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HANS CNC (3200) Fair Value & Analysis

Industrials · HK · Market cap HK$79.9B (≈ $10.2B)

What is HANS CNC really worth?

HC HANS CNC 3200 · HK
PriceHK$100.80
Fair ValueHK$26.80
Upside−73.4%
Quality65/100

A solid business, but trading 276% above our fair value of HK$26.80.

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Strengths

✓Solidly profitable · 15.2% net margin
✓Low debt · generates free cash flow

Risks

!Expensive Growth (revenue 3y +27.5 %/yr)
!Mixed vs. peers (7/14)
!Moderate moat 60/100
!Weak on dividend: 12 out of 100

For context

·0.60% dividend yield
Evidence: High Range HK$12.11 – HK$32.84

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from HK$44.87 to HK$26.80 (−40.3%) since Jul 7, 2026. Share price −7.2% over the past month.

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$32.84). The favourable scenario is already priced in.
  • The model range is unusually wide (HK$12.11 to HK$32.84). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (7 months)

HK$195.50 HK$84.25 Fair Value HK$26.80 Feb 2026 Sep 2026

White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.

How to read this chart

7‑month range HK$84.25 – HK$195.50 · fair‑value band HK$12.11 – HK$32.84 · the HK$100.80 price screens above the HK$26.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 13, 2026.

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Analysis

HANS CNC (3200) currently trades at HK$100.80, while our model-based Fair Value estimate is HK$26.80, implying the stock looks roughly 276.1% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of HK$47.63 per share, and 0 of the 25 models we run sit above the HK$100.80 price. Bear case: the Growth DCF group reads lowest at HK$2.99, and 25 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, HANS CNC generated revenue of HK$6.8B at a net margin of 15.2%. Revenue grew 103.7% year over year. It earns a return on equity of 12.5%. The stock trades on a trailing P/E of 60.7 (as of Jul 2, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$12.11 (bear case) to HK$32.84 (bull case); at HK$100.80, 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 51% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −73%, 3200 screens richer 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$2.84 to HK$49.34). Read the values as a conservative anchor, not as a price target.
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 best evidence HK$2.56 HK$2.84 HK$3.75 77
Growth DCF HK$2.53 HK$2.99 HK$3.74 75
EPV HK$12.26 HK$13.96 HK$15.45 71
All 25 models by family
DCF Models
FCF DCF best evidence HK$2.56 HK$2.84 HK$3.75 77
Owner Earnings HK$16.72 HK$35.41 HK$74.65 66
5Y Revenue Exit HK$9.63 HK$17.25 HK$33.37 64
5Y EBITDA Exit HK$12.85 HK$23.76 HK$45.26 66
5Y P/E Exit HK$14.58 HK$34.06 HK$61.29 62
10Y Revenue Exit HK$7.31 HK$18.42 HK$27.00 61
10Y EBITDA Exit HK$10.08 HK$25.36 HK$53.75 58
10Y P/E Exit HK$11.34 HK$29.07 HK$59.83 55
Earnings-Based
Graham-Dodd HK$7.08 HK$49.34 HK$69.24 59
Lynch FV HK$25.49 HK$36.42 HK$47.34 57
PEG = 1.0 HK$25.49 HK$36.42 HK$47.34 53
EPV HK$12.26 HK$13.96 HK$15.45 71
Dividend Discount
Gordon GGM HK$2.10 HK$4.36 HK$6.92 62
DDM Multi-Stage HK$2.10 HK$3.68 HK$4.58 62
Multiples
P/E Multiple HK$16.39 HK$21.85 HK$27.31 63
P/S Multiple HK$10.93 HK$14.57 HK$18.22 58
P/B Multiple HK$13.27 HK$17.69 HK$22.11 55
EV/EBIT HK$19.34 HK$25.10 HK$30.86 66
EV/EBITDA HK$16.17 HK$20.87 HK$25.57 67
EV/Revenue HK$11.25 HK$15.18 HK$19.12 54
Asset-Based
NCAV (Graham) HK$3.83 HK$5.13 HK$7.66 54
Growth DCF
Growth DCF HK$2.53 HK$2.99 HK$3.74 75
Economic Profit
Residual Income HK$7.39 HK$9.44 HK$25.74 62
ROIC Compounder HK$16.14 HK$24.16 HK$29.45 67
Growth Earnings
Growth-Adj P/E HK$33.34 HK$47.63 HK$61.92 63

Widest divergence: Growth Earnings (HK$47.63) versus Growth DCF (HK$2.99). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 60.7 as of Jul 2, 2026
P/S ratio 8.67 P/E × margin
Dividend yield 0.6%
Net margin 14.3% FY2025
Return on equity 12.5% TTM
Return on assets (EBIT) 6.5% avg 4y
More key figures
Profitability
Operating margin 20.5% TTM
Growth
Revenue (TTM) HK$6.8B TTM
Revenue growth (YoY) +104% 3y avg +27.5%
EPS growth (YoY) +154%
Balance sheet & cash flow
Free cash flow HK$23.3M FY2025

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 61 · Market factors (momentum, volatility) 18

Profitability 48
Margins and returns on capital today
Quality Growth 94
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 28
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 16
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 Han's CNC Technology Co., Ltd. engages in the research, development, manufacture, and sale of printed circuit boards and related products in China and internationally.

Full company description

Shenzhen Han's CNC Technology Co., Ltd. engages in the research, development, manufacture, and sale of printed circuit boards and related products in China and internationally. It offers standard and high-multilayer boards, HDI boards, IC packaging substrates, and flexible and rigid boards, as well as lamination, drilling, photolithography, formation, and testing solutions. The company also provides pre-sales and infrastructure support, equipment full-service contract, spare parts support, equipment maintenance, and equipment in the restructuring services. In addition, it offers drilling equipment, including mechanical, CCD six-axis independent mechanical, CO2 laser, UV laser, advanced laser, and hybrid laser drilling equipment. The company was founded in 2002 and is headquartered in Shenzhen, China. Shenzhen Han's CNC Technology Co., Ltd. operates as a subsidiary of Han's Laser Technology Industry Group Co., Ltd.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

HANS CNC reported revenue of 5.8B CNY in FY2025 versus 2.8B CNY in FY2022, a compound +27.5%/yr. Reported net income was 824M CNY in FY2025, compounding +23.8%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$5.8B
Latest YoY
+72.7%
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.
+27.5%
Value creation/yr (3Y) ⓘEarnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
+42.4% (41.8 + 0.6)
Revenue +27.5%/yr
FY22 2.8B CNY
FY23 1.6B CNY
FY24 3.3B CNY
FY25 5.8B CNY
Net income +23.8%/yr
FY22 435M CNY
FY23 136M CNY
FY24 301M CNY
FY25 824M CNY

3200 screens 276% overvalued. Compare with GE Vernova Inc →

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HANS CNC · Fair Value
HK$26.80 −276%Fair Value
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Cite: Fair Value Calculator (2026). "HANS CNC Fair Value". https://www.fairvalue-calculator.com/stock/3200

Peer Group

Specialty Industrial Machinery · 792 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 65 · Top 25%
Fair Value upside −73% · Bottom 25%
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 104% · Top 25%
Dividend yield (TTM) 0.6% · Bottom 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 60.7× · Pricier than 75% of peers
P/B 13.15× · Pricier than 75% of peers
P/S (TTM) 11.80× · Pricier than 75% of peers
P/FCF 437.6× · Pricier than 75% of peers
EV/EBITDA 59.3× · Pricier 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
VALUE0 · sector 0
FUTURE100 · sector 21
PAST50 · sector 28
HEALTH99 · sector 96
DIVIDEND12 · sector 27

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

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Emerson Electric Co EMR $155.18 $58.44 −62%
AMETEK, Inc AME $236.25 $125.80 −47%
Rockwell Automation, Inc ROK $417.53 $125.76 −70%

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Frequently asked questions

Is HANS CNC (3200) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$26.80 versus a price of HK$100.80, about −73% upside (overvalued).
What is the fair value of 3200?
Our model-based fair value for HANS CNC is HK$26.80 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$100.80.
What is the quality score of 3200?
HANS CNC has a Quality Score of 65/100. 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 HANS CNC (3200)?
HANS CNC reported trailing-twelve-month revenue of about HK$6.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3200?
The net profit margin of HANS CNC is about 15.2%, meaning it keeps roughly 15.2% of revenue as net income. Based on the latest reported figures.
Does HANS CNC pay a dividend?
HANS CNC currently shows a dividend yield of about 0.60% relative to its recent price (as of Aug 13, 2026).
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