Huatai Securities Co., Ltd.

SHSE:601688 Stock Report

Market Cap: CN¥154.9b

Huatai Securities Valuation

Is 601688 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • 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 601688 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 601688 (CN¥17.53) is trading below our estimate of fair value (CN¥17.63)

Significantly Below Fair Value: 601688 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 601688?

Key metric: As 601688 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 601688. This is calculated by dividing 601688's market cap by their current earnings.
What is 601688's PE Ratio?
PE Ratio10.4x
EarningsCN¥15.10b
Market CapCN¥154.89b

Price to Earnings Ratio vs Peers

How does 601688's PE Ratio compare to its peers?

The above table shows the PE ratio for 601688 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.6x
601211 Guotai Junan Securities
17.7x12.0%CN¥163.6b
600999 China Merchants Securities
18.6x13.2%CN¥165.2b
002736 Guosen Securities
21.1x11.1%CN¥113.8b
000776 GF Securities
16.9x14.2%CN¥117.0b
601688 Huatai Securities
10.4x2.7%CN¥154.9b

Price-To-Earnings vs Peers: 601688 is good value based on its Price-To-Earnings Ratio (10.4x) compared to the peer average (18.6x).

Price to Earnings Ratio vs Industry

How does 601688's PE Ratio compare vs other companies in the CN Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
601688 10.4xIndustry Avg. 33.2xNo. of Companies11PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 601688 is good value based on its Price-To-Earnings Ratio (10.4x) compared to the CN Capital Markets industry average (33.2x).

Price to Earnings Ratio vs Fair Ratio

What is 601688'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.

601688 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.4x
Fair PE Ratio30.3x

Price-To-Earnings vs Fair Ratio: 601688 is good value based on its Price-To-Earnings Ratio (10.4x) compared to the estimated Fair Price-To-Earnings Ratio (30.3x).

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 601688 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥17.53
CN¥22.92
+30.7%
23.6%CN¥33.80CN¥16.83n/a12
Nov ’25CN¥17.67
CN¥22.13
+25.3%
24.5%CN¥33.80CN¥16.83n/a12
Oct ’25CN¥17.60
CN¥17.10
-2.8%
13.6%CN¥22.04CN¥13.10n/a13
Sep ’25CN¥12.58
CN¥17.46
+38.8%
12.1%CN¥22.04CN¥13.10n/a12
Aug ’25CN¥13.28
CN¥17.84
+34.4%
12.3%CN¥22.04CN¥13.10n/a12
Jul ’25CN¥12.50
CN¥17.86
+42.9%
12.2%CN¥22.04CN¥13.10n/a12
Jun ’25CN¥13.58
CN¥18.09
+33.2%
11.3%CN¥22.04CN¥13.10n/a13
May ’25CN¥13.77
CN¥18.01
+30.8%
9.0%CN¥20.13CN¥14.00n/a13
Apr ’25CN¥14.26
CN¥17.84
+25.1%
11.7%CN¥20.70CN¥13.63n/a13
Mar ’25CN¥14.82
CN¥18.13
+22.4%
12.4%CN¥21.00CN¥13.63n/a13
Feb ’25CN¥13.87
CN¥18.31
+32.0%
12.3%CN¥21.00CN¥13.63n/a12
Jan ’25CN¥13.95
CN¥17.97
+28.8%
15.7%CN¥21.00CN¥11.67n/a11
Dec ’24CN¥14.47
CN¥18.00
+24.4%
14.9%CN¥20.70CN¥11.67n/a12
Nov ’24CN¥16.05
CN¥17.92
+11.6%
15.3%CN¥20.70CN¥11.67CN¥17.6712
Oct ’24CN¥15.81
CN¥17.72
+12.1%
15.7%CN¥20.70CN¥11.67CN¥17.6012
Sep ’24CN¥16.16
CN¥17.28
+6.9%
16.6%CN¥20.70CN¥11.67CN¥12.5813
Aug ’24CN¥16.56
CN¥16.42
-0.8%
20.9%CN¥20.70CN¥9.49CN¥13.2813
Jul ’24CN¥13.77
CN¥16.42
+19.3%
20.9%CN¥20.70CN¥9.49CN¥12.5013
Jun ’24CN¥13.74
CN¥16.49
+20.0%
20.4%CN¥20.70CN¥9.49CN¥13.5813
May ’24CN¥14.05
CN¥16.52
+17.6%
20.5%CN¥20.70CN¥9.49CN¥13.7714
Apr ’24CN¥12.77
CN¥16.32
+27.8%
21.6%CN¥21.80CN¥9.49CN¥14.2613
Mar ’24CN¥12.79
CN¥16.41
+28.3%
21.3%CN¥21.20CN¥9.49CN¥14.8213
Feb ’24CN¥13.22
CN¥16.37
+23.8%
21.6%CN¥21.20CN¥9.49CN¥13.8713
Jan ’24CN¥12.74
CN¥16.28
+27.8%
21.3%CN¥21.20CN¥9.49CN¥13.9513
Dec ’23CN¥13.17
CN¥16.84
+27.9%
17.7%CN¥21.20CN¥11.67CN¥14.4712
Nov ’23CN¥12.28
CN¥17.19
+40.0%
17.5%CN¥21.20CN¥10.83CN¥16.0512

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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