China National Electric Apparatus Research Institute Co (688128) Fair Value & Analysis
Industrials · CN · Market cap 10.7B CNY
Fair value as of: Jul 12, 2026
From 26 valuation models · updated 29 days ago
Fair value updated Jul 12, 2026, revised from ¥27.05 to ¥26.54 (−1.9%) since Jun 24, 2026. Share price −1.6% over the past month.
A solid business, screening 18% undervalued on our models.
What matters now
- Our model range runs from ¥20.45 (bear) to ¥32.63 (bull), base ¥26.54. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 71/100 (solid quality) with medium evidence: read the verdict with care.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range ¥14.09 – ¥47.27 · fair‑value band ¥20.45 – ¥32.63 · the ¥22.47 price screens below the ¥26.54 fair value. Dashed = 300-day average. As of Jul 12, 2026.
Analysis
China National Electric Apparatus Research Institute Co (688128) currently trades at ¥22.47, while our model-based Fair Value estimate is ¥26.54, implying the stock looks roughly 18.1% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Industrials 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: medium), always confirm before acting.
Over the trailing twelve months, China National Electric Apparatus Research Institute Co generated revenue of 4.8B CNY at a net margin of 11.3%. Revenue grew 4.2% year over year. It earns a return on equity of 15.6%. The balance sheet holds a net cash position of 884M CNY. Fundamentals as of Jul 12, 2026
Our scenario range runs from ¥20.45 (bear case) to ¥32.63 (bull case); at ¥22.47, 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, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 18%, 688128 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 26 models by family
Widest divergence: DCF Models (¥35.96) versus Asset-Based (¥5.69). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 71 · Market factors (momentum, volatility) 36
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
China National Electric Apparatus Research Institute Co., Ltd. provides solutions in the fields of quality and technology services, intelligent equipment, environmental-friendly coatings, and polyester resins in China and internationally.
Full company description
China National Electric Apparatus Research Institute Co., Ltd. provides solutions in the fields of quality and technology services, intelligent equipment, environmental-friendly coatings, and polyester resins in China and internationally. It operates through Complete Equipment; Electrical Equipment; Quality and Technical Service; and Environmental Protection Coatings and Resins segments. The company offers quality and technical services, including product testing and certification, management system certification, standard formulation and revision, metrology and calibration, proficiency testing, laboratory establishment, training, product inspection, factory audit, risk analysis, research and development support, and technical consultancy services in the areas of smart homes, intelligent vehicles, 5G communications, intelligent equipment, healthcare, consumer goods, and rail traffic; and extended services. It also provides intelligent home appliance factory one-stop solutions, generator excitation systems, automatic testing systems of new energy battery, power electronics equipment, AS/RS and logistics, and intelligent equipment for automobiles. In addition, the company offers polyester resins; and powder and liquid coatings. Further, it provides quality, home appliance industry, power electronics, cars and motorbikes, and green coatings of industrial products solutions; and technical services. The company was formerly known as Guangzhou Electric Apparatus of the First Ministry of Machine Industry of the PRC. China National Electric Apparatus Research Institute Co., Ltd. was founded in 1958 and is headquartered in Guangzhou, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
China National Electric Apparatus Research Institute Co reported revenue of ¥4.8B in FY2025 versus ¥3.4B in FY2021, a compound +8.7%/yr. Reported net income was ¥533M in FY2025, compounding +14.0%/yr from FY2021.
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Peer Group
Electrical Equipment & Parts · 528 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 Electrical Equipment & Parts 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.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$675.50 | HK$391.44 | -42% |
| ABB Ltd ABBN | CHF 83.82 | CHF 35.46 | -58% |
| Delta Electronics (Thailand) Public Company TDED | 10.16 SGD | 1.47 SGD | -86% |
| LG Energy Solution, Ltd 373220 | 334,000 KRW | 201,455 KRW | -40% |
| WEG S.A WEGE3 | 13,210 ARS | 7,948 ARS | -40% |
| Sungrow Power Supply Co 300274 | ¥114.79 | ¥123.83 | +8% |
| Shenzhen Inovance Technology Co 300124 | ¥63.43 | ¥33.04 | -48% |
| HD Hyundai Electric Co 267260 | 823,000 KRW | 371,133 KRW | -55% |
| LS ELECTRIC Co 010120 | 190,000 KRW | 31,517 KRW | -83% |
| Sieyuan Electric Co 002028 | ¥151.73 | ¥71.69 | -53% |
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Frequently asked questions
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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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