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Ningbo Fubang (600768) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Ningbo Fubang stock ¥3.25, price ¥11.80, that is 72.5% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials CN · ISIN CNE000000N63

NF Ningbo Fubang logo Some data Nov 8, 2026

Ningbo Fubang

600768 · SHG
Solid, but very expensive

Our calculation puts a fair price 72% below what the stock costs today.

Low debt
Revenue last quarter +55% vs. a year ago.
Quality 56/100
Expensive Growth (revenue 5y +18.5 %/yr in CNY)
Thin margins · 5.1% net margin (TTM)
0.4% dividend yield · Token dividend
Mixed vs. peers (6/13)
Some data
Fair value ¥3.25 · Strongly overvalued
Negative free cash flow
Narrow moat 40/100 · thin data
⟳ Cyclical
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥19.32 ¥6.22 Fair Value ¥3.25 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range ¥6.22 – ¥19.32 · fair‑value band ¥2.56 – ¥4.08 · the ¥11.80 price screens above the ¥3.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.

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Company profile

Ningbo Fubang Jingye Group Co.,Ltd engages in the production, processing, and sale of industrial aluminum plates, strips, and aluminum profiles in China and internationally. It also trades in aluminum casting rods, as well as offers warehousing services.

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The company also engages in automobile repair, wholesale of coal, manufacturing and processing of non-ferrous metal composite materials, new alloy materials, manufacturing and processing of aluminum and aluminum alloy sheets, strips, foils, and aluminum profile products; processing of plastic products and auto parts; wholesale and retail of electromechanical equipment, loading and unloading machinery.

In addition, it offers vehicle accessories, textile raw materials, hardware and electrical appliances, building materials, metal materials, chemical raw materials, rubber products, wood, daily necessities, and textile products; lifting and installation; loading and unloading; warehousing; cargo yard leasing; parking lot; and real estate development.

The company was formerly known as Ningbo Huatong Transportation Co., Ltd. Ningbo Fubang Jingye Group Co.,Ltd was founded in 2002 and is headquartered in Ningbo, China.

Stock analysis

Ningbo Fubang (600768) currently trades at ¥11.80, while our model-based Fair Value estimate is ¥3.25, 72% 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 ¥6.41 per share, and 0 of the 17 models we run sit above the ¥11.80 price.

Bear case: the Dividend Discount group reads lowest at ¥1.55, and 17 of the 17 models stay below the price. Data coverage for this calculation is medium.

Scenario range: ¥2.56 (bear) to ¥4.08 (bull), the price of ¥11.80 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 56/100 (solid quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Ningbo Fubang reported revenue of 1.2B CNY in FY2025 versus 417M CNY in FY2021, a compound +29.1%/yr. Reported net income was 58.6M CNY in FY2025, compounding +101.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 1.6B CNY (≈ $236M) Micro · P/E ratio 17.1 · P/S ratio 1.23 · EPS (TTM) ¥0.6900 · Dividend yield 0.4% · Net margin 5.1% · Return on equity 25.8% · Return on assets (EBIT) 11.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 0% fair-value upside, at −72%, 600768 screens richer than that median.

Fair Value models

Bear ¥2.56 Fair Value ¥3.25 Bull ¥4.08
Price ¥11.80 · Downside -72.5%
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 (¥0.5488 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.
Best data coverage
Owner Earnings ¥2.56 ¥3.25 ¥4.08 77
Residual Income ¥2.83 ¥3.19 ¥3.97 76
EPV ¥2.45 ¥2.68 ¥2.87 73
All 17 models by family
DCF Models
Owner Earnings ¥2.56 ¥3.25 ¥4.08 77
Earnings-Based
Graham-Dodd ¥2.98 ¥8.01 ¥10.48 65
Lynch FV ¥1.56 ¥2.23 ¥2.90 61
PEG = 1.0 ¥1.56 ¥2.23 ¥2.90 57
EPV ¥2.45 ¥2.68 ¥2.87 73
Dividend Discount
Gordon GGM ¥0.9900 ¥1.68 ¥2.19 68
DDM Multi-Stage ¥0.9900 ¥1.41 ¥1.78 67
Multiples
P/E Multiple ¥5.59 ¥7.45 ¥9.31 63
P/S Multiple ¥5.59 ¥7.45 ¥9.31 57
P/B Multiple ¥7.23 ¥9.64 ¥12.05 55
EV/EBIT ¥2.80 ¥3.81 ¥4.83 65
EV/EBITDA ¥2.34 ¥3.20 ¥4.07 67
EV/Revenue ¥2.39 ¥3.52 ¥4.66 52
Asset-Based
NCAV (Graham) ¥1.91 ¥2.90 ¥3.62 54
Economic Profit
Residual Income ¥2.83 ¥3.19 ¥3.97 76
ROIC Compounder ¥2.45 ¥2.68 ¥2.87 71
Growth Earnings
Growth-Adj P/E ¥4.49 ¥6.41 ¥8.34 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 56/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 45
How much profit the company makes from its sales and capital
Quality Growth 80
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 63
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 64
How calm the share price moves, does not count
Price momentum 25
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 92
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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
+10.8%
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.
+56.3%
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.
+18.5%
Start year 2020 (pandemic). Over 10 years: +3.6% a year
Revenue growth 32 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.
+9.8%
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. Basis: EBIT basis.
≈ +46.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.0%
Dividend (yield on the price)0.4%
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.0.4% vs 18.6%, slowing
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.2% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 174% above its own trend.

600768 screens overvalued: fair value 72% below the price. Compare with Shandong Hongqiao Aluminum Industry Holding →

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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.Aluminum · 83 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 56 · Above median
Fair Value upside −72.5% · Bottom 25%
Profitability
Return on equity (12 months) 25.8% · Top 25%
Return on assets 7.5% · Top 25%
Net margin (12 months) 7.2% · Above median
Operating margin (12 months) 0.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 54.7% · Top 25%
Dividend yield (12 months) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.08× · Below median

Valuation Multiplesvs Aluminum median · lower = cheaper

P/E (12 months) 17.1× · Pricier than median
P/B 3.67× · Priciest 25%
P/S (12 months) 1.23× · Pricier than median
EV/EBITDA 16.7× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 20
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)100 · sector 40
HEALTH (low debt)96 · sector 92
DIVIDEND (yield)8 · sector 41

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Ningbo Fubang: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Ningbo Fubang Fair Value". https://www.fairvalue-calculator.com/stock/600768

Frequently asked questions

Is Ningbo Fubang (600768) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥3.25 versus a price of ¥11.80, about 72% lower (overvalued).
What is the fair value of 600768?
Our model-based fair value for Ningbo Fubang is ¥3.25 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥11.80.
What is the quality score of 600768?
Ningbo Fubang has a Quality Score of 56/100. 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 Ningbo Fubang (600768)?
Our model-based price target is the fair value of ¥3.25 (as of Nov 8, 2026) from 17 valuation models. Cautious scenario ¥2.56, optimistic scenario ¥4.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Ningbo Fubang stock forecast for 2026?
Our models put fair value at ¥3.25, about 72% lower versus a price of ¥11.80 (overvalued). Cautious scenario ¥2.56, optimistic scenario ¥4.08. The calculation is refreshed regularly with new filings.
What is the revenue of Ningbo Fubang (600768)?
Ningbo Fubang reported trailing-twelve-month revenue of about 1.8B CNY (latest available figure, as of Nov 8, 2026).
Does Ningbo Fubang pay a dividend?
Ningbo Fubang currently shows a dividend yield of 0.42% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Ningbo Fubang (600768) and when is the ex-dividend date?
Ningbo Fubang pays a dividend of ¥0.05 per share a year, a dividend yield of 0.4%. The last ex-dividend date was Jul 31, 2026. The payout ratio is 7.2% of earnings. Our assessment: Token dividend. At a yield of 0.4% 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 0.4% 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 Ningbo Fubang (600768)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ningbo Fubang it is ¥3.25 per share (as of Nov 8, 2026), against a price of ¥11.80. 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 Ningbo Fubang stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 600768 trades above its calculated fair value: price ¥11.80, fair value ¥3.25, a gap of about −72% (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 600768?
No. The price is what the market pays today (¥11.80); the fair value is what the company's own numbers justify (¥3.25). For Ningbo Fubang the two are ¥8.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ningbo Fubang worth?
The market values Ningbo Fubang at about 1.6B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥11.80; our models calculate a fair value of ¥3.25 per share.
What do the bullish and bearish scenarios say about 600768?
Our models span a range for Ningbo Fubang: cautious scenario ¥2.56, base ¥3.25, optimistic ¥4.08 per share (as of Nov 8, 2026, price ¥11.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600768?
Ningbo Fubang trades at a price-to-earnings ratio of 17.1 (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 ¥3.25 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 53.0. Other multiples: P/B 3.7, P/S 1.2, EV/EBITDA 16.7.
How solid is the balance sheet of Ningbo Fubang (600768)?
Balance-sheet figures for Ningbo Fubang (as of Nov 8, 2026): return on equity 25.8%, debt of 0.08 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 600768 from its 52-week high?
Ningbo Fubang trades at ¥11.80, about 39% below its 52-week high of ¥19.32 and 4% above the low of ¥11.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.25 is for.
Which stocks are comparable to Ningbo Fubang?
From the same area (Basic Materials) we also value Shandong Hongqiao Aluminum Industry Holding, Aluminum Corporation, China Hongqiao Group, Hindalco Industries 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 Ningbo Fubang stock attractive at the current price?
The data as of Nov 8, 2026: price ¥11.80, calculated fair value ¥3.25 (−72%), Quality Score 56/100, 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 600768 calculated?
We run Ningbo Fubang 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 ¥3.25 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. Ningbo Fubang 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 Ningbo Fubang (600768)?
The closing price on Nov 6, 2026 was ¥11.80. Our model-based fair value is ¥3.25, about 72% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ningbo Fubang right now?
The price sits above even our optimistic bull case (¥4.08). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Ningbo Fubang

How large is the market capitalisation of Ningbo Fubang (600768)?
The market capitalisation of Ningbo Fubang is 1.6B CNY (≈ $236M). 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 Ningbo Fubang (600768)?
The price-to-sales ratio of Ningbo Fubang is 1.23 (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 Ningbo Fubang (600768)?
Earnings per share at Ningbo Fubang are ¥0.6900 (price ÷ EPS = P/E 17.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ningbo Fubang (600768)?
The dividend yield of Ningbo Fubang is 0.4% (payout 7.2%). 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 Ningbo Fubang (600768)?
The net margin of Ningbo Fubang is 5.1% (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 Ningbo Fubang (600768)?
The return on equity (ROE) of Ningbo Fubang is 25.8% (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 Ningbo Fubang (600768)?
On an EBIT basis the return on assets of Ningbo Fubang is 11.7% (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 Ningbo Fubang (600768)?
The operating margin of Ningbo Fubang is 0.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ningbo Fubang (600768)?
Revenue at Ningbo Fubang is growing +54.7% versus a year earlier (3y avg +56.3%). 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 Ningbo Fubang (600768)?
Earnings per share at Ningbo Fubang are growing +648% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ningbo Fubang (600768) generate?
The free cash flow of Ningbo Fubang is −120M 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 Ningbo Fubang (600768) carry?
The net debt of Ningbo Fubang is 48.4M 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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