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China Securities Co Ltd (601066) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of China Securities Co Ltd stock ¥16.06, price ¥22.29, that is 28.0% below the price, quality 47 out of 100. Rating: overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CN · ISIN CNE1000031T5

CS China Securities Co Ltd logo Some data Nov 4, 2026

China Securities Co Ltd

601066 · SHG
Expensive, weak quality

Our calculation puts a fair price 28% below what the stock costs today.

Highly profitable · 43.7% net margin (TTM)
2.1% dividend yield · Low payout
Quality 47/100
Expensive Growth (revenue 5y +6.8 %/yr in CNY)
Wide moat 68/100 · thin data
Some data
Fair value ¥16.06 · Overvalued (−28.0%)
Trails peers (3/12)
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥33.02 ¥18.00 Fair Value ¥16.06 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range ¥18.00 – ¥33.02 · fair‑value band ¥9.89 – ¥20.07 · the ¥22.29 price screens above the ¥16.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.

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Company profile

CSC Financial Co., Ltd., together with its subsidiaries, provides investment banking services in Mainland China and internationally. The company operates through four segments: Investment Banking, Wealth Management, Trading and Institutional Client Services, and Asset Management.

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The company offers securities brokerage, securities investment consultancy, financial advisory services, securities underwriting and sponsoring, trading and investment of securities, securities asset management, agency sale of securities investment funds, margin financing and securities lending services, agency sale of financial products, and market-making of stock options.

It also provides custodian services for securities investment funds, market-making trading business of listed securities, sale of precious metal products, commodity futures brokerage, financial futures brokerage and asset management, equity investment and corporate management services, investment management, raising and management of investment funds, investment management of equity investment, investment consulting, and project consulting services.

In addition, it offers equity and debt financing; brokerage agency services for corporate and personal clients in the trading of equity stocks, funds, bonds, and futures; specialized research and advisory services; and private placement offerings and related services.

The company was formerly known as China Securities Finance Co., Ltd. CSC Financial Co., Ltd. was founded in 2005 and is based in Beijing, China.

Stock analysis

China Securities Co Ltd (601066) currently trades at ¥22.29, while our model-based Fair Value estimate is ¥16.06, 28% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of ¥23.80 per share, and 2 of the 8 models we run sit above the ¥22.29 price.

Bear case: the Dividend Discount group reads lowest at ¥6.36, and 6 of the 8 models stay below the price. Data coverage for this calculation is medium.

Scenario range: ¥9.89 (bear) to ¥20.07 (bull), the price of ¥22.29 sits above 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 47/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

China Securities Co Ltd reported revenue of 34.5B CNY in FY2025 versus 37.1B CNY in FY2021, a compound −1.8%/yr. Reported net income was 9.4B CNY in FY2025, compounding −2.0%/yr from FY2021.

Key figures

Market cap 193B CNY (≈ $29.0B) Large · P/E ratio 15.0 · P/S ratio 6.69 · EPS (TTM) ¥1.49 · Dividend yield 2.1% · Net margin 43.7% · Return on equity 10.3% · Return on assets (EBIT) 2.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at −28%, 601066 screens richer than that median.

Fair Value models

Bear ¥9.89 Fair Value ¥16.06 Bull ¥20.07
Price ¥22.29 · Downside -28.0%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.8734 per share) are deliberately not added. 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
Residual Income ¥11.64 ¥13.55 ¥18.88 76
Gordon GGM ¥3.63 ¥7.56 ¥12.02 66
DDM Multi-Stage ¥3.63 ¥6.36 ¥7.93 66
All 8 models by family
Earnings-Based
Graham-Dodd ¥9.88 ¥58.63 ¥81.66 63
Lynch FV ¥16.66 ¥23.80 ¥30.94 61
Dividend Discount
Gordon GGM ¥3.63 ¥7.56 ¥12.02 66
DDM Multi-Stage ¥3.63 ¥6.36 ¥7.93 66
Multiples
P/E Multiple ¥14.17 ¥18.89 ¥23.61 63
P/B Multiple ¥13.27 ¥17.69 ¥22.12 55
Asset-Based
NCAV (Graham) ¥6.32 ¥8.47 ¥12.64 51
Economic Profit
Residual Income ¥11.64 ¥13.55 ¥18.88 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 62
Are margins and returns getting better?
Cashflow 75
Do the profits arrive as real cash?
Financial strength 21
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 80
How calm the share price moves, does not count
Price momentum 29
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 15
Distance to the 52-week high, does not count
New shares 22
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+66.1%
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.
−0.2%
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.
+6.8%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 20 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.
+40.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.6%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2.6% vs 3.0%, slowing
Profit margin 2019 to 2024 ⓘ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.39% → 42%
Pace: the 5-year rate starts in 2020 (pandemic)

601066 screens overvalued: fair value 28% below the price. Compare with Morgan Stanley →

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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.Capital Markets · 384 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −28.0% · Below median
Profitability
Return on equity (12 months) 10.3% · Above median
Return on assets 1.4% · Below median
Net margin (12 months) 43.7% · Top 25%
Operating margin (12 months) 48.1% · Above median
Growth and dividend
Revenue growth (quarter YoY) 10.9% · Below median
Dividend yield (12 months) 2.1% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 15.0× · Pricier than median
P/B 2.33× · Priciest 25%
P/S (12 months) 6.69× · Pricier than median
Price / free cash flow (fiscal year) 13.9× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 43
FUTURE (revenue growth)55 · sector 66
PAST (return on equity)41 · sector 38
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)42 · sector 47

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $182.44 $260.72 +43% vs 601066
The Charles Schwab Corporation SCHW $92.58 $117.60 +27% vs 601066
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs 601066
Nomura Holdings NMR $9.51 $10.20 +7% vs 601066
The Goldman Sachs Group GS $868.95 $766.86 −12% vs 601066
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 601066
Robinhood Markets, Inc HOOD $78.39 $47.60 −39% vs 601066
Macquarie Group MQG A$248.86 A$123.84 −50% vs 601066
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 601066
Interactive Brokers Group IBKR $72.73 $17.48 −76% vs 601066

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China Securities Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "China Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601066

Frequently asked questions

Is China Securities Co Ltd (601066) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ¥16.06 versus a price of ¥22.29, about 28% lower (overvalued).
What is the fair value of 601066?
Our model-based fair value for China Securities Co Ltd is ¥16.06 (as of Nov 4, 2026), built from audited fundamentals. The current price: ¥22.29.
What is the quality score of 601066?
China Securities Co Ltd has a Quality Score of 47/100. 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 China Securities Co Ltd (601066)?
Our model-based price target is the fair value of ¥16.06 (as of Nov 4, 2026) from 8 valuation models. Cautious scenario ¥9.89, optimistic scenario ¥20.07. It is a calculation from audited fundamentals, not an analyst target.
What is the China Securities Co Ltd stock forecast for 2026?
Our models put fair value at ¥16.06, about 28% lower versus a price of ¥22.29 (overvalued). Cautious scenario ¥9.89, optimistic scenario ¥20.07. The calculation is refreshed regularly with new filings.
What is the revenue of China Securities Co Ltd (601066)?
China Securities Co Ltd reported trailing-twelve-month revenue of about 28.8B CNY (latest available figure, as of Nov 4, 2026).
Does China Securities Co Ltd pay a dividend?
China Securities Co Ltd currently shows a dividend yield of 2.09% relative to its recent price (as of Nov 4, 2026).
What is the intrinsic value of China Securities Co Ltd (601066)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Securities Co Ltd it is ¥16.06 per share (as of Nov 4, 2026), against a price of ¥22.29. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is China Securities Co Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 601066 trades above its calculated fair value: price ¥22.29, fair value ¥16.06, a gap of about −28% (overvalued). 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 601066?
No. The price is what the market pays today (¥22.29); the fair value is what the company's own numbers justify (¥16.06). For China Securities Co Ltd the two are ¥6.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Securities Co Ltd worth?
The market values China Securities Co Ltd at about 193B CNY (market capitalisation, as of Nov 4, 2026). Per share that is ¥22.29; our models calculate a fair value of ¥16.06 per share.
What do the bullish and bearish scenarios say about 601066?
Our models span a range for China Securities Co Ltd: cautious scenario ¥9.89, base ¥16.06, optimistic ¥20.07 per share (as of Nov 4, 2026, price ¥22.29). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601066?
China Securities Co Ltd trades at a price-to-earnings ratio of 15.0 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥16.06 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 25.3. Other multiples: P/B 2.3, P/S 6.7.
How solid is the balance sheet of China Securities Co Ltd (601066)?
Balance-sheet figures for China Securities Co Ltd (as of Nov 4, 2026): return on equity 10.3%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 601066 from its 52-week high?
China Securities Co Ltd trades at ¥22.29, about 26% below its 52-week high of ¥30.25 and 6% above the low of ¥20.97 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥16.06 is for.
Which stocks are comparable to China Securities Co Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 China Securities Co Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price ¥22.29, calculated fair value ¥16.06 (−28%), Quality Score 47/100, from 8 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 601066 calculated?
We run China Securities Co Ltd through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥16.06, 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 15.5% above its aggregate fair value. China Securities Co Ltd itself currently trades above fair value. 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 China Securities Co Ltd (601066)?
The closing price on Nov 6, 2026 was ¥22.29. Our model-based fair value is ¥16.06, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Securities Co Ltd right now?
The price sits above even our optimistic bull case (¥20.07). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (¥9.89 to ¥20.07) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of China Securities Co Ltd (601066) come from?
Earnings per share at China Securities Co Ltd grew +0.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin −1.9 %, tax rate +1.0 %, residual (interest, one-offs) −2.8 %. 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 China Securities Co Ltd

How large is the market capitalisation of China Securities Co Ltd (601066)?
The market capitalisation of China Securities Co Ltd is 193B CNY (≈ $29.0B). 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 China Securities Co Ltd (601066)?
The price-to-sales ratio of China Securities Co Ltd is 6.69 (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 China Securities Co Ltd (601066)?
Earnings per share at China Securities Co Ltd are ¥1.49 (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Securities Co Ltd (601066)?
The dividend yield of China Securities Co Ltd is 2.1% (payout 31.2%). 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 China Securities Co Ltd (601066)?
The net margin of China Securities Co Ltd is 43.7% (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 China Securities Co Ltd (601066)?
The return on equity (ROE) of China Securities Co Ltd is 10.3% (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 China Securities Co Ltd (601066)?
On an EBIT basis the return on assets of China Securities Co Ltd is 2.2% (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 China Securities Co Ltd (601066)?
The operating margin of China Securities Co Ltd is 48.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Securities Co Ltd (601066)?
Revenue at China Securities Co Ltd is growing +10.9% versus a year earlier (3y avg −0.2%). 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 China Securities Co Ltd (601066)?
Earnings per share at China Securities Co Ltd are growing +9.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Securities Co Ltd (601066) generate?
The free cash flow of China Securities Co Ltd is 13.9B 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 debt does China Securities Co Ltd (601066) carry?
The net debt of China Securities Co Ltd is 321B CNY (fiscal year 2025, ≈ 23.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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