China State Construction Engineering Corp Ltd (601668) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of China State Construction Engineering Corp Ltd stock ¥13.95, price ¥4.65, upside +200.0%, quality 37 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
60‑month range ¥4.05 – ¥6.78 · fair‑value band ¥9.73 – ¥17.00 · the ¥4.65 price screens below the ¥13.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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China State Construction Engineering Corporation Limited, together with its subsidiaries, operates as an investment and construction company in China and internationally.
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It operates through five segments: Housing Construction Projects; Infrastructure Construction and Investment; Real Estate Development and Investment; Design and Investigation; and Others.
Its housing construction projects includes general contracting and professional contracting projects, such as foundation, steel structure, building installation, decoration, etc.
The company's infrastructure projects comprises transportation projects, including highways, municipal roads, railways, urban rail transit, airports, ports and docks, parking lots, tunnels, bridges, and waterways; energy; petrochemical; water supply and treatment; environmental protection; postal and telecommunications; defense and disaster prevention; hydraulic; and other projects, such as outdoor stadiums, outdoor entertainment facilities, land reclamation, artificial islands, underground comprehensive pipeline corridors, pipeline networks, etc.
It also includes corridors, ports and waterways, electricity, mining, metallurgy, petrochemicals, airports, and nuclear power plants, as well as expressways and urban integrated management at home and abroad.
In addition, the company is involved in the real estate development, financing, and investment activities; and architectural design, urban planning, engineering survey, and other fields, such as airports, hotels, sports, exhibition, ancient, super high-rise buildings, etc.
Further, it engages in municipal, transport, energy engineering; water and environmental protection; water conservancy and water transport; and in land development, machinery and equipment leasing, engineering supervision, etc. The company was founded in 1982 and is based in Beijing, China.
China State Construction Engineering Corporation Limited operates as a subsidiary of China Construction Engineering Corp.
Stock analysis
China State Construction Engineering Corp Ltd (601668) currently trades at ¥4.65, while our model-based Fair Value estimate is ¥13.95, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥18.54 per share, and 17 of the 17 models we run sit above the ¥4.65 price.
Bear case: the DCF Models group reads lowest at ¥6.18, and 0 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥9.73 (bear) to ¥17.00 (bull), the price of ¥4.65 sits below 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 37/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
China State Construction Engineering Corp Ltd reported revenue of 2.1T CNY in FY2025 versus 1.9T CNY in FY2021, a compound +2.4%/yr. Reported net income was 39.1B CNY in FY2025, compounding −6.7%/yr from FY2021.
Key figures
Market cap 192B CNY (≈ $28.9B) Large · P/E ratio 6.1 · P/S ratio 0.14 · EPS (TTM) ¥0.7600 · Dividend yield 5.8% · Net margin 1.6% · Return on equity 5.3% · Return on assets (EBIT) 3.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −37% fair-value upside, at 200%, 601668 screens cheaper than that median.
Fair Value models
Bear¥9.73Fair Value ¥13.95Bull¥17.00
Price ¥4.65 · Upside +200.0%
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 (¥0.4051 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.
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.31/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.8%
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.
+0.4%
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.
+5.2%
Start year 2020 (pandemic). Over 10 years: +9.0% 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.
+16.1%
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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.
+3.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.8%
Dividend (yield on the price)5.8%
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.−2.8% vs 4.8%, 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.6% → 4%
AI conclusion: Limited public evidence of a durable moat forms the main weakness for this large construction firm while expanding overseas orders and data-center projects provide its chief strength.
Main risk: Negative free cash flow and high leverage relative to equity risk constraining the firm's ability to handle project payments and sustain international operations.
Domestic building starts dropped 18 percent as the local market contracted, yet overseas orders rose more than 70 percent and data-center work expanded. Our models see the stock as undervalued. Will the surge in international and specialized projects more than offset the domestic slowdown, or will operating cash flows stay under pressure?
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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.Engineering & Construction · 796 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (12 months)5.3% · Below median
Return on assets1.5% · Below median
Net margin (12 months)2.2% · Below median
Operating margin (12 months)5.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−16.1% · Bottom 25%
Dividend yield (12 months)5.8% · Top 25%
Balance sheet
Debt / equity1.30× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "China State Construction Engineering Corp Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601668
Frequently asked questions
Is China State Construction Engineering Corp Ltd (601668) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of ¥13.95 versus a price of ¥4.65, about +200% upside (undervalued).
What is the fair value of 601668?
Our model-based fair value for China State Construction Engineering Corp Ltd is ¥13.95 (as of Oct 28, 2026), built from audited fundamentals. The current price: ¥4.65.
What is the quality score of 601668?
China State Construction Engineering Corp Ltd has a Quality Score of 37/100. 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 State Construction Engineering Corp Ltd (601668)?
Our model-based price target is the fair value of ¥13.95 (as of Oct 28, 2026) from 17 valuation models. Cautious scenario ¥9.73, optimistic scenario ¥17.00. It is a calculation from audited fundamentals, not an analyst target.
What is the China State Construction Engineering Corp Ltd stock forecast for 2026?
Our models put fair value at ¥13.95, about +200% upside versus a price of ¥4.65 (undervalued). Cautious scenario ¥9.73, optimistic scenario ¥17.00. The calculation is refreshed regularly with new filings.
What is the revenue of China State Construction Engineering Corp Ltd (601668)?
China State Construction Engineering Corp Ltd reported trailing-twelve-month revenue of about 1.9T CNY (latest available figure, as of Oct 28, 2026).
Does China State Construction Engineering Corp Ltd pay a dividend?
China State Construction Engineering Corp Ltd currently shows a dividend yield of 5.85% relative to its recent price (as of Oct 28, 2026).
What is the intrinsic value of China State Construction Engineering Corp Ltd (601668)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China State Construction Engineering Corp Ltd it is ¥13.95 per share (as of Oct 28, 2026), against a price of ¥4.65. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is China State Construction Engineering Corp Ltd stock overvalued or undervalued in 2026?
As of Oct 28, 2026, 601668 trades below its calculated fair value: price ¥4.65, fair value ¥13.95, a gap of about +200% (undervalued). 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 601668?
No. The price is what the market pays today (¥4.65); the fair value is what the company's own numbers justify (¥13.95). For China State Construction Engineering Corp Ltd the two are ¥9.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is China State Construction Engineering Corp Ltd worth?
The market values China State Construction Engineering Corp Ltd at about 192B CNY (market capitalisation, as of Oct 28, 2026). Per share that is ¥4.65; our models calculate a fair value of ¥13.95 per share.
What do the bullish and bearish scenarios say about 601668?
Our models span a range for China State Construction Engineering Corp Ltd: cautious scenario ¥9.73, base ¥13.95, optimistic ¥17.00 per share (as of Oct 28, 2026, price ¥4.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601668?
China State Construction Engineering Corp Ltd trades at a price-to-earnings ratio of 6.1 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.95 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 5.0. Other multiples: P/B 0.4, P/S 0.1, EV/EBITDA 6.1.
How solid is the balance sheet of China State Construction Engineering Corp Ltd (601668)?
Balance-sheet figures for China State Construction Engineering Corp Ltd (as of Oct 28, 2026): return on equity 5.3%, debt of 1.30 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 601668 from its 52-week high?
China State Construction Engineering Corp Ltd trades at ¥4.65, about 18% below its 52-week high of ¥5.66 and 10% above the low of ¥4.22 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.95 is for.
Which stocks are comparable to China State Construction Engineering Corp Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 State Construction Engineering Corp Ltd stock attractive at the current price?
The data as of Oct 28, 2026: price ¥4.65, calculated fair value ¥13.95 (+200%), Quality Score 37/100, from 17 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 601668 calculated?
We run China State Construction Engineering Corp Ltd through 17 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 ¥13.95, 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 13.3 % above its aggregate fair value. China State Construction Engineering Corp Ltd currently trades 67 % below its own fair value, and the market average says nothing about that. 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 State Construction Engineering Corp Ltd (601668)?
The closing price on Oct 30, 2026 was ¥4.65. Our model-based fair value is ¥13.95, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China State Construction Engineering Corp Ltd right now?
The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (¥9.73). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of China State Construction Engineering Corp Ltd (601668) come from?
Earnings per share at China State Construction Engineering Corp Ltd grew +9.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +12.4 %, EBIT margin −3.3 %, tax rate +0.6 %, residual (interest, one-offs) +0.1 %. 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 State Construction Engineering Corp Ltd
How large is the market capitalisation of China State Construction Engineering Corp Ltd (601668)?
The market capitalisation of China State Construction Engineering Corp Ltd is 192B CNY (≈ $28.9B). 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 State Construction Engineering Corp Ltd (601668)?
The price-to-sales ratio of China State Construction Engineering Corp Ltd is 0.14 (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 State Construction Engineering Corp Ltd (601668)?
Earnings per share at China State Construction Engineering Corp Ltd are ¥0.7600 (price ÷ EPS = P/E 6.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China State Construction Engineering Corp Ltd (601668)?
The dividend yield of China State Construction Engineering Corp Ltd is 5.8% (payout 35.8%). 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 State Construction Engineering Corp Ltd (601668)?
The net margin of China State Construction Engineering Corp Ltd is 1.6% (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 State Construction Engineering Corp Ltd (601668)?
The return on equity (ROE) of China State Construction Engineering Corp Ltd is 5.3% (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 State Construction Engineering Corp Ltd (601668)?
On an EBIT basis the return on assets of China State Construction Engineering Corp Ltd is 3.3% (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 State Construction Engineering Corp Ltd (601668)?
The operating margin of China State Construction Engineering Corp Ltd is 5.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China State Construction Engineering Corp Ltd (601668)?
Revenue at China State Construction Engineering Corp Ltd is growing −16.1% versus a year earlier (3y avg +0.4%). 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 State Construction Engineering Corp Ltd (601668)?
Earnings per share at China State Construction Engineering Corp Ltd are growing −41.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China State Construction Engineering Corp Ltd (601668) generate?
The free cash flow of China State Construction Engineering Corp Ltd is −5.7B 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 State Construction Engineering Corp Ltd (601668) carry?
The net debt of China State Construction Engineering Corp Ltd is 398B CNY (fiscal year 2025). 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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Thin data
Oct 28, 2026