Pinming Technology Co (688109) Fair Value & Analysis
Technology · CN · Market cap 5.9B CNY
Fair value as of: Aug 13, 2026
From 26 valuation models · updated today
Fair value updated Aug 13, 2026, revised from ¥12.00 to ¥15.71 (+30.9%) since Aug 12, 2026. Share price +7.2% over the past month.
A strong business, but screening 80% overvalued on our models.
What matters now
- A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (¥18.89). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ¥13.54 – ¥179.41 · fair‑value band ¥12.52 – ¥18.89 · the ¥77.42 price screens above the ¥15.71 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Pinming Technology Co (688109) currently trades at ¥77.42, while our model-based Fair Value estimate is ¥15.71, implying the stock looks roughly 79.7% overvalued today. The Quality Score stands at 76/100 (high quality), in the Technology 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: medium).
Over the trailing twelve months, Pinming Technology Co generated revenue of 417M CNY at a net margin of 7.6%. Revenue declined 31.8% year over year. It earns a return on equity of 4.0%. The balance sheet holds a net cash position of 235M CNY. Fundamentals as of Aug 13, 2026
Our scenario range runs from ¥12.52 (bear case) to ¥18.89 (bull case); at ¥77.42, 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 59% below its 52-week high and 176% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -40% fair-value upside, at -80%, 688109 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.
All 26 models by family
Widest divergence: DCF Models (¥20.02) versus Asset-Based (¥6.76). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 77 · Market factors (momentum, volatility) 49
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
Pinming Technology Co., Ltd. engages in research and development, sale, and technical service of Internet of Things software and hardware systems, and related products. It develops calculation software, formwork design software, construction planning software, HiBIM software, and building information software.
Full company description
Pinming Technology Co., Ltd. engages in research and development, sale, and technical service of Internet of Things software and hardware systems, and related products. It develops calculation software, formwork design software, construction planning software, HiBIM software, and building information software. The company is also involved in the research and development, and sale of network equipment and security monitoring products, as well as provision of information system integration and technical services. Pinming Technology Co., Ltd. was founded in 2011 and is based in Hangzhou, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pinming Technology Co reported revenue of ¥437M in FY2025 versus ¥475M in FY2021, a compound −2.1%/yr. Reported net income was ¥47.3M in FY2025, compounding −6.8%/yr from FY2021.
of which total revenue +23.3 pp · buybacks/dilution −13.8 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
688109 screens 80% overvalued. Compare with SAP SE →
Peer Group
Software - Application · 713 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 Software - Application 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 Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.46 | C$16.26 | +30% |
| Shopify Inc SHOP | C$209.78 | C$28.76 | -86% |
| Uber Technologies, Inc UBER | $75.36 | $43.66 | -42% |
| Salesforce, Inc CRM | $193.32 | $249.28 | +29% |
| ServiceNow, Inc NOW | $124.94 | $43.73 | -65% |
| Cadence Design Systems, Inc CDNS | $323.13 | $112.57 | -65% |
| Beijing Kingsoft Office Software, Inc 688111 | ¥254.50 | ¥81.23 | -68% |
| Tata Elxsi Limited TATAELXSI | ₹3,712 | ₹2,519 | -32% |
| Douzone Bizon Co 012510 | 120,000 KRW | 92,181 KRW | -23% |
| KFin Technologies Limited KFINTECH | ₹922.00 | ₹556.85 | -40% |
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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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