Valuation Risk Analysis of Teamsun (600410) AI Concept

Now I will conduct a comprehensive valuation risk analysis for you.

According to the clarification announcement released by Teamsun, the company has been categorized as a hot AI concept stock by the market, but

and does not have a material impact on performance [1]. This reveals a key investment trap: .

Based on the latest financial data, the company’s current market capitalization is $267.78 billion, stock price is $24.42, and dynamic P/E ratio is as high as

[0]. This valuation level significantly deviates from the company’s actual fundamental support.

[0]:

Valuation Scenario	Intrinsic Value	Deviation from Current Price
Conservative Scenario	$11.45	-53.1%
Base Scenario	$35.39	+44.9%
Optimistic Scenario	$-29.19	-219.5%
Probability-Weighted Value	$5.88	-75.9%

The probability-weighted intrinsic value is only $5.88, representing a

compared to the current stock price of $24.42, which means the current market pricing may have seriously overdrawn future expectations.

Technical indicators release clear

[0]:

• KDJ Indicator
  : K value 83.9, D value 79.2, J value 93.4, in a severe overbought zone
• RSI Indicator
  : Entered the overbought risk range
• Beta Coefficient
  : -0.16 (negatively correlated with the market), indicating strong independence in stock price fluctuations

Although short-term trends show upward momentum, the overbought condition suggests a pullback correction could occur at any time.

Although the company achieved operating revenue of RMB 3.172 billion in the first three quarters of 2025, a year-on-year increase of 6.54%, and turned around to a net profit of RMB 358 million [1], the quality of its performance needs in-depth scrutiny:

1. Still Loss-Making After Excluding Non-Recurring Gains and Losses
   : In the first half of 2025, net profit excluding non-recurring gains and losses was between RMB -65 million and RMB -95 million
2. Profit Mainly Comes from Changes in Fair Value of Investments
   : Non-operating gains and losses from the stock price increase of its invested company, Telink Semiconductor Co., Ltd., were approximately RMB 200 million to RMB 250 million
3. Actual Contribution of AI Business is Limited
   : Although revenue from computing power leasing reached RMB 320 million (with a gross profit margin of 40%), its proportion of total operating revenue is still small

When facing companies with divergences between concept hype and performance, it is recommended to conduct a systematic assessment from the following dimensions:

• Require the company to disclose the specific revenue composition and proportion of its AI business
• Distinguish the definition differences between “direct AI business” and “AI-related business”
• Verify the progress of order conversion to actual revenue recognition

• Compare P/E (44.89x), P/B (5.65x) with the average levels of the software industry
• Check whether the PEG ratio deviates from a reasonable range (whether current growth can support the valuation)
• Consider using PS (Price-to-Sales ratio, 6.00x) for horizontal industry comparisons

• Pay attention to changes in margin trading and short selling balances (reflecting leveraged capital sentiment)
• Monitor the movements of institutional seats on the Dragon and Tiger List (a list of top stock traders in China)
• Be wary of divergences between concept hype and capital flows

• Current margin trading and short selling turnover hit a record high (approximately RMB 427.2 billion on January 12, 2026), and market sentiment is exuberant
• Marginal changes in liquidity may trigger sharp fluctuations in concept stocks

• Set clear risk control lines and target prices
• Build positions in batches to avoid chasing highs
• Set dynamic stop-loss levels to protect profits

In view of Teamsun’s current valuation risks, it is recommended that investors adopt a prudent strategy:

1. Avoid Chasing Highs
   : The current stock price is far from its intrinsic value, and technical overbought signals are obvious
2. Wait for a Pullback
   : If optimistic about the company’s long-term development, investors can wait for valuations to return to a reasonable range before building positions
3. Distinguish Between Concept and Substance
   : Focus on whether the company can transform the AI concept into sustainable revenue growth and profitability improvement
4. Dynamic Tracking
   : Continuously monitor the substantive progress of the company’s AI business, including key indicators such as the implementation of computing power business orders and technological breakthroughs

: Daily K-line chart of Teamsun (600410) from October 2025 to January 2026. The stock price is at a historical high, and technical indicators show overbought risks.

---

[0] Jinling API Market Data - Real-time Quotes, Financial Analysis, DCF Valuation, and Technical Indicator Data of Teamsun (600410.SS)

[1] Caifuhao Article: “Policy + Orders Double Outbreak! Teamsun (600410) Enters a Golden Period of Growth” (https://caifuhao.eastmoney.com/news/20260113172316879048150)

[2] Securities Times Article: “Teamsun: Expected Net Profit of RMB 120 Million to RMB 180 Million in the First Half of the Year, Turning Around from Loss Year-on-Year” (https://www.stcn.com/article/detail/2565509.html)