Capital Securities Corporation (601136) Fair Value & Analysis

Financial Services · CN · Market cap 39.9B CNY

A solid business, but screening 55% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥8.21). The favourable scenario is already priced in.
• Solid but not exceptional quality (65/100) 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 (4 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

43‑month range ¥9.88 – ¥29.47 · fair‑value band ¥4.93 – ¥8.21 · the ¥14.61 price screens above the ¥6.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Capital Securities Corporation (601136) currently trades at ¥14.61, while our model-based Fair Value estimate is ¥6.57, implying the stock looks roughly 55.0% overvalued today. The Quality Score stands at 65/100 (solid 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, Capital Securities Corporation generated revenue of 2.7B CNY at a net margin of 41.5%. Revenue grew 30.8% year over year. It earns a return on equity of 7.5%. Net debt stands at 3.0B CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥4.93 (bear case) to ¥8.21 (bull case); at ¥14.61, 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 41% below its 52-week high and 10% 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 -55%, 601136 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 (¥4.28) versus Asset-Based (¥3.37). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

Capital Securities Corporation Limited operates in the financial securities industry in China. It operates through Wealth Management Business, Asset Management Business, Investment Business, Investment Banking Business, and Others segments.

Full company description

Capital Securities Corporation Limited operates in the financial securities industry in China. It operates through Wealth Management Business, Asset Management Business, Investment Business, Investment Banking Business, and Others segments. The company offers wealth management services, including mutual and private equity funds, margin and credit trading, trust, and credit services, as well as brokerage services, including trading, research, and product sales support services. It also provides fixed income services, such as short-term financing, exchange-traded privately placed corporate bonds, treasury bonds, central bank bills, medium-term notes, financial and convertible bonds, and derivatives. In addition, the company offers investment banking services; equity financing services comprising initial public offerings and refinancing; mergers and acquisitions (M&A) and financial advisory services consisting of major asset purchases or sales, share issuance for asset acquisition, cross-border M&A, mergers and spin-offs, backdoor listings, equity incentives, and market capitalization management; capital intermediary services, including M&A and equity investment funds, M&A and bridge financing, structured and mezzanine financing, and bond resale; and debt financing services, such as corporate bonds, financial bonds, company bonds, and asset securitization services. Further, it provides stock sponsorship and underwriting; bond issuance and underwriting; securities brokerage; commodity futures and financial futures brokerage; asset management; equity investment management; financial consulting; project investment; and consulting services for non-securities businesses. The company serves corporate, institutional, retail, and high-net-worth clients. The company was incorporated in 2000 and is headquartered in Beijing, China. Capital Securities Corporation Limited operates as a subsidiary of Beijing Capital Venture Group Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Capital Securities Corporation reported revenue of ¥2.5B in FY2025 versus ¥2.1B in FY2021, a compound +4.9%/yr. Reported net income was ¥1.1B in FY2025, compounding +5.3%/yr from FY2021.

601136 screens 55% 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.

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.