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Ruitai Materials Technology Co Ltd (002066) Fair Value & Analysis

Basic Materials · CN · Market cap 5.2B CNY

RM Ruitai Materials Technology Co Ltd 002066 · SHE
Price¥22.50
Fair Value¥5.36
Upside-76.2%
Quality37/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

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Strengths

Low debt · generates free cash flow

Risks

!Trades 320% ABOVE our fair value of ¥5.36
!Weak Growth (revenue 5y −1.7 %/yr)
!Loss-making · -2.1% net margin
!Trails peers (1/13)
Weak Growth (revenue 5y −1.7 %/yr)
Loss-making · -2.1% net margin
Low debt · generates free cash flow
Trails peers (1/13)
Narrow moat 17/100
Evidence: Medium Range ¥5.01 – ¥6.28 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 13 days ago

Fair value updated Aug 13, 2026, revised from ¥3.02 to ¥5.36 (+77.3%) since Jul 22, 2026. Share price +11.4% over the past month.

Below-average quality, and trading another 320% above our fair value.

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What matters now

  • The price sits above even our optimistic bull case (¥6.28). The favourable scenario is already priced in.
  • Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

¥27.44 ¥6.58 Fair Value ¥5.36 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥6.58 – ¥27.44 · fair‑value band ¥5.01 – ¥6.28 · the ¥22.50 price screens above the ¥5.36 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. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Ruitai Materials Technology Co Ltd (002066) currently trades at ¥22.50, while our model-based Fair Value estimate is ¥5.36, implying the stock looks roughly 76.2% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Ruitai Materials Technology Co Ltd generated revenue of 3.7B CNY at a net margin of -2.1%. Revenue declined 15.7% year over year. It earns a return on equity of -3.9%. Net debt stands at 630M CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥5.01 (bear case) to ¥6.28 (bull case); at ¥22.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 110% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -60% fair-value upside, at -76%, 002066 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ¥3.07 ¥4.54 ¥6.86 80
Rev-Margin DCF ¥3.13 ¥4.78 ¥6.87 74
ROIC Compounder ¥2.53 ¥2.91 ¥3.51 72
All 15 models by family
DCF Models
FCF DCF ¥3.08 ¥4.67 ¥7.27 38
5Y Revenue Exit ¥3.13 ¥4.82 ¥7.09 39
5Y EBITDA Exit ¥4.72 ¥8.03 ¥12.17 41
10Y Revenue Exit ¥3.01 ¥4.58 ¥6.92 36
10Y EBITDA Exit ¥4.11 ¥6.85 ¥10.99 37
Earnings-Based
EPV ¥2.53 ¥2.79 ¥3.02 59
Dividend Discount
Gordon GGM ¥2.54 ¥5.05 ¥7.65 70
DDM Multi-Stage ¥2.54 ¥4.37 ¥5.33 61
Multiples
EV/EBIT ¥3.57 ¥4.48 ¥5.40 53
EV/EBITDA ¥6.02 ¥7.75 ¥9.47 54
EV/Revenue ¥3.21 ¥4.22 ¥5.24 43
Asset-Based
NCAV (Graham) ¥1.34 ¥1.79 ¥2.67 50
Growth DCF
Growth DCF ¥3.07 ¥4.54 ¥6.86 80
Rev-Margin DCF ¥3.13 ¥4.78 ¥6.87 74
Economic Profit
ROIC Compounder ¥2.53 ¥2.91 ¥3.51 72

Widest divergence: DCF Models (¥4.82) versus Asset-Based (¥1.79). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 1.41 TTM
Net margin -2.1% TTM
Return on equity -3.9% TTM
Return on assets -0.5% TTM
Operating margin 1.0% TTM
EPS (TTM) ¥-0.3300
More key figures
Growth
Revenue (TTM) 3.7B CNY TTM
Revenue growth (YoY) -15.7% 3y avg -7.0%
EPS growth (YoY) -59.4%
Balance sheet & cash flow
Free cash flow 44.2M CNY FY2025
Net debt 630M CNY FY2025 · ≈ 14.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 35 · Market factors (momentum, volatility) 64

Profitability 19
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 22
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 70
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ruitai Materials Technology Co., Ltd. engages in the research, production, sale, and service of refractories in China. The company provides fused cast, basic, alumina-silica, silica, and unshaped refractories.

Full company description

Ruitai Materials Technology Co., Ltd. engages in the research, production, sale, and service of refractories in China. The company provides fused cast, basic, alumina-silica, silica, and unshaped refractories. It also offers magnesia, forsterite, fireclay, and insulation bricks; magnesia-hercynite, magnesia-MA spinel, magnesia-alumina-zirconia-lanthana, and magnesia-chrome bricks; spalling resistant, phosphate bonded, and alkali resistant bricks; and corundum/mulite based abrasion resistant, andalusite containing abrasion and thermal shock resistant, abrasion resistant, anti-crust, medium density alkali resistant, low cement high alumina, alumina self-flowing and gunning, and steel fiber reinforced high alumina castables. In addition, the company provides ceramic cup, sialon bonded corundum brick, corundum composite brick, stemming, aluminum silicon carbide, dam/weir, impact plate, magnesia carbon brick, alumina magnesia carbon brick, magnesium spinel brick, and magnesia coating mixes and calcium dry mixes, as well as refractories for converter, tundish, and steel ladle. Further, it offers polybasic alloyed casting balls and bars, and low chromium alloyed casting bars and capsules; and erection services. It serves glass, cement, steel and iron, nonferrous, electrical, petrochemical, and other industries. The company also exports its products. Ruitai Materials Technology Co., Ltd. was founded in 2001 and is headquartered in Beijing, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ruitai Materials Technology Co Ltd reported revenue of ¥3.9B in FY2025 versus ¥4.5B in FY2021, a compound −3.9%/yr. Reported net income was −¥57.8M in FY2025.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.9B CNY
Latest YoY
−11.0%
Avg. revenue growth/yr (3Y) 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.
−7.0%
Avg. revenue growth/yr (5Y) 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.
−1.7%
Avg. revenue growth/yr (22Y) 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.
+19.0%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −3.9%/yr
FY21 ¥4.5B
FY22 ¥4.8B
FY23 ¥4.6B
FY24 ¥4.4B
FY25 ¥3.9B
Net income
FY21 ¥47.8M
FY22 ¥66.2M
FY23 ¥72.8M
FY24 ¥57.0M
FY25 −¥57.8M

002066 screens 76% overvalued. Compare with CRH plc →

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Cite: Fair Value Calculator (2026). "Ruitai Materials Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/002066

Peer Group

Building Materials · 259 stocks

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.

Quality Score 37 · Bottom 25%
Fair Value upside −76% · Bottom 25%
Return on assets -0% · Bottom 25%
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 1% · Below median
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.44× · Higher than 75% of peers

Valuation Multiples vs Building Materials median · lower = cheaper

P/B 1.24× · Pricier than median
P/S (TTM) 0.21× · Cheaper than 75% of peers
P/FCF 17.7× · Pricier than 75% of peers
EV/EBITDA 9.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 20
FUTURE0 · sector 4
PAST0 · sector 15
HEALTH78 · sector 92
DIVIDEND26 · sector 41

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

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

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $96.05 $69.69 -27%
Holcim AG HOLN CHF 69.72 CHF 20.00 -71%
Vulcan Materials Company VMC $279.86 $114.48 -59%
UltraTech Cement Limited ULTRACEMCO ₹11,891 ₹4,718 -60%
Martin Marietta Materials, Inc MLM $543.90 $215.31 -60%
China Jushi Co 600176 ¥40.56 ¥13.22 -67%
Amrize AG AMRZ CHF 37.65 CHF 29.67 -21%
Grasim Industries Limited GRASIM ₹3,293 ₹1,245 -62%
CEMEX, S.A. CX $11.24 $11.31 +1%
James Hardie Industries plc JHX A$41.54 A$9.80 -76%

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Frequently asked questions

Is Ruitai Materials Technology Co Ltd (002066) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥5.36 versus a price of ¥22.50, about −76% (overvalued).
What is the fair value of 002066?
Our model-based fair value for Ruitai Materials Technology Co Ltd is ¥5.36 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥22.50.
What is the quality score of 002066?
Ruitai Materials Technology Co Ltd has a Quality Score of 37/100. 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 revenue of Ruitai Materials Technology Co Ltd (002066)?
Ruitai Materials Technology Co Ltd reported trailing-twelve-month revenue of about 3.7B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 002066?
The net profit margin of Ruitai Materials Technology Co Ltd is about -2.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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