SICC Co., Ltd. (2631) Fair Value & Analysis

Technology · HK · Market cap HK$42.2B (≈ $5.4B)

What is SICC Co., Ltd. really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

• The price sits above even our optimistic bull case (HK$22.27). 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.

Price vs Fair Value (12 months)

White line = price, green steps = our fair value per fiscal year. As of Aug 23, 2026.

How to read this chart

12‑month range HK$42.02 – HK$128.70 · fair‑value band HK$16.09 – HK$22.27 · the HK$63.50 price screens above the HK$19.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 23, 2026.

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Analysis

SICC Co., Ltd. (2631) currently trades at HK$63.50, while our model-based Fair Value estimate is HK$19.18, implying the stock looks roughly 231.1% overvalued today. The Quality Score stands at 30/100 (below-average quality), in the Technology sector. Bull case: the Multiples group reads highest at a median of HK$12.00 per share, and 0 of the 4 models we run sit above the HK$63.50 price. Bear case: the Asset-Based group reads lowest at HK$7.23, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, SICC Co., Ltd. generated revenue of HK$1.4B at a net margin of −19.5%. Revenue declined 10.4% year over year. It earns a return on equity of −4.5%. Fundamentals as of Aug 23, 2026

Our scenario range runs from HK$16.09 (bear case) to HK$22.27 (bull case); at HK$63.50, the current price sits above 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 54% below its 52-week high and 56% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −71% fair-value upside, at −70%, 2631 screens cheaper than that median.

Fair Value models

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.

Widest divergence: Multiples (HK$12.00) versus Dividend Discount (HK$0.6700). Highest evidence: EV/EBITDA (67).

Key figures & financial health

Quality Score breakdown

About the company

SICC Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sale of silicon carbide substrate materials in China and internationally. The company is involved in the industrialization of silicon carbide substrates for the renewable energy and AI sectors.

Full company description

SICC Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sale of silicon carbide substrate materials in China and internationally. The company is involved in the industrialization of silicon carbide substrates for the renewable energy and AI sectors. It also offers conductive silicon carbide single crystal and semi-insulating substrate materials. In addition, the company engages in technical development, consultation, and promotion services; production of graphite and carbon products, and wide bandgap semiconductor substrate materials; research and development of special electronic materials and technologies; and investment activities. Its products are used in the microwave electronics and power electronics fields, as well as for new energy vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, home appliances, and advanced communication base stations. The company exports its products. The company was formerly known as SICC Materials Co., Ltd. and changed its name to SICC Co., Ltd. in November 2020. SICC Co., Ltd. was founded in 2010 and is based in Jinan, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SICC Co., Ltd. reported revenue of 1.5B CNY in FY2025 versus 494M CNY in FY2021, a compound +31.2%/yr. Reported net income was −208M CNY in FY2025.

2631 screens 231% overvalued. Compare with ASML Holding →

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.

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

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.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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