Key investment event description: On December 8, the company announced that it intends to publicly issue corporate bonds no more than RMB 300 million (including 300 million yuan) and a period of not more than 5 years (including 5 years), and is intended to be used to repay corporate debts, supplement working capital, and other purposes permitted by applicable laws and regulations. Our comments on this are as follows: 300 million bond financing reduces capital costs, helps companies break through informatization and invest in R&D. The amount of bonds issued by the company this time is 300 million yuan. Currently, it has been approved by all supervisors at the 27th meeting of the third board of supervisors. The company's balance ratio has been optimized to between 34.71%-45.96%. While maintaining a healthy balance ratio, capital costs have been reduced, and the new financing channels opened up have injected new impetus into the company's breakthrough in medical informatization and continued research and development of new products: on the one hand, the company is a leading enterprise in the domestic vacuum blood collection system industry. The company is a leading enterprise in the domestic vacuum blood collection system industry. It is struggling with the macro environment, medical and health system reform, export decline, and development of new products such as IVD. The company is currently actively expanding mobile medical informatization platforms and hospital PPP construction, industry targets such as Wanda Information and Weining Health. This financing will provide strong support for the company's transformation into the field of new medical information; on the other hand, industry-level medical product industry competition is driven by new equipment research and development. The company's management closely adheres to the company's strategic positioning and goals and continuously increases R&D investment and development of new products to enhance the core competitiveness of its own medical products. The latest announcement for the third quarter of 2016 has invested 28.716 million yuan in R&D, accounting for 8.08% of total operating revenue, an increase over the previous year 10.68%, new financing funds help continue to invest in R&D. Relying on experts and overseas resources, it extends M&A demand opportunities. The period 2016-2018 has been defined as an important period for company reform. The company focuses on five major business platforms and is actively carrying out external mergers and acquisitions at home and abroad in the fields of medical services such as big diagnosis, big medical care, and big health. According to relevant announcements, as early as 15 years ago, the company established a merger and acquisition fund with a total scale of 600 million yuan to prepare for external mergers and acquisitions at any time. Currently, the 2016 semi-annual report says that the company has established a professional merger and acquisition expert group and overseas team, and related mergers and acquisitions projects are being negotiated. Taken together, the company's current 300 million yuan financing satisfies the company's strategic needs for the current promotion of medical informatization and high investment in product development under the premise of further reducing capital and financing costs. At the same time, based on the rich experience and advantages of the company's management and the continuous development of internal and external activities of the company in the next three years of revolution, we predict that the revenue revenue of 16/17/18 for the next three years will be 5.29, 612, and 697 million, respectively, up -2.90%, 15.60%, 13.89%. Net profit attributable to the parent company is 4537, 6077, and 76.46 million, respectively. The year-on-year increase was 13.90%, 33.94%, and 25.81%, respectively. EPS was 0.15, 0.20, and 0.25 respectively, giving the company 100 times PE in '17, corresponding to the target price of 19.68 yuan, maintaining the “buy” rating. Risk warning: health services sector expansion risk; extended M&A risk; overseas market sales and exchange rate risk