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Shanghai Aohua Photoelectricity Endoscope Co (688212) Fair Value & Analysis

Healthcare · CN · Market cap 3.9B CNY

SA Shanghai Aohua Photoelectricity Endoscope Co 688212 · SHG
Price¥27.48
Fair Value¥25.22
Upside-8.2%
Quality44/100
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Expensive Growth
Thin margins · 1.5% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/13)
Narrow moat 36/100
Evidence: High Range ¥17.05 – ¥32.89 Share as image

Fair value as of: Jul 12, 2026

From 16 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from ¥6.16 to ¥25.22 (+309.4%) since Jun 24, 2026. Share price +1.2% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥17.05 to ¥32.89) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥81.58 ¥25.37 Fair Value ¥25.22 Nov 2021 Aug 2026

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

57‑month range ¥25.37 – ¥81.58 · fair‑value band ¥17.05 – ¥32.89 · the ¥27.48 price screens above the ¥25.22 fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Shanghai Aohua Photoelectricity Endoscope Co (688212) currently trades at ¥27.48, while our model-based Fair Value estimate is ¥25.22, implying the stock looks roughly 8.2% fairly valued today. The Quality Score stands at 44/100 (below-average quality), in the Healthcare 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: high).

Over the trailing twelve months, Shanghai Aohua Photoelectricity Endoscope Co generated revenue of 774M CNY at a net margin of 1.5%. Revenue grew 40.9% year over year. It earns a return on equity of 0.9%. Fundamentals as of Jul 12, 2026

Our scenario range runs from ¥17.05 (bear case) to ¥32.89 (bull case); at ¥27.48, 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 51% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -22% fair-value upside, at -8%, 688212 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.

Model BearBaseBull Evidence
Highest evidence
Residual Income ¥6.58 ¥6.16 ¥4.34 76
ROIC Compounder ¥4.56 ¥4.91 ¥5.22 72
Gordon GGM ¥1.08 ¥2.15 ¥3.26 70
All 16 models by family
Earnings-Based
Graham-Dodd ¥0.5800 ¥3.42 ¥4.76 54
Lynch FV ¥0.9700 ¥1.39 ¥1.80 50
PEG = 1.0 ¥0.9700 ¥1.39 ¥1.80 46
EPV ¥4.56 ¥4.91 ¥5.22 59
Dividend Discount
Gordon GGM ¥1.08 ¥2.15 ¥3.26 70
DDM Multi-Stage ¥1.08 ¥1.86 ¥2.27 61
Multiples
P/E Multiple ¥1.40 ¥1.87 ¥2.34 63
P/S Multiple ¥1.08 ¥1.45 ¥1.81 58
P/B Multiple ¥1.08 ¥1.45 ¥1.81 55
EV/EBIT ¥6.30 ¥7.62 ¥8.95 53
EV/EBITDA ¥11.30 ¥14.30 ¥17.29 54
EV/Revenue ¥5.16 ¥6.37 ¥7.59 43
Asset-Based
NCAV (Graham) ¥4.87 ¥6.53 ¥9.75 50
Economic Profit
Residual Income ¥6.58 ¥6.16 ¥4.34 76
ROIC Compounder ¥4.56 ¥4.91 ¥5.22 72
Growth Earnings
Growth-Adj P/E ¥1.45 ¥2.07 ¥2.70 68

Widest divergence: Asset-Based (¥6.53) versus Earnings-Based (¥1.39). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 774M CNY
Revenue growth (YoY) +40.9%
Net margin 1.5%
Return on equity 0.9%
Free cash flow −151M CNY FY2025
P/E ratio 238.4
More key figures
Operating margin 22.1%
EPS (TTM) ¥0.1200
EPS growth (YoY) +420%

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 25

Profitability 25
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

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

Shanghai Aohua Photoelectricity Endoscope Co., Ltd. engages in the research and development, manufacture, and sale of electronic endoscope equipment and endoscopic diagnosis and treatment consumables in China and internationally.

Full company description

Shanghai Aohua Photoelectricity Endoscope Co., Ltd. engages in the research and development, manufacture, and sale of electronic endoscope equipment and endoscopic diagnosis and treatment consumables in China and internationally. It offers electronic digestive endoscopes, otolaryngoscopes, bronchoscopes, and endoscopic diagnostic and treatment consumables for use in respiratory medicine, general surgery, otolaryngology, orthopedics, urology, gynecology, gastroenterology, and emergency medicine. Shanghai Aohua Photoelectricity Endoscope Co., Ltd. was founded in 1994 and is based in Shanghai, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Aohua Photoelectricity Endoscope Co reported revenue of ¥774M in FY2025 versus ¥347M in FY2021, a compound +22.2%/yr. Reported net income was ¥11.5M in FY2025, compounding −33.1%/yr from FY2021.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
774M CNY
Latest YoY
+3.2%
Avg. growth/yr (3Y)
+20.2%
Avg. growth/yr (5Y)
+24.1%
Avg. growth/yr (6Y)
+17.3%
Revenue +22.2%/yr
FY21 ¥347M
FY22 ¥445M
FY23 ¥678M
FY24 ¥750M
FY25 ¥774M
Net income −33.1%/yr
FY21 ¥57.0M
FY22 ¥21.7M
FY23 ¥57.9M
FY24 ¥21.0M
FY25 ¥11.5M

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Cite: Fair Value Calculator (2026). "Shanghai Aohua Photoelectricity Endoscope Co Fair Value". https://www.fairvalue-calculator.com/stock/688212

Peer Group

Medical Devices · 351 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.

Quality Score 44 · Below median
Fair Value upside −8% · Above median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 22% · Top 25%
Revenue growth 41% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 238.4× · Pricier than 75% of peers
P/B 0.44× · Cheaper than 75% of peers
P/S (TTM) 0.74× · Cheaper than median
EV/EBITDA 5.7× · Cheaper than 75% of peers

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 22 · sector 0
FUTURE 100 · sector 27
PAST 3 · sector 8
HEALTH 99 · sector 97
DIVIDEND 0 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $100.68 $74.79 -26%
Stryker Corporation SYK $316.44 $186.28 -41%
Medtronic plc MDT $83.56 $65.57 -22%
Boston Scientific Corporation BSX $43.04 $38.44 -11%
Edwards Lifesciences Corporation EW $85.73 $41.02 -52%
Siemens Healthineers AG SHL €34.59 €33.87 -2%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥149.43 ¥147.63 -1%
Shanghai United Imaging Healthcare Co 688271 ¥109.00 ¥43.60 -60%
Demant A/S DEMANT kr 276.60 kr 161.17 -42%
Getinge AB GETIB kr 206.80 kr 192.14 -7%

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Frequently asked questions

Is Shanghai Aohua Photoelectricity Endoscope Co (688212) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of ¥25.22 versus a price of ¥27.48, about −8% (fairly valued).
What is the fair value of 688212?
Our model-based fair value for Shanghai Aohua Photoelectricity Endoscope Co is ¥25.22 (as of Jul 12, 2026), built from audited fundamentals. The current price is ¥27.48.
What is the quality score of 688212?
Shanghai Aohua Photoelectricity Endoscope Co has a Quality Score of 44/100. 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 revenue of Shanghai Aohua Photoelectricity Endoscope Co (688212)?
Shanghai Aohua Photoelectricity Endoscope Co reported trailing-twelve-month revenue of about 774M CNY (latest available figure, as of Jul 12, 2026).
What is the net profit margin of 688212?
The net profit margin of Shanghai Aohua Photoelectricity Endoscope Co is about 1.5%, meaning it keeps roughly 1.5% of revenue as net income. Based on the latest reported figures.

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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