Investment points and profit forecast: As the only pharmaceutical listing platform under General Technology Group, one of the top three pharmaceutical central enterprises in China, the company has now developed into a comprehensive pharmaceutical company integrating industry and trade and developing collaboratively after experiencing asset restructuring, and its position and competitive advantages in the industry are gradually showing. In particular, in recent years, under the clear positioning of the Group, internal potential exploration, and external expansion, the business trend has gradually improved. It is expected that internal growth and expansion will continue to drive steady growth in the company's performance in the future. We adjusted the company's profit forecast. It is estimated that the company's EPS for 2018-2020 will be 1.45, 1.70, and 1.98 yuan, respectively, and the corresponding stock price valuations on October 26, 2018 will be 10.5, 8.9, and 7.6 times, respectively, maintaining the “prudent increase in holdings” rating. Risk warning: sales of core industrial varieties fall short of expectations; risk of fluctuations in international trade; operating conditions of injected assets are lower than expected; and extension development is lower than expected.