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Bingshan Refrigeration & Heat Transfer Technologies Co (200530) Fair Value & Analysis

Industrials · CN · Market cap HK$1.4B

BR Bingshan Refrigeration & Heat Transfer Technologies Co 200530 · SHE
PriceHK$1.59
Fair ValueHK$1.77
Upside+11.3%
Quality53/100
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Expensive Growth
Thin margins · 1.3% net margin
Low debt · negative free cash flow
3.07% dividend yield
Mixed vs. peers (6/14)
Narrow moat 31/100
Evidence: Medium Range HK$1.33 – HK$2.22 Share as image

Fair value as of: Jul 7, 2026

From 15 valuation models · updated 36 days ago

Fair value updated Jul 7, 2026, revised from HK$2.62 to HK$1.77 (−32.4%) since Jun 24, 2026. Share price +2.6% over the past month.

A solid business, screening 11% undervalued on our models.

What matters now

  • Our model range runs from HK$1.33 (bear) to HK$2.22 (bull), base HK$1.77. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 53/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

HK$1.90 HK$1.27 Fair Value HK$1.77 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 7, 2026.

How to read this chart

60‑month range HK$1.27 – HK$1.90 · fair‑value band HK$1.33 – HK$2.22 · the HK$1.59 price screens below the HK$1.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 7, 2026.

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Analysis

Bingshan Refrigeration & Heat Transfer Technologies Co (200530) currently trades at HK$1.59, while our model-based Fair Value estimate is HK$1.77, implying the stock looks roughly 11.3% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Bingshan Refrigeration & Heat Transfer Technologies Co generated revenue of HK$4.3B at a net margin of 1.3%. Revenue declined 10.1% year over year. It earns a return on equity of 1.7%. The balance sheet holds a net cash position of HK$308M. Fundamentals as of Jul 7, 2026

Our scenario range runs from HK$1.33 (bear case) to HK$2.22 (bull case); at HK$1.59, the current price sits within 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 15% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 11%, 200530 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.

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 HK$2.47 HK$2.28 HK$1.65 76
ROIC Compounder HK$1.70 HK$1.85 HK$1.97 72
Growth-Adj P/E HK$0.8200 HK$1.17 HK$1.52 68
All 15 models by family
DCF Models
Owner Earnings HK$0.9200 HK$1.08 HK$1.30 31
Earnings-Based
Graham-Dodd HK$0.5000 HK$1.82 HK$2.46 54
Lynch FV HK$0.4300 HK$0.6200 HK$0.8100 50
PEG = 1.0 HK$0.4300 HK$0.6200 HK$0.8100 46
EPV HK$1.70 HK$1.85 HK$1.97 59
Multiples
P/E Multiple HK$1.16 HK$1.55 HK$1.93 63
P/S Multiple HK$0.9400 HK$1.25 HK$1.56 58
P/B Multiple HK$0.9400 HK$1.25 HK$1.56 55
EV/EBIT HK$2.54 HK$3.19 HK$3.83 53
EV/EBITDA HK$3.91 HK$5.01 HK$6.11 54
EV/Revenue HK$1.99 HK$2.58 HK$3.17 43
Asset-Based
NCAV (Graham) HK$1.87 HK$2.51 HK$3.74 50
Economic Profit
Residual Income HK$2.47 HK$2.28 HK$1.65 76
ROIC Compounder HK$1.70 HK$1.85 HK$1.97 72
Growth Earnings
Growth-Adj P/E HK$0.8200 HK$1.17 HK$1.52 68

Widest divergence: Asset-Based (HK$2.51) versus Earnings-Based (HK$0.6200). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) HK$4.3B
Revenue growth (YoY) -10.1%
Net margin 1.3%
Return on equity 1.7%
Free cash flow −HK$70.8M FY2025
P/E ratio 20.3
More key figures
Operating margin 2.8%
EPS (TTM) HK$0.0800
Dividend yield 3.1%
Net cash HK$308M FY2024

Figures from reported company fundamentals · as of Jul 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 49 · Market factors (momentum, volatility) 50

Profitability 23
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 93
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

Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd., together with its subsidiaries, engages in the design, manufacturing, sale, installation, and maintenance of refrigeration, heating, and air conditioning equipment in China and internationally.

Full company description

Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd., together with its subsidiaries, engages in the design, manufacturing, sale, installation, and maintenance of refrigeration, heating, and air conditioning equipment in China and internationally. The company offers piston type, screw type, vortex type, and lithium bromide absorption refrigeration machines/units, as well as pressure vessels, combination warehouses, controlled atmosphere fresh-keeping warehouses, refrigeration stations, quick freezing machines, and heat pumps. It provides maintenance services, including inspection and patrol, routine maintenance, emergency services, technical training, and overhaul workshop; and digital services. In addition, the company engages in the manufacturing and sale of gas compression machinery; building hardware; and plumbing equipment. It serves industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning and environment, smart cold chain, industrial internet and intelligent control, and energy storage thermal management and CCUS industries. The company was formerly known as Dalian Refrigeration Company Limited and changed its name to Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. in March 2020. Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. was founded in 1993 and is headquartered in Dalian, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bingshan Refrigeration & Heat Transfer Technologies Co reported revenue of HK$4.4B in FY2025 versus HK$2.1B in FY2021, a compound +20.5%/yr. Reported net income was HK$62.0M in FY2025.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$4.4B
Latest YoY
−2.9%
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.
+15.0%
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.
+20.6%
Avg. growth/yr (35Y) 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.
+11.0%
Revenue +20.5%/yr
FY21 HK$2.1B
FY22 HK$2.9B
FY23 HK$4.8B
FY24 HK$4.5B
FY25 HK$4.4B
Net income
FY21 −HK$269M
FY22 HK$18.7M
FY23 HK$49.4M
FY24 HK$110M
FY25 HK$62.0M
Character of growth · EPS growth decomposed (2013-2024) −10.1 % p.a.
Revenue per share +9.6 pp

of which total revenue +11.6 pp · buybacks/dilution −2.0 pp

EBIT margin −16.5 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −2.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bingshan Refrigeration & Heat Transfer Technologies Co Fair Value". https://www.fairvalue-calculator.com/stock/200530

Peer Group

Specialty Industrial Machinery · 809 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 53 · Below median
Fair Value upside +11% · Top 25%
Return on equity (TTM) 2% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 3.1% · Top 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 20.3× · Cheaper than median
P/B 0.43× · Cheaper than 75% of peers
P/S (TTM) 0.32× · Cheaper than 75% of peers
EV/EBITDA 4.5× · Cheaper than 75% of peers
PEG 2.63× · Pricier than median

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 48 · sector 0
FUTURE 0 · sector 23
PAST 7 · sector 28
HEALTH 94 · sector 96
DIVIDEND 61 · sector 24

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.

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Frequently asked questions

Is Bingshan Refrigeration & Heat Transfer Technologies Co (200530) overvalued or undervalued?
As of Jul 7, 2026, our model estimates a fair value of HK$1.77 versus a price of HK$1.59, about +11% (undervalued).
What is the fair value of 200530?
Our model-based fair value for Bingshan Refrigeration & Heat Transfer Technologies Co is HK$1.77 (as of Jul 7, 2026), built from audited fundamentals. The current price is HK$1.59.
What is the quality score of 200530?
Bingshan Refrigeration & Heat Transfer Technologies Co has a Quality Score of 53/100. 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 Bingshan Refrigeration & Heat Transfer Technologies Co (200530)?
Bingshan Refrigeration & Heat Transfer Technologies Co reported trailing-twelve-month revenue of about HK$4.3B (latest available figure, as of Jul 7, 2026).
What is the net profit margin of 200530?
The net profit margin of Bingshan Refrigeration & Heat Transfer Technologies Co is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
Does Bingshan Refrigeration & Heat Transfer Technologies Co pay a dividend?
Bingshan Refrigeration & Heat Transfer Technologies Co currently shows a dividend yield of about 3.07% relative to its recent price (as of Jul 7, 2026).

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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