Zhejiang Wanma Valuation

Is 002276 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 002276 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 002276 (CN¥7.83) is trading above our estimate of fair value (CN¥0.83)

Significantly Below Fair Value: 002276 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 002276?

Key metric: As 002276 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 002276. This is calculated by dividing 002276's market cap by their current earnings.
What is 002276's PE Ratio?
PE Ratio	23.9x
Earnings	CN¥332.05m
Market Cap	CN¥7.94b

002276 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	11.2x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does 002276's PE Ratio compare to its peers?

The above table shows the PE ratio for 002276 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32.4x
300913 Zhejiang Zhaolong Interconnect TechnologyLtd	71.5x	25.3%	CN¥8.2b
300870 Shenzhen Honor Electronic	27x	14.8%	CN¥7.2b
002706 Shanghai Liangxin ElectricalLTD	18.4x	19.8%	CN¥7.4b
002533 Gold cup Electric ApparatusLtd	12.5x	14.4%	CN¥7.6b
002276 Zhejiang Wanma	23.9x	42.0%	CN¥7.9b

Price-To-Earnings vs Peers: 002276 is good value based on its Price-To-Earnings Ratio (23.9x) compared to the peer average (30.9x).

Price to Earnings Ratio vs Industry

How does 002276's PE Ratio compare vs other companies in the CN Electrical Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
300023 Bode Energy Equipment	3.6x	n/a	US$51.42m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 002276 is good value based on its Price-To-Earnings Ratio (23.9x) compared to the CN Electrical industry average (36x).

Price to Earnings Ratio vs Fair Ratio

What is 002276's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

002276 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	23.9x
Fair PE Ratio	33x

Price-To-Earnings vs Fair Ratio: 002276 is good value based on its Price-To-Earnings Ratio (23.9x) compared to the estimated Fair Price-To-Earnings Ratio (33x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 002276 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥7.83	CN¥9.94 +26.9%	16.5%	CN¥12.21	CN¥8.40	n/a	3
Nov ’25	CN¥7.56	CN¥9.94 +31.4%	16.5%	CN¥12.21	CN¥8.40	n/a	3
Oct ’25	CN¥8.11	CN¥9.94 +22.5%	16.5%	CN¥12.21	CN¥8.40	n/a	3
Sep ’25	CN¥6.51	CN¥11.60 +78.2%	9.9%	CN¥12.60	CN¥10.00	n/a	3
Aug ’25	CN¥6.87	CN¥11.94 +73.8%	5.7%	CN¥12.60	CN¥11.00	n/a	3
Jul ’25	CN¥7.18	CN¥11.94 +66.2%	5.7%	CN¥12.60	CN¥11.00	n/a	3
Jun ’25	CN¥8.42	CN¥11.94 +41.8%	5.7%	CN¥12.60	CN¥11.00	n/a	3
May ’25	CN¥8.35	CN¥12.30 +47.3%	2.4%	CN¥12.60	CN¥12.00	n/a	2
May ’24	CN¥10.77	CN¥13.25 +23.0%	5.7%	CN¥14.00	CN¥12.50	CN¥8.35	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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