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Guosen Securities Co Ltd (002736) Fair Value & Analysis

Financial Services · CN · Market cap 106B CNY (≈ $15.8B) · ISIN CNE100001WS9

What is Guosen Securities Co Ltd really worth?

GS Guosen Securities Co Ltd 002736 · SHE
Price¥10.26
Fair Value¥10.84
Upside+5.7%
Quality64/100

A solid business, currently priced close to our fair value of ¥10.84.

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Strengths

Highly profitable · 45.5% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Wide moat 66/100

Risks

!Weak Growth (revenue 5y +1.4 %/yr)
!Evidence only medium, so the estimate is less certain

For context

·4.39% dividend yield
Evidence: Medium Range ¥8.13 – ¥13.55

Fair value as of: Aug 28, 2026

From 2 valuation models · updated 8 days ago

Share price −0.5% 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.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

¥14.90 ¥6.81 Fair Value ¥10.84 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range ¥6.81 – ¥14.90 · fair‑value band ¥8.13 – ¥13.55 · the ¥10.26 price screens below the ¥10.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Guosen Securities Co Ltd (002736) currently trades at ¥10.26, while our model-based Fair Value estimate is ¥10.84, implying the stock looks roughly 5.3% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at medium.

Over the trailing twelve months, Guosen Securities Co Ltd generated revenue of 23.9B CNY at a net margin of 45.5%. Revenue declined 4.5% year over year. It earns a return on equity of 8.3%. The balance sheet holds a net cash position of 58.2B CNY. Fundamentals as of Aug 28, 2026

Our scenario range runs from ¥8.13 (bear case) to ¥13.55 (bull case); at ¥10.26, 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 36% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −34% fair-value upside, at 6%, 002736 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 ¥0.3601 per share, which is 3.3 % 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
P/B Multiple ¥8.18 ¥10.90 ¥13.63 55
NCAV (Graham) ¥6.41 ¥8.60 ¥12.83 54
All 2 models by family
Multiples
P/B Multiple ¥8.18 ¥10.90 ¥13.63 55
Asset-Based
NCAV (Graham) ¥6.41 ¥8.60 ¥12.83 54

Widest divergence: Multiples (¥10.90) versus Asset-Based (¥8.60). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/E ratio 10.5
P/S ratio 4.89 P/E × margin
EPS (TTM) ¥0.9800 price ÷ EPS = P/E 10.5
Dividend yield 4.4% payout 45.9%
Net margin 46.7% FY2025
Return on equity 8.3% TTM
More key figures
Profitability
Return on assets (EBIT) 2.2% avg 5y
Operating margin 54.1% TTM
Growth
Revenue (TTM) 23.9B CNY TTM
Revenue growth (YoY) −4.5% 3y avg +4.7%
EPS growth (YoY) −14.3%
Balance sheet & cash flow
Free cash flow 16.7B CNY FY2025
Net cash 58.2B CNY FY2024

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 40

Profitability 35
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 81
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

Guosen Securities Co., Ltd. provides financial products and services to individual and institutional clients in China. It operates through Brokerage and Wealth Management; Investment Banking; Investment and Trading; Asset Management; and Other segments.

Full company description

Guosen Securities Co., Ltd. provides financial products and services to individual and institutional clients in China. It operates through Brokerage and Wealth Management; Investment Banking; Investment and Trading; Asset Management; and Other segments. The company offers securities brokerage, futures brokerage, agency sales of financial products, asset custody, investment consulting, margin trading, and other capital intermediary services, as well as stock underwriting and sponsorship, bond underwriting, mergers and acquisitions, and restructuring services. It also engages in the investment and trading of equity, fixed income, alternative investment, derivatives, and other financial products; and development of asset management products, including asset management, private equity fund management, and fund management business. Guosen Securities Co., Ltd. was formerly known as Shenzhen Guotou Securities Co., Ltd. The company was founded in 1994 and is headquartered in Shenzhen, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Guosen Securities Co Ltd reported revenue of 23.7B CNY in FY2025 versus 28.0B CNY in FY2021, a compound −4.1%/yr. Reported net income was 11.1B CNY in FY2025, compounding +2.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
23.7B CNY
Latest YoY
−9.2%
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.
+4.7%
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.
+1.4%
Avg. revenue growth/yr (20Y) 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.
+25.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+5.3% (0.9 + 4.4)
Revenue −4.1%/yr
FY21 28.0B CNY
FY22 20.6B CNY
FY23 22.7B CNY
FY24 26.1B CNY
FY25 23.7B CNY
Net income +2.3%/yr
FY21 10.1B CNY
FY22 6.1B CNY
FY23 6.4B CNY
FY24 8.2B CNY
FY25 11.1B CNY
Character of growth · EPS growth decomposed (2013-2024) −1.6 % p.a.
Revenue per share +2.9 %

of which total revenue +4.4 % · buybacks/dilution −1.5 %

EBIT margin −6.7 %
Tax rate +2.5 %
Residual (interest, one-offs) +0.0 %

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). "Guosen Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/002736

Peer Group

Financial Conglomerates · 55 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 66 · Top 25%
Fair Value upside +6% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 2% · Above median
Net margin (TTM) 45% · Top 25%
Operating margin (TTM) 54% · Top 25%
Revenue growth −5% · Below median
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.31× · Lower than median

Valuation Multiples vs Financial Conglomerates median · lower = cheaper

P/E (TTM) 10.5× · Cheaper than median
P/B 0.81× · Cheaper than 75% of peers
P/S (TTM) 4.44× · Pricier than median
P/FCF 0.9× · Cheaper than median

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
VALUE41 · sector 0
FUTURE0 · sector 39
PAST33 · sector 33
HEALTH84 · sector 84
DIVIDEND88 · sector 52

Insider activity: 40/100

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

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Frequently asked questions

Is Guosen Securities Co Ltd (002736) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of ¥10.84 versus a price of ¥10.26, about +6% upside (fairly valued).
What is the fair value of 002736?
Our model-based fair value for Guosen Securities Co Ltd is ¥10.84 (as of Aug 28, 2026), built from audited fundamentals. The current price: ¥10.26.
What is the quality score of 002736?
Guosen Securities Co Ltd has a Quality Score of 64/100. 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 Guosen Securities Co Ltd (002736)?
Guosen Securities Co Ltd reported trailing-twelve-month revenue of about 23.9B CNY (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 002736?
The net profit margin of Guosen Securities Co Ltd is about 45.5%, meaning it keeps roughly 45.5% of revenue as net income. Based on the latest reported figures.
Does Guosen Securities Co Ltd pay a dividend?
Guosen Securities Co Ltd currently shows a dividend yield of about 4.39% relative to its recent price (as of Aug 28, 2026).
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