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Both Engineering Technology Co (601133) Fair Value & Analysis

Technology · CN · Market cap 13.8B CNY

BE Both Engineering Technology Co 601133 · SHG
Price¥26.15
Fair Value¥7.80
Upside-70.2%
Quality41/100
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Expensive Growth
Thin margins · 4.9% net margin
Low debt · generates free cash flow
0.47% dividend yield
Trails peers (2/14)
Narrow moat 35/100
Evidence: High Range ¥5.85 – ¥9.75 Share as image

Fair value as of: Aug 8, 2026

From 26 valuation models · updated 2 days ago

Fair value updated Aug 8, 2026, revised from ¥7.77 to ¥7.80 (+0.4%) since Jul 11, 2026. Share price −23.9% over the past month.

Below-average quality, and screening another 70% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥9.75). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (3 years)

¥43.96 ¥8.16 Fair Value ¥7.80 Apr 2023 Aug 2026

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

40‑month range ¥8.16 – ¥43.96 · fair‑value band ¥5.85 – ¥9.75 · the ¥26.15 price screens above the ¥7.80 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

Both Engineering Technology Co (601133) currently trades at ¥26.15, while our model-based Fair Value estimate is ¥7.80, implying the stock looks roughly 70.2% overvalued today. The Quality Score stands at 41/100 (below-average 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: high).

Over the trailing twelve months, Both Engineering Technology Co generated revenue of 4.0B CNY at a net margin of 4.9%. Revenue declined 17.1% year over year. It earns a return on equity of 6.5%. The stock trades on a trailing P/E of 87.6. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥5.85 (bear case) to ¥9.75 (bull case); at ¥26.15, 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 27% below its 52-week high and 139% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at -70%, 601133 screens cheaper 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 BearBaseBull Evidence
Highest evidence
Growth DCF ¥5.23 ¥5.75 ¥6.49 80
Residual Income ¥4.62 ¥4.86 ¥5.16 76
Rev-Margin DCF ¥7.56 ¥10.14 ¥12.99 74
All 26 models by family
DCF Models
FCF DCF ¥5.20 ¥5.79 ¥6.66 38
Owner Earnings ¥8.35 ¥10.55 ¥13.82 31
5Y Revenue Exit ¥7.56 ¥10.19 ¥13.56 39
5Y EBITDA Exit ¥7.79 ¥10.61 ¥13.88 41
5Y P/E Exit ¥7.81 ¥10.65 ¥13.59 38
10Y Revenue Exit ¥6.53 ¥8.73 ¥11.68 36
10Y EBITDA Exit ¥6.83 ¥9.01 ¥11.92 37
10Y P/E Exit ¥6.84 ¥9.04 ¥11.71 35
Earnings-Based
Graham-Dodd ¥2.65 ¥7.49 ¥9.86 54
Lynch FV ¥1.52 ¥2.17 ¥2.82 50
PEG = 1.0 ¥1.52 ¥2.17 ¥2.82 46
EPV ¥8.24 ¥8.94 ¥9.55 59
Dividend Discount
Gordon GGM ¥1.93 ¥4.02 ¥6.37 70
DDM Multi-Stage ¥1.93 ¥3.07 ¥4.22 61
Multiples
P/E Multiple ¥5.85 ¥7.80 ¥9.75 63
P/S Multiple ¥4.97 ¥6.63 ¥8.29 58
P/B Multiple ¥4.97 ¥6.63 ¥8.29 55
EV/EBIT ¥11.56 ¥14.06 ¥16.56 53
EV/EBITDA ¥9.88 ¥11.81 ¥13.75 54
EV/Revenue ¥9.12 ¥11.28 ¥13.45 43
Asset-Based
NCAV (Graham) ¥2.85 ¥3.81 ¥5.69 50
Growth DCF
Growth DCF ¥5.23 ¥5.75 ¥6.49 80
Rev-Margin DCF ¥7.56 ¥10.14 ¥12.99 74
Economic Profit
Residual Income ¥4.62 ¥4.86 ¥5.16 76
ROIC Compounder ¥8.49 ¥9.54 ¥10.71 72
Growth Earnings
Growth-Adj P/E ¥4.70 ¥6.72 ¥8.73 68

Widest divergence: DCF Models (¥9.04) versus Earnings-Based (¥2.17). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 4.0B CNY
Revenue growth (YoY) -17.1%
Net margin 4.9%
Return on equity 6.5%
Free cash flow 54.0M CNY FY2025
P/E ratio 87.6
More key figures
Operating margin 7.3%
EPS (TTM) ¥0.3700
Dividend yield 0.4%
EPS growth (YoY) -25.0%

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 45 · Market factors (momentum, volatility) 61

Profitability 34
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 39
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

Both Engineering Technology Co.,Ltd. provides cleanroom system integration solutions for high-tech plant construction, technical transformation, and other projects in China.

Full company description

Both Engineering Technology Co.,Ltd. provides cleanroom system integration solutions for high-tech plant construction, technical transformation, and other projects in China. It provides project consultancy, design, project management, construction, system commissioning and verification, branch piping hook-up and wiring, facilities operation management, and maintenance. The company also engages in mechanical and electrical equipment installation; international trade and investment; and engineering design. It serves the semiconductor and pan-semiconductor, new displays, life science, food, medicine, health, and new energy industries. Both Engineering Technology Co.,Ltd. was founded in 1994 and is headquartered in Wuxi, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Both Engineering Technology Co reported revenue of ¥4.1B in FY2025 versus ¥2.7B in FY2021, a compound +10.8%/yr. Reported net income was ¥205M in FY2025, compounding +7.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.1B CNY
Avg. growth/yr (3Y)
+24.1%
Revenue +10.8%/yr
FY21 ¥2.7B
FY22 ¥2.8B
FY23 ¥4.0B
FY24 ¥5.2B
FY25 ¥4.1B
Net income +7.8%/yr
FY21 ¥152M
FY22 ¥251M
FY23 ¥214M
FY24 ¥212M
FY25 ¥205M

601133 screens 70% overvalued. Compare with ASML Holding →

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Cite: Fair Value Calculator (2026). "Both Engineering Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/601133

Peer Group

Semiconductor Equipment & Materials · 211 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 41 · Bottom 25%
Fair Value upside −70% · Below median
Return on equity (TTM) 6% · Below median
Return on assets 3% · Below median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 7% · Below median
Revenue growth -17% · Bottom 25%
Dividend yield (TTM) 0.5% · Below median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 70.7× · Pricier than median
P/B 4.59× · Pricier than median
P/S (TTM) 3.48× · Cheaper than median
P/FCF 37.8× · Pricier than 75% of peers
EV/EBITDA 42.1× · 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 0 · sector 58
PAST 26 · sector 30
HEALTH 100 · sector 96
DIVIDEND 9 · sector 16

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.50 C$15.57 -69%
Applied Materials, Inc AMAT $579.43 $143.08 -75%
Lam Research Corporation LRCX $346.10 $67.57 -80%
KLA Corporation KLAC $212.75 $53.01 -75%
NAURA Technology Group 002371 ¥774.20 ¥151.43 -80%
Advanced Micro-Fabrication Equipment Inc 688012 ¥350.69 ¥41.79 -88%
Piotech Inc 688072 ¥832.00 ¥431.44 -48%
Hon. Precision, Inc 7769 6,005 TWD 1,804 TWD -70%
Hangzhou Changchuan Technology Co 300604 ¥325.24 ¥33.33 -90%
MPI Corporation 6223 5,600 TWD 609.44 TWD -89%

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Frequently asked questions

Is Both Engineering Technology Co (601133) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ¥7.80 versus a price of ¥26.15, about −70% (overvalued).
What is the fair value of 601133?
Our model-based fair value for Both Engineering Technology Co is ¥7.80 (as of Aug 8, 2026), built from audited fundamentals. The current price is ¥26.15.
What is the quality score of 601133?
Both Engineering Technology Co has a Quality Score of 41/100. 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 Both Engineering Technology Co (601133)?
Both Engineering Technology Co reported trailing-twelve-month revenue of about 4.0B CNY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of 601133?
The net profit margin of Both Engineering Technology Co is about 4.9%, meaning it keeps roughly 4.9% of revenue as net income. Based on the latest reported figures.
Does Both Engineering Technology Co pay a dividend?
Both Engineering Technology Co currently shows a dividend yield of about 0.41% relative to its recent price (as of Aug 8, 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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