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Runjian Communication Co Ltd Class A (002929) Fair Value & Analysis

Communication Services · CN · Market cap 17.4B CNY (≈ $2.6B) · ISIN CNE1000033M6

What is Runjian Communication Co Ltd Class A really worth?

RC Runjian Communication Co Ltd Class A 002929 · SHE
Price¥50.65
Fair Value¥5.54
Upside−89.1%
Quality33/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

Below-average quality, and trading another 814% above our fair value of ¥5.54.

As of Aug 27, 2026, the fair value of Runjian Communication Co Ltd Class A is ¥5.54 per share against a price of ¥50.65, so the fair value sits 89% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +19.8 %/yr)
!Loss over the last twelve months · -0.2% net margin · fiscal year 2025 0.4%
!Trails peers (4/13)
!Narrow moat 14/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 2 out of 100

For context

·0.12% dividend yield
Evidence: Low Range ¥2.34 – ¥7.72

Fair value as of: Aug 27, 2026

From 25 valuation models · updated 9 days ago

Share price −6.2% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (¥7.72). The favourable scenario is already priced in.
  • Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (¥2.34 to ¥7.72). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

¥97.78 ¥21.76 Fair Value ¥5.54 Mar 2021 Sep 2026

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

How to read this chart

60‑month range ¥21.76 – ¥97.78 · fair‑value band ¥2.34 – ¥7.72 · the ¥50.65 price screens above the ¥5.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Runjian Communication Co Ltd Class A (002929) currently trades at ¥50.65, while our model-based Fair Value estimate is ¥5.54, implying the stock looks roughly 814.1% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of ¥21.51 per share, and 0 of the 25 models we run sit above the ¥50.65 price. Bear case: the Earnings-Based group reads lowest at ¥2.26, and 25 of the 25 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Runjian Communication Co Ltd Class A generated revenue of 9.8B CNY at a net margin of −0.2%. Revenue declined 23.5% year over year. It earns a return on equity of −1.3%. Net debt stands at 1.5B CNY. Fundamentals as of Aug 27, 2026

Our scenario range runs from ¥2.34 (bear case) to ¥7.72 (bull case); at ¥50.65, 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 49% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −89%, 002929 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence ¥13.77 ¥18.18 ¥29.58 80
Growth DCF ¥13.60 ¥19.20 ¥28.22 78
Residual Income ¥15.06 ¥14.07 ¥9.89 76
All 25 models by family
DCF Models
FCF DCF best evidence ¥13.77 ¥18.18 ¥29.58 80
5Y Revenue Exit ¥15.41 ¥22.65 ¥33.21 72
5Y EBITDA Exit ¥17.78 ¥27.97 ¥41.81 74
5Y P/E Exit ¥11.45 ¥13.71 ¥16.42 72
10Y Revenue Exit ¥14.58 ¥21.51 ¥33.30 66
10Y EBITDA Exit ¥16.50 ¥25.62 ¥41.57 67
10Y P/E Exit ¥12.14 ¥14.61 ¥18.36 65
Earnings-Based
Graham-Dodd ¥0.9100 ¥5.54 ¥7.72 63
Lynch FV ¥1.58 ¥2.26 ¥2.94 61
PEG = 1.0 ¥1.58 ¥2.26 ¥2.94 57
EPV ¥15.23 ¥16.37 ¥17.37 74
Dividend Discount
Gordon GGM ¥4.56 ¥9.49 ¥15.05 66
DDM Multi-Stage ¥4.56 ¥8.00 ¥9.95 66
Multiples
P/E Multiple ¥2.20 ¥2.94 ¥3.67 63
P/S Multiple ¥1.70 ¥2.27 ¥2.84 58
P/B Multiple ¥1.70 ¥2.27 ¥2.84 55
EV/EBIT ¥18.31 ¥21.63 ¥24.95 66
EV/EBITDA ¥19.95 ¥23.82 ¥27.68 67
EV/Revenue ¥15.91 ¥19.14 ¥22.38 54
Asset-Based
NCAV (Graham) ¥11.09 ¥14.86 ¥22.17 54
Growth DCF
Growth DCF ¥13.60 ¥19.20 ¥28.22 78
Rev-Margin DCF ¥15.41 ¥22.26 ¥31.98 73
Economic Profit
Residual Income ¥15.06 ¥14.07 ¥9.89 76
ROIC Compounder ¥15.23 ¥16.37 ¥17.37 72
Growth Earnings
Growth-Adj P/E ¥2.34 ¥3.34 ¥4.34 67

Widest divergence: DCF Models (¥21.51) versus Earnings-Based (¥2.26). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/S ratio 1.77 TTM
EPS (TTM) ¥−0.0800
Dividend yield 0.1%
Net margin 0.4% FY2025
Return on equity −1.3% TTM
Return on assets (EBIT) 2.7% avg 5y
More key figures
Profitability
Operating margin 2.6% TTM
Growth
Revenue (TTM) 9.8B CNY TTM
Revenue growth (YoY) −23.5% 3y avg +8.2%
EPS growth (YoY) −84.0%
Balance sheet & cash flow
Free cash flow 105M CNY FY2025
Net debt 1.5B CNY FY2025 · ≈ 14.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 35 · Market factors (momentum, volatility) 39

Profitability 19
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 45
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Runjian Co., Ltd., a communication technology service company, operates as a digital intelligent operation and maintenance (AIOps) service provider in China. It operates through three segments: Communication Network Business, Digital Network Services, and Energy Network Business.

Full company description

Runjian Co., Ltd., a communication technology service company, operates as a digital intelligent operation and maintenance (AIOps) service provider in China. It operates through three segments: Communication Network Business, Digital Network Services, and Energy Network Business. The company offers digital operations large model, energy operations and maintenance large model, communication operations large model, ai safety large model solutions. it also provides electricity trading platform, virtual power plant, RUNDO new energy intelligent production & operations platform. In addition, the company offers public prosecution, investigation, and judicial intelligence agent, ministry of housing and urban-rural development, RunAI Medical Agent, RunAI Educational Agent, as well as human-machine collaboration and enterprise management agent. The company was formerly known as Runjian Communication Co., Ltd. and changed its name to Runjian Co., Ltd. in April 2019. The company was founded in 2003 and is headquartered in Guangzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Runjian Communication Co Ltd Class A reported revenue of 10.3B CNY in FY2025 versus 6.6B CNY in FY2021, a compound +11.9%/yr. Reported net income was 37.9M CNY in FY2025, compounding −42.8%/yr from FY2021.

Growth Quality 85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
10.3B CNY
Latest YoY
+12.5%
Avg. revenue 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.
+8.2%
Avg. revenue 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.
+19.8%
Avg. revenue growth/yr (12Y) 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.
+20.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−34.1% · in CNY
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−34.2%
Dividend yield0.1%
Trend 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.5Y −34.2% vs 10Y −18.6%, flattening
Operating margin (EBIT) 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.7.6% (2019) → 2.3% (2025) · falling
Worst earnings drop92% (2025) · in CNY
Revenue +11.9%/yr
FY21 6.6B CNY
FY22 8.2B CNY
FY23 8.8B CNY
FY24 9.2B CNY
FY25 10.3B CNY
Net income −42.8%/yr
FY21 353M CNY
FY22 424M CNY
FY23 439M CNY
FY24 247M CNY
FY25 37.9M CNY
Character of growth · EPS growth decomposed (2013-2024) +7.4 % p.a.
Revenue per share +16.2 %

of which total revenue +24.1 % · buybacks/dilution −6.4 %

EBIT margin −8.2 %
Tax rate +0.2 %
Residual (interest, one-offs) +0.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

002929 screens 814% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "Runjian Communication Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/002929

Peer Group

Telecom Services · 249 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 33 · Bottom 25%
Fair Value upside −89% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 3% · Bottom 25%
Revenue growth −24% · Bottom 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/B 0.41× · Cheaper than 75% of peers
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 24.5× · Pricier than 75% of peers
EV/EBITDA 1.6× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 28
FUTURE0 · sector 16
PAST0 · sector 28
HEALTH99 · sector 89
DIVIDEND2 · sector 74

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

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Runjian Communication Co Ltd Class A (002929) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of ¥5.54 versus a price of ¥50.65, about −89% upside (overvalued).
What is the fair value of 002929?
Our model-based fair value for Runjian Communication Co Ltd Class A is ¥5.54 (as of Aug 27, 2026), built from audited fundamentals. The current price: ¥50.65.
What is the quality score of 002929?
Runjian Communication Co Ltd Class A has a Quality Score of 33/100. 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 Runjian Communication Co Ltd Class A (002929)?
Runjian Communication Co Ltd Class A reported trailing-twelve-month revenue of about 9.8B CNY (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 002929?
The net profit margin of Runjian Communication Co Ltd Class A is about −0.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Runjian Communication Co Ltd Class A pay a dividend?
Runjian Communication Co Ltd Class A currently shows a dividend yield of about 0.12% relative to its recent price (as of Aug 27, 2026).
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