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Shanghai Fullhan Microelectronics Co (300613) Fair Value & Analysis

Technology · CN · Market cap 15.3B CNY

SF Shanghai Fullhan Microelectronics Co 300613 · SHE
Price¥75.66
Fair Value¥17.43
Upside-77.0%
Quality63/100
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Mixed Growth
Solidly profitable · 11.2% net margin
Low debt · generates free cash flow
0.13% dividend yield
Mixed vs. peers (6/14)
Narrow moat 43/100
Evidence: Medium Range ¥13.08 – ¥21.45 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated today

Fair value updated Aug 13, 2026, revised from ¥12.45 to ¥17.43 (+40.0%) since Jul 9, 2026. Share price +11.0% over the past month.

A solid business, but screening 77% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥21.45). The favourable scenario is already priced in.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥121.29 ¥25.71 Fair Value ¥17.43 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥25.71 – ¥121.29 · fair‑value band ¥13.08 – ¥21.45 · the ¥75.66 price screens above the ¥17.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Shanghai Fullhan Microelectronics Co (300613) currently trades at ¥75.66, while our model-based Fair Value estimate is ¥17.43, implying the stock looks roughly 77.0% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Shanghai Fullhan Microelectronics Co generated revenue of 1.9B CNY at a net margin of 11.2%. Revenue grew 75.5% year over year. It earns a return on equity of 6.6%. The balance sheet holds a net cash position of 1.1B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥13.08 (bear case) to ¥21.45 (bull case); at ¥75.66, 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 near its 52-week high and 94% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -54% fair-value upside, at -77%, 300613 screens richer 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
Growth DCF ¥32.57 ¥55.46 ¥100.85 80
Residual Income ¥9.58 ¥9.68 ¥9.25 76
Rev-Margin DCF ¥18.22 ¥26.15 ¥38.16 74
All 24 models by family
DCF Models
FCF DCF ¥34.07 ¥50.57 ¥101.27 38
Owner Earnings ¥23.94 ¥45.69 ¥91.35 31
5Y Revenue Exit ¥18.22 ¥24.10 ¥35.43 39
5Y EBITDA Exit ¥23.30 ¥34.83 ¥56.23 41
5Y P/E Exit ¥21.06 ¥33.27 ¥48.73 38
10Y Revenue Exit ¥22.54 ¥33.26 ¥41.52 36
10Y EBITDA Exit ¥26.38 ¥43.38 ¥73.87 37
10Y P/E Exit ¥24.79 ¥38.92 ¥62.53 35
Earnings-Based
Graham-Dodd ¥4.23 ¥29.53 ¥41.44 54
Lynch FV ¥9.59 ¥13.70 ¥17.81 50
PEG = 1.0 ¥9.59 ¥13.70 ¥17.81 46
EPV ¥11.64 ¥12.44 ¥13.13 59
Multiples
P/E Multiple ¥9.34 ¥12.45 ¥15.57 63
P/S Multiple ¥7.94 ¥10.58 ¥13.23 58
P/B Multiple ¥7.94 ¥10.58 ¥13.23 55
EV/EBIT ¥14.38 ¥16.87 ¥19.37 53
EV/EBITDA ¥19.32 ¥23.46 ¥27.61 54
EV/Revenue ¥11.94 ¥14.10 ¥16.26 43
Asset-Based
NCAV (Graham) ¥6.25 ¥8.38 ¥12.50 50
Growth DCF
Growth DCF ¥32.57 ¥55.46 ¥100.85 80
Rev-Margin DCF ¥18.22 ¥26.15 ¥38.16 74
Economic Profit
Residual Income ¥9.58 ¥9.68 ¥9.25 76
ROIC Compounder ¥11.64 ¥12.44 ¥14.13 72
Growth Earnings
Growth-Adj P/E ¥12.50 ¥17.86 ¥23.21 68

Widest divergence: DCF Models (¥34.83) versus Asset-Based (¥8.38). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.9B CNY
Revenue growth (YoY) +75.5%
Net margin 11.2%
Return on equity 6.6%
Free cash flow 384M CNY FY2025
P/E ratio 80.5
More key figures
Operating margin 15.1%
EPS (TTM) ¥0.9400
Dividend yield 0.1%
EPS growth (YoY) +517%
Net cash 1.1B CNY FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 65 · Market factors (momentum, volatility) 81

Profitability 31
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 94
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 75
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

Shanghai Fullhan Microelectronics Co., Ltd., together with its subsidiaries, engages in the development and design of integrated circuit chips, electronic products, and communication equipment in China and internationally.

Full company description

Shanghai Fullhan Microelectronics Co., Ltd., together with its subsidiaries, engages in the development and design of integrated circuit chips, electronic products, and communication equipment in China and internationally. The company provides various chips comprising HD analog image signal processors (ISP), IP camera system on chips (SoC), HD analog Rx, digital video recorder (DVR) SoC, network video recorder SoC, smart display SoC, automotive camera ISP, automotive HD analog Rx, and automotive DVR SoC. It also offers professional technology services, such as technology development and IC design; and technology transfer and technical consulting services. In addition, the company is involved in the development, design, and manufacturing of computer system software; sales of self-produced products; and import, export, and wholesale of integrated circuits, electronic products, communication equipment, computers, and accessories and consumables. Fullhan Microelectronics Co., Ltd. was founded in 2004 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Fullhan Microelectronics Co reported revenue of ¥1.7B in FY2025 versus ¥1.7B in FY2021, a compound −0.4%/yr. Reported net income was ¥145M in FY2025, compounding −20.6%/yr from FY2021.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.7B CNY
Latest YoY
−5.6%
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.
−7.1%
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.
+22.6%
Avg. growth/yr (13Y) 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.
+30.5%
Revenue −0.4%/yr
FY21 ¥1.7B
FY22 ¥2.1B
FY23 ¥1.8B
FY24 ¥1.8B
FY25 ¥1.7B
Net income −20.6%/yr
FY21 ¥364M
FY22 ¥398M
FY23 ¥252M
FY24 ¥258M
FY25 ¥145M
Character of growth · EPS growth decomposed (2013-2024) +22.2 % p.a.
Revenue per share +26.6 pp

of which total revenue +31.7 pp · buybacks/dilution −5.1 pp

EBIT margin −4.6 pp
Tax rate +1.3 pp
Residual (interest, one-offs) −1.0 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).

300613 screens 77% overvalued. Compare with NVIDIA Corporation →

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Cite: Fair Value Calculator (2026). "Shanghai Fullhan Microelectronics Co Fair Value". https://www.fairvalue-calculator.com/stock/300613

Peer Group

Semiconductors · 323 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 63 · Above median
Fair Value upside −77% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 76% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 80.5× · Pricier than 75% of peers
P/B 5.25× · Pricier than median
P/S (TTM) 7.91× · Pricier than median
P/FCF 5.9× · Pricier than median
EV/EBITDA 41.7× · 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 0 · sector 0
FUTURE 100 · sector 60
PAST 26 · sector 24
HEALTH 90 · sector 96
DIVIDEND 3 · sector 19

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $217.50 $98.98 -54%
Taiwan Semiconductor Manufacturing Company TSM $429.15 $291.42 -32%
Broadcom Inc 1AVGO €366.85 €121.25 -67%
Micron Technology, Inc ZMIC C$43.68 C$6.23 -86%
SK hynix Inc 000660 1,504,000 KRW 1,481,291 KRW -2%
Advanced Micro Devices, Inc 1AMD €428.20 €56.33 -87%
Intel Corporation INTC C$54.79 C$11.71 -79%
MediaTek Inc 2454 4,015 TWD 1,559 TWD -61%
SK Square Co 402340 1,024,000 KRW 1,204,862 KRW +18%
GigaDevice Semiconductor Inc 3986 HK$515.00 HK$274.86 -47%

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Frequently asked questions

Is Shanghai Fullhan Microelectronics Co (300613) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥17.43 versus a price of ¥75.66, about −77% (overvalued).
What is the fair value of 300613?
Our model-based fair value for Shanghai Fullhan Microelectronics Co is ¥17.43 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥75.66.
What is the quality score of 300613?
Shanghai Fullhan Microelectronics Co has a Quality Score of 63/100. 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 Shanghai Fullhan Microelectronics Co (300613)?
Shanghai Fullhan Microelectronics Co reported trailing-twelve-month revenue of about 1.9B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 300613?
The net profit margin of Shanghai Fullhan Microelectronics Co is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Shanghai Fullhan Microelectronics Co pay a dividend?
Shanghai Fullhan Microelectronics Co currently shows a dividend yield of about 0.13% relative to its recent price (as of Aug 13, 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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