The company is engaged in R&D, production, sales and maintenance of automatic ticketing system terminal equipment. As an AFC terminal equipment manufacturer, the company is one of the enterprises undertaking the largest number of rail transit terminal equipment projects in China. It has entered more than 20 urban rail transit lines in many cities across the country, and developed overseas business into India, Malaysia and the Philippines. In addition to urban rail transit, the company has expanded its products into BRT and bus stations, and has entered BRT and long-distance bus stations in many places. In the next few years, with the continuous expansion of the main application area of domestic AFC terminal equipment, the scale of urban rail transit construction, and the continuous expansion of AFC terminal equipment in other application fields, the demand for the domestic AFC terminal equipment market will maintain a steady growth trend. At the same time, with the construction of urban rail transit systems in emerging economies such as Southeast Asia and South Asia, the overseas AFC terminal equipment market space has gradually opened up, and the prospects are broad. In terms of development planning, the company will use this listing opportunity to break through production capacity bottlenecks, increase market share, and vigorously develop R&D, production and sales of core modules while consolidating the existing AFC terminal equipment market position. Furthermore, the company will continue to implement an international business strategy to enhance the international reputation of the company's products and overseas market development capabilities. This fund-raising project includes a smart terminal equipment production line project and an R&D demonstration center construction project. Through the implementation of the fund-raising project, the company increased its original production capacity from 3,000 units to 7,000 units, helping the company achieve the target of 250 million yuan in revenue in 2017. Reasonable valuation: We forecast EPS of 0.83/0.94/1.10 yuan for 15/16/17, respectively. Referring to similar listed companies and considering the company's performance growth expectations for the next few years, we gave them a reasonable PE range of 30-35 times for 15 years, and a reasonable value range of 24.9-29.05 yuan for the company. Risk warning: The growth rate of infrastructure investment such as rail transit is slowing down; the degree of competition in the industry exceeds expectations, etc.