For value investors, how to evaluate the intrinsic value of the company as correctly as possible is the key factor for their investment success. The reason why Warren Buffett can achieve unprecedented achievements is probably the investment performance that no one will come after him. The most direct reason is his correct evaluation of the value of the company he invested in. The evaluation of a company's intrinsic value is also the most difficult point for investors, especially as an outsider, it is very difficult to estimate some hidden intrinsic values of the company, and the company is unwilling to let outsiders know its most valuable core secrets. There are even quite a few companies, especially in the A-share market. It can be said that all companies do this, that is, they always try their best to publicize or even show off their bright side, and try their best to cover up their own side with one question or another. There are even some companies with ulterior motives who dress up carefully to deceive and deceive investors. "Valuation Modeling" (edited by Sung Hoon Financial Training Company's practical investment and financing analyst certification examination textbook, China Financial Publishing House, 2011-06-01) hopes to get rid of all kinds of conscious or unconscious interference of the company through modeling, evaluate the intrinsic value of the company in an objective form, and reflect its intrinsic value as objectively as possible, so as to make investment. Modeling is of course one of the most objective methods, but it should be noted that it is not an easy task if the modeling results want to be as close to reality as possible. Moreover, modeling itself is just a method. Whether it can objectively reflect the intrinsic value of the company will also be affected by various favorable and unfavorable factors of modeling itself. In addition, in the application of results, we still need to rely on the wisdom and ability of users to achieve success.