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Sunwave Communications Co Ltd (002115) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Sunwave Communications Co Ltd ¥1.79, price ¥9.25, upside -80.7%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · CN · ISIN CNE000001R19

SC Thin data Sep 27, 2026

Sunwave Communications Co Ltd

002115 · SHE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value ¥1.79 · Strongly overvalued (−80.7%)
!Quality 58/100
!Expensive Growth (revenue 5y +6.5 %/yr)
!Thin margins · 0.1% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (6/12)
!Narrow moat 21/100
!Evidence only low, so the estimate is less certain
!Weak on past: 4 out of 100
!Weak on dividend: 5 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥19.59 ¥3.41 Fair Value ¥1.79 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range ¥3.41 – ¥19.59 · fair‑value band ¥1.71 – ¥1.85 · the ¥9.25 price screens above the ¥1.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Sunwave Communications Co.Ltd engages in the communication business and Internet advertising media business in China and internationally.

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Sunwave Communications Co.Ltd engages in the communication business and Internet advertising media business in China and internationally. The company's wireless coverage products, including cellular digital DAS systems and repeaters, public safety DAS systems, passive products, and network management and O-RAN solutions; and wireless network products, such as 5G and LTE CPE, indoor and outdoor base stations, wireless bridges, ruggedized terminals, and GPON ONT products. It also offers wireless security and satellite communications solutions; and services in various areas comprising communications facility leasing, mobile internet, and digital marketing. The company serves various mobile operators and industry customers in various industries, including transportation, real estate, sports and entertainment venues, airports, etc. Sunwave Communications Co.Ltd was founded in 1993 and is based in Hangzhou, China.

Stock analysis

Sunwave Communications Co Ltd (002115) currently trades at ¥9.25, while our model-based Fair Value estimate is ¥1.79, 80.7% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ¥3.75 per share, and 0 of the 7 models we run sit above the ¥9.25 price.

Bear case: the Asset-Based group reads lowest at ¥1.70, and 7 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: ¥1.71 (bear) to ¥1.85 (bull), the price of ¥9.25 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 58/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Sunwave Communications Co Ltd reported revenue of 12.0B CNY in FY2025 versus 10.3B CNY in FY2021, a compound +3.9%/yr. Reported net income was −13.2M CNY in FY2025.

Key figures

Market cap 9.5B CNY (≈ $1.4B) · P/S ratio 0.66 · EPS (TTM) ¥0.0100 · Dividend yield 0.3% · Net margin −0.1% · Return on equity 0.9% · Return on assets (EBIT) −2.5% · Operating margin 1.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at −81%, 002115 screens richer than that median.

Fair Value models

Bear ¥1.71 Fair Value ¥1.79 Bull ¥1.85
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.0076 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. Evidence ⓘEvidence = 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.
Highest evidence
Owner Earnings ¥1.92 ¥2.77 ¥4.35 76
EPV ¥1.73 ¥1.81 ¥1.88 74
ROIC Compounder ¥1.73 ¥1.81 ¥1.88 72
All 7 models by family
DCF Models
Owner Earnings ¥1.92 ¥2.77 ¥4.35 76
Earnings-Based
EPV ¥1.73 ¥1.81 ¥1.88 74
Multiples
EV/EBIT ¥3.09 ¥3.75 ¥4.40 66
EV/EBITDA ¥5.09 ¥6.42 ¥7.74 67
EV/Revenue ¥2.12 ¥2.54 ¥2.97 54
Asset-Based
NCAV (Graham) ¥1.27 ¥1.70 ¥2.54 54
Economic Profit
ROIC Compounder ¥1.73 ¥1.81 ¥1.88 72

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Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 22

Profitability 33
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+9.2%
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.
+5.1%
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.
+6.5%
Start year 2020 (pandemic). Over 10 years: +30.0% a year
Revenue growth 22 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.
+22.5%
Profit margin (trend) ⓘ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.
0.6% (2020) → 0.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

002115 screens overvalued: fair value 81% below the price. Compare with Cisco Systems, Inc →

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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.Communication Equipment · 295 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 58 · Above median
Fair Value upside −80.6% · Bottom 25%
Profitability
Return on equity (TTM) 0.9% · Below median
Return on assets 1.5% · Below median
Net margin (TTM) 0.1% · Below median
Operating margin (TTM) 1.5% · Below median
Growth and dividend
Revenue growth 110.5% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Balance sheet
Debt / equity 0.03× · Below median

Valuation Multiplesvs Communication Equipment median · lower = cheaper

P/B 0.69× · Cheapest 25%
P/S (TTM) 0.10× · Cheapest 25%
EV/EBITDA 2.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 42
PAST (return on equity)4 · sector 18
HEALTH (low debt)98 · sector 98
DIVIDEND (yield)5 · sector 24

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $107.63 $118.39 +10%
Foxconn Industrial Internet Co 601138 ¥61.00 ¥13.99 −77%
Zhongji Innolight Co 300308 ¥895.86 ¥342.18 −62%
Eoptolink Technology Inc 300502 ¥435.00 ¥289.12 −34%
Motorola Solutions, Inc MSI $445.97 $249.04 −44%
Nokia Oyj NOKIA €9.19 €3.15 −66%
Ciena Corporation CIEN $356.91 $48.70 −86%
Suzhou TFC Optical Communication Co 300394 ¥267.93 ¥87.34 −67%
Ubiquiti Inc UI $609.64 $670.60 +10%
Yangtze Optical Fibre And Cable Joint Stock Limited 6869 HK$186.50 HK$32.66 −82%

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Sunwave Communications Co Ltd · Fair Value
¥1.79 −81%Fair Value
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Cite: Fair Value Calculator (2026). "Sunwave Communications Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/002115

Frequently asked questions

Is Sunwave Communications Co Ltd (002115) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ¥1.79 versus a price of ¥9.25, about −81% upside (overvalued).
What is the fair value of 002115?
Our model-based fair value for Sunwave Communications Co Ltd is ¥1.79 (as of Sep 27, 2026), built from audited fundamentals. The current price: ¥9.25.
What is the quality score of 002115?
Sunwave Communications Co Ltd has a Quality Score of 58/100. 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 Sunwave Communications Co Ltd (002115)?
Our model-based price target is the fair value of ¥1.79 (as of Sep 27, 2026) from 7 valuation models. Cautious scenario ¥1.71, optimistic scenario ¥1.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Sunwave Communications Co Ltd stock forecast for 2026?
Our models put fair value at ¥1.79, about −81% upside versus a price of ¥9.25 (overvalued). Cautious scenario ¥1.71, optimistic scenario ¥1.85. The calculation is refreshed regularly with new filings.
What is the revenue of Sunwave Communications Co Ltd (002115)?
Sunwave Communications Co Ltd reported trailing-twelve-month revenue of about 14.5B CNY (latest available figure, as of Sep 27, 2026).
Does Sunwave Communications Co Ltd pay a dividend?
Sunwave Communications Co Ltd currently shows a dividend yield of about 0.26% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Sunwave Communications Co Ltd (002115)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sunwave Communications Co Ltd it is ¥1.79 per share (as of Sep 27, 2026), against a price of ¥9.25. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Sunwave Communications Co Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 002115 trades above its calculated fair value: price ¥9.25, fair value ¥1.79, a gap of about −81% (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 002115?
No. The price is what the market pays today (¥9.25); the fair value is what the company's own numbers justify (¥1.79). For Sunwave Communications Co Ltd the two are ¥7.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sunwave Communications Co Ltd worth?
The market values Sunwave Communications Co Ltd at about 9.5B CNY (market capitalisation, as of Sep 27, 2026). Per share that is ¥9.25; our models calculate a fair value of ¥1.79 per share.
What do the bullish and bearish scenarios say about 002115?
Our models span a range for Sunwave Communications Co Ltd: cautious scenario ¥1.71, base ¥1.79, optimistic ¥1.85 per share (as of Sep 27, 2026, price ¥9.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Sunwave Communications Co Ltd (002115)?
Balance-sheet figures for Sunwave Communications Co Ltd (as of Sep 27, 2026): return on equity 0.9%, debt of 0.03 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 002115 from its 52-week high?
Sunwave Communications Co Ltd trades at ¥9.25, about 53% below its 52-week high of ¥19.59 and at the low of ¥9.25 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ¥1.79 is for.
Which stocks are comparable to Sunwave Communications Co Ltd?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Eoptolink Technology 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 Sunwave Communications Co Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price ¥9.25, calculated fair value ¥1.79 (−81%), Quality Score 58/100, from 7 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 002115 calculated?
We run Sunwave Communications Co Ltd through 7 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 ¥1.79, 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 14.5 % above its aggregate fair value. Sunwave Communications 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 Sunwave Communications Co Ltd (002115)?
The closing price on Sep 30, 2026 was ¥9.25. Our model-based fair value is ¥1.79, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sunwave Communications Co Ltd right now?
The price sits above even our optimistic bull case (¥1.85). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (¥1.71 to ¥1.85), unusually little disagreement for a valuation.

Key figures of Sunwave Communications Co Ltd

How large is the market capitalisation of Sunwave Communications Co Ltd (002115)?
The market capitalisation of Sunwave Communications Co Ltd is 9.5B CNY (≈ $1.4B). 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 Sunwave Communications Co Ltd (002115)?
The price-to-sales ratio of Sunwave Communications Co Ltd is 0.66 (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 Sunwave Communications Co Ltd (002115)?
Earnings per share at Sunwave Communications Co Ltd are ¥0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sunwave Communications Co Ltd (002115)?
The dividend yield of Sunwave Communications Co Ltd is 0.3%. 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 Sunwave Communications Co Ltd (002115)?
The net margin of Sunwave Communications Co Ltd is −0.1% (fiscal year 2025). 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 Sunwave Communications Co Ltd (002115)?
The return on equity (ROE) of Sunwave Communications Co Ltd is 0.9% (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 Sunwave Communications Co Ltd (002115)?
On an EBIT basis the return on assets of Sunwave Communications Co Ltd is −2.5% (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 Sunwave Communications Co Ltd (002115)?
The operating margin of Sunwave Communications Co Ltd is 1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sunwave Communications Co Ltd (002115)?
Revenue at Sunwave Communications Co Ltd is growing +111% versus a year earlier (3y avg +5.1%). 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 Sunwave Communications Co Ltd (002115)?
Earnings per share at Sunwave Communications Co Ltd are growing +15.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sunwave Communications Co Ltd (002115) generate?
The free cash flow of Sunwave Communications Co Ltd is −240M 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 cash does Sunwave Communications Co Ltd (002115) hold?
Sunwave Communications Co Ltd holds more cash than debt, 439M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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