Shenzhen Kinwong Electronic Co Ltd (603228) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Shenzhen Kinwong Electronic Co Ltd stock ¥29.22, price ¥59.25, that is 50.7% below the price, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 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 3, 2026.
How to read this chart
60‑month range ¥15.98 – ¥111.75 · fair‑value band ¥21.92 – ¥36.53 · the ¥59.25 price screens above the ¥29.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Shenzhen Kinwong Electronic Co., Ltd. engages in research, development, production, and sale of printed circuit boards (PCB) and electronic materials in China and internationally.
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The company offers conventional PCBs, including single-layer, double-layer, and multi-layer PCBs; metal-based PCBs that comprise copper, aluminum, stainless steel, and iron; flexible PCBs, such as single and double side, and multilayer PCBs; and high density interconnect, RF microwave, rigid-flex, high layer count, substrate-like PCBs, as well as copper inlays.
It also provides engineering and design services. The company serves automotive, smart terminal, consumer, telecom, power supply, industrial and medical, and computing markets. Shenzhen Kinwong Electronic Co., Ltd. was founded in 1993 and is headquartered in Shenzhen, China.
Stock analysis
Shenzhen Kinwong Electronic Co Ltd (603228) currently trades at ¥59.25, while our model-based Fair Value estimate is ¥29.22, 51% 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 ¥37.17 per share, and 1 of the 16 models we run sit above the ¥59.25 price.
Bear case: the Dividend Discount group reads lowest at ¥10.90, and 15 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥21.92 (bear) to ¥36.53 (bull), the price of ¥59.25 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 38/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Shenzhen Kinwong Electronic Co Ltd reported revenue of 15.3B CNY in FY2025 versus 9.5B CNY in FY2021, a compound +12.6%/yr. Reported net income was 1.2B CNY in FY2025, compounding +7.1%/yr from FY2021.
Key figures
Market cap 89.8B CNY (≈ $13.5B) Large · P/E ratio 70.8 · P/S ratio 5.34 · EPS (TTM) ¥1.18 · Dividend yield 0.9% · Net margin 7.0% · Return on equity 9.6% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and 10% 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 −51%, 603228 screens richer than that median.
Fair Value models
Bear¥21.92Fair Value ¥29.22Bull¥36.53
Price ¥59.25 · Downside -50.7%
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 (¥0.5351 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
Residual Income¥10.97¥11.92¥13.6676
EPV¥10.08¥11.45¥12.6174
ROIC Compounder¥10.08¥11.45¥12.6172
All 16 models by family
Earnings-Based
Graham-Dodd¥8.35¥55.81¥78.1863
Lynch FV¥16.32¥23.32¥30.3261
PEG = 1.0¥16.32¥23.32¥30.3257
EPV¥10.08¥11.45¥12.6174
Dividend Discount
Gordon GGM¥6.47¥12.27¥17.7167
DDM Multi-Stage¥6.47¥10.90¥13.0467
Multiples
P/E Multiple¥25.79¥34.38¥42.9863
P/S Multiple¥15.66¥20.88¥26.1058
P/B Multiple¥57.35¥76.46¥95.5855
EV/EBIT¥21.59¥29.39¥37.1866
EV/EBITDA¥28.84¥39.04¥49.2567
EV/Revenue¥10.04¥15.10¥20.1753
Asset-Based
NCAV (Graham)¥0.5400¥0.8200¥1.0255
Economic Profit
Residual Income¥10.97¥11.92¥13.6676
ROIC Compounder¥10.08¥11.45¥12.6172
Growth Earnings
Growth-Adj P/E¥26.02¥37.17¥48.3267
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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.9%
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.
+13.3%
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.
+16.7%
Start year 2020 (pandemic). Over 10 years: +19.0% a year
Revenue growth 14 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.
+20.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.2%
Dividend (yield on the price)0.9%
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.3.2% vs 7.9%, 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.15% → 9%
AI conclusion: Accelerating high-performance PCB orders for AI infrastructure form the main strength, while negative free cash flow despite positive operating cash flow remains the central weakness.
Main risk: Aggressive expansion into high-end PCB capacity has sharply increased long-term borrowings, which could strain finances and limit flexibility if demand growth in AI servers or automotive electronics slows.
Bull case: Kinwong could use its leading automotive PCB position and new high-layer AI capacity to secure long-term contracts with global suppliers, directing cash flows from mature segments to fund expansion and improve margins via product mix shifts.
Bear case: If debt servicing costs rise or competition intensifies further, Kinwong might face prolonged margin compression, delayed capacity utilization and reduced ability to invest in next-generation processes, limiting growth in AI and automotive electronics.
Kinwong has seen sharp acceleration in high-performance PCB orders for AI infrastructure and communications, with heavy capacity spending under way. Yet our models continue to view the business as overvalued, and operating cash flow has declined amid those investments. Will the AI-driven order momentum lift returns faster than the expansion costs accumulate, or will the balance sheet pressure persist?
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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 Score38 · Bottom 25%
Fair Value upside−50.7% · Below median
Profitability
Return on equity (12 months)9.6% · Above median
Return on assets5.2% · Above median
Net margin (12 months)7.0% · Above median
Operating margin (12 months)8.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)25.8% · Above median
Dividend yield (12 months)0.9% · Below median
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)70.8× · Priciest 25%
P/B6.87× · Priciest 25%
P/S (12 months)5.34× · Priciest 25%
EV/EBITDA38.1× · Priciest 25%
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)39· sector 28
HEALTH (low debt)93· sector 95
DIVIDEND (yield)19· sector 27
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). "Shenzhen Kinwong Electronic Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603228
Frequently asked questions
Is Shenzhen Kinwong Electronic Co Ltd (603228) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ¥29.22 versus a price of ¥59.25, about 51% lower (overvalued).
What is the fair value of 603228?
Our model-based fair value for Shenzhen Kinwong Electronic Co Ltd is ¥29.22 (as of Nov 3, 2026), built from audited fundamentals. The current price: ¥59.25.
What is the quality score of 603228?
Shenzhen Kinwong Electronic Co Ltd has a Quality Score of 38/100. 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 Shenzhen Kinwong Electronic Co Ltd (603228)?
Our model-based price target is the fair value of ¥29.22 (as of Nov 3, 2026) from 16 valuation models. Cautious scenario ¥21.92, optimistic scenario ¥36.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Shenzhen Kinwong Electronic Co Ltd stock forecast for 2026?
Our models put fair value at ¥29.22, about 51% lower versus a price of ¥59.25 (overvalued). Cautious scenario ¥21.92, optimistic scenario ¥36.53. The calculation is refreshed regularly with new filings.
What is the revenue of Shenzhen Kinwong Electronic Co Ltd (603228)?
Shenzhen Kinwong Electronic Co Ltd reported trailing-twelve-month revenue of about 16.8B CNY (latest available figure, as of Nov 3, 2026).
Does Shenzhen Kinwong Electronic Co Ltd pay a dividend?
Shenzhen Kinwong Electronic Co Ltd currently shows a dividend yield of 0.93% relative to its recent price (as of Nov 3, 2026).
What is the intrinsic value of Shenzhen Kinwong Electronic Co Ltd (603228)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shenzhen Kinwong Electronic Co Ltd it is ¥29.22 per share (as of Nov 3, 2026), against a price of ¥59.25. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Shenzhen Kinwong Electronic Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 603228 trades above its calculated fair value: price ¥59.25, fair value ¥29.22, a gap of about −51% (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 603228?
No. The price is what the market pays today (¥59.25); the fair value is what the company's own numbers justify (¥29.22). For Shenzhen Kinwong Electronic Co Ltd the two are ¥30.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shenzhen Kinwong Electronic Co Ltd worth?
The market values Shenzhen Kinwong Electronic Co Ltd at about 89.8B CNY (market capitalisation, as of Nov 3, 2026). Per share that is ¥59.25; our models calculate a fair value of ¥29.22 per share.
What do the bullish and bearish scenarios say about 603228?
Our models span a range for Shenzhen Kinwong Electronic Co Ltd: cautious scenario ¥21.92, base ¥29.22, optimistic ¥36.53 per share (as of Nov 3, 2026, price ¥59.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603228?
Shenzhen Kinwong Electronic Co Ltd trades at a price-to-earnings ratio of 70.8 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥29.22 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 24.2. Other multiples: P/B 6.9, P/S 5.3, EV/EBITDA 38.1.
How solid is the balance sheet of Shenzhen Kinwong Electronic Co Ltd (603228)?
Balance-sheet figures for Shenzhen Kinwong Electronic Co Ltd (as of Nov 3, 2026): return on equity 9.6%, debt of 0.14 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 603228 from its 52-week high?
Shenzhen Kinwong Electronic Co Ltd trades at ¥59.25, about 47% below its 52-week high of ¥111.75 and 10% above the low of ¥53.89 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥29.22 is for.
Which stocks are comparable to Shenzhen Kinwong Electronic Co Ltd?
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 Shenzhen Kinwong Electronic Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price ¥59.25, calculated fair value ¥29.22 (−51%), Quality Score 38/100, from 16 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 603228 calculated?
We run Shenzhen Kinwong Electronic Co Ltd through 16 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 ¥29.22, 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. Shenzhen Kinwong Electronic Co Ltd 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 Shenzhen Kinwong Electronic Co Ltd (603228)?
The closing price on Nov 5, 2026 was ¥59.25. Our model-based fair value is ¥29.22, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shenzhen Kinwong Electronic Co Ltd right now?
The price sits above even our optimistic bull case (¥36.53). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Shenzhen Kinwong Electronic Co Ltd (603228) come from?
Earnings per share at Shenzhen Kinwong Electronic Co Ltd grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +15.8 %, EBIT margin −7.0 %, tax rate +0.4 %, residual (interest, one-offs) +0.2 %. 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 Shenzhen Kinwong Electronic Co Ltd
How large is the market capitalisation of Shenzhen Kinwong Electronic Co Ltd (603228)?
The market capitalisation of Shenzhen Kinwong Electronic Co Ltd is 89.8B CNY (≈ $13.5B). 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 Shenzhen Kinwong Electronic Co Ltd (603228)?
The price-to-sales ratio of Shenzhen Kinwong Electronic Co Ltd is 5.34 (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 Shenzhen Kinwong Electronic Co Ltd (603228)?
Earnings per share at Shenzhen Kinwong Electronic Co Ltd are ¥1.18 (price ÷ EPS = P/E 70.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shenzhen Kinwong Electronic Co Ltd (603228)?
The dividend yield of Shenzhen Kinwong Electronic Co Ltd is 0.9% (payout 46.6%). 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 Shenzhen Kinwong Electronic Co Ltd (603228)?
The net margin of Shenzhen Kinwong Electronic Co Ltd is 7.0% (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 Shenzhen Kinwong Electronic Co Ltd (603228)?
The return on equity (ROE) of Shenzhen Kinwong Electronic Co Ltd is 9.6% (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 Shenzhen Kinwong Electronic Co Ltd (603228)?
On an EBIT basis the return on assets of Shenzhen Kinwong Electronic Co Ltd is 6.7% (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 Shenzhen Kinwong Electronic Co Ltd (603228)?
The operating margin of Shenzhen Kinwong Electronic Co Ltd is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shenzhen Kinwong Electronic Co Ltd (603228)?
Revenue at Shenzhen Kinwong Electronic Co Ltd is growing +25.8% versus a year earlier (3y avg +13.3%). 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 Shenzhen Kinwong Electronic Co Ltd (603228)?
Earnings per share at Shenzhen Kinwong Electronic Co Ltd are growing +12.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shenzhen Kinwong Electronic Co Ltd (603228) generate?
The free cash flow of Shenzhen Kinwong Electronic Co Ltd is −836M 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 Shenzhen Kinwong Electronic Co Ltd (603228) carry?
The net debt of Shenzhen Kinwong Electronic Co Ltd is 1.8B CNY (fiscal year 2025). 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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Nov 3, 2026