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Jiangxi Black Cat Carbon Black (002068) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Jiangxi Black Cat Carbon Black ¥3.62, price ¥8.97, upside -59.6%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · CN · ISIN CNE000001NQ3

JB Thin data Sep 28, 2026

Jiangxi Black Cat Carbon Black

002068 · SHE

Weakest SetupStrongly overvalued and low quality.

!Fair value ¥3.62 · Strongly overvalued (−59.6%)
!Quality 39/100
!Weak Growth (revenue 5y +9.3 %/yr)
!Loss-making · -5.2% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (4/13)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 25 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

¥22.90 ¥5.25 Fair Value ¥3.62 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.

How to read this chart

60‑month range ¥5.25 – ¥22.90 · fair‑value band ¥2.70 – ¥5.43 · the ¥8.97 price screens above the ¥3.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.

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Company profile

Jiangxi Black Cat Carbon Black Inc.,Ltd, together with its subsidiaries, manufactures and sells carbon black products in China. It operates through Carbon Black, Tar Refining, and Other segments.

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Jiangxi Black Cat Carbon Black Inc.,Ltd, together with its subsidiaries, manufactures and sells carbon black products in China. It operates through Carbon Black, Tar Refining, and Other segments. The company offers carbon black for rubber, special carbon black, green carbon black, precipitated and fumed silica, and chemical products; and tar refining and white carbon black products. It is also involved in power generation, transmission, distribution, and supply; energy conservation and environmental protection consultation, renovation, and installation; research, development, production, testing, and consulting on carbon composites and nanomaterials; and carbon black exhaust gas waste heat power generation. In addition, the company offers carbon black oil; chemical raw materials; hazardous chemicals; consulting services; graphite products; pigments; batteries; fiber, composite, and synthetic materials; and rubber products. It exports its products. The company was founded in 1994 and is headquartered in Jingdezhen, China.

Stock analysis

Jiangxi Black Cat Carbon Black (002068) currently trades at ¥8.97, while our model-based Fair Value estimate is ¥3.62, 59.6% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 92/100, which puts the evidence level at low.

Scenario range: ¥2.70 (bear) to ¥5.43 (bull), the price of ¥8.97 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 39/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Jiangxi Black Cat Carbon Black reported revenue of 8.7B CNY in FY2025 versus 7.9B CNY in FY2021, a compound +2.3%/yr. Reported net income was −463M CNY in FY2025.

Key figures

Market cap 7.2B CNY (≈ $1.1B) · P/S ratio 0.82 · EPS (TTM) ¥−0.6300 · Dividend yield 1.3% · Net margin −5.3% · Return on equity −16.4% · Return on assets (EBIT) 0.5% · Operating margin 1.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 41% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at −60%, 002068 screens richer than that median.

Fair Value models

Bear ¥2.70 Fair Value ¥3.62 Bull ¥5.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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. Evidence ⓘEvidence = 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.
Highest evidence
EV/EBITDA ¥0.8600 ¥1.17 ¥1.48 67
NCAV (Graham) ¥1.65 ¥2.21 ¥3.30 54
All 2 models by family
Multiples
EV/EBITDA ¥0.8600 ¥1.17 ¥1.48 67
Asset-Based
NCAV (Graham) ¥1.65 ¥2.21 ¥3.30 54

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Quality Score breakdown

Overall quality 39/100

Of which business quality 37 · Market factors (momentum, volatility) 22

Profitability 17
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 86
Share count: buybacks or dilution?

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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. 27/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−14.3%
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.
−4.2%
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.
+9.3%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 22 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.
+17.8%
Profit margin (trend) ⓘ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.
2.0% (2020) → −2.9% (2025)
What shareholders gained per year ⓘ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

002068 screens overvalued: fair value 60% below the price. Compare with Linde plc →

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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 · 705 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −59.6% · Below median
Profitability
Return on assets −2.4% · Bottom 25%
Net margin (TTM) −5.2% · Bottom 25%
Operating margin (TTM) 1.4% · Bottom 25%
Growth and dividend
Revenue growth 19.4% · Above median
Dividend yield (TTM) 1.3% · Below median
Balance sheet
Debt / equity 0.13× · Above median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B 0.45× · Cheapest 25%
P/S (TTM) 0.12× · Cheapest 25%
EV/EBITDA 51.2× · Priciest 25%
PEG 0.26× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)97 · sector 29
PAST (return on equity)0 · sector 24
HEALTH (low debt)94 · sector 95
DIVIDEND (yield)25 · sector 29

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $469.89 $441.72 −6%
The Sherwin-Williams Company SHW $330.44 $151.68 −54%
Ecolab Inc ECL $279.49 $96.56 −65%
Air Products and Chemicals, Inc APD $279.19 $121.30 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 234.23 TWD −2%
Givaudan SA GIVN CHF 3,447 CHF 1,527 −56%
Wanhua Chemical Group 600309 ¥69.45 ¥68.03 −2%
DSM-Firmenich AG DSFIR CHF 92.30 CHF 29.70 −68%
Asian Paints Limited ASIANPAINT ₹2,444 ₹1,479 −39%
PPG Industries, Inc PPG $107.52 $76.98 −28%

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Jiangxi Black Cat Carbon Black · Fair Value
¥3.62 −60%Fair Value
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Cite: Fair Value Calculator (2026). "Jiangxi Black Cat Carbon Black Fair Value". https://www.fairvalue-calculator.com/stock/002068

Frequently asked questions

Is Jiangxi Black Cat Carbon Black (002068) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of ¥3.62 versus a price of ¥8.97, about −60% upside (overvalued).
What is the fair value of 002068?
Our model-based fair value for Jiangxi Black Cat Carbon Black is ¥3.62 (as of Sep 28, 2026), built from audited fundamentals. The current price: ¥8.97.
What is the quality score of 002068?
Jiangxi Black Cat Carbon Black has a Quality Score of 39/100. 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 Jiangxi Black Cat Carbon Black (002068)?
Our model-based price target is the fair value of ¥3.62 (as of Sep 28, 2026) from 2 valuation models. Cautious scenario ¥2.70, optimistic scenario ¥5.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Jiangxi Black Cat Carbon Black stock forecast for 2026?
Our models put fair value at ¥3.62, about −60% upside versus a price of ¥8.97 (overvalued). Cautious scenario ¥2.70, optimistic scenario ¥5.43. The calculation is refreshed regularly with new filings.
What is the revenue of Jiangxi Black Cat Carbon Black (002068)?
Jiangxi Black Cat Carbon Black reported trailing-twelve-month revenue of about 8.8B CNY (latest available figure, as of Sep 28, 2026).
Does Jiangxi Black Cat Carbon Black pay a dividend?
Jiangxi Black Cat Carbon Black currently shows a dividend yield of about 1.26% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of Jiangxi Black Cat Carbon Black (002068)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jiangxi Black Cat Carbon Black it is ¥3.62 per share (as of Sep 28, 2026), against a price of ¥8.97. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Jiangxi Black Cat Carbon Black stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 002068 trades above its calculated fair value: price ¥8.97, fair value ¥3.62, a gap of about −60% (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 002068?
No. The price is what the market pays today (¥8.97); the fair value is what the company's own numbers justify (¥3.62). For Jiangxi Black Cat Carbon Black the two are ¥5.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jiangxi Black Cat Carbon Black worth?
The market values Jiangxi Black Cat Carbon Black at about 7.2B CNY (market capitalisation, as of Sep 28, 2026). Per share that is ¥8.97; our models calculate a fair value of ¥3.62 per share.
What do the bullish and bearish scenarios say about 002068?
Our models span a range for Jiangxi Black Cat Carbon Black: cautious scenario ¥2.70, base ¥3.62, optimistic ¥5.43 per share (as of Sep 28, 2026, price ¥8.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 002068?
The PEG ratio of Jiangxi Black Cat Carbon Black is 0.26 (P/E divided by earnings growth, as of Sep 28, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Jiangxi Black Cat Carbon Black (002068)?
Balance-sheet figures for Jiangxi Black Cat Carbon Black (as of Sep 28, 2026): return on equity −16.4%, debt of 0.13 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 002068 from its 52-week high?
Jiangxi Black Cat Carbon Black trades at ¥8.97, about 41% below its 52-week high of ¥15.31 and 23% above the low of ¥7.30 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.62 is for.
Which stocks are comparable to Jiangxi Black Cat Carbon Black?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Jiangxi Black Cat Carbon Black stock attractive at the current price?
The data as of Sep 28, 2026: price ¥8.97, calculated fair value ¥3.62 (−60%), Quality Score 39/100, from 2 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 002068 calculated?
We run Jiangxi Black Cat Carbon Black through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥3.62, 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 14.7 % above its aggregate fair value. Jiangxi Black Cat Carbon Black 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 Jiangxi Black Cat Carbon Black (002068)?
The closing price on Sep 30, 2026 was ¥8.97. Our model-based fair value is ¥3.62, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jiangxi Black Cat Carbon Black right now?
The price sits above even our optimistic bull case (¥5.43). The favourable scenario is already priced in. Weak quality (39/100) 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 (¥2.70 to ¥5.43) leaves room in how you read the outcome.

Key figures of Jiangxi Black Cat Carbon Black

How large is the market capitalisation of Jiangxi Black Cat Carbon Black (002068)?
The market capitalisation of Jiangxi Black Cat Carbon Black is 7.2B CNY (≈ $1.1B). 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 Jiangxi Black Cat Carbon Black (002068)?
The price-to-sales ratio of Jiangxi Black Cat Carbon Black is 0.82 (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 Jiangxi Black Cat Carbon Black (002068)?
Earnings per share at Jiangxi Black Cat Carbon Black are ¥−0.6300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jiangxi Black Cat Carbon Black (002068)?
The dividend yield of Jiangxi Black Cat Carbon Black is 1.3%. 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 Jiangxi Black Cat Carbon Black (002068)?
The net margin of Jiangxi Black Cat Carbon Black is −5.3% (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 Jiangxi Black Cat Carbon Black (002068)?
The return on equity (ROE) of Jiangxi Black Cat Carbon Black is −16.4% (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 Jiangxi Black Cat Carbon Black (002068)?
On an EBIT basis the return on assets of Jiangxi Black Cat Carbon Black is 0.5% (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 Jiangxi Black Cat Carbon Black (002068)?
The operating margin of Jiangxi Black Cat Carbon Black is 1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jiangxi Black Cat Carbon Black (002068)?
Revenue at Jiangxi Black Cat Carbon Black is growing +19.4% versus a year earlier (3y avg −4.2%). 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 Jiangxi Black Cat Carbon Black (002068)?
Earnings per share at Jiangxi Black Cat Carbon Black are growing −58.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Jiangxi Black Cat Carbon Black (002068) generate?
The free cash flow of Jiangxi Black Cat Carbon Black is −220M 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 Jiangxi Black Cat Carbon Black (002068) carry?
The net debt of Jiangxi Black Cat Carbon Black is 2.3B 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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