand, our analysis suggests that by achieving process control of the entire ginseng industry chain, the company is gradually expanding from “raw materials” to “brands”, and is expected to expand in the field of high-end ginseng products in the future, so for the first time, we have given the company a “buy” rating, with a target price of 31.20 yuan. Risk warning: upstream cultivation risk; risk of product price reduction; risk of brand building; risk of lifting sales restrictions.