The company is a high-tech enterprise specializing in the research and production of products such as military special optical lenses and optoelectronic systems, civilian optical lenses, and optical components. It is an important civil-military integration enterprise in Fujian Province, an important manufacturer of optical lenses in the world, and has achieved number one in China in many fields, and has achieved import substitution in many product lines. In 2017, the company's global security video surveillance lens sales market share reached 11.8%, ranking third in the world. The optics industry is the key to the implementation of major strategic projects in many countries. Optical technology and products are now deeply and widely used in the national economy and society, and have a fundamental position. They are an indispensable key link in the development of today's cutting-edge technology, such as space science, aerospace, national defense and military industry, and next-generation information technology. They are also core components of many high-end equipment. Fund-raising projects strengthen core competitiveness. The company now plans to publicly issue RMB 38.8 million common shares (A shares) and raise capital investment of RMB 651.07774 million. The projects include a full-spectrum precision lens intelligent manufacturing base project (phase I), AI optical sensing device development and industrialization construction projects, and a precision and ultra-precision optical processing test center construction project. Company valuation and quotation suggestions: According to the state of development of the industry where Fuguang Co., Ltd. is located, the industry has gradually entered a period of increased competition, but the company's position in the industry is prominent, the market share of core products is high, and it has a certain global competitive advantage. At the same time, as the scope of import substitution expands, the company still has a lot of room for future development. At present, the company has achieved profit for many years, and the profit level for the past 2 years has remained stable, which matches the growth rate of the industry. Therefore, we think it is more appropriate to use the PE valuation method to value the company, so we chose A-share optical device companies Yongxin Optics, Lida Optoelectronics, and United Optoelectronics as comparable companies. Currently, the average stock price of comparable listed companies corresponding to 19-year dynamic PE is 31 times. We believe that the reasonable valuation of Fuguang Co., Ltd. is 21.7 yuan/share (after IPO dilution), and the recommended inquiry price range is 18.87-24.53 yuan/share. Risk warning: Increased competition in the industry, reliance on core technical personnel, and sales falling short of expectations.