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JCET Group (600584) Fair Value & Analysis

Technology · CN · Market cap 181B CNY

JG JCET Group 600584 · SHG
Price¥77.82
Fair Value¥24.45
Upside-68.6%
Quality50/100
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Expensive Growth
Thin margins · 4.3% net margin
Low debt · negative free cash flow
0.13% dividend yield
Trails peers (2/14)
Narrow moat 35/100
Evidence: Medium Range ¥17.12 – ¥30.62 Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated today

Fair value updated Aug 13, 2026, revised from ¥17.49 to ¥24.45 (+39.8%) since Jul 12, 2026. Share price −23.0% over the past month.

A solid business, but screening 69% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥30.62). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥106.64 ¥19.67 Fair Value ¥24.45 Mar 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 ¥19.67 – ¥106.64 · fair‑value band ¥17.12 – ¥30.62 · the ¥77.82 price screens above the ¥24.45 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

JCET Group (600584) currently trades at ¥77.82, while our model-based Fair Value estimate is ¥24.45, implying the stock looks roughly 68.6% overvalued today. The Quality Score stands at 50/100 (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, JCET Group generated revenue of 38.7B CNY at a net margin of 4.3%. Revenue declined 1.8% year over year. It earns a return on equity of 5.4%. Net debt stands at 2.2B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥17.12 (bear case) to ¥30.62 (bull case); at ¥77.82, 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 18% below its 52-week high and 149% 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 -69%, 600584 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (¥5.36 to ¥61.86). Read the values as a conservative anchor, not as a price target.
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 ¥12.47 ¥12.75 ¥12.56 76
ROIC Compounder ¥9.34 ¥11.01 ¥12.47 72
Gordon GGM ¥3.06 ¥6.35 ¥10.08 70
All 16 models by family
Earnings-Based
Graham-Dodd ¥5.95 ¥35.82 ¥49.93 54
Lynch FV ¥10.22 ¥14.60 ¥18.98 50
PEG = 1.0 ¥10.22 ¥14.60 ¥18.98 46
EPV ¥9.34 ¥11.01 ¥12.47 59
Dividend Discount
Gordon GGM ¥3.06 ¥6.35 ¥10.08 70
DDM Multi-Stage ¥3.06 ¥5.36 ¥6.67 61
Multiples
P/E Multiple ¥18.37 ¥24.49 ¥30.62 63
P/S Multiple ¥11.15 ¥14.87 ¥18.59 58
P/B Multiple ¥11.15 ¥14.87 ¥18.59 55
EV/EBIT ¥20.36 ¥27.37 ¥34.38 53
EV/EBITDA ¥46.22 ¥61.86 ¥77.49 54
EV/Revenue ¥9.96 ¥14.51 ¥19.07 43
Asset-Based
NCAV (Graham) ¥8.01 ¥10.74 ¥16.02 50
Economic Profit
Residual Income ¥12.47 ¥12.75 ¥12.56 76
ROIC Compounder ¥9.34 ¥11.01 ¥12.47 72
Growth Earnings
Growth-Adj P/E ¥17.12 ¥24.45 ¥31.79 68

Widest divergence: Growth Earnings (¥24.45) versus Dividend Discount (¥5.36). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 38.7B CNY
Revenue growth (YoY) -1.8%
Net margin 4.3%
Return on equity 5.4%
Free cash flow −1.6B CNY FY2025
P/E ratio 84.6
More key figures
Operating margin 5.2%
EPS (TTM) ¥0.9200
Dividend yield 0.1%
EPS growth (YoY) +45.5%
Net debt 2.2B CNY FY2025

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

Quality Score breakdown

Overall quality 50/100

Of which business quality 51 · Market factors (momentum, volatility) 71

Profitability 31
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 81
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

JCET Group Co., Ltd., together with its subsidiaries, provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally.

Full company description

JCET Group Co., Ltd., together with its subsidiaries, provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally. The company offers turnkey solutions, including semiconductor package integration design, wafer probing, bumping, assembly, final testing, and global drop shipments; design solutions; and characterization services, such as mold flow, mechanical, and electrical analysis, as well as thermal analysis test. It also provides packaging solutions comprising wirebond, flip chip, wafer level, power device, and MEMS and sensors packaging, as well as wafer bumping, system-in-package, and advancement of mainstream package; and testing solutions, which include test platform, wafer sort, test development, and ITMS, as well as RF, mixed-signal, memory/3D, digital, strip, post, and final tests. In addition, the company is involved in sewage treatment; investment activities; and trading. Its products are used in automotive, computing, storage, edge AI, and power and energy applications. The company was formerly known as Jiangsu Changjiang Electronics Technology Co., Ltd. and changed its name to JCET Group Co., Ltd. in November 2019. JCET Group Co., Ltd. was founded in 1972 and is based in Jiangyin, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

JCET Group reported revenue of ¥38.9B in FY2025 versus ¥30.5B in FY2021, a compound +6.2%/yr. Reported net income was ¥1.6B in FY2025, compounding −14.7%/yr from FY2021.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
38.9B CNY
Latest YoY
+8.1%
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.
+4.8%
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.
+8.0%
Avg. growth/yr (25Y) 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%
Revenue +6.2%/yr
FY21 ¥30.5B
FY22 ¥33.8B
FY23 ¥29.7B
FY24 ¥36.0B
FY25 ¥38.9B
Net income −14.7%/yr
FY21 ¥3.0B
FY22 ¥3.2B
FY23 ¥1.5B
FY24 ¥1.6B
FY25 ¥1.6B
Character of growth · EPS growth decomposed (2013-2024) +31.9 % p.a.
Revenue per share +13.0 pp

of which total revenue +20.2 pp · buybacks/dilution −7.2 pp

EBIT margin +5.2 pp
Tax rate +3.9 pp
Residual (interest, one-offs) +9.9 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).

600584 screens 69% overvalued. Compare with NVIDIA Corporation →

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Cite: Fair Value Calculator (2026). "JCET Group Fair Value". https://www.fairvalue-calculator.com/stock/600584

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 50 · Below median
Fair Value upside −69% · Below median
Return on equity (TTM) 5% · Below median
Return on assets 2% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth -2% · Below median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.24× · Higher than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 84.6× · Pricier than 75% of peers
P/B 6.31× · Pricier than median
P/S (TTM) 4.67× · Pricier than median
EV/EBITDA 29.6× · Pricier than median
PEG 0.29× · Cheaper than 75% of peers

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 0 · sector 60
PAST 22 · sector 24
HEALTH 88 · 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 JCET Group (600584) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥24.45 versus a price of ¥77.82, about −69% (overvalued).
What is the fair value of 600584?
Our model-based fair value for JCET Group is ¥24.45 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥77.82.
What is the quality score of 600584?
JCET Group has a Quality Score of 50/100. 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 JCET Group (600584)?
JCET Group reported trailing-twelve-month revenue of about 38.7B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 600584?
The net profit margin of JCET Group is about 4.3%, meaning it keeps roughly 4.3% of revenue as net income. Based on the latest reported figures.
Does JCET Group pay a dividend?
JCET Group currently shows a dividend yield of about 0.16% 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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