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Guotai Junan Securities Co Ltd (601211) Fair Value & Analysis

Financial Services · CN · Market cap 328B CNY (≈ $48.9B) · ISIN CNE1000022F3

What is Guotai Junan Securities Co Ltd really worth?

GJ Guotai Junan Securities Co Ltd 601211 · SHG
Price¥17.87
Fair Value¥15.83
Upside−11.4%
Quality47/100

Below-average quality, and trading another 13% above our fair value of ¥15.83.

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Strengths

Healthy Growth (revenue 5y +17.4 %/yr)
Highly profitable · 33.0% net margin
Low debt · generates free cash flow
Wide moat 65/100

Risks

!Mixed vs. peers (8/14)
!Weak on valuation: 18 out of 100
!Weak on past: 27 out of 100

For context

·2.80% dividend yield
Evidence: High Range ¥11.87 – ¥19.78

Fair value as of: Sep 5, 2026

From 2 valuation models · updated today

Share price −0.7% over the past month.

What runs behind every stock

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

What matters now

  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

¥22.29 ¥12.73 Fair Value ¥15.83 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range ¥12.73 – ¥22.29 · fair‑value band ¥11.87 – ¥19.78 · the ¥17.87 price screens above the ¥15.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Guotai Junan Securities Co Ltd (601211) currently trades at ¥17.87, while our model-based Fair Value estimate is ¥15.83, implying the stock looks roughly 12.9% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector. How firm this estimate is: it rests on 25 models at a data quality of 94/100, which puts the evidence level at high.

Over the trailing twelve months, Guotai Junan Securities Co Ltd generated revenue of 66.6B CNY at a net margin of 33.0%. Revenue grew 64.1% year over year. It earns a return on equity of 6.8%. Net debt stands at 916B CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥11.87 (bear case) to ¥19.78 (bull case); at ¥17.87, 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 20% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −11%, 601211 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 ¥0.2990 per share, which is 1.9 % 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 ¥14.46 ¥19.29 ¥24.11 55
NCAV (Graham) ¥11.34 ¥15.20 ¥22.69 54
All 2 models by family
Multiples
P/B Multiple ¥14.46 ¥19.29 ¥24.11 55
Asset-Based
NCAV (Graham) ¥11.34 ¥15.20 ¥22.69 54

Widest divergence: Multiples (¥19.29) versus Asset-Based (¥15.20). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/E ratio 19.8 as of Jul 16, 2026
P/S ratio 5.62 P/E × margin
EPS (TTM) ¥0.9400 price ÷ EPS = P/E 19.8
Dividend yield 2.8% payout 53.2%
Net margin 28.4% FY2025
Return on equity 6.8% TTM
More key figures
Profitability
Return on assets (EBIT) 1.9% avg 5y
Operating margin 52.6% TTM
Growth
Revenue (TTM) 66.6B CNY TTM
Revenue growth (YoY) +64.1% 3y avg +29.0%
EPS growth (YoY) −69.0%
Balance sheet & cash flow
Free cash flow 85.0B CNY FY2025
Net debt 916B CNY FY2025 · ≈ 10.8 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 44 · Market factors (momentum, volatility) 51

Profitability 35
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 0
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

Guotai Haitong Securities Co., Ltd. provides wealth management, investment banking, institutional and trading, and investment management services in Mainland China, Hong Kong, and internationally.

Full company description

Guotai Haitong Securities Co., Ltd. provides wealth management, investment banking, institutional and trading, and investment management services in Mainland China, Hong Kong, and internationally. It offers securities and futures brokerage, financial products, investment advisory, stock pledging, margin financing and securities lending, and agreed securities repurchase and other services; and sponsorship, equity and debt underwriting, structured debt financing, M&A financial advisory services, and diversified corporate solutions to corporate and government clients. The company also provides research and institutional brokerage services, such as prime brokers, seat leasing, custody and outsourcing, and QFII and other services to institutional clients; trading and investment services, including investment transactions in stocks, fixed income, foreign exchange, large commodities, and their derivative financial instruments, as well as integrated financial solutions for clients' investment, financing, and risk management; and equity investment services. In addition, it offers asset and fund management services to institutions and individuals; and brokerage, research, leasing, and corporate financing services; logistics and catering management; and information consulting services. Further, the company engages in the real estate and property management; warehousing; investment and corporate management consulting; venture capital investment and management; industrial investment; administrative management; foreign exchange dealing; and securities trading activities. The company was formerly known as Guotai Junan Securities Co., Ltd. and changed its name to Guotai Haitong Securities Co., Ltd. in April 2025. The company was founded in 1992 and is based in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Guotai Junan Securities Co Ltd reported revenue of 97.8B CNY in FY2025 versus 52.4B CNY in FY2021, a compound +16.9%/yr. Reported net income was 27.8B CNY in FY2025, compounding +16.7%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
97.8B CNY
Latest YoY
+75.3%
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.
+29.0%
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.
+17.4%
Avg. revenue growth/yr (23Y) 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.
+19.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.0% (8.2 + 2.8)
Revenue +16.9%/yr
FY21 52.4B CNY
FY22 45.5B CNY
FY23 48.6B CNY
FY24 55.8B CNY
FY25 97.8B CNY
Net income +16.7%/yr
FY21 15.0B CNY
FY22 11.5B CNY
FY23 9.4B CNY
FY24 13.0B CNY
FY25 27.8B CNY
Character of growth · EPS growth decomposed (2014-2025) −0.3 % p.a.
Revenue per share +5.0 %

of which total revenue +10.7 % · buybacks/dilution −5.1 %

EBIT margin −4.3 %
Tax rate +0.4 %
Residual (interest, one-offs) −1.3 %

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).

601211 screens 13% overvalued. Compare with Morgan Stanley, a financial holding company, →

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Cite: Fair Value Calculator (2026). "Guotai Junan Securities Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601211

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Capital Markets · 453 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 44 · Below median
Fair Value upside −11% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 1% · Below median
Net margin (TTM) 33% · Above median
Operating margin (TTM) 53% · Top 25%
Revenue growth 64% · Top 25%
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 19.8× · Pricier than median
P/B 1.02× · Cheaper than median
P/S (TTM) 4.92× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 5.0× · Cheaper 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
VALUE18 · sector 10
FUTURE100 · sector 91
PAST27 · sector 30
HEALTH92 · sector 94
DIVIDEND56 · sector 38

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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $214.77 $138.97 −35%
The Goldman Sachs Group GS $1,034 $756.89 −27%
The Charles Schwab Corporation SCHW $110.16 $66.17 −40%
Robinhood Markets, Inc HOOD $104.26 $30.94 −70%
Macquarie Group MQG A$251.87 A$75.58 −70%
CITIC Securities Company 600030 ¥27.93 ¥17.68 −37%
East Money Information Co 300059 ¥19.42 ¥4.77 −75%
Guotai Haitong Securities Co 2611 HK$15.20 HK$16.92 +11%
CSC Financial Co 601066 ¥25.78 ¥14.17 −45%
Huatai Securities Co 601688 ¥19.56 ¥19.26 −2%

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Frequently asked questions

Is Guotai Junan Securities Co Ltd (601211) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥15.83 versus a price of ¥17.87, about −11% upside (overvalued).
What is the fair value of 601211?
Our model-based fair value for Guotai Junan Securities Co Ltd is ¥15.83 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥17.87.
What is the quality score of 601211?
Guotai Junan Securities Co Ltd has a Quality Score of 47/100. 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 Guotai Junan Securities Co Ltd (601211)?
Guotai Junan Securities Co Ltd reported trailing-twelve-month revenue of about 66.6B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 601211?
The net profit margin of Guotai Junan Securities Co Ltd is about 33.0%, meaning it keeps roughly 33.0% of revenue as net income. Based on the latest reported figures.
Does Guotai Junan Securities Co Ltd pay a dividend?
Guotai Junan Securities Co Ltd currently shows a dividend yield of about 2.80% relative to its recent price (as of Sep 5, 2026).
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