Industrial Bank Co (601166) Fair Value & Analysis

Financial Services · CN · Market cap 376B CNY

A solid business, screening 92% undervalued on our models.

What matters now

• The price is below even our cautious bear case (¥26.62). The market is more pessimistic than our downside scenario.
• Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
• 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 Jul 17, 2026.

How to read this chart

60‑month range ¥11.86 – ¥23.76 · fair‑value band ¥26.62 – ¥44.37 · the ¥18.48 price screens below the ¥35.50 fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Industrial Bank Co (601166) currently trades at ¥18.48, while our model-based Fair Value estimate is ¥35.50, implying the stock looks roughly 92.1% undervalued today. We read business quality at 57/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Industrial Bank Co generated revenue of 154B CNY at a net margin of 50.3%. Revenue declined 1.6% year over year. It earns a return on equity of 8.5%. Net debt stands at 3.5T CNY. Fundamentals as of Jul 17, 2026

Our scenario range runs from ¥26.62 (bear case) to ¥44.37 (bull case); at ¥18.48, the current price sits below 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 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 92%, 601166 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.

Widest divergence: DCF Models (¥69.78) versus Economic Profit (¥6.51). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Industrial Bank Co., Ltd. provides banking products and services in the People's Republic of China. The company's banking services include accepting deposits from the public; granting short-term, medium-term, and long-term loans; domestic and overseas settlement services; issuance of discount and acceptance bills and notes, as well as financial bonds; …

Full company description

Industrial Bank Co., Ltd. provides banking products and services in the People's Republic of China. The company's banking services include accepting deposits from the public; granting short-term, medium-term, and long-term loans; domestic and overseas settlement services; issuance of discount and acceptance bills and notes, as well as financial bonds; agency issuance and encashment, and underwriting of government bonds and debentures; trading of government and financial bonds and debentures; agency trading and trading of marketable securities except stock; asset custody business; settlement and sale of foreign exchanges; and inter-bank lending and borrowings. It also provides bank cards; letters of credit and guarantees; remittance and insurance agent services; safety deposit box and financial advisory services; and credit investigation, advisory, and attestation services. In addition, the company is involved in finance leasing, trust, fund raising and marketing, asset management, consumer finance, equity investment, industrial investment, and investment management and consulting; financial, business, and enterprise management consulting; financial data processing, commodity and financial futures brokerage, futures investment consulting, and economic information consulting; import and export of gold and its products; sale of public offering of fund; custody of securities investment funds; wealth management consulting and advisory services; and application software development and operational, and system integration services. Further, it engages in the acquisition, transfer, and disposal of bad debts in batches of financial and non-financial institutions; issuance of wealth management products and debt-to-equity swaps services; and other banking activities. Additionally, the company offers debit and credit card, and internet and mobile banking services. Industrial Bank Co., Ltd. was founded in 1988 and is headquartered in Fuzhou, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Industrial Bank Co reported revenue of ¥364B in FY2025 versus ¥391B in FY2021, a compound −1.7%/yr. Reported net income was ¥77.5B in FY2025, compounding −1.6%/yr from FY2021.

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Peer Group

Banks - Regional · 1082 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 Banks - Regional 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.

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.