Event: On January 7, 2014, CES (International Consumer Electronics Show), which attracted the industry's attention, was held at the Las Vegas International Convention and Exhibition Center in the US. Jiu'an Medical attended the conference with new iHealth products and attracted enthusiastic attention from participants. Main opinion: 1. IHealth has released two new products at CES. At CES, iHealth has released two new products: a wearable blood oxygen monitor (wireless pulse oximeter), a wearable blood oxygen monitor, which consists of a host and a soft finger sleeve. The console is worn on the wrist, and the soft finger holder is worn on the fingertip, and can be connected to iOS and Android devices. It can be used to monitor and record blood oxygen in the daily lives of patients with chronic obstructive pulmonary disease (COPD). Doctors can use this to understand the patient's recovery situation for people with severe snoring. Blood oxygen saturation is low during sleep. If not effectively controlled, it may cause damage to the human brain and other organs, so nighttime blood oxygen monitoring and alarms can help such people reduce this risk. It can be used for initial screening and diagnosis of sleep apnea syndrome (SAS). Wearable Single-Lead EC (Wearable Single-Lead EC): A wearable single-lead electrocardiograph is a type of single-lead dynamic electrocardiogram recorder worn on the chest that can continuously record ECG signals for up to 72 hours. Wearable single-lead electrocardiographs are suitable for adult patients who may have arrhythmias or who often feel chest tightness, shortness of breath, palpitations, and fatigue. The ECG data is recorded in a memory and can be uploaded to the computer/iOS/Android via USB to filter suspected abnormal waveforms. At the same time, the uploaded ECG data can also be shared with professional doctors through the Internet so that the ECG waveform can be analyzed in depth. The design concept and user experience of the two new products have been greatly improved compared to the previous products. Not only are they highly professional, but the appearance and engineering design are also perfect! We expect that the new product may be officially launched on the market in the second half of this year. Referring to the pricing of the original product, the price of the new product should not be lower than 100 US dollars/unit. 2. iHealth's original product updates are speeding up. The iHealth AM3 smartwatch released in the second half of 2013 has also released an upgraded product, iHealth AM3s. The new watch has an ultra-thin body, a colorful wristband, and waterproof functions, and supports the recognition of various sports modes. At the same time, iHealth BP3, BP5 and other products still received attention from participants. 3. Increased promotion of iHealth The company has now set up booths in both the north and south exhibition halls of the CES conference. Not only is the location of the booth eye-catching, but the area has increased quite a bit compared to 2013, and the number of booth staff has also increased markedly. From this, it can be seen that the company's confidence in the product has increased markedly, and promotion efforts are increasing. The number of visitors and heavyweight guests at the booth increased markedly, and was favored by Dr. Mo, the most influential writer in the US technology media: the iHealth product line is becoming more and more diverse, covering many signs such as blood pressure, blood sugar, weight, and fetal heart, and may enter fields such as breathing and biochemical diagnosis in the future. Also, there are upgraded products for mother and child monitoring (ibaby monitor). The mobile medical market has huge potential for development. Companies started early, but there are more and more competitors. Judging from now on, the company has a leading edge in product diversity, software development, manufacturing, platform building, and brand promotion. This field is on the rise, and the product promotion model and profit model are still unclear. Jiu'an is also actively experimenting with cooperation with various participants such as hospitals, doctors, insurance, etc., and is looking forward to exploring a smooth product sales path and profit model. Taking a step back, even if iHealth can't be a trendsetter, it can become a quick follower in the industry. It is estimated that iHealth products will sell 10 million US dollars in 2013 and exceed 20 million US dollars in 2014. The company's current sales scale and market value are not large, but there is a lot of room for development, and the company has the potential to grow bigger and stronger in terms of management, products, and marketing. The next few years will be in a period of rapid development and growth. Therefore, although from the perspective of PE, the company's stock price cannot be considered very “cheap,” the surprise that exceeds expectations from time to time during this growth process will make investors feel that it is “worth the money.” Maintain the company's profit forecasts of 0.03 yuan and 0.11 yuan for 2013-2014, and maintain a highly recommended rating. Risk warning: the risk that new products will not progress as expected; the risk that costs will rise sharply; the risk of increased exchange losses; the risk that gross margin will decrease due to rising raw material prices; and the risk that shareholders' holdings will be reduced due to the lifting of the ban on some restricted stocks. For the basic situation of Jiu'an Healthcare and our long-term views on the company, please refer to the Dongxing Securities Research Report “Jiu'an Healthcare (002432): Level 2: Exploring Promotion Models”, “Jiu'an Healthcare (002432): Adding New Recruits to the iHealth Health Platform”, “Jiu'an Healthcare (002432): Traditional Businesses Are Gradually Resuming, Innovative Models Are Exploring”, “Jiu'an Healthcare (002432): Brands Affected by Exports Should Be Self-Empowered”, “Jiu'an Healthcare (002432): Focusing on the Long-term Layout of the United States”, “Jiu'an Healthcare (002432): Focusing on the Long-term Layout of the United States”, “Jiu'an Healthcare (002432): Focusing on the long-term layout of the United States”, “002432” 32 ): “Come to Japan to show off one's skills”, “Jiu'an Healthcare (002432): Little Troopers Are Sharp”. Follow Jiu'an Healthcare and iHealth, all at Dongxing Pharmaceutical!