Top Resource Conservation Engineering Co Ltd (300332) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Top Resource Conservation Engineering Co Ltd stock ¥7.18, price ¥4.49, upside +60.0%, quality 35 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ¥4.11 – ¥15.01 · fair‑value band ¥6.56 – ¥8.34 · the ¥4.49 price screens below the ¥7.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Top Resource Energy Co., Ltd. engages in the trading and sale of natural gas, pipeline transportation, urban gas transmission and distribution, gas engineering design, and technical services.
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The company offers technical services for renewable resource power generation and heating and desulfurization, and denitrification processes, as well as produces liquefied natural gas.
In addition, it provides engineering design for industrial waste gas, heat power generation, and energy saving projects.
Further, the company is involved in flue gas and waste gas treatment, air pollution control, solid waste and water pollution control; industrial waste gas purification and recycling, and industrial related services. Top Resource Energy Co., Ltd. was founded in 2007 and is based in Beijing, China.
Stock analysis
Top Resource Conservation Engineering Co Ltd (300332) currently trades at ¥4.49, while our model-based Fair Value estimate is ¥7.18, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥6.29 per share, and 5 of the 6 models we run sit above the ¥4.49 price.
Bear case: the Asset-Based group reads lowest at ¥1.49, and 1 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥6.56 (bear) to ¥8.34 (bull), the price of ¥4.49 sits below 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 35/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Top Resource Conservation Engineering Co Ltd reported revenue of 2.6B CNY in FY2025 versus 2.1B CNY in FY2021, a compound +5.8%/yr. Reported net income was −280M CNY in FY2025.
Key figures
Market cap 3.9B CNY (≈ $583M) Small · P/S ratio 1.44 · EPS (TTM) ¥−0.3200 · Dividend yield 0.9% · Net margin −10.7% · Return on equity −6.2% · Return on assets (EBIT) 3.7% (5-year average) · Operating margin 12.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (medium confidence).
What moves the price
The share trades about 38% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at 60%, 300332 screens cheaper than that median.
Fair Value models
Bear¥6.56Fair Value ¥7.18Bull¥8.34
Price ¥4.49 · Upside +60.0%
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.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
EPV¥4.19¥4.59¥4.9374
ROIC Compounder¥4.19¥4.59¥5.3370
EV/EBITDA¥5.73¥7.63¥9.5367
All 6 models by family
Earnings-Based
EPV¥4.19¥4.59¥4.9374
Multiples
EV/EBIT¥4.72¥6.29¥7.8566
EV/EBITDA¥5.73¥7.63¥9.5367
EV/Revenue¥3.38¥4.81¥6.2553
Asset-Based
NCAV (Graham)¥1.11¥1.49¥2.2354
Economic Profit
ROIC Compounder¥4.19¥4.59¥5.3370
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+23.3%
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.
+16.3%
Revenue growth 15 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.
+33.7%
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Profit margin (trend) ⓘ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.
1.8% (2019) → 3.2% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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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.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside+60.0% · Top 25%
Profitability
Return on assets−3.5% · Bottom 25%
Net margin (12 months)−10.7% · Bottom 25%
Operating margin (12 months)12.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)50.4% · Top 25%
Dividend yield (12 months)0.9% · Bottom 25%
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Utilities - Regulated Gas 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). "Top Resource Conservation Engineering Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/300332
Frequently asked questions
Is Top Resource Conservation Engineering Co Ltd (300332) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥7.18 versus a price of ¥4.49, about +60% upside (undervalued).
What is the fair value of 300332?
Our model-based fair value for Top Resource Conservation Engineering Co Ltd is ¥7.18 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥4.49.
What is the quality score of 300332?
Top Resource Conservation Engineering Co Ltd has a Quality Score of 35/100. 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 Top Resource Conservation Engineering Co Ltd (300332)?
Our model-based price target is the fair value of ¥7.18 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario ¥6.56, optimistic scenario ¥8.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Top Resource Conservation Engineering Co Ltd stock forecast for 2026?
Our models put fair value at ¥7.18, about +60% upside versus a price of ¥4.49 (undervalued). Cautious scenario ¥6.56, optimistic scenario ¥8.34. The calculation is refreshed regularly with new filings.
What is the revenue of Top Resource Conservation Engineering Co Ltd (300332)?
Top Resource Conservation Engineering Co Ltd reported trailing-twelve-month revenue of about 2.6B CNY (latest available figure, as of Nov 5, 2026).
Does Top Resource Conservation Engineering Co Ltd pay a dividend?
Top Resource Conservation Engineering Co Ltd currently shows a dividend yield of 0.93% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Top Resource Conservation Engineering Co Ltd (300332)?
Top Resource Conservation Engineering Co Ltd has a dividend yield of 0.9%.
What is the intrinsic value of Top Resource Conservation Engineering Co Ltd (300332)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Top Resource Conservation Engineering Co Ltd it is ¥7.18 per share (as of Nov 5, 2026), against a price of ¥4.49. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Top Resource Conservation Engineering Co Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 300332 trades below its calculated fair value: price ¥4.49, fair value ¥7.18, a gap of about +60% (undervalued). 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 300332?
No. The price is what the market pays today (¥4.49); the fair value is what the company's own numbers justify (¥7.18). For Top Resource Conservation Engineering Co Ltd the two are ¥2.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Top Resource Conservation Engineering Co Ltd worth?
The market values Top Resource Conservation Engineering Co Ltd at about 3.9B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥4.49; our models calculate a fair value of ¥7.18 per share.
What do the bullish and bearish scenarios say about 300332?
Our models span a range for Top Resource Conservation Engineering Co Ltd: cautious scenario ¥6.56, base ¥7.18, optimistic ¥8.34 per share (as of Nov 5, 2026, price ¥4.49). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Top Resource Conservation Engineering Co Ltd (300332)?
Balance-sheet figures for Top Resource Conservation Engineering Co Ltd (as of Nov 5, 2026): return on equity −6.2%, debt of 0.03 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is 300332 from its 52-week high?
Top Resource Conservation Engineering Co Ltd trades at ¥4.49, about 38% below its 52-week high of ¥7.24 and 4% above the low of ¥4.30 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥7.18 is for.
Which stocks are comparable to Top Resource Conservation Engineering Co Ltd?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource 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 Top Resource Conservation Engineering Co Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ¥4.49, calculated fair value ¥7.18 (+60%), Quality Score 35/100, from 6 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 300332 calculated?
We run Top Resource Conservation Engineering Co Ltd through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of ¥7.18 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Top Resource Conservation Engineering Co Ltd currently trades 38% 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 Top Resource Conservation Engineering Co Ltd (300332)?
The closing price on Nov 6, 2026 was ¥4.49. Our model-based fair value is ¥7.18, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Top Resource Conservation Engineering Co Ltd right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (¥6.56). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Top Resource Conservation Engineering Co Ltd (300332) come from?
Earnings per share at Top Resource Conservation Engineering Co Ltd grew +4.1 % a year from 2013 to 2024. Broken into its drivers: revenue per share +20.9 %, EBIT margin −7.9 %, tax rate −2.6 %, residual (interest, one-offs) −4.0 %. 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 Top Resource Conservation Engineering Co Ltd
How large is the market capitalisation of Top Resource Conservation Engineering Co Ltd (300332)?
The market capitalisation of Top Resource Conservation Engineering Co Ltd is 3.9B CNY (≈ $583M). 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 Top Resource Conservation Engineering Co Ltd (300332)?
The price-to-sales ratio of Top Resource Conservation Engineering Co Ltd is 1.44 (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 Top Resource Conservation Engineering Co Ltd (300332)?
Earnings per share at Top Resource Conservation Engineering Co Ltd are ¥−0.3200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Top Resource Conservation Engineering Co Ltd (300332)?
The dividend yield of Top Resource Conservation Engineering Co Ltd is 0.9%. 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 Top Resource Conservation Engineering Co Ltd (300332)?
The net margin of Top Resource Conservation Engineering Co Ltd is −10.7% (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 Top Resource Conservation Engineering Co Ltd (300332)?
The return on equity (ROE) of Top Resource Conservation Engineering Co Ltd is −6.2% (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 Top Resource Conservation Engineering Co Ltd (300332)?
On an EBIT basis the return on assets of Top Resource Conservation Engineering Co Ltd is 3.7% (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 Top Resource Conservation Engineering Co Ltd (300332)?
The operating margin of Top Resource Conservation Engineering Co Ltd is 12.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Top Resource Conservation Engineering Co Ltd (300332)?
Revenue at Top Resource Conservation Engineering Co Ltd is growing +50.4% versus a year earlier (3y avg −12.5%). 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 Top Resource Conservation Engineering Co Ltd (300332)?
Earnings per share at Top Resource Conservation Engineering Co Ltd are growing +539% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Top Resource Conservation Engineering Co Ltd (300332) generate?
The free cash flow of Top Resource Conservation Engineering Co Ltd is −179M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Top Resource Conservation Engineering Co Ltd (300332) hold?
Top Resource Conservation Engineering Co Ltd holds more cash than debt, 21.9M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Nov 5, 2026