Ongoal Technology (301662) Strong Stock Analysis Report

Item	Data
Stock Code	301662.SZ
Company Name	Ongoal Technology Co., Ltd.
Industry	Industrials — Machinery & Equipment
Current Price	RMB 167.12
Price Change	+RMB 16.33 (+10.83%)
Market Capitalization	RMB 13.369 Billion
5-Day Average Trading Volume	3.76 million shares/day (1.71x the daily average)

According to public data, Ongoal Technology achieved operating revenue of RMB 1.035 billion in the first three quarters of 2025, down 29.09% year-on-year; net profit attributable to shareholders was RMB 29.4163 million, down 73.59% year-on-year[1]. It even turned from profit to loss in the third quarter, with a net loss of RMB 24.14 million[1]. However, the stock price continues to be pushed up against this backdrop, indicating that the market may be trading on

or . This severe divergence between performance and stock price is the biggest current risk signal.

As of January 9, 2026, the number of A-share stocks priced above RMB 100 has reached 213[2]. As one of the hundred-yuan stocks, Ongoal Technology has ridden the wave of the market sentiment that “high-priced stocks = high-quality stocks”. Hundred-yuan stocks often become the focus of market attention, attracting more retail capital to chase upward momentum.

On January 15, 2026, the industrials sector rose 0.58% overall[3], ranking among the top gainers, providing sector support for Ongoal Technology. The positive overall environment of the sector provides capital and sentiment foundations for the stock’s rise.

Fund holding data shows that funds such as Hui’an Quantitative Selection A have included Ongoal Technology in their top 10 heavy holdings[4], attracting the attention of some institutional capital. Institutional capital allocation provides certain support for the stock price, but the possibility of institutional position adjustments also needs to be noted.

Time Horizon	Performance
Single Day	+10.83% (Strong Breakout)
5 Days	+20.24%
1 Month	+38.90%
6 Months	+73.56%
1 Year	+137.02%
52-Week High	RMB 173.00 (Record High)
52-Week Low	RMB 51.19

Indicator	Value	Signal Interpretation
KDJ	K:86.1, D:83.0, J:92.2	Significantly Overbought Zone
RSI(14)	Overbought Risk Zone	Pullback Alert
MACD	No Death Cross	Still in Bullish Pattern
Beta	0.2 (vs. Shenzhen Component Index)	Low Volatility
20-Day Moving Average	RMB 129.38	Price deviates significantly from the moving average by 29%

: The KDJ indicator shows that the K-value (86.1) and J-value (92.2) are both in the significantly overbought zone, and similar situations in history are often accompanied by short-term pullbacks. RSI is also in the overbought risk zone, requiring high vigilance. Although MACD has not shown a death cross, indicating that the medium-term trend is still bullish, short-term adjustment risks are accumulating. The current price deviates from the 20-day moving average by 29%, creating a need for a pullback.

Type	Price	Explanation
Resistance Level	RMB 173.00	Record high, pulled back after hitting the high intraday
Support Level	RMB 142.06	Key short-term support
Next Target	RMB 182.14	Technical projection target

The intraday trading volume was 3.76 million shares,

the average daily volume of 2.2 million shares, indicating a significant increase in capital participation. However, on January 12, main capital recorded a net outflow of RMB 13.01 million[1], showing that some main capital chose to take profits at high levels.

Based on data from January 12, 2026[1]:

• Main Capital Net Outflow
  : RMB 13.0146 million (3.45% of total turnover)
• Retail Capital Net Inflow
  : RMB 2.5568 million (0.68% of total turnover)
• Medium & Small Order Net Outflow
  : RMB 10.4578 million (2.77% of total turnover)

: Main capital chose to when the stock price was at high levels, while retail investors and medium & small orders continued to chase upward momentum. This pattern of “main capital exiting, retail investors taking over” often signals short-term adjustment risks. Historical experience shows that when main capital starts to cash out at high levels while retail investors take over, the probability of short-term stock price pullback is high.

Indicator	Value	Market Positioning
P/E Ratio (TTM)	106.28x	Significantly higher than industry average
P/B Ratio	9.27x	Relatively high
ROE	10.14%	Average

: From a value investment perspective, a P/E ratio of 106x has already severely overdrawn growth expectations for the next several years. The current stock price is driven more by and rather than fundamental support. Historical data shows that when P/E exceeds 100x while performance continues to decline, the risk of stock price pullback is extremely high.

Indicator	Value	Evaluation
Net Profit Margin	7.57%	Below average
Gross Profit Margin	26.06%	Acceptable
Liability Ratio	68.66%	Relatively high
Current Ratio	1.30	Average short-term solvency
ROE	10.14%	Relatively low

⚠️

:

1. Net profit in the first three quarters fell 73.59% year-on-year
   [1]
2. Reported a single-quarter net loss of RMB 24.14 million in Q3
   [1]
3. Sustained revenue decline, profitability under pressure

Ongoal Technology is mainly engaged in the R&D, production and sales of

, whose products are applied to bulk material handling systems and automated equipment in industries such as chemical, lithium battery, and liquid crystal. The track the company is in has certain growth potential, but its current performance is weak.

Risk Type	Specific Performance	Risk Level
Valuation Bubble	P/E ratio of 106x, far exceeding the reasonable industry range	High
Performance Divergence	Stock price rose 137% while performance fell 73%, severe divergence	High
Overbought Technicals	Both KDJ and RSI are in overbought zones	High
Main Capital Exit	Main capital net outflow at high levels	Medium-High
Chasing High Risk	Price deviates 29% from the 20-day moving average, pullback demand exists	Medium

• Turnaround Expectation
  : If the company’s performance improves in the future, it may support the current valuation
• Emerging Industry Theme
  : Bulk material handling equipment is applied to emerging industries such as lithium batteries, providing imagination space
• Record High Breakthrough
  : After breaking through the record high, it may open up further upside potential (but requires volume coordination)

Bullish Views	Bearish Views
Emerging industry theme with large imagination space	Sustained performance deterioration, lack of fundamental support
High attention from main capital	Main capital cashing out at high levels, retail investors taking over
Record high breakthrough opens upside space	Significantly overbought, pullback may occur at any time
Sector rotation support	Huge valuation bubble

Resistance Levels:
├── RMB 173.00 (Intraday High / Record High)
└── RMB 182.14 (Technical Projection Target)

Support Levels:
├── RMB 167.12 (Current Price)
├── RMB 160.00 (Integer Level)
└── RMB 142.06 (Key Short-Term Support)

: ⚠️

• Rationale: KDJ overbought, main capital outflow, pullback after hitting intraday high

: ⚠️

• Rationale: If it can hold above RMB 160, it may challenge RMB 180; if volume shrinks, adjustment may start

: ❓

• Rationale: Severe divergence between performance and stock price, need to wait for annual report to verify fundamental improvement

1. Nature of Strength
   : Mainly
   theme speculation + capital-driven
   , not performance-driven
2. Sustainability Judgment
   :
   Short-term adjustment needed
   , medium-term depends on volume coordination and performance improvement
3. Risk Assessment
   : Currently in a typical “high-level game” stage, with severe divergence between stock price and fundamentals

• Holders
  : Consider reducing positions to lock in partial profits and protect gains
• Non-Holders
  :
  Do not chase high
  , wait for a pullback to the support zone (RMB 142-160) before considering entry
• Risk Control
  : Use RMB 142 as the short-term stop-loss reference level

⚠️ This stock is currently in a typical “high-level game” stage, with severe divergence between stock price and fundamentals. It is recommended that investors remain cautious and

. The triple risks of technical overbought, main capital outflow, and valuation bubble are superimposed, leading to a high probability of short-term pullback. Investors should closely monitor changes in trading volume and main capital trends after January 15; if a heavy volume decline signal appears, they should decisively reduce positions to respond.