Investment highlights: The company plans to transfer 100% of the shares of the company's wholly-owned subsidiary, Chengdu Jinsha Hospital, to Deyang Fifth Hospital Co., Ltd., for 150 million yuan. Ping An's view: The sale price is reasonable and will generate considerable investment income: the company plans to sell 100% of the shares in Chengdu Jinsha Hospital for 150 million yuan, and will no longer hold shares in the hospital thereafter. Of this, $135 million was sales consideration, and $15 million came from dividends. From January to September 2018, Jinsha Hospital's revenue was 62.4 million yuan and net profit was 8.13 million yuan. This transaction corresponds to 14.5 times PE in 2017 and 12.5 times the PE forecast for 2018, and the sales price is reasonable. The transaction is expected to bring the company an investment income of more than 60 million. If the delivery is successful, it will have a significant positive impact on the profit statement. The divestment side business focuses on the main business, and the company's transformation is worth paying attention to: the company formulated a strategy to take the opportunity to integrate assets in 2018, and the divestment of Sands Hospital is the first step in the strategy. After the divestment of sideline assets, the company will use its main resources for the main business of drug development and sales, which will increase the competitiveness of the company's main business; second, the divestment of loss-making assets will improve the company's profit statement and cash flow, and promote the steady operation of the company's finances. Maintaining the “Recommended” rating: The company's main business is growing well. Driven by marketing reforms, it is expected that future performance will also maintain steady growth. Flurbiprofen ester is expected to be launched next year, which will bring new growth points at that time. Maintaining the original forecast, EPS for 2018-2020 is expected to be 0.22/0.26/0.32 yuan, respectively, and the corresponding PE is 21x/17x/14x, respectively, maintaining the “recommended” rating. Risk warning: 1) Policy risk: Policies in the pharmaceutical industry are frequent. Policies such as drug price reductions, adjuvant drug lists, and zero bonuses all have an impact on the company's business in the short term. 2) Risk of products not winning the bid: The company's products are basically prescription drugs and need to be sold in hospitals. If important varieties are out of the bid in some provinces, it may affect sales revenue. 3) R&D progress falls short of expectations: Drug development is likely to fail throughout the process. The company has several ongoing research projects, with important varieties entering the clinical stage. Failure may cause certain negative effects