Huatai Securities Co Ltd (601688) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Huatai Securities Co Ltd stock ¥23.32, price ¥17.90, upside +30.3%, quality 57 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Huatai Securities Co Ltd
601688 · SHGThe stock costs 23% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ¥11.59 – ¥25.56 · fair‑value band ¥18.61 – ¥31.01 · the ¥17.90 price screens below the ¥23.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Company profile
Huatai Securities Co., Ltd., together with its subsidiaries, provides securities and financial services for individual, enterprise, and institutional clients in Mainland China and internationally.
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It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments.
The company offers wealth management services, including securities, futures, and options brokerage, financial products sales, fund investment advisory, and capital-based intermediary services; asset allocation; and margin financing, securities lending, securities-backed lending, and stock pledged repurchase services, as well as trades in stocks, funds, and bonds on behalf of clients.
It also provides investment banking services comprising domestic and overseas equity financing, bond financing, and financial advisory; prime brokerage services, such as asset custody and fund services; research and institutional sales; equity securities and fixed income investments and transactions; and over-the-counter financial products and transactions services.
In addition, the company provides asset management services, private equity investment, alternative investments, and commodities trading and arbitrage services; overseas business; fintech and digital services; and platforms for investment management and banking, FICC trading, cross-border and structured finance, equity derivatives, equity research and sales, and online securities lending.
Huatai Securities Co., Ltd. was founded in 1990 and is based in Nanjing, the People's Republic of China.
Stock analysis
Huatai Securities Co Ltd (601688) currently trades at ¥17.90, while our model-based Fair Value estimate is ¥23.32, implying the stock looks roughly 23% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥23.59 per share, and 5 of the 6 models we run sit above the ¥17.90 price.
Bear case: the Asset-Based group reads lowest at ¥15.18, and 1 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥18.61 (bear) to ¥31.01 (bull), the price of ¥17.90 sits below 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 57/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Huatai Securities Co Ltd reported revenue of 32.4B CNY in FY2025 versus 40.9B CNY in FY2021, a compound −5.6%/yr. Reported net income was 16.4B CNY in FY2025, compounding +5.3%/yr from FY2021.
Key figures
Market cap 162B CNY (≈ $24.3B) Large · P/E ratio 9.5 · P/S ratio 3.70 · EPS (TTM) ¥1.88 · Dividend yield 3.2% · Net margin 42.8% · Return on equity 8.9% · Return on assets (EBIT) 1.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 30%, 601688 screens cheaper than that median.
Fair Value models
All 6 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
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Compare Huatai Securities Co Ltd with another stock
Price, fair value, quality and upside side by side.
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.Capital Markets · 384 stocks
Valuation Multiplesvs Capital Markets median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Revenue growth by industry
- PEG ratio by industry
- Stock screener with 62 metrics
- Undervalued stocks: Chinese Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Morgan Stanley MS | $193.97 | $260.72 | +34% | vs 601688 |
| The Charles Schwab Corporation SCHW | $93.37 | $117.60 | +26% | vs 601688 |
| Guotai Haitong Securities Co 601211 | ¥16.67 | ¥18.02 | +8% | vs 601688 |
| Nomura Holdings NMR | $9.79 | $10.20 | +4% | vs 601688 |
| The Goldman Sachs Group GS | $928.00 | $766.86 | −17% | vs 601688 |
| CITIC Securities Company 600030 | ¥25.98 | ¥20.42 | −21% | vs 601688 |
| Robinhood Markets, Inc HOOD | $87.41 | $47.60 | −46% | vs 601688 |
| Macquarie Group MQG | A$258.40 | A$123.84 | −52% | vs 601688 |
| East Money Information Co 300059 | ¥18.98 | ¥6.72 | −65% | vs 601688 |
| Interactive Brokers Group IBKR | $77.88 | $17.48 | −78% | vs 601688 |
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Frequently asked questions
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Key figures of Huatai Securities Co Ltd
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