Zhongtai Securities Co (600918) Fair Value & Analysis

Financial Services · CN · Market cap 43.7B CNY

Below-average quality, and screening another 53% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥3.27). The favourable scenario is already priced in.
• Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ¥5.10 – ¥13.92 · fair‑value band ¥1.96 – ¥3.27 · the ¥5.56 price screens above the ¥2.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Zhongtai Securities Co (600918) currently trades at ¥5.56, while our model-based Fair Value estimate is ¥2.62, implying the stock looks roughly 52.9% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services 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: high).

Over the trailing twelve months, Zhongtai Securities Co generated revenue of 11.7B CNY at a net margin of 13.1%. Revenue grew 20.9% year over year. It earns a return on equity of 3.7%. Net debt stands at 86.8B CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥1.96 (bear case) to ¥3.27 (bull case); at ¥5.56, 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 25% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at -53%, 600918 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.

Widest divergence: Multiples (¥5.30) versus Asset-Based (¥4.18). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

Zhongtai Securities Co., Ltd. operates as a securities company in China. It offers wealth management services, such as transaction service system, financial product and services system, and fintech platform; and capital intermediary services, including margin trading, securities lending and borrowing, stock-pledged repurchase transactions, repurchase …

Full company description

Zhongtai Securities Co., Ltd. operates as a securities company in China. It offers wealth management services, such as transaction service system, financial product and services system, and fintech platform; and capital intermediary services, including margin trading, securities lending and borrowing, stock-pledged repurchase transactions, repurchase agreements, and equity incentive financing, as well as option financing and coupon source position occupancy services. The company also provides income certificates and trust plans, securities investment funds, securities asset management plans, insurance asset management products, and futures asset management products; buyback offering product; custody and fund services comprising private equity funds and public funds, trading, clearing, reporting, and valuation. In addition, it offers equity financing, bond financing, asset securitization, mergers and acquisitions, and market capitalization management financial advisory; research services; and shareholding management. Further, the company is involved in the options and futures business; and propriety investment, market making, and OTC derivatives business. Additionally, it operates XTP, an instant trading platform; Zhongtai Qifutong application, SmartX, a specialized trading terminal, programmatic, algorithmic, grid trading, arbitrage, and backtesting research product; Shangyuan, an institutional service platform; shareholding integrated management platform; FundConnect, a wealth management platform; and management service platform. The company was formerly known as Qilu Securities Co., Ltd. Zhongtai Securities Co., Ltd. was founded in 2001 and is headquartered in Jinan, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhongtai Securities Co reported revenue of ¥11.4B in FY2025 versus ¥16.2B in FY2021, a compound −8.5%/yr. Reported net income was ¥1.4B in FY2025, compounding −18.2%/yr from FY2021.

600918 screens 53% overvalued. Compare with Huatai Securities Co →

Peer Group

Capital Markets · 425 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.

Valuation Multiples vs Capital Markets median · lower = cheaper

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: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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

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.