Under the vigorous impetus of the new round of medical reform policies, medical informatization construction will usher in a period of accelerated development, and the market space for the industry is vast. The company has long-term advantages in the field of clinical medical management information system development, and is one of the few overall solution service providers for digital hospitals in China. In the future, by continuously cultivating customer resources from high-level hospitals, the company is expected to improve its overall business layout and further enhance profitability. Develop customer resources in all aspects and maintain a competitive advantage in the high-end market. Among the company's service customers, Army Hospital has long occupied an important position. Among them, there is no shortage of top hospitals in China, such as 301 Hospital and Xijing Hospital. The company has accumulated mature implementation and management experience in large-scale hospitals in cooperation with military medical institutions and established a good brand image. Based on technology and channel advantages, the company is deeply involved in the local public hospital market. In recent years, the company has added more than 60% of new contracts with local public hospitals, and the business is growing rapidly. The company cooperates closely with the top three hospitals in China, and provides overall solutions covering consulting planning, design, construction, system integration, data integration, application, maintenance, etc., to achieve full life cycle coverage, meet the needs of high-end customers, and maintain the company's competitive advantage in the high-end market. In the future, the company will focus on tertiary hospitals, newly built hospitals, and city-level smart medical care, and its business volume is expected to continue to expand. The transformation of medical informatization is imperative, and the leading advantages of the CIS are highlighted. Driven by relevant policies, the business space brought about by the update and upgrade of the electronic medical record system has been further expanded. The company is guided by the clinical needs of hospital customers, and the design and development of electronic medical record systems is based on the highest requirements of the Health Planning Commission's electronic medical record rating standards. In terms of clinical data processing, the company's electronic medical record system can communicate with HIS, PACS, RIS, LIS, etc. within the hospital in real time, which has significant advantages in the industry. The company's CIS products are based on high-end structured electronic medical record systems, integrating integrated medical workstations, mobile nursing systems, medical information integration platforms, clinical data centers, and clinical pathway systems, which can effectively improve medical quality and efficiency of diagnosis and treatment. In the context of medical informatization, the focus of hospital information systems will be skewed towards the CIS, and the company's advantages in the CIS field are expected to become the main driving force for future development. Maintain the “Prudent Recommendation-A” rating: The company's business will enter a period of accelerated development. The estimated net profit for 2018-20 is 0.50/0.79/118 million yuan, and the current price corresponds to 87/55/37 times PE, maintaining the “Prudent Recommendation - A” rating. Risk warning: 1. The prosperity of the medical informatization industry falls short of expectations; 2. The company's business development capabilities fall short of expectations.