<p>协鑫科技控股（香港证券交易所代码：3800）已完成对 Infini Global Master Fund 的大规模股份发行，筹集了可观的新资本。这一举动可能表明管理层正专注于加强公司的市场地位，并支持未来的扩张计划。</p>
<p>查看我们对协鑫科技控股的最新分析。</p>
<p>在通过最新的股份发行筹集资本后，协鑫科技控股的势头有所回升；其股价年初至今上涨了近 39%，在过去 90 天内上涨了 29%。尽管长期投资者在一和三年的总股东回报上仍然面临负面情况，但近期的价格上涨趋势暗示了投资者信心的恢复和可能的早期转机迹象。</p>
<p>如果协鑫的资本筹集让你关注其他机会，现在是扩大搜索范围、发现高内部持股的快速增长股票的好时机。</p>
<p>随着股价的近期飙升和新资本的注入，投资者可能会想知道协鑫科技控股是否在以低价交易，或者增长预期是否已经完全反映在其估值中。</p>
<h2>3.4 倍的市销率：是否合理？</h2>
<p>协鑫科技控股的市销率为 3.4 倍，显著高于香港半导体行业平均的 1.8 倍。以最后收盘价 HK$1.47 计算，这表明该股票目前的定价相对于同行而言处于溢价状态。</p>
<p>市销率将公司的市值与其年收入进行比较。在半导体行业，这一指标通常用于盈利波动或负盈利的公司，为投资者提供了一种基于销售额的相对价值基准。</p>
<p>协鑫科技控股的溢价估值意味着市场预计其收入增长或未来盈利能力改善将强于同行。然而，与估计的合理市销率 1.6 倍相比，其当前估值似乎被高估，除非出现显著增长，否则可能不合理。</p>
<p>与行业同行及其自身的合理价值基准相比，协鑫科技控股显得昂贵。如果市场向合理比率移动，可能会随之发生显著的重新估值。</p>
<p>探索协鑫科技控股的 SWS 合理比率</p>
<p><strong>结果：市销率为 3.4 倍（被高估）</strong></p>
<p>然而，持续的经营亏损和被高估的股价可能会限制未来的收益，如果预期的增长未能实现。</p>
<p>了解协鑫科技控股叙述中的关键风险。</p>
<h2>另一种观点：折现现金流视角</h2>
<p>虽然当前的市销率表明协鑫科技控股价格昂贵，但我们的 DCF 模型提供了不同的视角。根据这种方法，股票的交易价格低于其估计的合理价值 65% 以上，这可能表明存在潜在的被低估机会。基本面能否支持两种观点？</p>
<p>了解 SWS DCF 模型如何得出其合理价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dbe9a058-78c8-4560-bcb4-0bd4209e2b34/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dbe9a058-78c8-4560-bcb4-0bd4209e2b34/chart/dcf"/></p>
<p>截至 2025 年 11 月的 3800 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看协鑫科技控股）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 861 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的协鑫科技控股叙述</h2>
<p>如果您有不同的看法或想深入研究数字，您可以在几分钟内快速构建自己的叙述：按您的方式进行</p>
<p>一个好的起点是我们的分析，强调投资者对协鑫科技控股的两个关键回报的乐观情绪。</p>
<h2>寻找更多投资想法？</h2>
<p>通过挖掘独特机会，保持领先地位。当更聪明的投资选择仅需点击即可获取时，不要让它们从您身边溜走。</p>
<ul>
<li>通过瞄准可靠的公司并利用这 17 只股息收益率超过 3% 的股票来提升您的收入潜力。</li>
<li>加入人工智能的演变，通过这 25 只在自动化、大数据和智能平台领域引起关注的 AI 便士股票，抓住快速增长的机会。</li>
<li>通过在这些 861 只基于现金流的被低估股票中找到交易远低于其内在价值的优质企业来实现价值投资。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

协鑫科技

<p>协鑫科技（SEHK:3800）通过向 Infini Global 发行股份筹集了大量资金，增强了其市场地位和扩展计划。尽管长期回报为负，该股今年迄今已上涨近 39%，显示出投资者信心的恢复。目前，协鑫科技的市销率为 3.4 倍，相较于行业同行显得被高估。然而，折现现金流分析表明，其可能被低估超过 65%。建议投资者在做出决策前考虑这两种观点</p>

<p>GCL Technology Holdings (SEHK:3800) has completed a sizable share issuance to Infini Global Master Fund, raising substantial new capital. This move likely signals that management is focusing on strengthening the company's market position and supporting future expansion plans.</p>
<div class="lb-trans"><p>协鑫科技控股（香港证券交易所代码：3800）已完成对 Infini Global Master Fund 的大规模股份发行，筹集了可观的新资本。这一举动可能表明管理层正专注于加强公司的市场地位，并支持未来的扩张计划。</p>
</div><p>See our latest analysis for GCL Technology Holdings.</p>
<div class="lb-trans"><p>查看我们对协鑫科技控股的最新分析。</p>
</div><p>After raising capital through the latest share issuance, GCL Technology Holdings has seen momentum pick up; its share price is up nearly 39% year-to-date and 29% over the last 90 days. While long-term investors are still looking at a negative total shareholder return over one and three years, the recent upward price trend hints at renewed investor confidence and possible early signs of a turnaround.</p>
<div class="lb-trans"><p>在通过最新的股份发行筹集资本后，协鑫科技控股的势头有所回升；其股价年初至今上涨了近 39%，在过去 90 天内上涨了 29%。尽管长期投资者在一和三年的总股东回报上仍然面临负面情况，但近期的价格上涨趋势暗示了投资者信心的恢复和可能的早期转机迹象。</p>
</div><p>If GCL’s capital raise has you watching for other opportunities, it’s a good moment to broaden your search and discover fast growing stocks with high insider ownership</p>
<div class="lb-trans"><p>如果协鑫的资本筹集让你关注其他机会，现在是扩大搜索范围、发现高内部持股的快速增长股票的好时机。</p>
</div><p>With the recent surge in share price and a fresh injection of capital, investors may be wondering whether GCL Technology Holdings is trading at a bargain or if expectations for growth are already fully reflected in its valuation.</p>
<div class="lb-trans"><p>随着股价的近期飙升和新资本的注入，投资者可能会想知道协鑫科技控股是否在以低价交易，或者增长预期是否已经完全反映在其估值中。</p>
</div><h2>Price-to-Sales of 3.4x: Is it justified?</h2>
<div class="lb-trans"><h2>3.4 倍的市销率：是否合理？</h2>
</div><p>GCL Technology Holdings trades at a price-to-sales ratio of 3.4x, notably higher than the Hong Kong Semiconductor industry average of 1.8x. With the last close at HK$1.47, this suggests the stock is currently priced at a premium relative to peers.</p>
<div class="lb-trans"><p>协鑫科技控股的市销率为 3.4 倍，显著高于香港半导体行业平均的 1.8 倍。以最后收盘价 HK$1.47 计算，这表明该股票目前的定价相对于同行而言处于溢价状态。</p>
</div><p>The price-to-sales ratio compares a company’s market capitalization to its annual revenue. In the semiconductor sector, this metric is often used for companies with volatile or negative earnings, providing investors a way to benchmark relative value based on topline sales.</p>
<div class="lb-trans"><p>市销率将公司的市值与其年收入进行比较。在半导体行业，这一指标通常用于盈利波动或负盈利的公司，为投资者提供了一种基于销售额的相对价值基准。</p>
</div><p>GCL Technology Holdings’ premium valuation implies that the market is expecting stronger revenue growth or future profitability improvements than its peers. However, compared to the estimated fair price-to-sales ratio of 1.6x, its current valuation appears stretched and may not be justified unless significant growth materializes.</p>
<div class="lb-trans"><p>协鑫科技控股的溢价估值意味着市场预计其收入增长或未来盈利能力改善将强于同行。然而，与估计的合理市销率 1.6 倍相比，其当前估值似乎被高估，除非出现显著增长，否则可能不合理。</p>
</div><p>Compared to both industry peers and its own fair value benchmark, GCL Technology Holdings stands out as expensive. If the market were to move towards the fair ratio, a significant revaluation could follow.</p>
<div class="lb-trans"><p>与行业同行及其自身的合理价值基准相比，协鑫科技控股显得昂贵。如果市场向合理比率移动，可能会随之发生显著的重新估值。</p>
</div><p>Explore the SWS fair ratio for GCL Technology Holdings</p>
<div class="lb-trans"><p>探索协鑫科技控股的 SWS 合理比率</p>
</div><p><strong>Result: Price-to-Sales of 3.4x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：市销率为 3.4 倍（被高估）</strong></p>
</div><p>However, continued operating losses and an overvalued share price could limit future gains if anticipated growth does not occur.</p>
<div class="lb-trans"><p>然而，持续的经营亏损和被高估的股价可能会限制未来的收益，如果预期的增长未能实现。</p>
</div><p>Find out about the key risks to this GCL Technology Holdings narrative.</p>
<div class="lb-trans"><p>了解协鑫科技控股叙述中的关键风险。</p>
</div><h2>Another View: Discounted Cash Flow Perspective</h2>
<div class="lb-trans"><h2>另一种观点：折现现金流视角</h2>
</div><p>While the current price-to-sales ratio suggests GCL Technology Holdings is expensive, our DCF model provides a different perspective. According to this method, the shares are trading more than 65% below their estimated fair value, which may indicate a potential undervalued opportunity. Can the fundamentals support both sides of the story?</p>
<div class="lb-trans"><p>虽然当前的市销率表明协鑫科技控股价格昂贵，但我们的 DCF 模型提供了不同的视角。根据这种方法，股票的交易价格低于其估计的合理价值 65% 以上，这可能表明存在潜在的被低估机会。基本面能否支持两种观点？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其合理价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dbe9a058-78c8-4560-bcb4-0bd4209e2b34/chart/dcf" alt="" original-src="https://images.simplywall.st/company/dbe9a058-78c8-4560-bcb4-0bd4209e2b34/chart/dcf"/></p>
<p>3800 Discounted Cash Flow as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 3800 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out GCL Technology Holdings for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 861 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看协鑫科技控股）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 861 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own GCL Technology Holdings Narrative</h2>
<div class="lb-trans"><h2>构建您自己的协鑫科技控股叙述</h2>
</div><p>If you see things differently or want to dig deeper into the numbers yourself, you can quickly craft your own narrative in just a few minutes: Do it your way</p>
<div class="lb-trans"><p>如果您有不同的看法或想深入研究数字，您可以在几分钟内快速构建自己的叙述：按您的方式进行</p>
</div><p>A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding GCL Technology Holdings.</p>
<div class="lb-trans"><p>一个好的起点是我们的分析，强调投资者对协鑫科技控股的两个关键回报的乐观情绪。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Stay ahead of the curve by tapping into unique opportunities. Don’t let them pass you by when smarter investing options are just a click away.</p>
<div class="lb-trans"><p>通过挖掘独特机会，保持领先地位。当更聪明的投资选择仅需点击即可获取时，不要让它们从您身边溜走。</p>
</div><ul>
<li>Boost your income potential by targeting reliable companies with strong payouts using these 17 dividend stocks with yields &gt; 3%, offering yields above 3%.</li>
<li>Join the AI evolution and seize fast-growing opportunities in automation, big data, and intelligent platforms through these 25 AI penny stocks, making headlines in the sector.</li>
<li>Capitalize on value by finding quality businesses trading well below their intrinsic worth among these 861 undervalued stocks based on cash flows, based on robust cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过瞄准可靠的公司并利用这 17 只股息收益率超过 3% 的股票来提升您的收入潜力。</li>
<li>加入人工智能的演变，通过这 25 只在自动化、大数据和智能平台领域引起关注的 AI 便士股票，抓住快速增长的机会。</li>
<li>通过在这些 861 只基于现金流的被低估股票中找到交易远低于其内在价值的优质企业来实现价值投资。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

协鑫科技（SEHK:3800）：在向 Infini Global 大规模发行股份后的估值分析