Avary Holding Shenzhen Co Ltd Class A (002938) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Avary Holding Shenzhen Co Ltd Class A stock ¥30.67, price ¥50.63, that is 39.4% below the price, quality 60 out of 100. Rating: strongly overvalued. 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 Nov 3, 2026.
How to read this chart
60‑month range ¥15.93 – ¥119.91 · fair‑value band ¥18.33 – ¥39.87 · the ¥50.63 price screens above the ¥30.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Avary Holding(Shenzhen)Co., Limited engages in the design, development, manufacture, and sale of printed circuit boards in China, the United States, rest of Asia, and Europe.
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The company's products are used in communication, consumer electronics, computer, and automotive electronics, as well as in industrial control industries.
It is also involved in the leasing of properties; warehousing services; wholesale, import, and export of electronic information products and related boards; water pollution control; environmental consulting services; and real estate development and operation activities.
The company was founded in 1999 and is headquartered in Shenzhen, China. Avary Holding(Shenzhen)Co., Limited operates as a subsidiary of Shenzhen Meigang Industrual Co., Ltd.
Stock analysis
Avary Holding Shenzhen Co Ltd Class A (002938) currently trades at ¥50.63, while our model-based Fair Value estimate is ¥30.67, 39% 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 ¥45.16 per share, and 3 of the 26 models we run sit above the ¥50.63 price.
Bear case: the Asset-Based group reads lowest at ¥3.63, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥18.33 (bear) to ¥39.87 (bull), the price of ¥50.63 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 60/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Avary Holding Shenzhen Co Ltd Class A reported revenue of 39.1B CNY in FY2025 versus 33.3B CNY in FY2021, a compound +4.1%/yr. Reported net income was 3.7B CNY in FY2025, compounding +3.0%/yr from FY2021.
Key figures
Market cap 129B CNY (≈ $19.4B) Large · P/E ratio 31.3 · P/S ratio 3.11 · EPS (TTM) ¥1.62 · Dividend yield 2.0% · Net margin 9.1% · Return on equity 10.9% · Return on assets (EBIT) 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −15% fair-value upside, at −39%, 002938 screens richer than that median.
Fair Value models
Bear¥18.33Fair Value ¥30.67Bull¥39.87
Price ¥50.63 · Downside -39.4%
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 (¥0.5266 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.
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.50/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.4%
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.
+2.6%
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.
+5.6%
Start year 2020 (pandemic). Over 10 years: +8.6% a year
Revenue growth 11 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.
+8.9%
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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.
+6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)2.0%
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.4.9% vs 6.8%, steady
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.11% → 11%
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 and more than analysts expect.
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).
+55.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+22.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +52.4% a year for the price and +20.1% for the forecasts.
AI conclusion: PCB manufacturing for electronics with expansion into AI server components forms the main strength, while limited public data and thin evidence of durable advantages remain the central weakness.
Main risk: A reduction or shift in orders from its largest customer Apple, which accounts for around 72 percent of revenue, or from the top five clients combined at over 90 percent, could sharply cut demand and hit revenue and margins.
Bull case: By leveraging its expansions into AI server substrates and flexible boards plus diversification beyond consumer electronics, Avary could capture rising demand from AI infrastructure and offset customer concentration or competitive pressures.
Bear case: If major clients reduce orders, rivals capture share through lower prices or advanced alternatives displace high-power boards, Avary's revenue base and production utilization could shrink significantly over the coming years.
Avary Holding makes printed circuit boards for electronics and is expanding into AI server components. Its board recently approved a 500 million yuan share repurchase from internal funds, with the shares earmarked for employee incentive plans. Given the capital needs of those growth projects, does the buyback show genuine confidence in sustained cash generation or does it mainly counter dilution from other financing steps?
Compare Avary Holding Shenzhen Co Ltd Class A with another stock
Price, fair value, quality and upside side by side.
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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.Electronic Components · 652 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−39.4% · Below median
Profitability
Return on equity (12 months)10.9% · Above median
Return on assets7.7% · Top 25%
Net margin (12 months)9.1% · Above median
Operating margin (12 months)14.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.2% · Above median
Dividend yield (12 months)2.0% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)31.3× · Pricier than median
P/B3.77× · Pricier than median
P/S (12 months)3.11× · Pricier than median
Price / free cash flow195.4× · Priciest 25%
EV/EBITDA15.2× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)71· sector 69
PAST (return on equity)43· sector 28
HEALTH (low debt)99· sector 95
DIVIDEND (yield)40· sector 26
VALUE 0: the price sits above our fair-value range.
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). "Avary Holding Shenzhen Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/002938
Frequently asked questions
Is Avary Holding Shenzhen Co Ltd Class A (002938) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ¥30.67 versus a price of ¥50.63, about 39% lower (overvalued).
What is the fair value of 002938?
Our model-based fair value for Avary Holding Shenzhen Co Ltd Class A is ¥30.67 (as of Nov 3, 2026), built from audited fundamentals. The current price: ¥50.63.
What is the quality score of 002938?
Avary Holding Shenzhen Co Ltd Class A 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
Our model-based price target is the fair value of ¥30.67 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario ¥18.33, optimistic scenario ¥39.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Avary Holding Shenzhen Co Ltd Class A stock forecast for 2026?
Our models put fair value at ¥30.67, about 39% lower versus a price of ¥50.63 (overvalued). Cautious scenario ¥18.33, optimistic scenario ¥39.87. The calculation is refreshed regularly with new filings.
What is the revenue of Avary Holding Shenzhen Co Ltd Class A (002938)?
Avary Holding Shenzhen Co Ltd Class A reported trailing-twelve-month revenue of about 41.5B CNY (latest available figure, as of Nov 3, 2026).
Does Avary Holding Shenzhen Co Ltd Class A pay a dividend?
Avary Holding Shenzhen Co Ltd Class A currently shows a dividend yield of 1.98% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Avary Holding Shenzhen Co Ltd Class A (002938)?
For today's price to be fair in a discounted-cash-flow model, Avary Holding Shenzhen Co Ltd Class A would have to grow free cash flow by +55.0 % 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 +5.6 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 002938 use?
Our models discount Avary Holding Shenzhen Co Ltd Class A at 10.6 %: a base by market capitalisation (large), damped by beta 1.29, 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 Avary Holding Shenzhen Co Ltd Class A that is +55.0 % 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 Avary Holding Shenzhen Co Ltd Class A (002938) delivered so far?
Over the past 5 years revenue at Avary Holding Shenzhen Co Ltd Class A grew +5.6 % a year. The price currently implies +55.0 % 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 Avary Holding Shenzhen Co Ltd Class A (002938) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Avary Holding Shenzhen Co Ltd Class A (+55.0 % 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The free-cash-flow yield on the price is 0.56 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Avary Holding Shenzhen Co Ltd Class A 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Avary Holding Shenzhen Co Ltd Class A it is ¥30.67 per share (as of Nov 3, 2026), against a price of ¥50.63. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Avary Holding Shenzhen Co Ltd Class A stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 002938 trades above its calculated fair value: price ¥50.63, fair value ¥30.67, a gap of about −39% (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 002938?
No. The price is what the market pays today (¥50.63); the fair value is what the company's own numbers justify (¥30.67). For Avary Holding Shenzhen Co Ltd Class A the two are ¥19.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Avary Holding Shenzhen Co Ltd Class A worth?
The market values Avary Holding Shenzhen Co Ltd Class A at about 129B CNY (market capitalisation, as of Nov 3, 2026). Per share that is ¥50.63; our models calculate a fair value of ¥30.67 per share.
What do the bullish and bearish scenarios say about 002938?
Our models span a range for Avary Holding Shenzhen Co Ltd Class A: cautious scenario ¥18.33, base ¥30.67, optimistic ¥39.87 per share (as of Nov 3, 2026, price ¥50.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 002938?
Avary Holding Shenzhen Co Ltd Class A trades at a price-to-earnings ratio of 31.3 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥30.67 is built from several models across several years. Other multiples: P/B 3.8, P/S 3.1, EV/EBITDA 15.2.
How solid is the balance sheet of Avary Holding Shenzhen Co Ltd Class A (002938)?
Balance-sheet figures for Avary Holding Shenzhen Co Ltd Class A (as of Nov 3, 2026): return on equity 10.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 002938 from its 52-week high?
Avary Holding Shenzhen Co Ltd Class A trades at ¥50.63, about 58% below its 52-week high of ¥119.91 and 21% above the low of ¥41.91 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥30.67 is for.
Which stocks are comparable to Avary Holding Shenzhen Co Ltd Class A?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, 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 Avary Holding Shenzhen Co Ltd Class A stock attractive at the current price?
The data as of Nov 3, 2026: price ¥50.63, calculated fair value ¥30.67 (−39%), 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 002938 calculated?
We run Avary Holding Shenzhen Co Ltd Class A 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 ¥30.67, 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 15.5% above its aggregate fair value. Avary Holding Shenzhen Co Ltd Class A 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The closing price on Nov 5, 2026 was ¥50.63. Our model-based fair value is ¥30.67, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Avary Holding Shenzhen Co Ltd Class A right now?
The price sits above even our optimistic bull case (¥39.87). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥18.33 to ¥39.87) leaves room in how you read the outcome.
Where does the earnings growth of Avary Holding Shenzhen Co Ltd Class A (002938) come from?
Earnings per share at Avary Holding Shenzhen Co Ltd Class A grew +7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.1 %, EBIT margin +2.1 %, tax rate +0.8 %, residual (interest, one-offs) −0.3 %. 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 Avary Holding Shenzhen Co Ltd Class A
How large is the market capitalisation of Avary Holding Shenzhen Co Ltd Class A (002938)?
The market capitalisation of Avary Holding Shenzhen Co Ltd Class A is 129B CNY (≈ $19.4B). 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The price-to-sales ratio of Avary Holding Shenzhen Co Ltd Class A is 3.11 (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 Avary Holding Shenzhen Co Ltd Class A (002938)?
Earnings per share at Avary Holding Shenzhen Co Ltd Class A are ¥1.62 (price ÷ EPS = P/E 31.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Avary Holding Shenzhen Co Ltd Class A (002938)?
The dividend yield of Avary Holding Shenzhen Co Ltd Class A is 2.0% (payout 61.7%). 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The net margin of Avary Holding Shenzhen Co Ltd Class A is 9.1% (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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The return on equity (ROE) of Avary Holding Shenzhen Co Ltd Class A is 10.9% (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 Avary Holding Shenzhen Co Ltd Class A (002938)?
On an EBIT basis the return on assets of Avary Holding Shenzhen Co Ltd Class A is 10.3% (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 Avary Holding Shenzhen Co Ltd Class A (002938)?
The operating margin of Avary Holding Shenzhen Co Ltd Class A is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Avary Holding Shenzhen Co Ltd Class A (002938)?
Revenue at Avary Holding Shenzhen Co Ltd Class A is growing +14.2% versus a year earlier (3y avg +2.6%). 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 Avary Holding Shenzhen Co Ltd Class A (002938)?
Earnings per share at Avary Holding Shenzhen Co Ltd Class A are growing −3.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Avary Holding Shenzhen Co Ltd Class A (002938) hold?
Avary Holding Shenzhen Co Ltd Class A holds more cash than debt, 10.0B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026