Chaozhou Three-circle Group Co Ltd (300408) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Chaozhou Three-circle Group Co Ltd stock ¥61.70, price ¥78.21, that is 21.1% below the price, quality 73 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Last quarter vs. a year ago: revenue +115%, profit +165%.›
Mixed vs. peers(8/14)›
Wide moat80/100 · thin data
Fair value ¥61.70 · Overvalued›
Quality growth
Main risks:
🚩Price drop: Sector-wide worries about AI demand have hit the shares hard in recent weeks🚩Technology shifts could displace ceramic components🚩Rivals could squeeze prices via capacity expansions🚩Geopolitical tensions could limit exports and access
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
60‑month range ¥21.38 – ¥170.46 · fair‑value band ¥38.38 – ¥93.22 · the ¥78.21 price screens above the ¥61.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
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Chaozhou Three-Circle (Group) Co.,Ltd., together with its subsidiaries, engages in the research, development, production, and sale of electronic ceramic electronic components and basic materials in China and internationally.
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The company offers precision ceramic structural components, such as high-performance and high-precision ceramic structural components for the electronics industry and others; and components, including multilayer chip ceramic capacitors, as well as lead resistors of various sizes, temperature characteristics, and withstand voltage levels.
It also provides optical communication for specifications of ceramic ferrules, ceramic sleeves, optical fiber quick connectors, MT ferrules, and other products; and ceramic appearance products for use in smartphones, smartwatches, laptops, earphones, smart home, and automotive exterior part applications.
In addition, the company offers package products consisting of glass and metal packaging, ceramic packaging bases, ceramic wedge, and other products; modules and piezo dispensing valves; and electronic materials comprising alumina substrates, aluminum nitride substrates, electronic pastes, solder paste, metallized ceramics, ceramic structural parts, and ceramic substrates.
Chaozhou Three-Circle (Group) Co.,Ltd. was founded in 1970 and is headquartered in Chaozhou, China.
Stock analysis
Chaozhou Three-circle Group Co Ltd (300408) currently trades at ¥78.21, while our model-based Fair Value estimate is ¥61.70, 21% 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 ¥38.40 per share, and 0 of the 26 models we run sit above the ¥78.21 price.
Bear case: the Dividend Discount group reads lowest at ¥6.47, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥38.38 (bear) to ¥93.22 (bull), the price of ¥78.21 sits inside 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 73/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Chaozhou Three-circle Group Co Ltd reported revenue of 8.9B CNY in FY2025 versus 6.2B CNY in FY2021, a compound +9.5%/yr. Reported net income was 2.6B CNY in FY2025, compounding +6.8%/yr from FY2021.
Key figures
Market cap 149B CNY (≈ $22.4B) Large · P/E ratio 35.9 · P/S ratio 10.7 · EPS (TTM) ¥2.21 · Dividend yield 0.6% · Net margin 32.3% · Return on equity 17.9% · Return on assets (EBIT) 9.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and 87% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −21%, 300408 screens richer than that median.
Fair Value models
Bear¥38.38Fair Value ¥61.70Bull¥93.22
Price ¥78.21 · Downside -21.1%
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 (¥1.52 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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+21.2%
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.
+20.2%
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.
+17.5%
Start year 2020 (pandemic). Over 10 years: +13.6% 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.
+12.7%
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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.
+9.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)0.6%
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.10.8% vs 10.4%, steady
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.42% → 27%
2025 sits 67% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+33.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+43.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +31.2% a year for the price and +41.1% for the forecasts.
AI conclusion: High margins and cash conversion indicate efficiency, yet most moat dimensions lack public evidence and data remains insufficient for assessment.
Main risk: Integrated passive devices, silicon photonics or novel optical connectors might reduce demand for MLCCs and ceramic ferrules, cutting volumes and margins.
Bull case: By advancing its Hong Kong listing and vertical integration, the company could gain global customers and defend niches against substitutes or rivals.
Bear case: If technology shifts materialise and rivals expand aggressively while trade barriers rise, the company might lose share in key segments and face sustained margin pressure.
Chaozhou Three-Circle makes ceramic components used in AI hardware, EVs and telecom gear. Sector-wide worries about AI demand have hit the shares hard in recent weeks even as the firm advances its Hong Kong listing and buyback plans. Our models see it as overvalued. Will the business capture more upside from those high-growth areas than it risks losing if AI spending slows?
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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 · 693 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−21.1% · Above median
Profitability
Return on equity (12 months)17.9% · Top 25%
Return on assets9.9% · Top 25%
Net margin (12 months)32.3% · Top 25%
Operating margin (12 months)44.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)115.3% · Top 25%
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
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). "Chaozhou Three-circle Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/300408
Frequently asked questions
Is Chaozhou Three-circle Group Co Ltd (300408) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of ¥61.70 versus a price of ¥78.21, about 21% lower (overvalued).
What is the fair value of 300408?
Our model-based fair value for Chaozhou Three-circle Group Co Ltd is ¥61.70 (as of Nov 12, 2026), built from audited fundamentals. The current price: ¥78.21.
What is the quality score of 300408?
Chaozhou Three-circle Group Co Ltd has a Quality Score of 73/100. 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 Chaozhou Three-circle Group Co Ltd (300408)?
Our model-based price target is the fair value of ¥61.70 (as of Nov 12, 2026) from 26 valuation models. Cautious scenario ¥38.38, optimistic scenario ¥93.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Chaozhou Three-circle Group Co Ltd stock forecast for 2026?
Our models put fair value at ¥61.70, about 21% lower versus a price of ¥78.21 (overvalued). Cautious scenario ¥38.38, optimistic scenario ¥93.22. The calculation is refreshed regularly with new filings.
What is the revenue of Chaozhou Three-circle Group Co Ltd (300408)?
Chaozhou Three-circle Group Co Ltd reported trailing-twelve-month revenue of about 14.0B CNY (latest available figure, as of Nov 12, 2026).
Does Chaozhou Three-circle Group Co Ltd pay a dividend?
Chaozhou Three-circle Group Co Ltd currently shows a dividend yield of 0.58% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of Chaozhou Three-circle Group Co Ltd (300408) and when is the ex-dividend date?
Chaozhou Three-circle Group Co Ltd pays a dividend of ¥0.45 per share a year, a dividend yield of 0.6%. The last ex-dividend date was May 11, 2026. A dividend has been paid every year since at least 2015. The payout ratio is 23.6% of earnings (on adjusted earnings, reported 20.4%). Free cash flow covers the dividend 2.97 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Chaozhou Three-circle Group Co Ltd (300408)?
For today's price to be fair in a discounted-cash-flow model, Chaozhou Three-circle Group Co Ltd would have to grow free cash flow by +33.4 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.5 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of 300408 use?
Our models discount Chaozhou Three-circle Group Co Ltd at 11.2 %: a base by market capitalisation (large), damped by beta 1.50, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Chaozhou Three-circle Group Co Ltd that is +33.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Chaozhou Three-circle Group Co Ltd (300408) delivered so far?
Over the past 5 years revenue at Chaozhou Three-circle Group Co Ltd grew +17.5 % a year. The price currently implies free-cash-flow growth of +33.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Chaozhou Three-circle Group Co Ltd (300408) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Chaozhou Three-circle Group Co Ltd (+33.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Chaozhou Three-circle Group Co Ltd (300408)?
The free-cash-flow yield on the price is 1.72 %: that much free cash flow Chaozhou Three-circle Group Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chaozhou Three-circle Group Co Ltd (300408)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chaozhou Three-circle Group Co Ltd it is ¥61.70 per share (as of Nov 12, 2026), against a price of ¥78.21. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Chaozhou Three-circle Group Co Ltd stock overvalued or undervalued in 2026?
As of Nov 12, 2026, 300408 trades above its calculated fair value: price ¥78.21, fair value ¥61.70, a gap of about −21% (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 300408?
No. The price is what the market pays today (¥78.21); the fair value is what the company's own numbers justify (¥61.70). For Chaozhou Three-circle Group Co Ltd the two are ¥16.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Chaozhou Three-circle Group Co Ltd worth?
The market values Chaozhou Three-circle Group Co Ltd at about 149B CNY (market capitalisation, as of Nov 12, 2026). Per share that is ¥78.21; our models calculate a fair value of ¥61.70 per share.
What do the bullish and bearish scenarios say about 300408?
Our models span a range for Chaozhou Three-circle Group Co Ltd: cautious scenario ¥38.38, base ¥61.70, optimistic ¥93.22 per share (as of Nov 12, 2026, price ¥78.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 300408?
Chaozhou Three-circle Group Co Ltd trades at a price-to-earnings ratio of 35.9 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥61.70 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 66.3 (reported for FY2025: 57.1). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 37.3. Other multiples: P/B 6.9, P/S 10.7, EV/EBITDA 27.1.
How solid is the balance sheet of Chaozhou Three-circle Group Co Ltd (300408)?
Balance-sheet figures for Chaozhou Three-circle Group Co Ltd (as of Nov 12, 2026): return on equity 17.9%, debt of 0.00 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 300408 from its 52-week high?
Chaozhou Three-circle Group Co Ltd trades at ¥78.21, about 54% below its 52-week high of ¥170.46 and 87% above the low of ¥41.73 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of ¥61.70 is for.
Which stocks are comparable to Chaozhou Three-circle Group Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Corning Incorporated, Delta Electronics, Inc, Nan Ya Plastics Corporation, 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 Chaozhou Three-circle Group Co Ltd stock attractive at the current price?
The data as of Nov 12, 2026: price ¥78.21, calculated fair value ¥61.70 (−21%), Quality Score 73/100, from 26 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 300408 calculated?
We run Chaozhou Three-circle Group Co Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥61.70 builds on their evidence-weighted average, 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 14.0% above its aggregate fair value. Chaozhou Three-circle Group 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 Chaozhou Three-circle Group Co Ltd (300408)?
The closing price on Nov 12, 2026 was ¥78.21. Our model-based fair value is ¥61.70, about 21% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chaozhou Three-circle Group Co Ltd right now?
Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥38.38 to ¥93.22) leaves room in how you read the outcome.
Where does the earnings growth of Chaozhou Three-circle Group Co Ltd (300408) come from?
Earnings per share at Chaozhou Three-circle Group Co Ltd grew +8.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.8 %, EBIT margin −2.5 %, tax rate +0.3 %, residual (interest, one-offs) +0.5 %. 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 Chaozhou Three-circle Group Co Ltd
How large is the market capitalisation of Chaozhou Three-circle Group Co Ltd (300408)?
The market capitalisation of Chaozhou Three-circle Group Co Ltd is 149B CNY (≈ $22.4B). 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 Chaozhou Three-circle Group Co Ltd (300408)?
The price-to-sales ratio of Chaozhou Three-circle Group Co Ltd is 10.7 (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 Chaozhou Three-circle Group Co Ltd (300408)?
Earnings per share at Chaozhou Three-circle Group Co Ltd are ¥2.21 (price ÷ EPS = P/E 35.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chaozhou Three-circle Group Co Ltd (300408)?
The dividend yield of Chaozhou Three-circle Group Co Ltd is 0.6% (payout 23.6%, on adjusted earnings, reported 20.4%). 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 Chaozhou Three-circle Group Co Ltd (300408)?
The net margin of Chaozhou Three-circle Group Co Ltd is 32.3% (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 Chaozhou Three-circle Group Co Ltd (300408)?
The return on equity (ROE) of Chaozhou Three-circle Group Co Ltd is 17.9% (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 Chaozhou Three-circle Group Co Ltd (300408)?
On an EBIT basis the return on assets of Chaozhou Three-circle Group Co Ltd is 9.7% (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 Chaozhou Three-circle Group Co Ltd (300408)?
The operating margin of Chaozhou Three-circle Group Co Ltd is 44.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chaozhou Three-circle Group Co Ltd (300408)?
Revenue at Chaozhou Three-circle Group Co Ltd is growing +115% versus a year earlier (3y avg +20.2%). 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 Chaozhou Three-circle Group Co Ltd (300408)?
Earnings per share at Chaozhou Three-circle Group Co Ltd are growing +165% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Chaozhou Three-circle Group Co Ltd (300408) hold?
Chaozhou Three-circle Group Co Ltd holds more cash than debt, 1.1B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 12, 2026