Primarius Technologies Co. Ltd. A (688206) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Primarius Technologies Co. Ltd. A ¥17.23, price ¥34.34, upside -49.8%, quality 64 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 Oct 3, 2026.
How to read this chart
57‑month range ¥12.53 – ¥53.00 · fair‑value band ¥17.16 – ¥22.39 · the ¥34.34 price screens above the ¥17.23 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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Primarius Technologies Co., Ltd. researches, designs, and develops electronic design automation (EDA) tools in China, and internationally.
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Primarius Technologies Co., Ltd. researches, designs, and develops electronic design automation (EDA) tools in China, and internationally. It offers Fab EDA; digital design EDA; testing systems that include parameter testing, noise measurement, and integrated testing; and design enablement services, consisting of wafer testing, SPICE modeling, testchip design, new device, and PDK and IP development. The company provides technology solutions comprising design technology co-optimization that optimizes process recipe, device performance, circuit YPPA, and reliability; design enablement for foundries and fabless companies; IC simulation and verification through NanoSpice; full custom design using NanoDesigner; and standard cell library design acceleration solution. It serves wafer foundries, memory manufacturers, and integrated circuit companies. The company was founded in 2010 and is headquartered in Shanghai, China.
Stock analysis
Primarius Technologies Co. Ltd. A (688206) currently trades at ¥34.34, while our model-based Fair Value estimate is ¥17.23, 49.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥4.72 per share, and 0 of the 23 models we run sit above the ¥34.34 price.
Bear case: the Multiples group reads lowest at ¥1.81, and 23 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥17.16 (bear) to ¥22.39 (bull), the price of ¥34.34 sits above 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 64/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Primarius Technologies Co. Ltd. A reported revenue of 484M CNY in FY2025 versus 194M CNY in FY2021, a compound +25.7%/yr. Reported net income was 34.2M CNY in FY2025, compounding +4.6%/yr from FY2021.
Key figures
Market cap 18.2B CNY (≈ $2.7B) · P/E ratio 767.0 · P/S ratio 54.3 · EPS (TTM) ¥−0.0400 · Dividend yield 0.1% · Net margin 7.1% · Return on equity −0.9% · Return on assets (EBIT) −1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at −50%, 688206 screens richer than that median.
Fair Value models
Bear ¥17.16Fair Value ¥17.23Bull ¥22.39
Price ¥34.34 · Upside -49.8%
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. 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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.4%
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.
+20.2%
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.
+28.6%
Start year 2020 (pandemic)
Revenue growth 6 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.
+39.6%
’19
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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.
+2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.3%
Dividend (yield on the price)0.1%
Profit margin 2020 to 2025 ⓘ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.16% → 1%
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).
+69.0%
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 +66.2% a year for the price.
Compare Primarius Technologies Co. Ltd. A 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 - Infrastructure · 333 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−49.8% · Below median
Profitability
Return on assets−2.0% · Below median
Net margin (TTM)−3.7% · Below median
Operating margin (TTM)1.3% · Below median
Growth and dividend
Revenue growth10.0% · Below median
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (TTM)767.0× · Priciest 25%
P/B1.36× · Cheaper than median
P/S (TTM)5.38× · Pricier than median
P/FCF67.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 23
FUTURE (revenue growth)50· sector 60
PAST (return on equity)0· sector 25
HEALTH (low debt)100· sector 98
DIVIDEND (yield)2· sector 32
VALUE 0: the price sits above our fair-value range.
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). "Primarius Technologies Co. Ltd. A Fair Value". https://www.fairvalue-calculator.com/stock/688206
Frequently asked questions
Is Primarius Technologies Co. Ltd. A (688206) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ¥17.23 versus a price of ¥34.34, about −50% upside (overvalued).
What is the fair value of 688206?
Our model-based fair value for Primarius Technologies Co. Ltd. A is ¥17.23 (as of Oct 3, 2026), built from audited fundamentals. The current price: ¥34.34.
What is the quality score of 688206?
Primarius Technologies Co. Ltd. A has a Quality Score of 64/100. 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 Primarius Technologies Co. Ltd. A (688206)?
Our model-based price target is the fair value of ¥17.23 (as of Oct 3, 2026) from 23 valuation models. Cautious scenario ¥17.16, optimistic scenario ¥22.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Primarius Technologies Co. Ltd. A stock forecast for 2026?
Our models put fair value at ¥17.23, about −50% upside versus a price of ¥34.34 (overvalued). Cautious scenario ¥17.16, optimistic scenario ¥22.39. The calculation is refreshed regularly with new filings.
What is the revenue of Primarius Technologies Co. Ltd. A (688206)?
Primarius Technologies Co. Ltd. A reported trailing-twelve-month revenue of about 506M CNY (latest available figure, as of Oct 3, 2026).
Does Primarius Technologies Co. Ltd. A pay a dividend?
Primarius Technologies Co. Ltd. A currently shows a dividend yield of about 0.09% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Primarius Technologies Co. Ltd. A (688206)?
For today's price to be fair in a discounted-cash-flow model, Primarius Technologies Co. Ltd. A would have to grow free cash flow by +69.0 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.6 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of 688206 use?
Our models discount Primarius Technologies Co. Ltd. A at 9.9 %: a base by market capitalisation (mid), damped by beta 0.79, 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 Primarius Technologies Co. Ltd. A that is +69.0 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Primarius Technologies Co. Ltd. A (688206) delivered so far?
Over the past 5 years revenue at Primarius Technologies Co. Ltd. A grew +28.6 % a year. The price currently implies +69.0 % 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 Primarius Technologies Co. Ltd. A (688206) growing?
The median revenue growth in the sector is +10.6 % a year. That is the yardstick for the growth priced into Primarius Technologies Co. Ltd. A (+69.0 % 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 Primarius Technologies Co. Ltd. A (688206)?
The free-cash-flow yield on the price is 0.27 %: that much free cash flow Primarius Technologies Co. Ltd. A produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Primarius Technologies Co. Ltd. A (688206)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Primarius Technologies Co. Ltd. A it is ¥17.23 per share (as of Oct 3, 2026), against a price of ¥34.34. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Primarius Technologies Co. Ltd. A stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 688206 trades above its calculated fair value: price ¥34.34, fair value ¥17.23, a gap of about −50% (overvalued). 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 688206?
No. The price is what the market pays today (¥34.34); the fair value is what the company's own numbers justify (¥17.23). For Primarius Technologies Co. Ltd. A the two are ¥17.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Primarius Technologies Co. Ltd. A worth?
The market values Primarius Technologies Co. Ltd. A at about 18.2B CNY (market capitalisation, as of Oct 3, 2026). Per share that is ¥34.34; our models calculate a fair value of ¥17.23 per share.
What do the bullish and bearish scenarios say about 688206?
Our models span a range for Primarius Technologies Co. Ltd. A: cautious scenario ¥17.16, base ¥17.23, optimistic ¥22.39 per share (as of Oct 3, 2026, price ¥34.34). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Primarius Technologies Co. Ltd. A (688206)?
Balance-sheet figures for Primarius Technologies Co. Ltd. A (as of Oct 3, 2026): return on equity −0.9%, debt of 0.01 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 688206 from its 52-week high?
Primarius Technologies Co. Ltd. A trades at ¥34.34, about 35% below its 52-week high of ¥53.00 and 17% above the low of ¥29.40 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ¥17.23 is for.
Which stocks are comparable to Primarius Technologies Co. Ltd. A?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, 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 Primarius Technologies Co. Ltd. A stock attractive at the current price?
The data as of Oct 3, 2026: price ¥34.34, calculated fair value ¥17.23 (−50%), Quality Score 64/100, from 23 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 688206 calculated?
We run Primarius Technologies Co. Ltd. A through 23 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 ¥17.23, 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 14.9 % above its aggregate fair value. Primarius Technologies Co. Ltd. A itself currently trades above fair value. 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 Primarius Technologies Co. Ltd. A (688206)?
The closing price on Sep 30, 2026 was ¥34.34. Our model-based fair value is ¥17.23, about −50% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Primarius Technologies Co. Ltd. A right now?
The price sits above even our optimistic bull case (¥22.39). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Primarius Technologies Co. Ltd. A
How large is the market capitalisation of Primarius Technologies Co. Ltd. A (688206)?
The market capitalisation of Primarius Technologies Co. Ltd. A is 18.2B CNY (≈ $2.7B). 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/E ratio of Primarius Technologies Co. Ltd. A (688206)?
The price-to-earnings ratio of Primarius Technologies Co. Ltd. A is 767.0 (as of Jun 16, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Primarius Technologies Co. Ltd. A (688206)?
The price-to-sales ratio of Primarius Technologies Co. Ltd. A is 54.3 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Primarius Technologies Co. Ltd. A (688206)?
Earnings per share at Primarius Technologies Co. Ltd. A are ¥−0.0400 (price ÷ EPS = P/E 767.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Primarius Technologies Co. Ltd. A (688206)?
The dividend yield of Primarius Technologies Co. Ltd. A is 0.1%. 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 Primarius Technologies Co. Ltd. A (688206)?
The net margin of Primarius Technologies Co. Ltd. A is 7.1% (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 Primarius Technologies Co. Ltd. A (688206)?
The return on equity (ROE) of Primarius Technologies Co. Ltd. A is −0.9% (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 Primarius Technologies Co. Ltd. A (688206)?
On an EBIT basis the return on assets of Primarius Technologies Co. Ltd. A is −1.1% (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 Primarius Technologies Co. Ltd. A (688206)?
The operating margin of Primarius Technologies Co. Ltd. A is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Primarius Technologies Co. Ltd. A (688206)?
Revenue at Primarius Technologies Co. Ltd. A is growing +10.0% versus a year earlier (3y avg +20.2%). 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 Primarius Technologies Co. Ltd. A (688206)?
Earnings per share at Primarius Technologies Co. Ltd. A are growing −90.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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