Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A stock ¥4.62, price ¥7.51, that is 38.4% below the price, quality 30 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 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 Nov 1, 2026.
How to read this chart
42‑month range ¥3.35 – ¥10.61 · fair‑value band ¥3.29 – ¥5.96 · the ¥7.51 price screens above the ¥4.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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United Nova Technology Co.,Ltd. manufactures and markets power discrete and modules in China and internationally.
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The company offers IGBTs, MOSFETs, and analog ICs, as well as MEMS and MCUs. It also provides system manufacturing solutions for automotive, clean energy technologies, industrials, and household appliances; solutions for automotive-grade IGBT/SiC chips and modules; and analog chips for mixed-signal high-voltage applications.
The company was formerly known as Semiconductor Manufacturing Electronics (Shaoxing) Corporation and changed its name to United Nova Technology Co.,Ltd. in November 2023. United Nova Technology Co.,Ltd. was founded in 2018 and is headquartered in Shaoxing, China.
Stock analysis
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469) currently trades at ¥7.51, while our model-based Fair Value estimate is ¥4.62, 38% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 80/100, which puts the data coverage at low.
Scenario range: ¥3.29 (bear) to ¥5.96 (bull), the price of ¥7.51 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 30/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A reported revenue of 8.2B CNY in FY2025 versus 2.0B CNY in FY2021, a compound +41.8%/yr. Reported net income was −595M CNY in FY2025.
Key figures
Market cap 63.0B CNY (≈ $9.5B) Mid · P/E ratio 107.3 · P/S ratio 5.99 · EPS (TTM) ¥0.0700 · Dividend yield 0.3% · Net margin 5.3% · Return on equity −0.1% · Return on assets (EBIT) −4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at −38%, 688469 screens richer than that median.
Fair Value models
Bear¥3.29Fair Value ¥4.62Bull¥5.96
Price ¥7.51 · Downside -38.4%
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 (¥0.0595 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.
Best data coverage
EV/EBITDA¥3.87¥5.44¥7.0167
NCAV (Graham)¥0.7300¥0.9700¥1.4554
All 2 models by family
Multiples
EV/EBITDA¥3.87¥5.44¥7.0167
Asset-Based
NCAV (Graham)¥0.7300¥0.9700¥1.4554
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+25.7%
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.
+21.1%
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
−44.6% (2021) → −11.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Semiconductor Manufacturing Electronics (Shaoxing) Corp. 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.Semiconductors · 371 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−38.4% · Above median
Profitability
Return on assets−1.8% · Below median
Net margin (12 months)5.3% · Below median
Operating margin (12 months)35.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)65.9% · Top 25%
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.43× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (12 months)107.3× · Priciest 25%
P/B4.83× · Pricier than median
P/S (12 months)5.99× · Pricier than median
EV/EBITDA18.8× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 100
PAST (return on equity)0· sector 28
HEALTH (low debt)78· sector 96
DIVIDEND (yield)7· sector 20
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). "Semiconductor Manufacturing Electronics (Shaoxing) Corp. A Fair Value". https://www.fairvalue-calculator.com/stock/688469
Frequently asked questions
Is Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of ¥4.62 versus a price of ¥7.51, about 38% lower (overvalued).
What is the fair value of 688469?
Our model-based fair value for Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is ¥4.62 (as of Nov 1, 2026), built from audited fundamentals. The current price: ¥7.51.
What is the quality score of 688469?
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A has a Quality Score of 30/100. 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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Our model-based price target is the fair value of ¥4.62 (as of Nov 1, 2026) from 2 valuation models. Cautious scenario ¥3.29, optimistic scenario ¥5.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Semiconductor Manufacturing Electronics (Shaoxing) Corp. A stock forecast for 2026?
Our models put fair value at ¥4.62, about 38% lower versus a price of ¥7.51 (overvalued). Cautious scenario ¥3.29, optimistic scenario ¥5.96. The calculation is refreshed regularly with new filings.
What is the revenue of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A reported trailing-twelve-month revenue of about 10.5B CNY (latest available figure, as of Nov 1, 2026).
Does Semiconductor Manufacturing Electronics (Shaoxing) Corp. A pay a dividend?
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A currently shows a dividend yield of 0.33% relative to its recent price (as of Nov 1, 2026).
What is the intrinsic value of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Semiconductor Manufacturing Electronics (Shaoxing) Corp. A it is ¥4.62 per share (as of Nov 1, 2026), against a price of ¥7.51. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Semiconductor Manufacturing Electronics (Shaoxing) Corp. A stock overvalued or undervalued in 2026?
As of Nov 1, 2026, 688469 trades above its calculated fair value: price ¥7.51, fair value ¥4.62, a gap of about −38% (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 688469?
No. The price is what the market pays today (¥7.51); the fair value is what the company's own numbers justify (¥4.62). For Semiconductor Manufacturing Electronics (Shaoxing) Corp. A the two are ¥2.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Semiconductor Manufacturing Electronics (Shaoxing) Corp. A worth?
The market values Semiconductor Manufacturing Electronics (Shaoxing) Corp. A at about 63.0B CNY (market capitalisation, as of Nov 1, 2026). Per share that is ¥7.51; our models calculate a fair value of ¥4.62 per share.
What do the bullish and bearish scenarios say about 688469?
Our models span a range for Semiconductor Manufacturing Electronics (Shaoxing) Corp. A: cautious scenario ¥3.29, base ¥4.62, optimistic ¥5.96 per share (as of Nov 1, 2026, price ¥7.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688469?
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A trades at a price-to-earnings ratio of 107.3 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥4.62 is built from several models across several years. Other multiples: P/B 4.8, P/S 6.0, EV/EBITDA 18.8.
How solid is the balance sheet of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Balance-sheet figures for Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (as of Nov 1, 2026): return on equity −0.1%, debt of 0.43 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is 688469 from its 52-week high?
Semiconductor Manufacturing Electronics (Shaoxing) Corp. A trades at ¥7.51, about 29% below its 52-week high of ¥10.61 and 24% above the low of ¥6.06 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.62 is for.
Which stocks are comparable to Semiconductor Manufacturing Electronics (Shaoxing) Corp. A?
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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A stock attractive at the current price?
The data as of Nov 1, 2026: price ¥7.51, calculated fair value ¥4.62 (−38%), Quality Score 30/100, from 2 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 688469 calculated?
We run Semiconductor Manufacturing Electronics (Shaoxing) Corp. A through 2 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 ¥4.62, 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 15.5% above its aggregate fair value. Semiconductor Manufacturing Electronics (Shaoxing) Corp. 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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The closing price on Nov 5, 2026 was ¥7.51. Our model-based fair value is ¥4.62, about 38% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Semiconductor Manufacturing Electronics (Shaoxing) Corp. A right now?
The price sits above even our optimistic bull case (¥5.96). The favourable scenario is already priced in. Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (¥3.29 to ¥5.96) leaves room in how you read the outcome.
Key figures of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A
How large is the market capitalisation of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The market capitalisation of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 63.0B CNY (≈ $9.5B). 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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The price-to-sales ratio of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 5.99 (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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Earnings per share at Semiconductor Manufacturing Electronics (Shaoxing) Corp. A are ¥0.0700 (price ÷ EPS = P/E 107.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The dividend yield of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 0.3% (payout 35.9%). 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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The net margin of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 5.3% (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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The return on equity (ROE) of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is −0.1% (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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
On an EBIT basis the return on assets of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is −4.2% (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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
The operating margin of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 35.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Revenue at Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is growing +65.9% versus a year earlier (3y avg +21.1%). 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 Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469)?
Earnings per share at Semiconductor Manufacturing Electronics (Shaoxing) Corp. A are growing +33.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469) generate?
The free cash flow of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is −1.2B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Semiconductor Manufacturing Electronics (Shaoxing) Corp. A (688469) carry?
The net debt of Semiconductor Manufacturing Electronics (Shaoxing) Corp. A is 7.0B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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