The company disclosed the 2015 annual report and the first-quarter report notice. In 15 years, the company realized a revenue of 2.769 billion yuan, and the net profit after deducting the mother was 509 million yuan, up 65.93%/25.12% and EPS 0.64 yuan respectively. The performance growth was in line with expectations. At the same time, it announced the 2015 profit distribution plan of 10 to 10 and 1.6 yuan. It is estimated that the net profit of Q1 will reach 1.67~193 million in 2016, an increase of 30%~50%.

The company's strategic planning is clear, and it has always built a cardiovascular health industry chain for the four cores of medical equipment, medicine, medical services and strategic business.

Medical equipment segment, revenue of 1.796 billion, an increase of 21.37%, net profit of 482 million, an increase of 25.04%. Domestic sales of stent systems, occluders and other products continued to grow steadily, and the interventional treatment business of primary hospitals grew rapidly (revenue of 272 million, +122.85% year-on-year). The company acquired Aidekang professional in vitro diagnostic equipment, and formed synergy with POCT in vitro diagnostic equipment and reagent business, with rapid business growth (revenue of 139 million, +127.88% year-on-year). The company's acquisition of Ningbo Bingyu entered the surgical medical device industry , contributing to the increase in the performance of the equipment sector (revenue of 60.95 million yuan). These businesses have driven the overall growth of the medical device sector.

In the pharmaceutical sector, revenue was 878 million, a year-on-year increase of 389.82%, and net profit of 186 million, an increase of 142.70%. In the traditional academic promotion and other channels continue to exert efforts, while actively promoting online and offline pharmacy sales channels, clopidogrel completed the ten provinces bidding work, income of 198 million, an increase of 63.71%, atorvastatin calcium income of 62.54 million yuan, It increased by nearly 500% year-on-year.

The medical services sector generated revenue of 84.57 million, an increase of 1299.27% ​​over the same period last year. The layout of Lepu Cardiovascular Network Hospital, regional cardiovascular network hospitals and grassroots clinics (ie pharmacy clinics) form a three-level telemedicine system, while the grassroots county hospitals intervene in the catheter room and cardiovascular department to build a complementary music. Medical service system for vascular disease diagnosis consultation, referral guidance, and postoperative management. Among them, the third-party testing and medical examination income was 71.94 million, an increase of 1090.38%.

Strategic business includes mobile medical , financial services, and small equity investments. Mobile medical care is based on home smart medical equipment and primary medical service organizations, creating an Internet patient community and Internet data traffic advantages, and building a “Hushengtang” medical e-commerce company featuring medical services. The mobile medical income was 9.79 million, an increase of 207.54% year-on-year, and the number of registered users of the concentric butler reached 108,000, covering more than 800 hospitals.

Maintain “overweight” rating. It is estimated that the main business EPS is 0.85/1.11/1.43 yuan in 16-17 years. The current stock price is 44/34/26 for PE, optimistic about the company's clear industrial chain strategic layout and complete closed loop of upstream and downstream, maintaining the overweight rating.

Risk warning: cardiovascular related high value consumables, drug price reduction, risk brought by diversified business layout.

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