China Resources Microelectronics Ltd (688396) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of China Resources Microelectronics Ltd stock ¥13.56, price ¥49.38, that is 72.5% below the price, quality 60 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range ¥33.98 – ¥99.33 · fair‑value band ¥11.19 – ¥17.04 · the ¥49.38 price screens above the ¥13.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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China Resources Microelectronics Limited engages in the manufacture and sale of semiconductors in China and internationally. The company offers power devices, power modules, power integrated circuits (ICs), and intelligent sensors and controls.
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It also provides electric vehicle driving scheme, BMS scheme, landscape tools scheme, LED bulb/downlight, LED filament lamp power supply, dimming power supply, mobile charger power supply, and lithium battery protection board.
Its products are used in TV power source, charger/adapter, wireless charging, electric bicycle, UPS power, electric/garden tools, industrial welder, lithium battery protection products, garden tool, vacuum cleaner, electric energy storage, charging post, inverter welding, inverter, e-ciga atomizer, IH, class-D audio amplifier, MPPT, portable energy storage, and high-power supply applications.
The company was formerly known as CSMC Technologies Corporation and changed its name to China Resources Microelectronics Limited in 2008. China Resources Microelectronics Limited was founded in 1997 and is headquartered in Wuxi, China.
China Resources Microelectronics Limited is a subsidiary of China Resources (Holdings) Co., Ltd.
Stock analysis
China Resources Microelectronics Ltd (688396) currently trades at ¥49.38, while our model-based Fair Value estimate is ¥13.56, 73% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥21.92 per share, and 1 of the 26 models we run sit above the ¥49.38 price.
Bear case: the Asset-Based group reads lowest at ¥5.59, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥11.19 (bear) to ¥17.04 (bull), the price of ¥49.38 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 60/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
China Resources Microelectronics Ltd reported revenue of 11.1B CNY in FY2025 versus 9.2B CNY in FY2021, a compound +4.6%/yr. Reported net income was 661M CNY in FY2025, compounding −26.5%/yr from FY2021.
Key figures
Market cap 65.6B CNY (≈ $9.8B) Mid · P/E ratio 58.8 · P/S ratio 5.26 · EPS (TTM) ¥0.8400 · Dividend yield 0.2% · Net margin 8.9% · Return on equity 4.1% · Return on assets (EBIT) 6.4% (5-year average).
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 49% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −73%, 688396 screens richer than that median.
Fair Value models
Bear¥11.19Fair Value ¥13.56Bull¥17.04
Price ¥49.38 · Downside -72.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.6326 per share) are deliberately not added.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.Coverage ⓘCoverage = 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.2%
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.
+3.2%
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.
+9.6%
Start year 2020 (pandemic)
Revenue growth 15 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.
+8.2%
’10
’16
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’19
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’25
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. Basis: EBIT basis.
−0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.9%
Dividend (yield on the price)0.2%
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.15% → 10%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+43.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−46.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +41.1% a year for the price and −47.2% for the forecasts.
AI conclusion: Power semiconductor operations serving new energy and industrial markets operate near full utilization, yet persistently low returns on equity and assets point to a weak durable advantage.
Main risk: Rivals such as Silan Microelectronics and other Chinese producers could expand capacity in IGBT, SiC and GaN and offer lower-priced alternatives, squeezing margins on power semiconductors for new energy and industrial applications.
Bull case: The company could deepen its position in AI server power modules and accelerate SiC and GaN adoption to differentiate products and capture higher-value demand from new energy and computing markets.
Bear case: If domestic capacity additions continue unchecked, rivals could capture share with cheaper offerings and leave the company with sustained margin pressure across its core power semiconductor lines.
China Resources Microelectronics reported sharply higher first-half profits on near-full utilization in its power semiconductor operations serving new energy and industrial markets. Our models still see the shares as overvalued. Will the semiconductor upcycle and new energy demand deliver enough earnings growth to close that gap or will rising capacity and competition keep margins in check?
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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.Semiconductors · 397 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−72.5% · Bottom 25%
Profitability
Return on equity (12 months)4.1% · Below median
Return on assets2.2% · Below median
Net margin (12 months)8.9% · Above median
Operating margin (12 months)21.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)17.9% · Below median
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Is China Resources Microelectronics Ltd (688396) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of ¥13.56 versus a price of ¥49.38, about 73% lower (overvalued).
What is the fair value of 688396?
Our model-based fair value for China Resources Microelectronics Ltd is ¥13.56 (as of Nov 11, 2026), built from audited fundamentals. The current price: ¥49.38.
What is the quality score of 688396?
China Resources Microelectronics Ltd has a Quality Score of 60/100. 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 China Resources Microelectronics Ltd (688396)?
Our model-based price target is the fair value of ¥13.56 (as of Nov 11, 2026) from 26 valuation models. Cautious scenario ¥11.19, optimistic scenario ¥17.04. It is a calculation from audited fundamentals, not an analyst target.
What is the China Resources Microelectronics Ltd stock forecast for 2026?
Our models put fair value at ¥13.56, about 73% lower versus a price of ¥49.38 (overvalued). Cautious scenario ¥11.19, optimistic scenario ¥17.04. The calculation is refreshed regularly with new filings.
What is the revenue of China Resources Microelectronics Ltd (688396)?
China Resources Microelectronics Ltd reported trailing-twelve-month revenue of about 12.5B CNY (latest available figure, as of Nov 11, 2026).
Does China Resources Microelectronics Ltd pay a dividend?
China Resources Microelectronics Ltd currently shows a dividend yield of 0.22% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of China Resources Microelectronics Ltd (688396) and when is the ex-dividend date?
China Resources Microelectronics Ltd pays a dividend of ¥0.107 per share a year, a dividend yield of 0.2%. The last ex-dividend date was Oct 23, 2026. The payout ratio is 12.7% of earnings. Free cash flow covers the dividend 4.06 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into China Resources Microelectronics Ltd (688396)?
For today's price to be fair in a discounted-cash-flow model, China Resources Microelectronics Ltd would have to grow free cash flow by +43.5 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.6 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of 688396 use?
Our models discount China Resources Microelectronics Ltd at 10.4 %: a base by market capitalisation (mid), damped by beta 1.01, 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 China Resources Microelectronics Ltd that is +43.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has China Resources Microelectronics Ltd (688396) delivered so far?
Over the past 5 years revenue at China Resources Microelectronics Ltd grew +9.6 % a year. The price currently implies free-cash-flow growth of +43.5 % per 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 China Resources Microelectronics Ltd (688396) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into China Resources Microelectronics Ltd (+43.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Resources Microelectronics Ltd (688396)?
The free-cash-flow yield on the price is 0.88 %: that much free cash flow China Resources Microelectronics Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Resources Microelectronics Ltd (688396)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Resources Microelectronics Ltd it is ¥13.56 per share (as of Nov 11, 2026), against a price of ¥49.38. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is China Resources Microelectronics Ltd stock overvalued or undervalued in 2026?
As of Nov 11, 2026, 688396 trades above its calculated fair value: price ¥49.38, fair value ¥13.56, a gap of about −73% (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 688396?
No. The price is what the market pays today (¥49.38); the fair value is what the company's own numbers justify (¥13.56). For China Resources Microelectronics Ltd the two are ¥35.82 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Resources Microelectronics Ltd worth?
The market values China Resources Microelectronics Ltd at about 65.6B CNY (market capitalisation, as of Nov 11, 2026). Per share that is ¥49.38; our models calculate a fair value of ¥13.56 per share.
What do the bullish and bearish scenarios say about 688396?
Our models span a range for China Resources Microelectronics Ltd: cautious scenario ¥11.19, base ¥13.56, optimistic ¥17.04 per share (as of Nov 11, 2026, price ¥49.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688396?
China Resources Microelectronics Ltd trades at a price-to-earnings ratio of 58.8 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.56 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 59.4. Other multiples: P/B 2.9, P/S 5.3, EV/EBITDA 19.7.
How solid is the balance sheet of China Resources Microelectronics Ltd (688396)?
Balance-sheet figures for China Resources Microelectronics Ltd (as of Nov 11, 2026): return on equity 4.1%, debt of 0.04 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 688396 from its 52-week high?
China Resources Microelectronics Ltd trades at ¥49.38, about 49% below its 52-week high of ¥97.55 and 13% above the low of ¥43.80 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.56 is for.
Which stocks are comparable to China Resources Microelectronics Ltd?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, 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 China Resources Microelectronics Ltd stock attractive at the current price?
The data as of Nov 11, 2026: price ¥49.38, calculated fair value ¥13.56 (−73%), Quality Score 60/100, from 26 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 688396 calculated?
We run China Resources Microelectronics Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥13.56 builds on their evidence-weighted average, 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 14.0% above its aggregate fair value. China Resources Microelectronics Ltd 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 China Resources Microelectronics Ltd (688396)?
The closing price on Nov 11, 2026 was ¥49.38. Our model-based fair value is ¥13.56, about 73% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Resources Microelectronics Ltd right now?
The price sits above even our optimistic bull case (¥17.04). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of China Resources Microelectronics Ltd
How large is the market capitalisation of China Resources Microelectronics Ltd (688396)?
The market capitalisation of China Resources Microelectronics Ltd is 65.6B CNY (≈ $9.8B). 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/S ratio of China Resources Microelectronics Ltd (688396)?
The price-to-sales ratio of China Resources Microelectronics Ltd is 5.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Resources Microelectronics Ltd (688396)?
Earnings per share at China Resources Microelectronics Ltd are ¥0.8400 (price ÷ EPS = P/E 58.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Resources Microelectronics Ltd (688396)?
The dividend yield of China Resources Microelectronics Ltd is 0.2% (payout 12.7%). 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 China Resources Microelectronics Ltd (688396)?
The net margin of China Resources Microelectronics Ltd is 8.9% (last twelve months). 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 China Resources Microelectronics Ltd (688396)?
The return on equity (ROE) of China Resources Microelectronics Ltd is 4.1% (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 China Resources Microelectronics Ltd (688396)?
On an EBIT basis the return on assets of China Resources Microelectronics Ltd is 6.4% (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 China Resources Microelectronics Ltd (688396)?
The operating margin of China Resources Microelectronics Ltd is 21.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Resources Microelectronics Ltd (688396)?
Revenue at China Resources Microelectronics Ltd is growing +17.9% versus a year earlier (3y avg +3.2%). 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 China Resources Microelectronics Ltd (688396)?
Earnings per share at China Resources Microelectronics Ltd are growing +36.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does China Resources Microelectronics Ltd (688396) hold?
China Resources Microelectronics Ltd holds more cash than debt, 8.5B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 11, 2026