Investment points Event: The company intends to use the self-raised funds of RMB 216 million to receive 45% equity of Yidan Biological held by Yihe Investment in cash, becoming the largest shareholder of Yidan Biological. Comments: Acquisition of large-scale IVD dealers in Zhejiang Province, to achieve the "Runda model" of off-site replication expansion, to maintain "buy." We have always stressed that the IVD industry has entered a period of staking and concentration. The acquisition of distributors from Meikang, Mike and Dean also verified our logic. Runda is the only A-share market with circulation and services. IVD integrated service provider, with many years of experience in distribution agency, has inherent advantages in channel integration. Since its listing in 2015, it has been expanding across regions. The target Yidan Bio provides services to hundreds of medical institutions in Zhejiang Province. In vitro diagnostic products and professional technical support, logistics and other services, customers in all regions of Zhejiang, covering hospitals, disease control centers, blood stations and other medical institutions, sales income in 2015 was 211 million yuan, net profit of 8.738 million yuan, is expected Enhance Runda's competitiveness in Zhejiang, and further integrate Yidan Bio's solutions in the microbiology field into the company's overall integrated services to enhance the core competitiveness of the company's services. We believe that this acquisition is only part of the company's channel integration process, and the company is expected to further accelerate the nationwide replication expansion of the “Runda Model†in a similar way. Regional expansion (to deep advantage areas, expand other areas) + channel integration, 2016 revenue is expected to grow by more than 20%. 1. The Northeast region is expected to continue to maintain three-digit growth. The company is based in East China, and the strategy of radiating the whole country is accelerating. In 2016, the company will continue to focus on the northeast China East, and further explore the value of services. The high profit level in Northeast China will also promote the overall profit level of the company; Channel integration is in line with the development trend of the industry and is expected to accelerate the promotion of the company's business. We released the IVD industry report in 2015.12.2, suggesting that the IVD industry in the transition period is the channel, the company agent starts, and the channel has inherent advantages. The company completed the establishment of a joint venture with Sinopharm in 2015. The two parties increased the number of direct sales customers by virtue of mutual channel advantages. At present, they have received orders from Shanghai Changzheng Hospital and Shanghai Children's Medical Center, and are expected to contribute revenue in the second half of 2016; The hospital will carry out the cooperation of the regional inspection center. In 2016, some regional inspection centers are expected to be completed and put into use. We believe that with the advancement of graded diagnosis and treatment, the problems of the inspection volume and inspection items of the first-level hospitals will be solved by the regional inspection center. With its own “total package†experience in the laboratory, the company is expected to establish regional inspection centers in multiple regions. I am optimistic about the company's self-research project with clinical value in the process of replication and exploration of the general package model to build long-term core competitiveness. 1. The company's general contracting mode exploration mainly includes its own expansion + channel mergers and acquisitions. The company is based in East China, and the strategy of radiating the whole country is accelerating. In 2016, the company will continue to focus on the Northeast China East as a battlefield, and further explore more service value. At the same time, the company set up a special industry fund with self-raised funds of 10 million, focusing on investing in domestic and overseas in vitro diagnostic industry enterprises, including but not limited to R & D and production enterprises, circulation service enterprises, independent third-party laboratory service enterprises and having "Internet + "Applying the prospect of mobile medical business model companies. We believe that this is the company's forward-looking layout based on the upstream and downstream of the industry chain, laying the foundation for the company to further realize the IVD integrated service platform enterprise. ; 2. Biochemical + chemiluminescence + molecular diagnosis + POCT, self-research project multi-field layout, improve long-term core competitiveness. At present, the self-produced products include hundreds of product specifications such as glycosylated hemoglobin analyzer and supporting reagents, blood gas analyzer and supporting reagents and various biochemical reagents. The layout of the cardiovascular POCT project further enriches the POCT product line. In 2015, the company increased its capital in Beijing Runnuos and Wuhan Haijili, and expanded its product line to the field of chemiluminescence and molecular diagnostics to further improve the product layout of “IVD Big Supermarketâ€. Earnings forecast and investment suggestion: We expect the company's operating income in 2016-2018 to be 19.84, 23.63 and 2.829 billion yuan respectively, up 21.80%, 19.12% and 19.71%, and the net profit attributable to the parent company is 1.37, 1.78 and 208 million respectively. The year-on-year growth was 49.44%, 34.76%, and 15.57%, and EPS (considering additional dilutions) was 0.43 yuan, 0.57 yuan, and 0.66 yuan respectively. As a new model in the IVD industry, the company has strong ability to expand and has strong integration capabilities. It is expected to benefit from the accelerated changes in the industry, combined with the company's situation, and considering the company's new model to expand the pace of acceleration, we give the company 65-70PE 2016, the goal The price is 27-30 yuan, maintaining a "buy" rating. Risk warning: risk of overseas privatization failure, relative concentration of suppliers, risk of hospital bidding, and bad debts of accounts receivable. 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