Westone Information Industry Inc (002268) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Westone Information Industry Inc stock ¥14.69, price ¥14.53, upside +1.1%, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 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 Oct 28, 2026.
How to read this chart
60‑month range ¥11.48 – ¥61.53 · the ¥14.53 price screens below the ¥14.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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CETC Cyberspace Security Technology Co., Ltd. provides professional network information security products and services for the government, military, and enterprises in China.
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It offers software cryptographic modules, PCI cryptographic cards, trusted cryptographic modules, server cryptographic machines, signature verification servers, cloud server cryptographic machines, key management systems, IPSec/SSLVPN, security authentication gateways, and digital certificate authentication.
The company also provides firewalls, network isolation and information exchange systems, endpoint security management systems, security operation platforms, security auditing systems, and zero-trust systems; and secure mobile office system, and secure paperless meeting system, as well as OrangeMessage, a secure instant messaging platform.
In addition, it offers data security protection products, such as database encryption and access control, and file encryption and access control; integrated data encryption and access control product; and unified data security management platform.
The company was formerly known as Westone Information Industry Inc. and changed its name to CETC Cyberspace Security Technology Co., Ltd. in January 2023. CETC Cyberspace Security Technology Co., Ltd. was founded in 1998 and is headquartered in Chengdu, China.
Stock analysis
Westone Information Industry Inc (002268) currently trades at ¥14.53, while our model-based Fair Value estimate is ¥14.69, so the stock looks roughly fairly valued today (gap 1.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥6.59 per share, and 1 of the 26 models we run sit above the ¥14.53 price.
Bear case: the Growth Earnings group reads lowest at ¥1.52, and 25 of the 26 models stay below the price. Data coverage for this calculation is medium.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Westone Information Industry Inc reported revenue of 2.3B CNY in FY2025 versus 3.0B CNY in FY2021, a compound −6.4%/yr. Reported net income was 57.6M CNY in FY2025, compounding −30.8%/yr from FY2021.
Key figures
Market cap 12.3B CNY (≈ $1.8B) Small · P/E ratio 207.6 · P/S ratio 5.47 · EPS (TTM) ¥0.0700 · Dividend yield 0.2% · Net margin 2.7% · Return on equity 1.1% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 35% fair-value upside, at 1%, 002268 screens richer than that median.
Fair Value models
Bear¥14.69Fair Value ¥14.69Bull¥14.69
Price ¥14.53 · Upside +1.1%
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 (¥0.0372 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
FCF DCF¥6.26¥8.44¥11.8281
Growth DCF¥6.22¥8.14¥10.9779
Owner Earnings¥5.71¥7.51¥10.3177
All 26 models by family
DCF Models
FCF DCF¥6.26¥8.44¥11.8281
Owner Earnings¥5.71¥7.51¥10.3177
5Y Revenue Exit¥4.35¥4.68¥5.0274
5Y EBITDA Exit¥5.54¥7.13¥9.0677
5Y P/E Exit¥5.08¥6.17¥7.3772
10Y Revenue Exit¥5.04¥5.57¥6.2268
10Y EBITDA Exit¥5.78¥7.24¥9.3770
10Y P/E Exit¥5.49¥6.59¥8.0565
Earnings-Based
Graham-Dodd¥0.4600¥2.14¥2.9364
Lynch FV¥0.5600¥0.8000¥1.0461
PEG = 1.0¥0.5600¥0.8000¥1.0457
EPV¥3.24¥3.26¥3.2874
Dividend Discount
Gordon GGM¥0.4800¥0.8900¥1.2567
DDM Multi-Stage¥0.4800¥0.8000¥0.950067
Multiples
P/E Multiple¥1.43¥1.91¥2.3963
P/S Multiple¥0.8700¥1.16¥1.4558
P/B Multiple¥28.77¥38.35¥47.9455
EV/EBIT¥2.44¥2.56¥2.6766
EV/EBITDA¥4.33¥5.07¥5.8167
EV/Revenue¥2.27¥2.35¥2.4254
Asset-Based
NCAV (Graham)¥2.90¥4.39¥5.4954
Growth DCF
Growth DCF¥6.22¥8.14¥10.9779
Rev-Margin DCF¥4.35¥4.73¥5.2274
Economic Profit
Residual Income¥4.38¥4.08¥3.8976
ROIC Compounder¥3.24¥3.26¥3.2872
Growth Earnings
Growth-Adj P/E¥1.06¥1.52¥1.9867
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
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
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−8.1%
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.
−12.9%
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.
−1.0%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 20 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.
+16.1%
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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.
−18.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.8%
Dividend (yield on the price)0.2%
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.−18.8% vs −10.9%, 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.7% → 1%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+25.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +23.4% a year for the price.
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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.Information Technology Services · 466 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+1.1% · Below median
Profitability
Return on equity (12 months)1.1% · Below median
Return on assets0.8% · Below median
Net margin (12 months)2.7% · Below median
Operating margin (12 months)−8.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)9.8% · Above median
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Information Technology Services 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). "Westone Information Industry Inc Fair Value". https://www.fairvalue-calculator.com/stock/002268
Frequently asked questions
Is Westone Information Industry Inc (002268) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of ¥14.69 versus a price of ¥14.53, about +1% upside (fairly valued).
What is the fair value of 002268?
Our model-based fair value for Westone Information Industry Inc is ¥14.69 (as of Oct 28, 2026), built from audited fundamentals. The current price: ¥14.53.
What is the quality score of 002268?
Westone Information Industry Inc has a Quality Score of 60/100. 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 Westone Information Industry Inc (002268)?
Our model-based price target is the fair value of ¥14.69 (as of Oct 28, 2026) from 26 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Westone Information Industry Inc stock forecast for 2026?
Our models put fair value at ¥14.69, about +1% upside versus a price of ¥14.53 (fairly valued). The calculation is refreshed regularly with new filings.
What is the revenue of Westone Information Industry Inc (002268)?
Westone Information Industry Inc reported trailing-twelve-month revenue of about 2.2B CNY (latest available figure, as of Oct 28, 2026).
Does Westone Information Industry Inc pay a dividend?
Westone Information Industry Inc currently shows a dividend yield of 0.17% relative to its recent price (as of Oct 28, 2026).
What growth is priced into Westone Information Industry Inc (002268)?
For today's price to be fair in a discounted-cash-flow model, Westone Information Industry Inc would have to grow free cash flow by +25.5 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of 002268 use?
Our models discount Westone Information Industry Inc at 10.6 %: a base by market capitalisation (small), damped by beta 0.55, 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 Westone Information Industry Inc that is +25.5 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Westone Information Industry Inc (002268) delivered so far?
Over the past 5 years revenue at Westone Information Industry Inc grew -1.0 % a year. The price currently implies +25.5 % per year free-cash-flow growth a 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 Westone Information Industry Inc (002268) growing?
The median revenue growth in the sector is +10.8 % a year. That is the yardstick for the growth priced into Westone Information Industry Inc (+25.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Westone Information Industry Inc (002268)?
The free-cash-flow yield on the price is 1.97 %: that much free cash flow Westone Information Industry Inc produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Westone Information Industry Inc (002268)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Westone Information Industry Inc it is ¥14.69 per share (as of Oct 28, 2026), against a price of ¥14.53. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Westone Information Industry Inc stock overvalued or undervalued in 2026?
As of Oct 28, 2026, 002268 trades below its calculated fair value: price ¥14.53, fair value ¥14.69, a gap of about +1% (fairly valued). 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 002268?
No. The price is what the market pays today (¥14.53); the fair value is what the company's own numbers justify (¥14.69). For Westone Information Industry Inc the two are ¥0.1580 per share apart. That gap is exactly why we show both numbers side by side.
How much is Westone Information Industry Inc worth?
The market values Westone Information Industry Inc at about 12.3B CNY (market capitalisation, as of Oct 28, 2026). Per share that is ¥14.53; our models calculate a fair value of ¥14.69 per share.
What is the P/E ratio of 002268?
Westone Information Industry Inc trades at a price-to-earnings ratio of 207.6 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥14.69 is built from several models across several years. Other multiples: PEG 1.0, P/B 2.2, P/S 5.5, EV/EBITDA 88.0.
What is the PEG ratio of 002268?
The PEG ratio of Westone Information Industry Inc is 0.97 (P/E divided by earnings growth, as of Oct 28, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Westone Information Industry Inc (002268)?
Balance-sheet figures for Westone Information Industry Inc (as of Oct 28, 2026): return on equity 1.1%, debt of 0.00 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 002268 from its 52-week high?
Westone Information Industry Inc trades at ¥14.53, about 39% below its 52-week high of ¥23.71 and 18% above the low of ¥12.28 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of ¥14.69 is for.
Which stocks are comparable to Westone Information Industry Inc?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 Westone Information Industry Inc stock attractive at the current price?
The data as of Oct 28, 2026: price ¥14.53, calculated fair value ¥14.69 (+1%), Quality Score 60/100, 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 002268 calculated?
We run Westone Information Industry Inc through 26 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 ¥14.69, 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 13.4 % above its aggregate fair value. Westone Information Industry Inc currently trades 1 % below its own fair value, and the market average says nothing about that. 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 Westone Information Industry Inc (002268)?
The closing price on Oct 28, 2026 was ¥14.53. Our model-based fair value is ¥14.69, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Westone Information Industry Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Westone Information Industry Inc (002268) come from?
Earnings per share at Westone Information Industry Inc grew +7.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +8.2 %, EBIT margin +2.9 %, tax rate +1.3 %, residual (interest, one-offs) −4.5 %. 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 Westone Information Industry Inc
How large is the market capitalisation of Westone Information Industry Inc (002268)?
The market capitalisation of Westone Information Industry Inc is 12.3B CNY (≈ $1.8B). 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 Westone Information Industry Inc (002268)?
The price-to-sales ratio of Westone Information Industry Inc is 5.47 (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 Westone Information Industry Inc (002268)?
Earnings per share at Westone Information Industry Inc are ¥0.0700 (price ÷ EPS = P/E 207.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Westone Information Industry Inc (002268)?
The dividend yield of Westone Information Industry Inc is 0.2% (payout 35.7%). 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 Westone Information Industry Inc (002268)?
The net margin of Westone Information Industry Inc is 2.7% (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 Westone Information Industry Inc (002268)?
The return on equity (ROE) of Westone Information Industry Inc is 1.1% (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 Westone Information Industry Inc (002268)?
On an EBIT basis the return on assets of Westone Information Industry Inc is 3.0% (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 Westone Information Industry Inc (002268)?
The operating margin of Westone Information Industry Inc is −8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Westone Information Industry Inc (002268)?
Revenue at Westone Information Industry Inc is growing +9.8% versus a year earlier (3y avg −12.9%). 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 Westone Information Industry Inc (002268)?
Earnings per share at Westone Information Industry Inc are growing −96.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Westone Information Industry Inc (002268) hold?
Westone Information Industry Inc holds more cash than debt, 1.8B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Oct 28, 2026