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Shanghai Fullhan Microelectronics Co Ltd (300613) Fair Value & Analysis

Technology · CN · Market cap 15.3B CNY (≈ $2.3B) · ISIN CNE100002PQ5

What is Shanghai Fullhan Microelectronics Co Ltd really worth?

SF Shanghai Fullhan Microelectronics Co Ltd 300613 · SHE
Price¥72.37
Fair Value¥17.43
Upside−75.9%
Quality63/100

A solid business, but trading 315% above our fair value of ¥17.43.

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Strengths

Solidly profitable · 11.2% net margin
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +22.6 %/yr)
!Mixed vs. peers (6/14)
!Narrow moat 43/100
!Weak on past: 26 out of 100
!Weak on dividend: 2 out of 100

For context

·0.11% dividend yield
Evidence: High Range ¥13.08 – ¥21.45

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from ¥12.45 to ¥17.43 (+40.0%) since Jul 9, 2026. Share price +2.9% 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 (¥21.45). The favourable scenario is already priced in.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

¥121.29 ¥25.71 Fair Value ¥17.43 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 ¥25.71 – ¥121.29 · fair‑value band ¥13.08 – ¥21.45 · the ¥72.37 price screens above the ¥17.43 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

Shanghai Fullhan Microelectronics Co Ltd (300613) currently trades at ¥72.37, while our model-based Fair Value estimate is ¥17.43, implying the stock looks roughly 315.3% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of ¥42.13 per share, and 0 of the 24 models we run sit above the ¥72.37 price. Bear case: the Asset-Based group reads lowest at ¥8.38, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Shanghai Fullhan Microelectronics Co Ltd generated revenue of 1.9B CNY at a net margin of 11.2%. Revenue grew 75.5% year over year. It earns a return on equity of 6.6%. The balance sheet holds a net cash position of 1.1B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥13.08 (bear case) to ¥21.45 (bull case); at ¥72.37, 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 near its 52-week high and 86% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at −76%, 300613 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 ¥0.5820 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
FCF DCF ¥34.07 ¥50.57 ¥101.27 74
EPV ¥11.64 ¥12.44 ¥13.13 74
Residual Income ¥9.58 ¥9.68 ¥9.25 74
All 24 models by family
DCF Models
FCF DCF ¥34.07 ¥50.57 ¥101.27 74
Owner Earnings ¥23.94 ¥45.69 ¥91.35 69
5Y Revenue Exit ¥18.22 ¥24.10 ¥35.43 70
5Y EBITDA Exit ¥26.77 ¥42.13 ¥70.80 71
5Y P/E Exit ¥23.77 ¥39.90 ¥60.64 67
10Y Revenue Exit ¥22.54 ¥33.26 ¥41.52 66
10Y EBITDA Exit ¥28.86 ¥50.27 ¥89.64 64
10Y P/E Exit ¥26.72 ¥44.30 ¥74.39 60
Earnings-Based
Graham-Dodd ¥4.23 ¥29.53 ¥41.44 61
Lynch FV ¥9.59 ¥13.70 ¥17.81 59
PEG = 1.0 ¥9.59 ¥13.70 ¥17.81 55
EPV ¥11.64 ¥12.44 ¥13.13 74
Multiples
P/E Multiple ¥13.08 ¥17.43 ¥21.79 63
P/S Multiple ¥7.94 ¥10.58 ¥13.23 58
P/B Multiple ¥7.94 ¥10.58 ¥13.23 55
EV/EBIT ¥16.87 ¥20.20 ¥23.53 66
EV/EBITDA ¥24.10 ¥29.84 ¥35.58 67
EV/Revenue ¥11.94 ¥14.10 ¥16.26 54
Asset-Based
NCAV (Graham) ¥6.25 ¥8.38 ¥12.50 54
Growth DCF
Growth DCF ¥32.57 ¥55.46 ¥100.85 73
Rev-Margin DCF ¥18.22 ¥26.15 ¥38.16 70
Economic Profit
Residual Income ¥9.58 ¥9.68 ¥9.25 74
ROIC Compounder ¥11.64 ¥12.44 ¥14.13 70
Growth Earnings
Growth-Adj P/E ¥14.51 ¥20.73 ¥26.94 65

Widest divergence: DCF Models (¥42.13) versus Asset-Based (¥8.38). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 77.0
P/S ratio 6.60 P/E × margin
EPS (TTM) ¥0.9400 price ÷ EPS = P/E 77.0
Dividend yield 0.1% payout 8.5%
Net margin 8.6% FY2025
Return on equity 6.6% TTM
More key figures
Profitability
Return on assets (EBIT) 8.1% avg 5y
Operating margin 15.1% TTM
Growth
Revenue (TTM) 1.9B CNY TTM
Revenue growth (YoY) +75.5% 3y avg −7.1%
EPS growth (YoY) +517%
Balance sheet & cash flow
Free cash flow 384M CNY FY2025
Net cash 1.1B CNY FY2024

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 65 · Market factors (momentum, volatility) 73

Profitability 31
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 90
Distance to the 52-week high (market factor)
Net Issuance 75
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

Shanghai Fullhan Microelectronics Co., Ltd., together with its subsidiaries, engages in the development and design of integrated circuit chips, electronic products, and communication equipment in China and internationally.

Full company description

Shanghai Fullhan Microelectronics Co., Ltd., together with its subsidiaries, engages in the development and design of integrated circuit chips, electronic products, and communication equipment in China and internationally. The company provides various chips comprising HD analog image signal processors (ISP), IP camera system on chips (SoC), HD analog Rx, digital video recorder (DVR) SoC, network video recorder SoC, smart display SoC, automotive camera ISP, automotive HD analog Rx, and automotive DVR SoC. It also offers professional technology services, such as technology development and IC design; and technology transfer and technical consulting services. In addition, the company is involved in the development, design, and manufacturing of computer system software; sales of self-produced products; and import, export, and wholesale of integrated circuits, electronic products, communication equipment, computers, and accessories and consumables. Fullhan Microelectronics Co., Ltd. was founded in 2004 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Fullhan Microelectronics Co Ltd reported revenue of 1.7B CNY in FY2025 versus 1.7B CNY in FY2021, a compound −0.4%/yr. Reported net income was 145M CNY in FY2025, compounding −20.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.7B CNY
Latest YoY
−5.6%
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.
−7.1%
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.
+22.6%
Avg. revenue growth/yr (13Y) 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.
+30.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+10.3% (10.2 + 0.1)
Revenue −0.4%/yr
FY21 1.7B CNY
FY22 2.1B CNY
FY23 1.8B CNY
FY24 1.8B CNY
FY25 1.7B CNY
Net income −20.6%/yr
FY21 364M CNY
FY22 398M CNY
FY23 252M CNY
FY24 258M CNY
FY25 145M CNY
Character of growth · EPS growth decomposed (2013-2024) +22.2 % p.a.
Revenue per share +26.6 %

of which total revenue +31.7 % · buybacks/dilution −3.9 %

EBIT margin −4.6 %
Tax rate +1.3 %
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).

300613 screens 315% overvalued. Compare with NVIDIA Corporation →

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Cite: Fair Value Calculator (2026). "Shanghai Fullhan Microelectronics Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/300613

Peer Group

Semiconductors · 325 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 63 · Above median
Fair Value upside −76% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 76% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 77.0× · Pricier than median
P/B 5.25× · Pricier than median
P/S (TTM) 7.91× · Pricier than median
P/FCF 5.9× · Pricier than median
EV/EBITDA 41.7× · Pricier 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
FUTURE100 · sector 65
PAST26 · sector 25
HEALTH90 · sector 96
DIVIDEND2 · sector 18

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 Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $227.98 $98.98 −57%
Taiwan Semiconductor Manufacturing Company TSM $427.30 $296.10 −31%
Broadcom Inc AVGO $371.54 $118.27 −68%
SK hynix Inc 000660 1,647,000 KRW 1,481,291 KRW −10%
Micron Technology, Inc MU $932.86 $148.38 −84%
Advanced Micro Devices, Inc AMD $476.67 $55.02 −88%
Intel Corporation INTC $92.09 $35.41 −62%
Texas Instruments Incorporated TXN $266.54 $78.54 −71%
QUALCOMM Incorporated QCOM $164.78 $147.20 −11%
MediaTek Inc 2454 3,845 TWD 1,559 TWD −59%

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Frequently asked questions

Is Shanghai Fullhan Microelectronics Co Ltd (300613) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥17.43 versus a price of ¥72.37, about −76% upside (overvalued).
What is the fair value of 300613?
Our model-based fair value for Shanghai Fullhan Microelectronics Co Ltd is ¥17.43 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥72.37.
What is the quality score of 300613?
Shanghai Fullhan Microelectronics Co Ltd has a Quality Score of 63/100. 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 Shanghai Fullhan Microelectronics Co Ltd (300613)?
Shanghai Fullhan Microelectronics Co Ltd reported trailing-twelve-month revenue of about 1.9B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 300613?
The net profit margin of Shanghai Fullhan Microelectronics Co Ltd is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Shanghai Fullhan Microelectronics Co Ltd pay a dividend?
Shanghai Fullhan Microelectronics Co Ltd currently shows a dividend yield of about 0.11% relative to its recent price (as of Aug 13, 2026).
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