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TCL Corp (000100) Fair Value & Analysis

Technology · CN · Market cap 103B CNY (≈ $15.4B) · ISIN CNE000001GL8

What is TCL Corp really worth?

TC TCL Corp 000100 · SHE
Price¥4.80
Fair Value¥4.78
Upside−0.4%
Quality41/100

Below-average quality, currently priced close to our fair value of ¥4.78.

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Risks

!Mixed Growth (revenue 5y +19.1 %/yr)
!Thin margins · 2.7% net margin
!High debt · generates free cash flow
!Mixed vs. peers (7/14)
!Narrow moat 24/100
!Evidence only low, so the estimate is less certain
!Weak on past: 2 out of 100

For context

·1.88% dividend yield
Evidence: Low Range ¥3.58 – ¥5.97

Fair value as of: Sep 5, 2026

From 22 valuation models · updated today

Share price +0.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

¥8.21 ¥3.12 Fair Value ¥4.78 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range ¥3.12 – ¥8.21 · fair‑value band ¥3.58 – ¥5.97 · the ¥4.80 price screens above the ¥4.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

TCL Corp (000100) currently trades at ¥4.80, while our model-based Fair Value estimate is ¥4.78, implying the stock looks roughly 0.4% fairly valued today. The Quality Score stands at 41/100 (below-average quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of ¥11.07 per share, and 10 of the 22 models we run sit above the ¥4.80 price. Bear case: the Dividend Discount group reads lowest at ¥0.7600, and 12 of the 22 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, TCL Corp generated revenue of 188B CNY at a net margin of 2.7%. Revenue grew 8.4% year over year. It earns a return on equity of 0.5%. Net debt stands at 144B CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥3.58 (bear case) to ¥5.97 (bull case); at ¥4.80, 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 8% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −71% fair-value upside, at 0%, 000100 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.1015 per share, which is 2.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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. Evidence
Highest evidence
FCF DCF ¥13.99 ¥27.34 ¥49.60 77
Residual Income ¥2.41 ¥2.55 ¥2.79 76
Growth DCF ¥14.00 ¥26.65 ¥47.42 75
All 22 models by family
DCF Models
FCF DCF ¥13.99 ¥27.34 ¥49.60 77
Owner Earnings ¥8.27 ¥17.50 ¥32.88 72
5Y Revenue Exit ¥1.83 ¥3.07 ¥4.24 72
5Y EBITDA Exit ¥10.61 ¥20.60 ¥32.70 73
5Y P/E Exit ¥3.78 ¥6.96 ¥10.27 69
10Y Revenue Exit ¥5.85 ¥8.27 ¥11.02 67
10Y EBITDA Exit ¥11.61 ¥20.89 ¥34.13 66
10Y P/E Exit ¥7.14 ¥11.07 ¥15.92 63
Earnings-Based
Graham-Dodd ¥1.48 ¥6.10 ¥8.32 64
Lynch FV ¥1.54 ¥2.20 ¥2.86 61
PEG = 1.0 ¥1.54 ¥2.20 ¥2.86 57
Dividend Discount
Gordon GGM ¥0.4400 ¥0.9100 ¥1.44 66
DDM Multi-Stage ¥0.4400 ¥0.7600 ¥0.9500 67
Multiples
P/E Multiple ¥3.58 ¥4.78 ¥5.97 63
P/S Multiple ¥2.77 ¥3.69 ¥4.61 58
P/B Multiple ¥2.77 ¥3.69 ¥4.61 55
EV/EBITDA ¥10.25 ¥15.17 ¥20.09 66
Asset-Based
NCAV (Graham) ¥1.48 ¥1.98 ¥2.95 54
Growth DCF
Growth DCF ¥14.00 ¥26.65 ¥47.42 75
Rev-Margin DCF ¥1.83 ¥3.38 ¥5.39 71
Economic Profit
Residual Income ¥2.41 ¥2.55 ¥2.79 76
Growth Earnings
Growth-Adj P/E ¥2.72 ¥3.88 ¥5.04 67

Widest divergence: DCF Models (¥11.07) versus Dividend Discount (¥0.7600). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 20.0
P/S ratio 0.49 P/E × margin
EPS (TTM) ¥0.2400 price ÷ EPS = P/E 20.0
Dividend yield 1.9% payout 37.5%
Net margin 2.5% FY2025
Return on equity 0.5% TTM
More key figures
Profitability
Return on assets (EBIT) 1.2% avg 5y
Operating margin 3.6% TTM
Growth
Revenue (TTM) 188B CNY TTM
Revenue growth (YoY) +8.4% 3y avg +3.3%
EPS growth (YoY) +26.5%
Balance sheet & cash flow
Free cash flow 31.1B CNY FY2025
Net debt 144B CNY FY2025 · ≈ 4.6 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 42 · Market factors (momentum, volatility) 51

Profitability 24
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 17
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

TCL Technology Group Corporation, together with its subsidiaries, engages in the advanced manufacturing industry in Mainland China and internationally. The company operates through four segments: Semiconductor Display Business; New Energy Photovoltaic and Other Silicon Materials Business; Distribution Business; and Other Businesses.

Full company description

TCL Technology Group Corporation, together with its subsidiaries, engages in the advanced manufacturing industry in Mainland China and internationally. The company operates through four segments: Semiconductor Display Business; New Energy Photovoltaic and Other Silicon Materials Business; Distribution Business; and Other Businesses. The Semiconductor Display Business segment is involved in the research and development, manufacturing, and sale of semiconductor display panels, semiconductor display modules, and display machine processing. The New Energy Photovoltaic and Other Silicon Materials Business segment engages in the research and development of monocrystalline silicon rods and wafers, cells and modules, and other silicon materials and devices. This segment is also involved in the production and sale of photovoltaic power plants; and development and operation of photovoltaic power plants. The Distribution Business segment engages in the sale of electronic products, such as computers, software, tablet computers, mobile phones, etc. The Other Businesses segment is involved in the industrial finance and investment business; and provision of technology development services and patent protection services. The company was formerly known as TCL Corporation and changed its name to TCL Technology Group Corporation in February 2020. TCL Technology Group Corporation was founded in 1981 and is based in Huizhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TCL Corp reported revenue of 184B CNY in FY2025 versus 164B CNY in FY2021, a compound +2.9%/yr. Reported net income was 4.5B CNY in FY2025, compounding −18.2%/yr from FY2021.

Growth Quality 90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
184B CNY
Latest YoY
+11.4%
Avg. revenue growth/yr (3Y) 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.
+3.3%
Avg. revenue growth/yr (5Y) 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.
+19.1%
Avg. revenue growth/yr (25Y) 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.
+11.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−2.8% (−4.7 + 1.9)
Revenue +2.9%/yr
FY21 164B CNY
FY22 167B CNY
FY23 174B CNY
FY24 165B CNY
FY25 184B CNY
Net income −18.2%/yr
FY21 10.1B CNY
FY22 261M CNY
FY23 2.2B CNY
FY24 1.6B CNY
FY25 4.5B CNY
Character of growth · EPS growth decomposed (2014-2025) −1.5 % p.a.
Revenue per share +1.0 %

of which total revenue +6.2 % · buybacks/dilution −4.9 %

EBIT margin +4.3 %
Tax rate +2.1 %
Residual (interest, one-offs) −8.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "TCL Corp Fair Value". https://www.fairvalue-calculator.com/stock/000100

Peer Group

Semiconductor Equipment & Materials · 213 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 41 · Bottom 25%
Fair Value upside 0% · Top 25%
Return on equity (TTM) 0% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 8% · Below median
Dividend yield (TTM) 1.9% · Above median
Debt / equity 2.02× · Higher than 75% of peers

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 20.0× · Cheaper than 75% of peers
P/B 1.68× · Cheaper than median
P/S (TTM) 0.55× · Cheaper than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 6.1× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE33 · sector 0
FUTURE42 · sector 59
PAST2 · sector 30
HEALTH0 · sector 96
DIVIDEND38 · sector 17

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

Similar stocks

10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML €1,494 €604.27 −60%
Applied Materials, Inc AMAT $482.36 $183.10 −62%
Lam Research Corporation LRCX $301.90 $91.80 −70%
KLA Corporation KLAC $175.54 $74.58 −58%
NAURA Technology Group 002371 ¥707.90 ¥205.30 −71%
Teradyne, Inc TER $354.97 $65.80 −81%
Advanced Micro-Fabrication Equipment Inc 688012 ¥380.95 ¥55.05 −86%
Piotech Inc 688072 ¥685.11 ¥89.27 −87%
Hon. Precision, Inc 7769 6,445 TWD 1,804 TWD −72%
Hangzhou Changchuan Technology Co 300604 ¥284.80 ¥46.26 −84%

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Frequently asked questions

Is TCL Corp (000100) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥4.78 versus a price of ¥4.80, about −0% upside (fairly valued).
What is the fair value of 000100?
Our model-based fair value for TCL Corp is ¥4.78 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥4.80.
What is the quality score of 000100?
TCL Corp has a Quality Score of 41/100. 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 TCL Corp (000100)?
TCL Corp reported trailing-twelve-month revenue of about 188B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 000100?
The net profit margin of TCL Corp is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does TCL Corp pay a dividend?
TCL Corp currently shows a dividend yield of about 1.88% relative to its recent price (as of Sep 5, 2026).
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