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Shenzhen Inovance Tech (300124) Fair Value & Analysis

Industrials · CN · Market cap 172B CNY (≈ $25.6B) · ISIN CNE100000V46

What is Shenzhen Inovance Tech really worth?

SI Shenzhen Inovance Tech 300124 · SHE
Price¥59.31
Fair Value¥33.04
Upside−44.3%
Quality55/100

A solid business, but trading 80% above our fair value of ¥33.04.

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Strengths

Healthy Growth (revenue 5y +31.4 %/yr)
Solidly profitable · 10.3% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Moderate moat 52/100
!Weak on dividend: 17 out of 100

For context

·0.84% dividend yield
Evidence: High Range ¥24.78 – ¥51.38

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price −7.5% 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 above even our optimistic bull case (¥51.38). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥24.78 to ¥51.38) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥88.32 ¥39.39 Fair Value ¥33.04 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥39.39 – ¥88.32 · fair‑value band ¥24.78 – ¥51.38 · the ¥59.31 price screens above the ¥33.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Shenzhen Inovance Tech (300124) currently trades at ¥59.31, while our model-based Fair Value estimate is ¥33.04, implying the stock looks roughly 79.5% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ¥78.99 per share, and 4 of the 26 models we run sit above the ¥59.31 price. Bear case: the Dividend Discount group reads lowest at ¥7.28, and 22 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Shenzhen Inovance Tech generated revenue of 46.3B CNY at a net margin of 10.3%. Revenue grew 13.0% year over year. It earns a return on equity of 14.2%. The balance sheet holds a net cash position of 58.3M CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥24.78 (bear case) to ¥51.38 (bull case); at ¥59.31, 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 34% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −44%, 300124 screens richer 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 ¥0.8324 per share, which is 2.5 % 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 ¥24.75 ¥37.79 ¥79.30 76
Growth DCF ¥23.40 ¥44.46 ¥78.96 75
EPV ¥20.65 ¥23.75 ¥26.47 74
All 26 models by family
DCF Models
FCF DCF ¥24.75 ¥37.79 ¥79.30 76
Owner Earnings ¥19.51 ¥41.83 ¥88.67 71
5Y Revenue Exit ¥24.24 ¥41.71 ¥78.38 69
5Y EBITDA Exit ¥26.94 ¥47.16 ¥86.86 72
5Y P/E Exit ¥30.43 ¥67.54 ¥118.47 67
10Y Revenue Exit ¥23.91 ¥52.91 ¥72.23 66
10Y EBITDA Exit ¥26.78 ¥58.71 ¥114.89 64
10Y P/E Exit ¥29.32 ¥66.22 ¥127.68 60
Earnings-Based
Graham-Dodd ¥12.68 ¥88.45 ¥124.12 63
Lynch FV ¥41.50 ¥59.29 ¥77.08 61
PEG = 1.0 ¥41.50 ¥59.29 ¥77.08 57
EPV ¥20.65 ¥23.75 ¥26.47 74
Dividend Discount
Gordon GGM ¥4.15 ¥8.63 ¥13.69 66
DDM Multi-Stage ¥4.15 ¥7.28 ¥9.06 66
Multiples
P/E Multiple ¥29.38 ¥39.17 ¥48.96 63
P/S Multiple ¥23.78 ¥31.71 ¥39.63 58
P/B Multiple ¥23.78 ¥31.71 ¥39.63 55
EV/EBIT ¥29.73 ¥38.97 ¥48.20 66
EV/EBITDA ¥26.78 ¥35.03 ¥43.29 67
EV/Revenue ¥21.80 ¥30.27 ¥38.75 54
Asset-Based
NCAV (Graham) ¥6.53 ¥8.75 ¥13.06 54
Growth DCF
Growth DCF ¥23.40 ¥44.46 ¥78.96 75
Rev-Margin DCF ¥26.18 ¥47.40 ¥90.76 69
Economic Profit
Residual Income ¥12.82 ¥16.79 ¥48.41 66
ROIC Compounder ¥27.57 ¥41.08 ¥50.61 72
Growth Earnings
Growth-Adj P/E ¥55.29 ¥78.99 ¥102.69 67

Widest divergence: Growth Earnings (¥78.99) versus Dividend Discount (¥7.28). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 34.3
P/S ratio 3.84 P/E × margin
EPS (TTM) ¥1.73 price ÷ EPS = P/E 34.3
Dividend yield 0.8% payout 28.9%
Net margin 11.2% FY2025
Return on equity 14.2% TTM
More key figures
Profitability
Return on assets (EBIT) 10.4% avg 5y
Operating margin 12.4% TTM
Growth
Revenue (TTM) 46.3B CNY TTM
Revenue growth (YoY) +13.0% 3y avg +25.2%
EPS growth (YoY) −24.5%
Balance sheet & cash flow
Free cash flow 3.7B CNY FY2025
Net cash 58.3M CNY FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 56 · Market factors (momentum, volatility) 34

Profitability 47
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 73
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

Shenzhen Inovance Technology Co.,Ltd manufactures and sells industrial automation control solutions in China and internationally. It operates through four segments: Industrial Automation and Digitalization, New Energy Vehicle Powertrain Systems, Emerging Industries, and Others.

Full company description

Shenzhen Inovance Technology Co.,Ltd manufactures and sells industrial automation control solutions in China and internationally. It operates through four segments: Industrial Automation and Digitalization, New Energy Vehicle Powertrain Systems, Emerging Industries, and Others. The company offers drive system products, including general-purpose low voltage, industry tailored low voltage, engineering, and medium voltage AC drives; motion control system products comprising servo drives and motors; control system products that include PLCS, I/O modules, and HMIs; industrial general-purpose and industry-specific motors; and industrial vision products, such as industrial cameras, vision software platform, and vision components. It also provides industrial robot systems, including articulator 6-axis robots, SCARA robots, robot control cabinet, and robot optional accessories; elevator controllers; and power conversion systems. It serves the off-highway vehicles, lithium batteries, air conditioning and refrigeration, injection molding machinery, and test equipment industries. The company was founded in 2003 and is headquartered in Shenzhen, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shenzhen Inovance Tech reported revenue of 45.1B CNY in FY2025 versus 17.9B CNY in FY2021, a compound +25.9%/yr. Reported net income was 5.1B CNY in FY2025, compounding +9.0%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
45.1B CNY
Latest YoY
+21.8%
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.
+25.2%
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.
+31.4%
Avg. revenue growth/yr (18Y) 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.
+36.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+18.8% (18.0 + 0.8)
Revenue +25.9%/yr
FY21 17.9B CNY
FY22 23.0B CNY
FY23 30.4B CNY
FY24 37.0B CNY
FY25 45.1B CNY
Net income +9.0%/yr
FY21 3.6B CNY
FY22 4.3B CNY
FY23 4.7B CNY
FY24 4.3B CNY
FY25 5.1B CNY
Character of growth · EPS growth decomposed (2013-2024) +21.7 % p.a.
Revenue per share +31.8 %

of which total revenue +33.5 % · buybacks/dilution −1.3 %

EBIT margin −6.1 %
Tax rate +0.8 %
Residual (interest, one-offs) −2.4 %

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).

300124 screens 80% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "Shenzhen Inovance Tech Fair Value". https://www.fairvalue-calculator.com/stock/300124

Peer Group

Electrical Equipment & Parts · 542 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 55 · Above median
Fair Value upside −44% · Above median
Return on equity (TTM) 14% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 10% · Top 25%
Operating margin (TTM) 12% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 0.8% · Below median
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 34.3× · Pricier than median
P/B 4.86× · Pricier than 75% of peers
P/S (TTM) 3.71× · Pricier than median
P/FCF 7.0× · Pricier than median
EV/EBITDA 27.5× · Pricier than median
PEG 1.29× · 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
VALUE0 · sector 0
FUTURE65 · sector 56
PAST57 · sector 26
HEALTH98 · sector 97
DIVIDEND17 · sector 23

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.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 −40%
ABB Ltd ABBN CHF 80.10 CHF 28.70 −64%
Delta Electronics (Thailand) Public Company TDED 10.40 SGD 1.47 SGD −86%
Vertiv Holdings VRT $257.08 $63.13 −75%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW −45%
Prysmian S.p.A PRY €117.10 €84.15 −28%
Legrand SA LR €139.65 €78.82 −44%
Sungrow Power Supply Co 300274 ¥86.40 ¥123.83 +43%
Hubbell Incorporated HUBB $443.31 $285.77 −36%
nVent Electric plc NVT $151.98 $40.68 −73%

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Frequently asked questions

Is Shenzhen Inovance Tech (300124) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥33.04 versus a price of ¥59.31, about −44% upside (overvalued).
What is the fair value of 300124?
Our model-based fair value for Shenzhen Inovance Tech is ¥33.04 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥59.31.
What is the quality score of 300124?
Shenzhen Inovance Tech has a Quality Score of 55/100. 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 Shenzhen Inovance Tech (300124)?
Shenzhen Inovance Tech reported trailing-twelve-month revenue of about 46.3B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 300124?
The net profit margin of Shenzhen Inovance Tech is about 10.3%, meaning it keeps roughly 10.3% of revenue as net income. Based on the latest reported figures.
Does Shenzhen Inovance Tech pay a dividend?
Shenzhen Inovance Tech currently shows a dividend yield of about 0.84% relative to its recent price (as of Aug 13, 2026).
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