Shennan Circuits Co Ltd Class A (002916) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Shennan Circuits Co Ltd Class A stock ¥98.99, price ¥216, that is 54.2% below the price, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range ¥36.77 – ¥457.90 · fair‑value band ¥35.22 – ¥143.07 · the ¥216.00 price screens above the ¥98.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Shennan Circuits Co., Ltd. engages in the design, manufacture, and sale of printed circuit boards, packaging substrates, and electronic assemblies in China and internationally. It operates through Packaging Substrates, Packaging Substrates, and Distribution Substrates segments.
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The company provides RF and microwave, thermal management, miniaturization, and chip package substrate solutions. It also offers schematic design, PCB / SiP design, PCB / SUB production, electronic assembly, package testing, and other value creations.
The company was formerly known as CATIC Shenzhen Shennan Circuit Company and changed its name to Shennan Circuits Co., Ltd. in January 2000. The company was incorporated in 1984 and is headquartered in Shenzhen, China.
Shennan Circuits Co., Ltd. operates as a subsidiary of AVIC International Holdings Limited.
Stock analysis
Shennan Circuits Co Ltd Class A (002916) currently trades at ¥216.00, while our model-based Fair Value estimate is ¥98.99, 54% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥157.82 per share, and 1 of the 24 models we run sit above the ¥216.00 price.
Bear case: the Dividend Discount group reads lowest at ¥15.53, and 23 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥35.22 (bear) to ¥143.07 (bull), the price of ¥216.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Shennan Circuits Co Ltd Class A reported revenue of 23.6B CNY in FY2025 versus 13.9B CNY in FY2021, a compound +14.1%/yr. Reported net income was 3.3B CNY in FY2025, compounding +22.0%/yr from FY2021.
Key figures
Market cap 190B CNY (≈ $28.5B) Large · P/E ratio 29.4 · P/S ratio 5.81 · EPS (TTM) ¥7.35 · Dividend yield 1.1% · Net margin 15.6% · Return on equity 28.0% · Return on assets (EBIT) 8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (low confidence).
What moves the price
The share trades about 53% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −15% fair-value upside, at −54%, 002916 screens richer than that median.
Fair Value models
Bear¥35.22Fair Value ¥98.99Bull¥143.07
Price ¥216.00 · Downside -54.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥4.19 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV¥35.33¥40.39¥44.5874
Residual Income¥26.93¥36.09¥58.5274
ROIC Compounder¥41.40¥58.20¥71.1672
All 24 models by family
DCF Models
FCF DCF¥0.2400¥1.59¥5.3469
5Y Revenue Exit¥32.32¥70.49¥147.5567
5Y EBITDA Exit¥66.40¥142.73¥286.3070
5Y P/E Exit¥64.23¥158.42¥284.4067
10Y Revenue Exit¥19.20¥59.82¥106.0463
10Y EBITDA Exit¥42.84¥120.32¥273.9062
10Y P/E Exit¥41.44¥116.46¥255.3658
Earnings-Based
Graham-Dodd¥32.70¥228.06¥320.0663
Lynch FV¥72.48¥103.54¥134.6161
PEG = 1.0¥72.48¥103.54¥134.6157
EPV¥35.33¥40.39¥44.5874
Dividend Discount
Gordon GGM¥9.48¥16.89¥23.0368
DDM Multi-Stage¥9.48¥15.53¥18.0767
Multiples
P/E Multiple¥100.99¥134.66¥168.3263
P/S Multiple¥61.32¥81.76¥102.2058
P/B Multiple¥109.08¥145.44¥181.8055
EV/EBIT¥93.50¥125.52¥157.5466
EV/EBITDA¥101.76¥136.54¥171.3167
EV/Revenue¥46.00¥66.82¥87.6353
Asset-Based
NCAV (Graham)¥0.2100¥0.3200¥0.400054
Growth DCF
Growth DCF¥0.0900¥1.84¥4.9367
Economic Profit
Residual Income¥26.93¥36.09¥58.5274
ROIC Compounder¥41.40¥58.20¥71.1672
Growth Earnings
Growth-Adj P/E¥110.47¥157.82¥205.1767
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+32.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Start year 2020 (pandemic). Over 10 years: +21.0% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.7%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+7.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.5%
Dividend (yield on the price)1.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.5% vs 24.7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 15%
2025 sits 53% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
AI conclusion: Strong AI-driven demand fills order books and fuels rapid profit growth for high-end PCBs and packaging substrates, yet weakened operating cash flow from fast-rising receivables, inventories and capital projects limits business quality.
Main risk: Ongoing export controls could restrict Shennan Circuits' access to advanced manufacturing equipment for high-end substrates, constraining capacity expansion and technology roadmap.
Bull case: Shennan Circuits could mitigate geopolitical and supply risks by accelerating domestic material qualification and diversifying into less restricted segments while leveraging its cost advantages in AI-driven demand.
Bear case: Persistent export controls combined with ABF supply cuts and faster adoption of alternative interconnect technologies could severely limit capacity growth and erode Shennan Circuits position in high-end AI substrates and PCBs.
Shennan Circuits is riding strong AI-driven demand for its high-end printed circuit boards and packaging substrates, with order books full and profits growing rapidly. At the same time operating cash flow has weakened while receivables, inventories and capital projects have expanded quickly to build new capacity. Our models see the shares as overvalued in this environment. Will rising working capital and investment needs keep free cash flow under pressure even as revenue scales, or can the company improve conversion as plants ramp?
Compare Shennan Circuits Co Ltd Class A with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 652 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−54.2% · Below median
Profitability
Return on equity (12 months)28.0% · Top 25%
Return on assets10.7% · Top 25%
Net margin (12 months)15.6% · Top 25%
Operating margin (12 months)24.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)66.3% · Top 25%
Dividend yield (12 months)1.1% · Below median
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)29.4× · Pricier than median
P/B11.07× · Priciest 25%
P/S (12 months)5.81× · Priciest 25%
EV/EBITDA24.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 69
PAST (return on equity)100· sector 28
HEALTH (low debt)92· sector 95
DIVIDEND (yield)22· sector 26
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Shennan Circuits Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/002916
Frequently asked questions
Is Shennan Circuits Co Ltd Class A (002916) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of ¥98.99 versus a price of ¥216.00, about 54% lower (overvalued).
What is the fair value of 002916?
Our model-based fair value for Shennan Circuits Co Ltd Class A is ¥98.99 (as of Nov 2, 2026), built from audited fundamentals. The current price: ¥216.00.
What is the quality score of 002916?
Shennan Circuits Co Ltd Class A has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Shennan Circuits Co Ltd Class A (002916)?
Our model-based price target is the fair value of ¥98.99 (as of Nov 2, 2026) from 24 valuation models. Cautious scenario ¥35.22, optimistic scenario ¥143.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Shennan Circuits Co Ltd Class A stock forecast for 2026?
Our models put fair value at ¥98.99, about 54% lower versus a price of ¥216.00 (overvalued). Cautious scenario ¥35.22, optimistic scenario ¥143.07. The calculation is refreshed regularly with new filings.
What is the revenue of Shennan Circuits Co Ltd Class A (002916)?
Shennan Circuits Co Ltd Class A reported trailing-twelve-month revenue of about 32.7B CNY (latest available figure, as of Nov 2, 2026).
Does Shennan Circuits Co Ltd Class A pay a dividend?
Shennan Circuits Co Ltd Class A currently shows a dividend yield of 1.11% relative to its recent price (as of Nov 2, 2026).
What is the intrinsic value of Shennan Circuits Co Ltd Class A (002916)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shennan Circuits Co Ltd Class A it is ¥98.99 per share (as of Nov 2, 2026), against a price of ¥216.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Shennan Circuits Co Ltd Class A stock overvalued or undervalued in 2026?
As of Nov 2, 2026, 002916 trades above its calculated fair value: price ¥216.00, fair value ¥98.99, a gap of about −54% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 002916?
No. The price is what the market pays today (¥216.00); the fair value is what the company's own numbers justify (¥98.99). For Shennan Circuits Co Ltd Class A the two are ¥117.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shennan Circuits Co Ltd Class A worth?
The market values Shennan Circuits Co Ltd Class A at about 190B CNY (market capitalisation, as of Nov 2, 2026). Per share that is ¥216.00; our models calculate a fair value of ¥98.99 per share.
What do the bullish and bearish scenarios say about 002916?
Our models span a range for Shennan Circuits Co Ltd Class A: cautious scenario ¥35.22, base ¥98.99, optimistic ¥143.07 per share (as of Nov 2, 2026, price ¥216.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 002916?
Shennan Circuits Co Ltd Class A trades at a price-to-earnings ratio of 29.4 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥98.99 is built from several models across several years. Other multiples: P/B 11.1, P/S 5.8, EV/EBITDA 24.8.
How solid is the balance sheet of Shennan Circuits Co Ltd Class A (002916)?
Balance-sheet figures for Shennan Circuits Co Ltd Class A (as of Nov 2, 2026): return on equity 28.0%, debt of 0.16 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 002916 from its 52-week high?
Shennan Circuits Co Ltd Class A trades at ¥216.00, about 53% below its 52-week high of ¥457.90 and 16% above the low of ¥186.28 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥98.99 is for.
Which stocks are comparable to Shennan Circuits Co Ltd Class A?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Shennan Circuits Co Ltd Class A stock attractive at the current price?
The data as of Nov 2, 2026: price ¥216.00, calculated fair value ¥98.99 (−54%), Quality Score 51/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 002916 calculated?
We run Shennan Circuits Co Ltd Class A through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥98.99, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Shennan Circuits Co Ltd Class A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Shennan Circuits Co Ltd Class A (002916)?
The closing price on Nov 5, 2026 was ¥216.00. Our model-based fair value is ¥98.99, about 54% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shennan Circuits Co Ltd Class A right now?
The price sits above even our optimistic bull case (¥143.07). The favourable scenario is already priced in. The model range is unusually wide (¥35.22 to ¥143.07). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Shennan Circuits Co Ltd Class A (002916) come from?
Earnings per share at Shennan Circuits Co Ltd Class A grew +23.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.7 %, EBIT margin +12.7 %, tax rate +0.3 %, residual (interest, one-offs) −3.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Shennan Circuits Co Ltd Class A
How large is the market capitalisation of Shennan Circuits Co Ltd Class A (002916)?
The market capitalisation of Shennan Circuits Co Ltd Class A is 190B CNY (≈ $28.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Shennan Circuits Co Ltd Class A (002916)?
The price-to-sales ratio of Shennan Circuits Co Ltd Class A is 5.81 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shennan Circuits Co Ltd Class A (002916)?
Earnings per share at Shennan Circuits Co Ltd Class A are ¥7.35 (price ÷ EPS = P/E 29.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shennan Circuits Co Ltd Class A (002916)?
The dividend yield of Shennan Circuits Co Ltd Class A is 1.1% (payout 32.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Shennan Circuits Co Ltd Class A (002916)?
The net margin of Shennan Circuits Co Ltd Class A is 15.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Shennan Circuits Co Ltd Class A (002916)?
The return on equity (ROE) of Shennan Circuits Co Ltd Class A is 28.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Shennan Circuits Co Ltd Class A (002916)?
On an EBIT basis the return on assets of Shennan Circuits Co Ltd Class A is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Shennan Circuits Co Ltd Class A (002916)?
The operating margin of Shennan Circuits Co Ltd Class A is 24.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shennan Circuits Co Ltd Class A (002916)?
Revenue at Shennan Circuits Co Ltd Class A is growing +66.3% versus a year earlier (3y avg +19.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Shennan Circuits Co Ltd Class A (002916)?
Earnings per share at Shennan Circuits Co Ltd Class A are growing +95.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shennan Circuits Co Ltd Class A (002916) generate?
The free cash flow of Shennan Circuits Co Ltd Class A is 72.9M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Shennan Circuits Co Ltd Class A (002916) carry?
The net debt of Shennan Circuits Co Ltd Class A is 1.7B CNY (fiscal year 2025, ≈ 23.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 2, 2026