Shanghai Aiko Solar EnergyLtd (SHSE:600732) Stock Valuation, Peer Comparison & Price Targets

Q: What is the Fair Price of 600732 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600732 (CN¥14.42) is trading below our estimate of [[fair value]] (CN¥101.21)

Share Price vs Fair Value

What is the Fair Price of 600732 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600732 (CN¥14.42) is trading below our estimate of fair value (CN¥101.21)

Significantly Below Fair Value: 600732 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600732?

Key metric: As 600732 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 600732. This is calculated by dividing 600732's market cap by their current revenue.
What is 600732's PS Ratio?
PS Ratio	2.1x
Sales	CN¥12.45b
Market Cap	CN¥26.03b

600732 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	3x
Enterprise Value/EBITDA	-21.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 600732's PS Ratio compare to its peers?

The above table shows the PS ratio for 600732 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	8.1x
688521 VeriSilicon Microelectronics (Shanghai)	11.3x	29.4%	CN¥25.1b
688375 Guobo Electronics	12.2x	26.9%	CN¥31.1b
688099 Amlogic (Shanghai)Ltd	4.6x	20.3%	CN¥28.5b
300373 Yangzhou Yangjie Electronic Technology	4.2x	19.4%	CN¥24.5b
600732 Shanghai Aiko Solar EnergyLtd	2.1x	52.3%	CN¥26.0b

Price-To-Sales vs Peers: 600732 is good value based on its Price-To-Sales Ratio (2.1x) compared to the peer average (8.1x).

Price to Sales Ratio vs Industry

How does 600732's PS Ratio compare vs other companies in the CN Semiconductor Industry?

12 Companies	Price / Sales	Estimated Growth	Market Cap
688223 Jinko Solar	0.8x	11.4%	US$12.09b
002459 JA Solar Technology	0.7x	15.0%	US$7.78b
688599 Trina Solar	0.6x	12.5%	US$7.25b
002506 GCL System Integration Technology	0.9x	33.5%	US$2.22b

12 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 600732 is good value based on its Price-To-Sales Ratio (2.1x) compared to the CN Semiconductor industry average (6.7x).

Price to Sales Ratio vs Fair Ratio

What is 600732's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600732 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.1x
Fair PS Ratio	4.8x

Price-To-Sales vs Fair Ratio: 600732 is good value based on its Price-To-Sales Ratio (2.1x) compared to the estimated Fair Price-To-Sales Ratio (4.8x).

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 600732 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¥14.42	CN¥14.80 +2.6%	30.3%	CN¥19.60	CN¥8.80	n/a	3
Nov ’25	CN¥12.42	CN¥14.80 +19.2%	30.3%	CN¥19.60	CN¥8.80	n/a	3
Oct ’25	CN¥10.30	CN¥13.33 +29.4%	34.3%	CN¥19.60	CN¥8.80	n/a	3
Sep ’25	CN¥8.12	CN¥18.60 +129.1%	5.4%	CN¥19.60	CN¥17.60	n/a	2
Aug ’25	CN¥9.15	CN¥18.60 +103.3%	5.4%	CN¥19.60	CN¥17.60	n/a	2
Jul ’25	CN¥9.05	CN¥18.60 +105.5%	5.4%	CN¥19.60	CN¥17.60	n/a	2
Jun ’25	CN¥11.65	CN¥18.60 +59.7%	5.4%	CN¥19.60	CN¥17.60	n/a	2
May ’25	CN¥11.95	CN¥25.29 +111.6%	30.4%	CN¥32.98	CN¥17.60	n/a	2
Apr ’25	CN¥14.05	CN¥31.49 +124.2%	3.9%	CN¥32.98	CN¥30.00	n/a	3
Mar ’25	CN¥15.25	CN¥31.49 +106.5%	3.9%	CN¥32.98	CN¥30.00	n/a	3
Feb ’25	CN¥15.18	CN¥31.49 +107.5%	3.9%	CN¥32.98	CN¥30.00	n/a	3
Jan ’25	CN¥17.64	CN¥31.49 +78.5%	3.9%	CN¥32.98	CN¥30.00	n/a	3
Dec ’24	CN¥15.90	CN¥31.49 +98.1%	3.9%	CN¥32.98	CN¥30.00	n/a	3
Nov ’24	CN¥19.41	CN¥31.49 +62.3%	3.9%	CN¥32.98	CN¥30.00	CN¥12.42	3
Oct ’24	CN¥22.31	CN¥32.66 +46.4%	6.3%	CN¥35.01	CN¥30.00	CN¥10.30	3
Sep ’24	CN¥21.97	CN¥42.27 +92.4%	12.1%	CN¥47.40	CN¥37.14	CN¥8.12	2
Aug ’24	CN¥25.37	CN¥42.27 +66.6%	12.1%	CN¥47.40	CN¥37.14	CN¥9.15	2
Jul ’24	CN¥30.75	CN¥35.50 +15.4%	4.6%	CN¥37.14	CN¥33.86	CN¥9.05	2
Jun ’24	CN¥24.36	CN¥35.50 +45.7%	4.6%	CN¥37.14	CN¥33.86	CN¥11.65	2
May ’24	CN¥22.29	CN¥32.39 +45.4%	14.2%	CN¥37.14	CN¥26.18	CN¥11.95	3
Apr ’24	CN¥23.65	CN¥35.50 +50.1%	4.6%	CN¥37.14	CN¥33.86	CN¥14.05	2
Mar ’24	CN¥25.31	CN¥36.24 +43.2%	4.7%	CN¥37.71	CN¥33.86	CN¥15.25	3
Feb ’24	CN¥27.29	CN¥35.79 +31.2%	5.4%	CN¥37.71	CN¥33.86	CN¥15.18	2
Jan ’24	CN¥27.01	CN¥35.79 +32.5%	5.4%	CN¥37.71	CN¥33.86	CN¥17.64	2
Dec ’23	CN¥30.13	CN¥35.79 +18.8%	5.4%	CN¥37.71	CN¥33.86	CN¥15.90	2
Nov ’23	CN¥25.96	CN¥31.79 +22.4%	18.7%	CN¥37.71	CN¥25.86	CN¥19.41	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Yangling Metron New Material

CN¥11.7b

Researches, develops, manufactures, and sells electroplated diamond wires and tools.

300861

CN¥24.37

7D

-2.0%

1Y

-31.0%

Giantec Semiconductor

CN¥8.8b

Engages in the research, development, design, and sale of memory, analog, and mixed-signal integrated circuits in China, Taiwan, South Korea, Hong Kong, the United States, Japan, the Southeast Asia, Europe, and internationally.

688123

CN¥55.80

7D

-4.9%

1Y

-14.8%

JA Solar Technology

CN¥56.3b

Engages in the production and processing of monocrystalline silicon rods and monocrystalline silicon wafers primarily in China.

2459

CN¥17.15

7D

1.0%

1Y