Tongfu Microelectronics Co (002156) Fair Value & Analysis
Technology · CN · Market cap 115B CNY
Fair value as of: Jul 17, 2026
From 25 valuation models · updated 21 days ago
Share price −10.6% over the past month.
A solid business, but screening 74% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥20.08). The favourable scenario is already priced in.
- Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (¥8.56 to ¥20.08) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
60‑month range ¥12.50 – ¥78.71 · fair‑value band ¥8.56 – ¥20.08 · the ¥60.96 price screens above the ¥16.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
Tongfu Microelectronics Co (002156) currently trades at ¥60.96, while our model-based Fair Value estimate is ¥16.06, implying the stock looks roughly 73.7% overvalued today. We read business quality at 52/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Tongfu Microelectronics Co generated revenue of 29.3B CNY at a net margin of 4.9%. Revenue grew 22.8% year over year. It earns a return on equity of 9.7%. Net debt stands at 7.8B CNY. Fundamentals as of Jul 17, 2026
Our scenario range runs from ¥8.56 (bear case) to ¥20.08 (bull case); at ¥60.96, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 167% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at -74%, 002156 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 25 models by family
Widest divergence: Growth Earnings (¥21.85) versus Dividend Discount (¥6.35). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Tongfu Microelectronics Co.,Ltd provides integrated circuit (IC) encapsulation test services in China and internationally.
Full company description
Tongfu Microelectronics Co.,Ltd provides integrated circuit (IC) encapsulation test services in China and internationally. The company offers wafer probe, strip testing, final testing, and system level testing semiconductor testing services; test platform and engineering services for analog and mixed signal, automotive, radio frequency, high-performance calculated devices, baseband, memory devices, LCD driver devices, SiP devices, and power module devices; and specific application integrated circuits that includes CPU, GPU, gaming console and high performance networking products. It serves communication, mobile terminals, household appliances, AI, auto electronics, and other sectors. The company was formerly known as Nantong Fujitsu Microelectronics Co., Ltd. and changed its name to Tongfu Microelectronics Co.,Ltd in December 2016. Tongfu Microelectronics Co.,Ltd was founded in 1994 and is headquartered in Nantong, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tongfu Microelectronics Co reported revenue of ¥27.9B in FY2025 versus ¥15.8B in FY2021, a compound +15.3%/yr. Reported net income was ¥1.2B in FY2025, compounding +6.2%/yr from FY2021.
002156 screens 74% overvalued. Compare with ASML Holding →
Peer Group
Semiconductor Equipment & Materials · 208 stocks
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.
Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | C$50.50 | C$15.57 | -69% |
| Applied Materials, Inc AMAT | $579.43 | $143.08 | -75% |
| Lam Research Corporation LRCX | $346.10 | $67.57 | -80% |
| KLA Corporation KLAC | $212.75 | $53.01 | -75% |
| NAURA Technology Group 002371 | ¥774.20 | ¥151.43 | -80% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥350.69 | ¥41.79 | -88% |
| Piotech Inc 688072 | ¥832.00 | ¥431.44 | -48% |
| Hon. Precision, Inc 7769 | 6,005 TWD | 1,804 TWD | -70% |
| Hangzhou Changchuan Technology Co 300604 | ¥325.24 | ¥33.33 | -90% |
| MPI Corporation 6223 | 5,600 TWD | 609.44 TWD | -89% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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