The company is engaged in R&D, production and sales of combine harvesters. The main products are Starlight series combine harvesters, which can be used to harvest crops such as wheat, rice, and rapeseed. They are the mainstream models of rice and rapeseed combine harvesters in China. The company sold 8,189 combine harvesters in 2014. Currently, the products cover rural markets in 24 provinces, municipalities directly under the Central Government and autonomous regions across the country, and are exported to Southeast Asia, West Asia, Africa, South America and other regions through foreign trade companies. Agricultural mechanization is the progress and transformation of agricultural production methods and an important sign of agricultural modernization. The fundamental way out for our country's agriculture lies in mechanization. On the one hand, speeding up agricultural mechanization is an important strategic policy to ensure the country's food security; on the other hand, agricultural mechanization is a material and technical guarantee for modernizing our country; furthermore, agricultural mechanization is an effective way to increase agricultural labor productivity and efficiency and promote farmers' income growth. This general context provides the foundation for the company's development. In terms of business strategy, the company will take existing multi-purpose rice and wheat combine harvesters as the core to improve product reliability and adaptability; develop crawler self-propelled rotary cultivators, high-speed riding rice transplanters, and self-propelled straw briquers to form an integrated product series for cultivation, planting, harvesting and straw recycling with existing products; and expand into the field of corn harvesting machinery in due course. All of the capital raised in this launch will be invested in a multi-functional and high-efficiency combine harvester project with an annual output of 20,000 units. The market share of the company's products is low, and there is plenty of room for market expansion. This fund-raising project will fundamentally solve the bottleneck problem of the company's production capacity, which will help the company actively expand the market, occupy more market share, and absorb the new production capacity of the project. Reasonable valuation: We forecast EPS for 15/16/17 to be 0.72/0.87/1.02 yuan, respectively. Referring to similar listed companies and considering the company's performance growth expectations for the next few years, we give them a reasonable PE range of 25-30 times for 15 years, and the company's reasonable value range of 18-21.6 yuan. Risk warning: Increased market competition is squeezing company profits; single product risk, etc.