GRINM Semiconductor Materials Co. Ltd. A (688432) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of GRINM Semiconductor Materials Co. Ltd. A stock ¥3.14, price ¥30.93, upside -89.8%, quality 61 out of 100. Rating: strongly overvalued. 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. As of Oct 29, 2026.
How to read this chart
48‑month range ¥7.75 – ¥56.82 · fair‑value band ¥2.14 – ¥4.26 · the ¥30.93 price screens above the ¥3.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 29, 2026.
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GRINM Semiconductor Materials Co., Ltd. engages in the research, development, production, and operation of silicon and other semiconductor materials and equipment in China.
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The company offers silicon single crystals and silicon wafers for IC, large-diameter silicon single crystals and products for the IC etching process, FZ silicon crystals and silicon wafers,polycrystalline products,and semiconductor clean pipe valve components.
It also provides related technology development, technology transfer and technical consulting services. In addition, the company exports its products to the United States, Japan, South Korea, Taiwan, and other regions. The company was founded in 2001 and is based in Beijing, China.
Stock analysis
GRINM Semiconductor Materials Co. Ltd. A (688432) currently trades at ¥30.93, while our model-based Fair Value estimate is ¥3.14, 89.8% 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 ¥4.69 per share, and 0 of the 25 models we run sit above the ¥30.93 price.
Bear case: the Dividend Discount group reads lowest at ¥0.6400, and 25 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥2.14 (bear) to ¥4.26 (bull), the price of ¥30.93 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 61/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
GRINM Semiconductor Materials Co. Ltd. A reported revenue of 1.0B CNY in FY2025 versus 869M CNY in FY2021, a compound +3.7%/yr. Reported net income was 209M CNY in FY2025, compounding +9.0%/yr from FY2021.
Key figures
Market cap 38.7B CNY (≈ $5.8B) Mid · P/E ratio 162.8 · P/S ratio 34.5 · EPS (TTM) ¥0.1900 · Dividend yield 0.2% · Net margin 21.1% · Return on equity 5.6% · Return on assets (EBIT) 5.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 157% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −13% fair-value upside, at −90%, 688432 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥0.6300 to ¥21.31). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥2.14Fair Value ¥3.14Bull¥4.26
Price ¥30.93 · Upside -89.8%
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 (¥0.1121 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+0.9%
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.
−5.1%
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.
+12.6%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’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.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.3%
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.21% → 30%
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).
+70.2%
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 +67.4% a year for the price.
Compare GRINM Semiconductor Materials Co. Ltd. A with another stock
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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.Semiconductor Equipment & Materials · 231 stocks
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). "GRINM Semiconductor Materials Co. Ltd. A Fair Value". https://www.fairvalue-calculator.com/stock/688432
Frequently asked questions
Is GRINM Semiconductor Materials Co. Ltd. A (688432) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of ¥3.14 versus a price of ¥30.93, about −90% upside (overvalued).
What is the fair value of 688432?
Our model-based fair value for GRINM Semiconductor Materials Co. Ltd. A is ¥3.14 (as of Oct 29, 2026), built from audited fundamentals. The current price: ¥30.93.
What is the quality score of 688432?
GRINM Semiconductor Materials Co. Ltd. A has a Quality Score of 61/100. 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
Our model-based price target is the fair value of ¥3.14 (as of Oct 29, 2026) from 25 valuation models. Cautious scenario ¥2.14, optimistic scenario ¥4.26. It is a calculation from audited fundamentals, not an analyst target.
What is the GRINM Semiconductor Materials Co. Ltd. A stock forecast for 2026?
Our models put fair value at ¥3.14, about −90% upside versus a price of ¥30.93 (overvalued). Cautious scenario ¥2.14, optimistic scenario ¥4.26. The calculation is refreshed regularly with new filings.
What is the revenue of GRINM Semiconductor Materials Co. Ltd. A (688432)?
GRINM Semiconductor Materials Co. Ltd. A reported trailing-twelve-month revenue of about 1.1B CNY (latest available figure, as of Oct 29, 2026).
Does GRINM Semiconductor Materials Co. Ltd. A pay a dividend?
GRINM Semiconductor Materials Co. Ltd. A currently shows a dividend yield of 0.18% relative to its recent price (as of Oct 29, 2026).
What growth is priced into GRINM Semiconductor Materials Co. Ltd. A (688432)?
For today's price to be fair in a discounted-cash-flow model, GRINM Semiconductor Materials Co. Ltd. A would have to grow free cash flow by +70.2 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.6 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of 688432 use?
Our models discount GRINM Semiconductor Materials Co. Ltd. A at 11.1 %: a base by market capitalisation (mid), damped by beta 1.28, 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 GRINM Semiconductor Materials Co. Ltd. A that is +70.2 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has GRINM Semiconductor Materials Co. Ltd. A (688432) delivered so far?
Over the past 5 years revenue at GRINM Semiconductor Materials Co. Ltd. A grew +12.6 % a year. The price currently implies +70.2 % 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 GRINM Semiconductor Materials Co. Ltd. A (688432) growing?
The median revenue growth in the sector is +10.9 % a year. That is the yardstick for the growth priced into GRINM Semiconductor Materials Co. Ltd. A (+70.2 % 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The free-cash-flow yield on the price is 0.34 %: that much free cash flow GRINM Semiconductor Materials Co. Ltd. A produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GRINM Semiconductor Materials Co. Ltd. A (688432)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GRINM Semiconductor Materials Co. Ltd. A it is ¥3.14 per share (as of Oct 29, 2026), against a price of ¥30.93. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is GRINM Semiconductor Materials Co. Ltd. A stock overvalued or undervalued in 2026?
As of Oct 29, 2026, 688432 trades above its calculated fair value: price ¥30.93, fair value ¥3.14, a gap of about −90% (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 688432?
No. The price is what the market pays today (¥30.93); the fair value is what the company's own numbers justify (¥3.14). For GRINM Semiconductor Materials Co. Ltd. A the two are ¥27.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is GRINM Semiconductor Materials Co. Ltd. A worth?
The market values GRINM Semiconductor Materials Co. Ltd. A at about 38.7B CNY (market capitalisation, as of Oct 29, 2026). Per share that is ¥30.93; our models calculate a fair value of ¥3.14 per share.
What do the bullish and bearish scenarios say about 688432?
Our models span a range for GRINM Semiconductor Materials Co. Ltd. A: cautious scenario ¥2.14, base ¥3.14, optimistic ¥4.26 per share (as of Oct 29, 2026, price ¥30.93). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688432?
GRINM Semiconductor Materials Co. Ltd. A trades at a price-to-earnings ratio of 162.8 (as of Oct 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥3.14 is built from several models across several years. Other multiples: P/B 8.6, P/S 34.5.
How solid is the balance sheet of GRINM Semiconductor Materials Co. Ltd. A (688432)?
Balance-sheet figures for GRINM Semiconductor Materials Co. Ltd. A (as of Oct 29, 2026): return on equity 5.6%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 688432 from its 52-week high?
GRINM Semiconductor Materials Co. Ltd. A trades at ¥30.93, about 46% below its 52-week high of ¥56.82 and 157% above the low of ¥12.02 (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.14 is for.
Which stocks are comparable to GRINM Semiconductor Materials Co. Ltd. A?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 GRINM Semiconductor Materials Co. Ltd. A stock attractive at the current price?
The data as of Oct 29, 2026: price ¥30.93, calculated fair value ¥3.14 (−90%), Quality Score 61/100, from 25 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 688432 calculated?
We run GRINM Semiconductor Materials Co. Ltd. A through 25 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 ¥3.14, 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 13.1 % above its aggregate fair value. GRINM Semiconductor Materials 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The closing price on Oct 29, 2026 was ¥30.93. Our model-based fair value is ¥3.14, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GRINM Semiconductor Materials Co. Ltd. A right now?
The price sits above even our optimistic bull case (¥4.26). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥2.14 to ¥4.26) leaves room in how you read the outcome.
Key figures of GRINM Semiconductor Materials Co. Ltd. A
How large is the market capitalisation of GRINM Semiconductor Materials Co. Ltd. A (688432)?
The market capitalisation of GRINM Semiconductor Materials Co. Ltd. A is 38.7B CNY (≈ $5.8B). 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The price-to-sales ratio of GRINM Semiconductor Materials Co. Ltd. A is 34.5 (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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
Earnings per share at GRINM Semiconductor Materials Co. Ltd. A are ¥0.1900 (price ÷ EPS = P/E 162.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GRINM Semiconductor Materials Co. Ltd. A (688432)?
The dividend yield of GRINM Semiconductor Materials Co. Ltd. A is 0.2% (payout 28.9%). 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The net margin of GRINM Semiconductor Materials Co. Ltd. A is 21.1% (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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The return on equity (ROE) of GRINM Semiconductor Materials Co. Ltd. A is 5.6% (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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
On an EBIT basis the return on assets of GRINM Semiconductor Materials Co. Ltd. A is 5.8% (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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
The operating margin of GRINM Semiconductor Materials Co. Ltd. A is 25.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GRINM Semiconductor Materials Co. Ltd. A (688432)?
Revenue at GRINM Semiconductor Materials Co. Ltd. A is growing +24.2% versus a year earlier (3y avg −5.1%). 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 GRINM Semiconductor Materials Co. Ltd. A (688432)?
Earnings per share at GRINM Semiconductor Materials Co. Ltd. A are growing +51.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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Thin data
Oct 29, 2026