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Zhongtian Service Co (002188) Fair Value & Analysis

Technology · CN · Market cap 1.8B CNY

ZS Zhongtian Service Co 002188 · SHE
Price¥5.41
Fair Value¥1.96
Upside-63.8%
Quality43/100
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Mixed Growth
Thin margins · 7.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/12)
Narrow moat 39/100
Evidence: High Range ¥1.41 – ¥2.45 Share as image

Fair value as of: Jul 22, 2026

From 17 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from ¥2.45 to ¥1.96 (−20.0%) since Jun 25, 2026. Share price +11.3% over the past month.

Below-average quality, and screening another 64% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥2.45). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

¥9.64 ¥2.22 Fair Value ¥1.96 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range ¥2.22 – ¥9.64 · fair‑value band ¥1.41 – ¥2.45 · the ¥5.41 price screens above the ¥1.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Zhongtian Service Co (002188) currently trades at ¥5.41, while our model-based Fair Value estimate is ¥1.96, implying the stock looks roughly 63.8% overvalued today. The Quality Score stands at 43/100 (below-average 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: high).

Over the trailing twelve months, Zhongtian Service Co generated revenue of 411M CNY at a net margin of 7.0%. Revenue grew 9.5% year over year. It earns a return on equity of 8.5%. The balance sheet holds a net cash position of 334M CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥1.41 (bear case) to ¥2.45 (bull case); at ¥5.41, 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 34% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -64%, 002188 screens richer 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.

Model 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. Evidence
Highest evidence
Residual Income ¥0.8700 ¥0.9200 ¥1.03 76
ROIC Compounder ¥1.59 ¥2.06 ¥2.36 72
Gordon GGM ¥0.0800 ¥0.1400 ¥0.1900 70
All 17 models by family
DCF Models
Owner Earnings ¥1.40 ¥2.40 ¥4.24 31
Earnings-Based
Graham-Dodd ¥0.6700 ¥4.65 ¥6.53 54
Lynch FV ¥1.72 ¥2.45 ¥3.19 50
PEG = 1.0 ¥1.72 ¥2.45 ¥3.19 46
EPV ¥1.39 ¥1.52 ¥1.62 59
Dividend Discount
Gordon GGM ¥0.0800 ¥0.1400 ¥0.1900 70
DDM Multi-Stage ¥0.0800 ¥0.1200 ¥0.1500 61
Multiples
P/E Multiple ¥1.47 ¥1.96 ¥2.45 63
P/S Multiple ¥1.25 ¥1.67 ¥2.08 58
P/B Multiple ¥1.25 ¥1.67 ¥2.08 55
EV/EBIT ¥2.41 ¥3.06 ¥3.70 53
EV/EBITDA ¥1.99 ¥2.50 ¥3.00 54
EV/Revenue ¥1.78 ¥2.34 ¥2.90 43
Asset-Based
NCAV (Graham) ¥0.5400 ¥0.7300 ¥1.08 50
Economic Profit
Residual Income ¥0.8700 ¥0.9200 ¥1.03 76
ROIC Compounder ¥1.59 ¥2.06 ¥2.36 72
Growth Earnings
Growth-Adj P/E ¥2.16 ¥3.09 ¥4.02 68

Widest divergence: Growth Earnings (¥3.09) versus Dividend Discount (¥0.1200). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 411M CNY
Revenue growth (YoY) +9.5%
Net margin 7.0%
Return on equity 8.5%
Free cash flow −5.5M CNY FY2025
P/E ratio 61.3
More key figures
Operating margin 7.5%
EPS (TTM) ¥0.0900
EPS growth (YoY) -33.3%
Net cash 334M CNY FY2024

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 30

Profitability 39
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 31
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

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

Zhongtian Service Co., Ltd., together with its subsidiaries, provides property management services in China. It offers its services to residential communities, buildings, villas, office buildings, and community commercial properties. The company was formerly known as Bus Online Co., Ltd. and changed its name to Zhongtian Service Co., Ltd. in August 2022.

Full company description

Zhongtian Service Co., Ltd., together with its subsidiaries, provides property management services in China. It offers its services to residential communities, buildings, villas, office buildings, and community commercial properties. The company was formerly known as Bus Online Co., Ltd. and changed its name to Zhongtian Service Co., Ltd. in August 2022. Zhongtian Service Co., Ltd. was founded in 2000 and is based in Hangzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhongtian Service Co reported revenue of ¥402M in FY2025 versus ¥274M in FY2021, a compound +10.0%/yr. Reported net income was ¥32.1M in FY2025, compounding −31.9%/yr from FY2021.

Growth Quality 50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
402M CNY
Latest YoY
+10.7%
Avg. growth/yr (3Y) 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.
+9.5%
Avg. growth/yr (5Y) 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.
+19.0%
Avg. growth/yr (21Y) 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.
+3.9%
Revenue +10.0%/yr
FY21 ¥274M
FY22 ¥306M
FY23 ¥340M
FY24 ¥363M
FY25 ¥402M
Net income −31.9%/yr
FY21 ¥149M
FY22 ¥61.6M
FY23 ¥20.2M
FY24 ¥7.1M
FY25 ¥32.1M

002188 screens 64% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "Zhongtian Service Co Fair Value". https://www.fairvalue-calculator.com/stock/002188

Peer Group

Communication Equipment · 286 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.

Quality Score 43 · Bottom 25%
Fair Value upside −64% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 10% · Above median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 61.3× · Pricier than median
P/B 5.10× · Pricier than 75% of peers
P/S (TTM) 4.39× · Pricier than 75% of peers
EV/EBITDA 49.6× · Pricier than 75% of peers

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 · sector 0
FUTURE 48 · sector 30
PAST 34 · sector 15
HEALTH 99 · sector 98
DIVIDEND 0 · sector 25

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.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Zhongtian Service Co (002188) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥1.96 versus a price of ¥5.41, about −64% (overvalued).
What is the fair value of 002188?
Our model-based fair value for Zhongtian Service Co is ¥1.96 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥5.41.
What is the quality score of 002188?
Zhongtian Service Co has a Quality Score of 43/100. 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 revenue of Zhongtian Service Co (002188)?
Zhongtian Service Co reported trailing-twelve-month revenue of about 411M CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002188?
The net profit margin of Zhongtian Service Co is about 7.0%, meaning it keeps roughly 7.0% of revenue as net income. Based on the latest reported figures.

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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