DBAPPSecurity Co., Ltd.

SHSE:688023 Stock Report

Market Cap: CN¥5.2b

DBAPPSecurity Valuation

Is 688023 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 688023 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 688023 (CN¥50.8) is trading below our estimate of fair value (CN¥128)

Significantly Below Fair Value: 688023 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 688023?

Key metric: As 688023 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 688023. This is calculated by dividing 688023's market cap by their current revenue.
What is 688023's PS Ratio?
PS Ratio2.4x
SalesCN¥2.11b
Market CapCN¥5.16b

Price to Sales Ratio vs Peers

How does 688023's PS Ratio compare to its peers?

The above table shows the PS ratio for 688023 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4x
600756 Inspur Software
2.2xn/aCN¥4.9b
300523 Beijing Global Safety Technology
2.9xn/aCN¥5.6b
002380 Nanjing Sciyon Wisdom Technology Group
2.8x30.2%CN¥4.5b
300380 Shanghai Amarsoft Information & TechnologyLtd
8.2xn/aCN¥7.5b
688023 DBAPPSecurity
2.4x18.2%CN¥5.2b

Price-To-Sales vs Peers: 688023 is good value based on its Price-To-Sales Ratio (2.4x) compared to the peer average (4x).

Price to Sales Ratio vs Industry

How does 688023's PS Ratio compare vs other companies in the CN Software Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
300038 Beijing Shuzhi TechnologyLtd
0.2xn/aUS$52.48m
688555 Essence Information Technology
0.7xn/aUS$12.88m
No more companies available in this PS range
688023 2.4xIndustry Avg. 7.0xNo. of Companies20PS048121620+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 688023 is good value based on its Price-To-Sales Ratio (2.4x) compared to the CN Software industry average (7x).

Price to Sales Ratio vs Fair Ratio

What is 688023'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.

688023 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.4x
Fair PS Ratio5.5x

Price-To-Sales vs Fair Ratio: 688023 is good value based on its Price-To-Sales Ratio (2.4x) compared to the estimated Fair Price-To-Sales Ratio (5.5x).

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 688023 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥50.80
CN¥65.41
+28.8%
39.2%CN¥119.23CN¥34.00n/a7
Nov ’25CN¥44.93
CN¥54.43
+21.1%
53.2%CN¥119.23CN¥28.70n/a7
Oct ’25CN¥44.60
CN¥54.43
+22.0%
53.2%CN¥119.23CN¥28.70n/a7
Sep ’25CN¥30.37
CN¥51.62
+70.0%
54.4%CN¥119.23CN¥28.70n/a8
Aug ’25CN¥29.55
CN¥58.20
+97.0%
44.5%CN¥119.23CN¥32.00n/a8
Jul ’25CN¥30.15
CN¥63.05
+109.1%
36.6%CN¥119.23CN¥35.38n/a9
Jun ’25CN¥37.00
CN¥64.08
+73.2%
34.5%CN¥119.23CN¥35.38n/a9
May ’25CN¥43.91
CN¥98.39
+124.1%
39.6%CN¥147.75CN¥35.38n/a7
Apr ’25CN¥49.88
CN¥108.06
+116.7%
27.2%CN¥147.75CN¥57.69n/a7
Mar ’25CN¥56.75
CN¥117.55
+107.2%
27.5%CN¥166.92CN¥57.69n/a9
Feb ’25CN¥49.74
CN¥131.83
+165.0%
20.4%CN¥166.92CN¥76.15n/a9
Jan ’25CN¥85.30
CN¥141.57
+66.0%
14.2%CN¥166.92CN¥102.31n/a9
Dec ’24CN¥98.95
CN¥148.21
+49.8%
18.7%CN¥214.21CN¥102.31n/a11
Nov ’24CN¥91.17
CN¥155.20
+70.2%
16.7%CN¥214.21CN¥119.52CN¥44.9311
Oct ’24CN¥110.59
CN¥168.82
+52.6%
14.8%CN¥214.21CN¥134.62CN¥44.6011
Sep ’24CN¥122.87
CN¥169.87
+38.3%
14.4%CN¥214.21CN¥134.62CN¥30.3711
Aug ’24CN¥129.55
CN¥178.41
+37.7%
13.8%CN¥214.21CN¥141.96CN¥29.5511
Jul ’24CN¥134.39
CN¥178.06
+32.5%
14.1%CN¥214.21CN¥141.96CN¥30.1511
Jun ’24CN¥144.58
CN¥178.06
+23.2%
14.1%CN¥214.21CN¥141.96CN¥37.0011
May ’24CN¥160.06
CN¥171.54
+7.2%
16.9%CN¥213.08CN¥121.41CN¥43.919
Apr ’24CN¥154.52
CN¥164.59
+6.5%
18.9%CN¥228.46CN¥121.18CN¥49.8810
Mar ’24CN¥137.00
CN¥164.59
+20.1%
18.9%CN¥228.46CN¥121.18CN¥56.7510
Feb ’24CN¥147.67
CN¥166.51
+12.8%
18.8%CN¥228.46CN¥121.18CN¥49.7410
Jan ’24CN¥152.31
CN¥165.01
+8.3%
18.4%CN¥204.49CN¥107.69CN¥85.309
Dec ’23CN¥159.25
CN¥164.59
+3.4%
18.2%CN¥204.49CN¥107.69CN¥98.959
Nov ’23CN¥159.76
CN¥145.11
-9.2%
21.0%CN¥184.62CN¥103.85CN¥91.178

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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