Linewell Software Co Ltd (603636) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Linewell Software Co Ltd ¥8.99, price ¥8.81, upside +2.0%, quality 51 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ¥6.00 – ¥18.78 · fair‑value band ¥6.15 – ¥12.77 · the ¥8.81 price screens below the ¥8.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Linewell Software Co., Ltd. provides artificial intelligence and data services in China. It offers large model reasoning machine; government services; data governance; public safety; urban governance; smart politics and law; and smart environmental protection products. The company was founded in 2002 and is headquartered in Quanzhou, China.
Stock analysis
Linewell Software Co Ltd (603636) currently trades at ¥8.81, while our model-based Fair Value estimate is ¥8.99, implying the stock looks roughly 2.0% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥8.66 per share, and 2 of the 9 models we run sit above the ¥8.81 price.
Bear case: the Dividend Discount group reads lowest at ¥1.17, and 7 of the 9 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥6.15 (bear) to ¥12.77 (bull), the price of ¥8.81 sits inside 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 51/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Linewell Software Co Ltd reported revenue of 836M CNY in FY2025 versus 1.7B CNY in FY2021, a compound −16.5%/yr. Reported net income was −447M CNY in FY2025.
Key figures
Market cap 5.1B CNY (≈ $763M) · P/S ratio 5.62 · EPS (TTM) ¥−0.8000 · Dividend yield 1.2% · Net margin −53.4% · Return on equity −22.0% · Return on assets (EBIT) −0.9% · Operating margin −47.6%.
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 39% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −13% fair-value upside, at 2%, 603636 screens cheaper than that median.
Fair Value models
Bear ¥6.15Fair Value ¥8.99Bull ¥12.77
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.29/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+13.5%
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.
−21.7%
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.
−11.5%
Start year 2020 (pandemic). Over 10 years: +9.3% a year
Revenue growth 14 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.
+10.0%
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Profit margin (trend) ⓘ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.
18.3% (2020) → −29.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +4.7% a year for the price.
Compare Linewell Software Co Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Software - Application · 710 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+2% · Above median
Profitability
Return on assets−4% · Below median
Net margin (TTM)−59% · Bottom 25%
Operating margin (TTM)−48% · Bottom 25%
Growth and dividend
Revenue growth−32% · Bottom 25%
Dividend yield (TTM)1.2% · Below median
Balance sheet
Debt / equity0.17× · Above median
Valuation Multiplesvs Software - Application 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). "Linewell Software Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603636
Frequently asked questions
Is Linewell Software Co Ltd (603636) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥8.99 versus a price of ¥8.81, about +2% upside (fairly valued).
What is the fair value of 603636?
Our model-based fair value for Linewell Software Co Ltd is ¥8.99 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥8.81.
What is the quality score of 603636?
Linewell Software Co Ltd has a Quality Score of 51/100. 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 Linewell Software Co Ltd (603636)?
Our model-based price target is the fair value of ¥8.99 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario ¥6.15, optimistic scenario ¥12.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Linewell Software Co Ltd stock forecast for 2026?
Our models put fair value at ¥8.99, about +2% upside versus a price of ¥8.81 (fairly valued). Cautious scenario ¥6.15, optimistic scenario ¥12.77. The calculation is refreshed regularly with new filings.
What is the revenue of Linewell Software Co Ltd (603636)?
Linewell Software Co Ltd reported trailing-twelve-month revenue of about 782M CNY (latest available figure, as of Sep 24, 2026).
Does Linewell Software Co Ltd pay a dividend?
Linewell Software Co Ltd currently shows a dividend yield of about 1.24% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Linewell Software Co Ltd (603636)?
For today's price to be fair in a discounted-cash-flow model, Linewell Software Co Ltd would have to grow free cash flow by +6.4 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 603636 use?
Our models discount Linewell Software Co Ltd at 10.4 %: a base by market capitalisation (small), damped by beta 0.40, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Linewell Software Co Ltd that is +6.4 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Linewell Software Co Ltd (603636) delivered so far?
Over the past 5 years revenue at Linewell Software Co Ltd grew -11.5 % a year. The price currently implies +6.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Linewell Software Co Ltd (603636) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Linewell Software Co Ltd (+6.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Linewell Software Co Ltd (603636)?
The free-cash-flow yield on the price is 7.36 %: that much free cash flow Linewell Software Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Linewell Software Co Ltd (603636)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Linewell Software Co Ltd it is ¥8.99 per share (as of Sep 24, 2026), against a price of ¥8.81. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Linewell Software Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 603636 trades below its calculated fair value: price ¥8.81, fair value ¥8.99, a gap of about +2% (fairly valued). 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 603636?
No. The price is what the market pays today (¥8.81); the fair value is what the company's own numbers justify (¥8.99). For Linewell Software Co Ltd the two are ¥0.1800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Linewell Software Co Ltd worth?
The market values Linewell Software Co Ltd at about 5.1B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥8.81; our models calculate a fair value of ¥8.99 per share.
What do the bullish and bearish scenarios say about 603636?
Our models span a range for Linewell Software Co Ltd: cautious scenario ¥6.15, base ¥8.99, optimistic ¥12.77 per share (as of Sep 24, 2026, price ¥8.81). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Linewell Software Co Ltd (603636)?
Balance-sheet figures for Linewell Software Co Ltd (as of Sep 24, 2026): return on equity −22.0%, debt of 0.17 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 603636 from its 52-week high?
Linewell Software Co Ltd trades at ¥8.81, about 39% below its 52-week high of ¥14.54 and 47% above the low of ¥6.00 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥8.99 is for.
Which stocks are comparable to Linewell Software Co Ltd?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, 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 Linewell Software Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥8.81, calculated fair value ¥8.99 (+2%), Quality Score 51/100, from 9 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 603636 calculated?
We run Linewell Software Co Ltd through 9 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 ¥8.99, 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 14.1 % above its aggregate fair value. Linewell Software Co Ltd currently trades 2 % 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 Linewell Software Co Ltd (603636)?
The closing price on Sep 23, 2026 was ¥8.81. Our model-based fair value is ¥8.99, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Linewell Software Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥6.15 to ¥12.77) leaves room in how you read the outcome.
Where does the earnings growth of Linewell Software Co Ltd (603636) come from?
Earnings per share at Linewell Software Co Ltd grew −3.4 % a year from 2013 to 2024. Broken into its drivers: revenue per share +14.6 %, EBIT margin −12.2 %, tax rate +1.5 %, residual (interest, one-offs) −5.4 %. 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 Linewell Software Co Ltd
How large is the market capitalisation of Linewell Software Co Ltd (603636)?
The market capitalisation of Linewell Software Co Ltd is 5.1B CNY (≈ $763M). 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 Linewell Software Co Ltd (603636)?
The price-to-sales ratio of Linewell Software Co Ltd is 5.62 (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 Linewell Software Co Ltd (603636)?
Earnings per share at Linewell Software Co Ltd are ¥−0.8000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Linewell Software Co Ltd (603636)?
The dividend yield of Linewell Software Co Ltd is 1.2%. 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 Linewell Software Co Ltd (603636)?
The net margin of Linewell Software Co Ltd is −53.4% (fiscal year 2025). 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 Linewell Software Co Ltd (603636)?
The return on equity (ROE) of Linewell Software Co Ltd is −22.0% (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 Linewell Software Co Ltd (603636)?
On an EBIT basis the return on assets of Linewell Software Co Ltd is −0.9% (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 Linewell Software Co Ltd (603636)?
The operating margin of Linewell Software Co Ltd is −47.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Linewell Software Co Ltd (603636)?
Revenue at Linewell Software Co Ltd is growing −31.5% versus a year earlier (3y avg −21.7%). 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 Linewell Software Co Ltd (603636)?
Earnings per share at Linewell Software Co Ltd are growing −32.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Linewell Software Co Ltd (603636) carry?
The net debt of Linewell Software Co Ltd is 663M CNY (fiscal year 2025, ≈ 1.8 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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