Shanghai Smith Adhesive New (603683) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Shanghai Smith Adhesive New stock ¥4.43, price ¥16.48, that is 73.1% below the price, quality 33 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 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 5, 2026.
How to read this chart
60‑month range ¥6.39 – ¥36.39 · fair‑value band ¥2.69 – ¥5.53 · the ¥16.48 price screens above the ¥4.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Shanghai Smith Adhesive New Material Co.,Ltd manufactures and sells various adhesive tapes and adhesives in China.
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The company offers industrial materials, including masking, duct, rice paper, electronics, foam, aluminum foil, covering, double sided, and kraft paper tapes, as well as BOPP tapes; electronic materials, which comprise PET, blue film, transfer, conductive, PE foam, tissue, and fireproof paper tapes; and functional film materials, comprising anti-reflection, anti-glare, OCA optical, high temperature and polyurethane protective films, functional and antistatic AB glue.
It also provides thermal management composites, which include synthetic graphite high thermal and graphene thermal conductive films; and specialty paper products, as well as solvent and waterborne acrylic pressure sensitive adhesives. The company offers its products under the Ginnva brand.
Its products are used in consumer electronics, transportation, new energy battery, architectural decoration, smart medical, household appliances, office and home, and other fields. The company also exports its products.
Shanghai Smith Adhesive New Material Co.,Ltd was founded in 2006 and is headquartered in Shanghai, China.
Stock analysis
Shanghai Smith Adhesive New (603683) currently trades at ¥16.48, while our model-based Fair Value estimate is ¥4.43, 73% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥5.83 per share, and 0 of the 25 models we run sit above the ¥16.48 price.
Bear case: the Dividend Discount group reads lowest at ¥2.21, and 25 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥2.69 (bear) to ¥5.53 (bull), the price of ¥16.48 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 33/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Shanghai Smith Adhesive New reported revenue of 2.2B CNY in FY2025 versus 1.4B CNY in FY2021, a compound +11.7%/yr. Reported net income was 89.3M CNY in FY2025, compounding +29.6%/yr from FY2021.
Key figures
Market cap 5.0B CNY (≈ $745M) Small · P/E ratio 43.4 · P/S ratio 2.13 · EPS (TTM) ¥0.3800 · Dividend yield 0.6% · Net margin 4.3% · Return on equity 5.4% · Return on assets (EBIT) 2.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −73%, 603683 screens richer than that median.
Fair Value models
Bear¥2.69Fair Value ¥4.43Bull¥5.53
Price ¥16.48 · Downside -73.1%
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 (¥0.2401 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
FCF DCF¥2.06¥3.46¥5.7278
Growth DCF¥2.03¥3.25¥5.1177
Residual Income¥4.22¥4.26¥4.4976
All 25 models by family
DCF Models
FCF DCF¥2.06¥3.46¥5.7278
5Y Revenue Exit¥3.31¥6.15¥10.1070
5Y EBITDA Exit¥4.12¥7.83¥12.6073
5Y P/E Exit¥3.16¥5.83¥8.9469
10Y Revenue Exit¥2.70¥5.14¥9.0564
10Y EBITDA Exit¥3.33¥6.30¥11.0466
10Y P/E Exit¥2.73¥4.92¥8.1262
Earnings-Based
Graham-Dodd¥2.08¥10.17¥14.0264
Lynch FV¥2.73¥3.90¥5.0761
PEG = 1.0¥2.73¥3.90¥5.0757
EPV¥3.39¥3.86¥4.2574
Dividend Discount
Gordon GGM¥1.25¥2.33¥3.3167
DDM Multi-Stage¥1.25¥2.09¥2.4867
Multiples
P/E Multiple¥3.91¥5.21¥6.5163
P/S Multiple¥3.91¥5.21¥6.5158
P/B Multiple¥11.95¥15.93¥19.9155
EV/EBIT¥3.17¥4.67¥6.1665
EV/EBITDA¥4.20¥6.04¥7.8867
EV/Revenue¥2.57¥4.24¥5.9152
Asset-Based
NCAV (Graham)¥2.65¥3.56¥5.3154
Growth DCF
Growth DCF¥2.03¥3.25¥5.1177
Rev-Margin DCF¥3.31¥6.03¥9.5971
Economic Profit
Residual Income¥4.22¥4.26¥4.4976
ROIC Compounder¥3.39¥3.86¥4.2572
Growth Earnings
Growth-Adj P/E¥3.80¥5.42¥7.0567
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.1%
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.
+15.4%
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.
+15.9%
Start year 2020 (pandemic). Over 10 years: +13.5% a year
Revenue growth 13 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.
+11.5%
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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.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
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.15.6% vs −0.4%, picking up
Profit margin 2019 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% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+55.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +52.5% a year for the price.
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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.Specialty Chemicals · 728 stocks
Beats the industry median on 1/14 measures
Overall it trails its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside−73.1% · Bottom 25%
Profitability
Return on equity (12 months)5.4% · Below median
Return on assets2.8% · Below median
Net margin (12 months)4.3% · Below median
Operating margin (12 months)4.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)14.8% · Above median
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Specialty Chemicals 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). "Shanghai Smith Adhesive New Fair Value". https://www.fairvalue-calculator.com/stock/603683
Frequently asked questions
Is Shanghai Smith Adhesive New (603683) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥4.43 versus a price of ¥16.48, about 73% lower (overvalued).
What is the fair value of 603683?
Our model-based fair value for Shanghai Smith Adhesive New is ¥4.43 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥16.48.
What is the quality score of 603683?
Shanghai Smith Adhesive New has a Quality Score of 33/100. 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 Shanghai Smith Adhesive New (603683)?
Our model-based price target is the fair value of ¥4.43 (as of Nov 5, 2026) from 25 valuation models. Cautious scenario ¥2.69, optimistic scenario ¥5.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Shanghai Smith Adhesive New stock forecast for 2026?
Our models put fair value at ¥4.43, about 73% lower versus a price of ¥16.48 (overvalued). Cautious scenario ¥2.69, optimistic scenario ¥5.53. The calculation is refreshed regularly with new filings.
What is the revenue of Shanghai Smith Adhesive New (603683)?
Shanghai Smith Adhesive New reported trailing-twelve-month revenue of about 2.3B CNY (latest available figure, as of Nov 5, 2026).
Does Shanghai Smith Adhesive New pay a dividend?
Shanghai Smith Adhesive New currently shows a dividend yield of 0.61% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Shanghai Smith Adhesive New (603683) and when is the ex-dividend date?
Shanghai Smith Adhesive New pays a dividend of ¥0.1 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Jul 7, 2026. The payout ratio is 26.3% of earnings. Free cash flow covers the dividend 1.05 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Shanghai Smith Adhesive New (603683)?
For today's price to be fair in a discounted-cash-flow model, Shanghai Smith Adhesive New would have to grow free cash flow by +55.1 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.9 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 603683 use?
Our models discount Shanghai Smith Adhesive New at 10.4 %: a base by market capitalisation (small), damped by beta 0.39, 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 Shanghai Smith Adhesive New that is +55.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Shanghai Smith Adhesive New (603683) delivered so far?
Over the past 5 years revenue at Shanghai Smith Adhesive New grew +15.9 % a year. The price currently implies free-cash-flow growth of +55.1 % 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 Shanghai Smith Adhesive New (603683) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Shanghai Smith Adhesive New (+55.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Shanghai Smith Adhesive New (603683)?
The free-cash-flow yield on the price is 0.64 %: that much free cash flow Shanghai Smith Adhesive New produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shanghai Smith Adhesive New (603683)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai Smith Adhesive New it is ¥4.43 per share (as of Nov 5, 2026), against a price of ¥16.48. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Shanghai Smith Adhesive New stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 603683 trades above its calculated fair value: price ¥16.48, fair value ¥4.43, a gap of about −73% (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 603683?
No. The price is what the market pays today (¥16.48); the fair value is what the company's own numbers justify (¥4.43). For Shanghai Smith Adhesive New the two are ¥12.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shanghai Smith Adhesive New worth?
The market values Shanghai Smith Adhesive New at about 5.0B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥16.48; our models calculate a fair value of ¥4.43 per share.
What do the bullish and bearish scenarios say about 603683?
Our models span a range for Shanghai Smith Adhesive New: cautious scenario ¥2.69, base ¥4.43, optimistic ¥5.53 per share (as of Nov 5, 2026, price ¥16.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603683?
Shanghai Smith Adhesive New trades at a price-to-earnings ratio of 43.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥4.43 is built from several models across several years. Other multiples: P/B 3.0, P/S 2.1, EV/EBITDA 24.0.
How solid is the balance sheet of Shanghai Smith Adhesive New (603683)?
Balance-sheet figures for Shanghai Smith Adhesive New (as of Nov 5, 2026): return on equity 5.4%, debt of 0.12 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 603683 from its 52-week high?
Shanghai Smith Adhesive New trades at ¥16.48, about 51% below its 52-week high of ¥33.86 and 24% above the low of ¥13.28 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.43 is for.
Which stocks are comparable to Shanghai Smith Adhesive New?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Shanghai Smith Adhesive New stock attractive at the current price?
The data as of Nov 5, 2026: price ¥16.48, calculated fair value ¥4.43 (−73%), Quality Score 33/100, from 25 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 603683 calculated?
We run Shanghai Smith Adhesive New through 25 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 ¥4.43 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. Shanghai Smith Adhesive New 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 Shanghai Smith Adhesive New (603683)?
The closing price on Nov 6, 2026 was ¥16.48. Our model-based fair value is ¥4.43, about 73% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shanghai Smith Adhesive New right now?
The price sits above even our optimistic bull case (¥5.53). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (¥2.69 to ¥5.53) leaves room in how you read the outcome.
Where does the earnings growth of Shanghai Smith Adhesive New (603683) come from?
Earnings per share at Shanghai Smith Adhesive New grew −7.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +4.4 %, EBIT margin −11.9 %, tax rate +2.8 %, residual (interest, one-offs) −2.6 %. 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 Shanghai Smith Adhesive New
How large is the market capitalisation of Shanghai Smith Adhesive New (603683)?
The market capitalisation of Shanghai Smith Adhesive New is 5.0B CNY (≈ $745M). 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 Shanghai Smith Adhesive New (603683)?
The price-to-sales ratio of Shanghai Smith Adhesive New is 2.13 (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 Shanghai Smith Adhesive New (603683)?
Earnings per share at Shanghai Smith Adhesive New are ¥0.3800 (price ÷ EPS = P/E 43.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shanghai Smith Adhesive New (603683)?
The dividend yield of Shanghai Smith Adhesive New is 0.6% (payout 26.3%). 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 Shanghai Smith Adhesive New (603683)?
The net margin of Shanghai Smith Adhesive New is 4.3% (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 Shanghai Smith Adhesive New (603683)?
The return on equity (ROE) of Shanghai Smith Adhesive New is 5.4% (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 Shanghai Smith Adhesive New (603683)?
On an EBIT basis the return on assets of Shanghai Smith Adhesive New is 2.8% (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 Shanghai Smith Adhesive New (603683)?
The operating margin of Shanghai Smith Adhesive New is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shanghai Smith Adhesive New (603683)?
Revenue at Shanghai Smith Adhesive New is growing +14.8% versus a year earlier (3y avg +15.4%). 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 Shanghai Smith Adhesive New (603683)?
Earnings per share at Shanghai Smith Adhesive New are growing +11.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Shanghai Smith Adhesive New (603683) carry?
The net debt of Shanghai Smith Adhesive New is 383M CNY (fiscal year 2025, ≈ 12.5 yrs of FCF). 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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Broad data
Nov 5, 2026