Flat Glass Group Co. Ltd (601865) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Flat Glass Group Co. Ltd stock ¥7.51, price ¥8.54, that is 12.1% below the price, quality 38 out of 100. Rating: overvalued. Calculated from audited financials with 24 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 12, 2026.
How to read this chart
60‑month range ¥8.54 – ¥59.34 · fair‑value band ¥6.52 – ¥11.02 · the ¥8.54 price screens above the ¥7.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
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Flat Glass Group Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of glass products in the People's Republic of China, the rest of Asia, Europe, North America, and internationally.
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It operates through PV Glass, Household Glass, Architectural Glass, Float Glass, Mining Products, Electricity Generation Revenue, and Other Business segments.
The company is also involved in the mining operations and sale of quartzite ores; investment, construction, operation, and maintenance of energy power plants; and sale and installation of natural gas pipelines.
In addition, it offers supply chain management services; operates ports; and exports glass products.
Further, the company engages in the development and sale of energy technologies and equipment; energy management; cargo handling and transportation; manufacturing and sale of equipment and non-metallic mineral products; research and development for new materials and technologies; manufacture and sale of photovoltaic glasses; and the construction of solar photovoltaic power stations, as well as the sale of electricity.
It serves photovoltaic (PV) module manufacturers, glass processing manufacturers, glass wholesalers, furniture manufacturers and processing companies, furniture retailers, architectural contractors, architectural glass processing companies, and construction companies.
Flat Glass Group Co., Ltd. was founded in 1998 and is headquartered in Jiaxing, the People's Republic of China.
Stock analysis
Flat Glass Group Co. Ltd (601865) currently trades at ¥8.54, while our model-based Fair Value estimate is ¥7.51, 12% 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 ¥12.74 per share, and 10 of the 24 models we run sit above the ¥8.54 price.
Bear case: the Growth DCF group reads lowest at ¥1.52, and 14 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥6.52 (bear) to ¥11.02 (bull), the price of ¥8.54 sits inside 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 38/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Flat Glass Group Co. Ltd reported revenue of 15.5B CNY in FY2025 versus 8.7B CNY in FY2021, a compound +15.5%/yr. Reported net income was 981M CNY in FY2025, compounding −17.5%/yr from FY2021.
Key figures
Market cap 19.9B CNY (≈ $3.0B) Mid · P/E ratio 20.3 · P/S ratio 1.28 · EPS (TTM) ¥0.4209 · Dividend yield 1.8% · Net margin 6.3% · Return on equity −2.3% · Return on assets (EBIT) 6.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (medium confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 55% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 8% fair-value upside, at −12%, 601865 screens richer than that median.
Fair Value models
Bear¥6.52Fair Value ¥7.51Bull¥11.02
Price ¥8.54 · Downside -12.1%
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 (¥0.0174 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 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.
+28.9%
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.
+31.2%
Revenue growth 12 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.
+23.5%
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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. Basis: EBIT basis.
−3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.7%
Dividend (yield on the price)1.8%
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.−12.3% vs 3.0%, 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.30% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +13.4% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Flat Glass Group 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.Solar · 106 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Below median
Fair Value upside−12.1% · Below median
Profitability
Return on assets2.3% · Above median
Net margin (12 months)−3.8% · Below median
Operating margin (12 months)−6.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−38.4% · Bottom 25%
Dividend yield (12 months)1.8% · Above median
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Solar median · lower = cheaper
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). "Flat Glass Group Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601865
Frequently asked questions
Is Flat Glass Group Co. Ltd (601865) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of ¥7.51 versus a price of ¥8.54, about 12% lower (overvalued).
What is the fair value of 601865?
Our model-based fair value for Flat Glass Group Co. Ltd is ¥7.51 (as of Nov 12, 2026), built from audited fundamentals. The current price: ¥8.54.
What is the quality score of 601865?
Flat Glass Group Co. Ltd has a Quality Score of 38/100. 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 Flat Glass Group Co. Ltd (601865)?
Our model-based price target is the fair value of ¥7.51 (as of Nov 12, 2026) from 24 valuation models. Cautious scenario ¥6.52, optimistic scenario ¥11.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Flat Glass Group Co. Ltd stock forecast for 2026?
Our models put fair value at ¥7.51, about 12% lower versus a price of ¥8.54 (overvalued). Cautious scenario ¥6.52, optimistic scenario ¥11.02. The calculation is refreshed regularly with new filings.
What is the revenue of Flat Glass Group Co. Ltd (601865)?
Flat Glass Group Co. Ltd reported trailing-twelve-month revenue of about 12.7B CNY (latest available figure, as of Nov 12, 2026).
Does Flat Glass Group Co. Ltd pay a dividend?
Flat Glass Group Co. Ltd currently shows a dividend yield of 1.76% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of Flat Glass Group Co. Ltd (601865) and when is the ex-dividend date?
Flat Glass Group Co. Ltd pays a dividend of ¥0.15 per share a year, a dividend yield of 1.8%. The last ex-dividend date was Jun 18, 2026. The payout ratio is 88.2% of earnings. Free cash flow covers the dividend 0.17 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Flat Glass Group Co. Ltd (601865)?
For today's price to be fair in a discounted-cash-flow model, Flat Glass Group Co. Ltd would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.9 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of 601865 use?
Our models discount Flat Glass Group Co. Ltd at 11.6 %: a base by market capitalisation (mid), damped by beta 1.46, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Flat Glass Group Co. Ltd that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Flat Glass Group Co. Ltd (601865) delivered so far?
Over the past 5 years revenue at Flat Glass Group Co. Ltd grew +19.9 % a year. The price currently implies free-cash-flow growth of more than 80 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Flat Glass Group Co. Ltd (601865) growing?
The median revenue growth in the sector is +7.9 % a year. That is the yardstick for the growth priced into Flat Glass Group Co. Ltd (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Flat Glass Group Co. Ltd (601865)?
The free-cash-flow yield on the price is 0.24 %: that much free cash flow Flat Glass Group Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Flat Glass Group Co. Ltd (601865)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Flat Glass Group Co. Ltd it is ¥7.51 per share (as of Nov 12, 2026), against a price of ¥8.54. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Flat Glass Group Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 12, 2026, 601865 trades above its calculated fair value: price ¥8.54, fair value ¥7.51, a gap of about −12% (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 601865?
No. The price is what the market pays today (¥8.54); the fair value is what the company's own numbers justify (¥7.51). For Flat Glass Group Co. Ltd the two are ¥1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Flat Glass Group Co. Ltd worth?
The market values Flat Glass Group Co. Ltd at about 19.9B CNY (market capitalisation, as of Nov 12, 2026). Per share that is ¥8.54; our models calculate a fair value of ¥7.51 per share.
What do the bullish and bearish scenarios say about 601865?
Our models span a range for Flat Glass Group Co. Ltd: cautious scenario ¥6.52, base ¥7.51, optimistic ¥11.02 per share (as of Nov 12, 2026, price ¥8.54). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601865?
Flat Glass Group Co. Ltd trades at a price-to-earnings ratio of 20.3 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥7.51 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 37.3. Other multiples: P/B 0.9, P/S 1.6, EV/EBITDA 13.0.
How solid is the balance sheet of Flat Glass Group Co. Ltd (601865)?
Balance-sheet figures for Flat Glass Group Co. Ltd (as of Nov 12, 2026): return on equity −2.3%, debt of 0.48 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 601865 from its 52-week high?
Flat Glass Group Co. Ltd trades at ¥8.54, about 55% below its 52-week high of ¥18.86 and at the low of ¥8.54 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of ¥7.51 is for.
Which stocks are comparable to Flat Glass Group Co. Ltd?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies 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 Flat Glass Group Co. Ltd stock attractive at the current price?
The data as of Nov 12, 2026: price ¥8.54, calculated fair value ¥7.51 (−12%), Quality Score 38/100, from 24 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 601865 calculated?
We run Flat Glass Group Co. Ltd through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥7.51 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 13.9% above its aggregate fair value. Flat Glass Group 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 Flat Glass Group Co. Ltd (601865)?
The closing price on Nov 13, 2026 was ¥8.54. Our model-based fair value is ¥7.51, about 12% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Flat Glass Group Co. Ltd right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Flat Glass Group Co. Ltd (601865) come from?
Earnings per share at Flat Glass Group Co. Ltd grew +10.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.6 %, EBIT margin −7.9 %, tax rate +1.2 %, residual (interest, one-offs) −0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Flat Glass Group Co. Ltd
How large is the market capitalisation of Flat Glass Group Co. Ltd (601865)?
The market capitalisation of Flat Glass Group Co. Ltd is 19.9B CNY (≈ $3.0B). 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 Flat Glass Group Co. Ltd (601865)?
The price-to-sales ratio of Flat Glass Group Co. Ltd is 1.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Flat Glass Group Co. Ltd (601865)?
Earnings per share at Flat Glass Group Co. Ltd are ¥0.4209 (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Flat Glass Group Co. Ltd (601865)?
The dividend yield of Flat Glass Group Co. Ltd is 1.8% (payout 35.6%). 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 Flat Glass Group Co. Ltd (601865)?
The net margin of Flat Glass Group Co. Ltd is 6.3% (fiscal year 2025). 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 Flat Glass Group Co. Ltd (601865)?
The return on equity (ROE) of Flat Glass Group Co. Ltd is −2.3% (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 Flat Glass Group Co. Ltd (601865)?
On an EBIT basis the return on assets of Flat Glass Group Co. Ltd is 6.4% (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 Flat Glass Group Co. Ltd (601865)?
The operating margin of Flat Glass Group Co. Ltd is −6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Flat Glass Group Co. Ltd (601865)?
Revenue at Flat Glass Group Co. Ltd is down 38.4% versus a year earlier (3y avg +0.1%). 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 Flat Glass Group Co. Ltd (601865)?
Earnings per share at Flat Glass Group Co. Ltd are down 60.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Flat Glass Group Co. Ltd (601865) carry?
The net debt of Flat Glass Group Co. Ltd is 11.1B 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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Some data
Nov 12, 2026