Huatai Securities Co Ltd (601688) Fair Value & Analysis
Financial Services · CN · Market cap 186B CNY (≈ $27.8B) · ISIN CNE100000LQ8
What is Huatai Securities Co Ltd really worth?
Below-average quality, currently priced close to our fair value of ¥19.26.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 2 valuation models · updated today
Share price −1.1% 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 close to our fair value, market and models broadly agree here, little valuation tension.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
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 ¥11.59 – ¥25.56 · fair‑value band ¥14.45 – ¥24.08 · the ¥19.56 price screens above the ¥19.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Huatai Securities Co Ltd (601688) currently trades at ¥19.56, while our model-based Fair Value estimate is ¥19.26, implying the stock looks roughly 1.6% fairly valued today. The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector. How firm this estimate is: it rests on 17 models at a data quality of 95/100, which puts the evidence level at medium.
Over the trailing twelve months, Huatai Securities Co Ltd generated revenue of 39.5B CNY at a net margin of 44.4%. Revenue grew 45.0% year over year. It earns a return on equity of 8.6%. The balance sheet holds a net cash position of 314B CNY. Fundamentals as of Sep 5, 2026
Our scenario range runs from ¥14.45 (bear case) to ¥24.08 (bull case); at ¥19.56, 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 24% below its 52-week high and 18% 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 −2%, 601688 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 ¥0.8901 per share, which is 4.6 % 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.
All 2 models by family
Widest divergence: Multiples (¥19.49) versus Asset-Based (¥15.36). Highest evidence: P/B Multiple (53).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 53 · Market factors (momentum, volatility) 44
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
Huatai Securities Co., Ltd., together with its subsidiaries, provides securities and financial services for individual, enterprise, and institutional clients in Mainland China and internationally. It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments.
Full company description
Huatai Securities Co., Ltd., together with its subsidiaries, provides securities and financial services for individual, enterprise, and institutional clients in Mainland China and internationally. It operates through Wealth Management, Institutional Services, Investment Management, International Business, and Other segments. The company offers wealth management services, including securities, futures, and options brokerage, financial products sales, fund investment advisory, and capital-based intermediary services; asset allocation; and margin financing, securities lending, securities-backed lending, and stock pledged repurchase services, as well as trades in stocks, funds, and bonds on behalf of clients. It also provides investment banking services comprising domestic and overseas equity financing, bond financing, and financial advisory; prime brokerage services, such as asset custody and fund services; research and institutional sales; equity securities and fixed income investments and transactions; and over-the-counter financial products and transactions services. In addition, the company provides asset management services, private equity investment, alternative investments, and commodities trading and arbitrage services; overseas business; fintech and digital services; and platforms for investment management and banking, FICC trading, cross-border and structured finance, equity derivatives, equity research and sales, and online securities lending. Huatai Securities Co., Ltd. was founded in 1990 and is based in Nanjing, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Huatai Securities Co Ltd reported revenue of 32.4B CNY in FY2025 versus 40.9B CNY in FY2021, a compound −5.6%/yr. Reported net income was 16.4B CNY in FY2025, compounding +5.3%/yr from FY2021.
of which total revenue +9.9 % · buybacks/dilution −4.8 %
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).
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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.
Valuation Multiples vs Capital Markets 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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Nomura Holdings NMR | $10.30 | $9.99 | −3% |
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