First of all, through the comparative analysis of A-share market, H-share market and Nasdaq market, we can draw the conclusion that the valuation premium level of high-tech companies in A-share market is relatively high; secondly, through the comparative analysis of conventional valuation methods, we can draw the conclusion that the real option valuation method is more suitable for the valuation of high-tech companies; then, taking iFLYTEK as an example, we can use three kinds of real options: B-S, binary tree and S & M The results show that S & M model is more scientific and applicable to the valuation of high-tech companies.