Wanxun Auto Control is committed to improving the localization of industrial automation instruments. The company focuses on industrial automation instrumentation products in the high-tech market segment, and aims to improve technical level and product quality through international cooperation; revenue and gross profit mainly come from electric actuators, flow meters, control valves, and signal conditioning instruments, the latter growing faster recently; the actual controller of the company is Fu Yuchen, and the top ten natural person shareholders are all company executives. The industrial concentration of the industrial automation instrumentation industry is low. The middle and high-end domestic fields are dominated by international enterprises, and domestic enterprises have a long way to go. The industrial automation instrumentation industry is the foundation of industrial automation; the characteristics of the industry determine that technology and quality are the key to success; the large gap between the overall level of domestic enterprises and the advanced level of foreign countries is both a challenge and an opportunity; steady growth in domestic demand forms the foundation for the growth of domestic industrial automation instrumentation enterprises. Although the assets of Wanxun Self-Control are small, the profitability is outstanding. The sales price of the company's main products has remained stable, and its market share has gradually increased; R&D expenditure as a share of revenue has gradually increased, and the amount of monthly contracts has gradually rebounded; the share of raw material costs has declined slightly, and the price of major raw materials has continued to decline but the decline has narrowed; in a horizontal comparison, the company's assets are small but its profitability is excellent. Fund-raising projects will enhance technical and quality capabilities and enhance profitability. The implementation of fund-raising projects will enhance the company's technical level and ability to innovate independently; increase product types and product lines, broaden product application fields, and increase sales scale; improve product quality and reduce production costs; enhance the coordination capacity of the industrial chain and shorten the supply cycle. The company will deepen cooperation with foreign partners by undertaking more R&D design and product production, enhance the company's position in future cooperation processes, reduce production costs, and enhance its own technical level and comprehensive strength. It is estimated that the average annual net profit (including the construction period) will be about 206.717 million yuan per year for the company. The reasonable value range of the company's stock is 16.72-17.98 yuan. The relative valuation method yields a reasonable value range of 16.72-18.29 yuan, and the absolute valuation method yields a reasonable value range of 13.74 to 17.98 yuan. Overall, a reasonable value range of 16.72-17.98 yuan was obtained, corresponding to 2010 PE of 32.00-34.41 times, and corresponding to 2011 PE of 24.14-25.41 times. Risk warning. Since the company is currently consciously choosing products with high technology and small market capacity to break through and avoid forming fierce competition with large international companies, it is expected that as the company's product line expands vertically and horizontally, it is expected that it will challenge the company's management ability, which may become a bottleneck in growth as a result.