China Tungsten and Hightech Materials Co Ltd (000657) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of China Tungsten and Hightech Materials Co Ltd stock ¥4.44, price ¥38.65, that is 88.5% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range ¥5.66 – ¥108.07 · fair‑value band ¥3.83 – ¥7.36 · the ¥38.65 price screens above the ¥4.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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China Tungsten And Hightech Materials Co.,Ltd researches, develops, produces, sells, and trades in nonferrous metals in China and internationally.
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The company's products include cutting tools and instruments, including solid cutting tools, CNC cutting tools, cutting CNC and traditional blades, and it tools; other cemented carbides, including bars, mining alloys, rolls, top hammers, special-shaped parts, precision parts, traditional alloys, drilling tools, and finished tools; refractory metals, such as tungsten-molybdenum products, tantalum-niobium products, hard facing materials, cast tungsten carbide, thermal spray products, and tungsten wire.
It also offers concentrates and powder products, including tungsten, fluorite, molybdenum, and bismuth concentrate; tungsten carbide powder; blue and yellow tungsten; ammonium paratungstate; mixtures; and cobalt powder, as well as trade and equipment business.
The company's products are used in traditional industrial fields, such as automobile manufacturing, rail transportation, shipbuilding, marine engineering equipment, military industry, mining, tunneling, mechanical processing, steel metallurgy, etc., and in high-end fields, such as aerospace, new energy, artificial intelligence, semiconductors, and electronic information.
The company was formerly known as Hainan Jinhai Co., Ltd. and changed its name to China Tungsten And Hightech Materials Co.,Ltd in 2000. China Tungsten And Hightech Materials Co.,Ltd was founded in 1993 and is headquartered in Zhuzhou, China.
Stock analysis
China Tungsten and Hightech Materials Co Ltd (000657) currently trades at ¥38.65, while our model-based Fair Value estimate is ¥4.44, 89% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥13.37 per share, and 0 of the 17 models we run sit above the ¥38.65 price.
Bear case: the Asset-Based group reads lowest at ¥0.6800, and 17 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥3.83 (bear) to ¥7.36 (bull), the price of ¥38.65 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
China Tungsten and Hightech Materials Co Ltd reported revenue of 17.6B CNY in FY2025 versus 12.1B CNY in FY2021, a compound +9.9%/yr. Reported net income was 1.3B CNY in FY2025, compounding +24.8%/yr from FY2021.
Key figures
Market cap 88.1B CNY (≈ $13.2B) Large · P/E ratio 25.6 · P/S ratio 3.08 · EPS (TTM) ¥1.51 · Dividend yield 0.6% · Net margin 11.7% · Return on equity 29.8% · Return on assets (EBIT) 7.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (low confidence).
What moves the price
The share trades about 64% below its 52-week high and 85% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −8% fair-value upside, at −89%, 000657 screens richer than that median.
Fair Value models
Bear¥3.83Fair Value ¥4.44Bull¥7.36
Price ¥38.65 · Downside -88.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥1.10 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
Start year 2020 (pandemic). Over 10 years: +11.7% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.0%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 26.0% / 43.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 11%
AI conclusion: Profit growth from higher tungsten prices and PCB micro-drill volumes marks the main strength while a commoditized sector and negative free cash flow represent the key weakness.
Main risk: Chipmakers could switch from tungsten to molybdenum in advanced memory chips for AI applications, reducing demand for the company's tungsten products in semiconductor manufacturing.
Bull case: The company could expand its PCB micro-drill capacity and deep processing to capture more AI-driven demand while developing molybdenum-compatible or alternative high-value materials.
Bear case: Substitution in semiconductors combined with restricted Western market access could shrink demand for core tungsten products and pressure margins in export-oriented segments.
Strong profit growth this year stems from higher tungsten concentrate prices and rising volumes in PCB micro-drills. Yet standalone third-quarter earnings already slipped sequentially as tungsten prices eased and traditional downstream demand stayed weak. Our models see the shares as overvalued. Will the push into higher-value deep processing deliver more stable margins than the underlying commodity cycle allows?
Compare China Tungsten and Hightech Materials Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 372 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Above median
Fair Value upside−88.5% · Bottom 25%
Profitability
Return on equity (12 months)29.8% · Top 25%
Return on assets6.0% · Top 25%
Net margin (12 months)11.7% · Above median
Operating margin (12 months)32.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)48.9% · Above median
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
P/E (12 months)25.6× · Pricier than median
P/B9.06× · Priciest 25%
P/S (12 months)3.08× · Pricier than median
EV/EBITDA14.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 92
PAST (return on equity)100· sector 0
HEALTH (low debt)95· sector 95
DIVIDEND (yield)12· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "China Tungsten and Hightech Materials Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000657
Frequently asked questions
Is China Tungsten and Hightech Materials Co Ltd (000657) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥4.44 versus a price of ¥38.65, about 89% lower (overvalued).
What is the fair value of 000657?
Our model-based fair value for China Tungsten and Hightech Materials Co Ltd is ¥4.44 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥38.65.
What is the quality score of 000657?
China Tungsten and Hightech Materials Co Ltd has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Tungsten and Hightech Materials Co Ltd (000657)?
Our model-based price target is the fair value of ¥4.44 (as of Nov 8, 2026) from 17 valuation models. Cautious scenario ¥3.83, optimistic scenario ¥7.36. It is a calculation from audited fundamentals, not an analyst target.
What is the China Tungsten and Hightech Materials Co Ltd stock forecast for 2026?
Our models put fair value at ¥4.44, about 89% lower versus a price of ¥38.65 (overvalued). Cautious scenario ¥3.83, optimistic scenario ¥7.36. The calculation is refreshed regularly with new filings.
What is the revenue of China Tungsten and Hightech Materials Co Ltd (000657)?
China Tungsten and Hightech Materials Co Ltd reported trailing-twelve-month revenue of about 28.6B CNY (latest available figure, as of Nov 8, 2026).
Does China Tungsten and Hightech Materials Co Ltd pay a dividend?
China Tungsten and Hightech Materials Co Ltd currently shows a dividend yield of 0.60% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of China Tungsten and Hightech Materials Co Ltd (000657) and when is the ex-dividend date?
China Tungsten and Hightech Materials Co Ltd pays a dividend of ¥0.23 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Jul 6, 2026. A dividend has been paid every year since 2022. The payout ratio is 15.2% of earnings. Our assessment: Token dividend. At a yield of 0.6% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.6% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of China Tungsten and Hightech Materials Co Ltd (000657)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Tungsten and Hightech Materials Co Ltd it is ¥4.44 per share (as of Nov 8, 2026), against a price of ¥38.65. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is China Tungsten and Hightech Materials Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 000657 trades above its calculated fair value: price ¥38.65, fair value ¥4.44, a gap of about −89% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000657?
No. The price is what the market pays today (¥38.65); the fair value is what the company's own numbers justify (¥4.44). For China Tungsten and Hightech Materials Co Ltd the two are ¥34.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Tungsten and Hightech Materials Co Ltd worth?
The market values China Tungsten and Hightech Materials Co Ltd at about 88.1B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥38.65; our models calculate a fair value of ¥4.44 per share.
What do the bullish and bearish scenarios say about 000657?
Our models span a range for China Tungsten and Hightech Materials Co Ltd: cautious scenario ¥3.83, base ¥4.44, optimistic ¥7.36 per share (as of Nov 8, 2026, price ¥38.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000657?
China Tungsten and Hightech Materials Co Ltd trades at a price-to-earnings ratio of 25.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥4.44 is built from several models across several years. Other multiples: P/B 9.1, P/S 3.1, EV/EBITDA 14.2.
How solid is the balance sheet of China Tungsten and Hightech Materials Co Ltd (000657)?
Balance-sheet figures for China Tungsten and Hightech Materials Co Ltd (as of Nov 8, 2026): return on equity 29.8%, debt of 0.09 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 000657 from its 52-week high?
China Tungsten and Hightech Materials Co Ltd trades at ¥38.65, about 64% below its 52-week high of ¥108.07 and 85% above the low of ¥20.94 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.44 is for.
Which stocks are comparable to China Tungsten and Hightech Materials Co Ltd?
From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Tungsten and Hightech Materials Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price ¥38.65, calculated fair value ¥4.44 (−89%), Quality Score 40/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000657 calculated?
We run China Tungsten and Hightech Materials Co Ltd through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥4.44 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. China Tungsten and Hightech Materials Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Tungsten and Hightech Materials Co Ltd (000657)?
The closing price on Nov 6, 2026 was ¥38.65. Our model-based fair value is ¥4.44, about 89% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Tungsten and Hightech Materials Co Ltd right now?
The price sits above even our optimistic bull case (¥7.36). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (¥3.83 to ¥7.36) leaves room in how you read the outcome.
Key figures of China Tungsten and Hightech Materials Co Ltd
How large is the market capitalisation of China Tungsten and Hightech Materials Co Ltd (000657)?
The market capitalisation of China Tungsten and Hightech Materials Co Ltd is 88.1B CNY (≈ $13.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of China Tungsten and Hightech Materials Co Ltd (000657)?
The price-to-sales ratio of China Tungsten and Hightech Materials Co Ltd is 3.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Tungsten and Hightech Materials Co Ltd (000657)?
Earnings per share at China Tungsten and Hightech Materials Co Ltd are ¥1.51 (price ÷ EPS = P/E 25.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Tungsten and Hightech Materials Co Ltd (000657)?
The dividend yield of China Tungsten and Hightech Materials Co Ltd is 0.6% (payout 15.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China Tungsten and Hightech Materials Co Ltd (000657)?
The net margin of China Tungsten and Hightech Materials Co Ltd is 11.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Tungsten and Hightech Materials Co Ltd (000657)?
The return on equity (ROE) of China Tungsten and Hightech Materials Co Ltd is 29.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Tungsten and Hightech Materials Co Ltd (000657)?
On an EBIT basis the return on assets of China Tungsten and Hightech Materials Co Ltd is 7.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Tungsten and Hightech Materials Co Ltd (000657)?
The operating margin of China Tungsten and Hightech Materials Co Ltd is 32.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Tungsten and Hightech Materials Co Ltd (000657)?
Revenue at China Tungsten and Hightech Materials Co Ltd is growing +48.9% versus a year earlier (3y avg +10.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Tungsten and Hightech Materials Co Ltd (000657)?
Earnings per share at China Tungsten and Hightech Materials Co Ltd are growing +149% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Tungsten and Hightech Materials Co Ltd (000657) generate?
The free cash flow of China Tungsten and Hightech Materials Co Ltd is −402M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does China Tungsten and Hightech Materials Co Ltd (000657) carry?
The net debt of China Tungsten and Hightech Materials Co Ltd is 863M CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026