PNC Process Systems Co (603690) Fair Value & Analysis
Industrials · CN · Market cap 10.5B CNY
Fair value as of: Jul 11, 2026
From 4 valuation models · updated 30 days ago
Fair value updated Jul 11, 2026, revised from ¥41.10 to ¥15.82 (−61.5%) since Jun 24, 2026. Share price −26.4% over the past month.
Below-average quality, and screening another 34% overvalued on our models.
What matters now
- Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (¥7.61 to ¥25.10). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range ¥17.43 – ¥57.38 · fair‑value band ¥7.61 – ¥25.10 · the ¥23.79 price screens above the ¥15.82 fair value. Dashed = 300-day average. As of Jul 11, 2026.
Analysis
PNC Process Systems Co (603690) currently trades at ¥23.79, while our model-based Fair Value estimate is ¥15.82, implying the stock looks roughly 33.5% overvalued today. The Quality Score stands at 27/100 (below-average quality), in the Industrials 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: low).
Over the trailing twelve months, PNC Process Systems Co generated revenue of 2.7B CNY at a net margin of -30.3%. Revenue declined 14.7% year over year. It earns a return on equity of -19.1%. Net debt stands at 4.7B CNY. Fundamentals as of Jul 11, 2026
Our scenario range runs from ¥7.61 (bear case) to ¥25.10 (bull case); at ¥23.79, the current price sits within 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 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -34%, 603690 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.
All 4 models by family
Widest divergence: Dividend Discount (¥13.34) versus Asset-Based (¥6.12). Highest evidence: Gordon GGM (70).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 25 · Market factors (momentum, volatility) 34
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
PNC Process Systems Co., Ltd. researches, develops, produces, and sells semiconductor process equipment, system integration and support equipment, and electronic materials in China and internationally. The company operates through System Integration, Electronic Materials, and Equipment Business segments. It provides professional services.
Full company description
PNC Process Systems Co., Ltd. researches, develops, produces, and sells semiconductor process equipment, system integration and support equipment, and electronic materials in China and internationally. The company operates through System Integration, Electronic Materials, and Equipment Business segments. It provides professional services. The company offers its products to electronics, biology, and energy industries. PNC Process Systems Co., Ltd. was founded in 2000 and is based in Shanghai, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
PNC Process Systems Co reported revenue of ¥2.9B in FY2025 versus ¥2.1B in FY2021, a compound +8.2%/yr. Reported net income was −¥777M in FY2025.
603690 screens 34% overvalued. Compare with GE Vernova Inc →
Peer Group
Specialty Industrial Machinery · 809 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 Specialty Industrial Machinery 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.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc 1GEV | €887.60 | €186.93 | -79% |
| 1SIE 1SIE | €273.20 | €91.93 | -66% |
| SMNS SMNS | C$31.76 | C$22.68 | -29% |
| Eaton Corporation ETN | $407.28 | $171.92 | -58% |
| Atlas Copco AB ATCOA | kr 195.15 | kr 112.59 | -42% |
| Sandvik AB SAND | kr 384.10 | kr 193.01 | -50% |
| Doosan Enerbility Co 034020 | 76,400 KRW | 7,938 KRW | -90% |
| Vestas Wind Systems A/S VWS | kr 178.10 | kr 124.54 | -30% |
| Zhejiang Sanhua Intelligent Controls Co 002050 | ¥43.20 | ¥22.68 | -48% |
| NARI Technology Co 600406 | ¥22.19 | ¥18.71 | -16% |
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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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