Explosive Co (002096) Fair Value & Analysis
Basic Materials · CN · Market cap 11.6B CNY
Fair value as of: Jul 22, 2026
From 24 valuation models · updated 19 days ago
Fair value updated Jul 22, 2026, revised from ¥12.37 to ¥10.86 (−12.2%) since Jun 25, 2026. Share price +8.5% over the past month.
A solid business, screening 14% undervalued on our models.
What matters now
- Our model range runs from ¥8.15 (bear) to ¥13.58 (bull), base ¥10.86. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 52/100 (solid quality) with medium evidence: read the verdict with care.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
60‑month range ¥6.15 – ¥19.87 · fair‑value band ¥8.15 – ¥13.58 · the ¥9.54 price screens below the ¥10.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.
Analysis
Explosive Co (002096) currently trades at ¥9.54, while our model-based Fair Value estimate is ¥10.86, implying the stock looks roughly 13.8% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Explosive Co generated revenue of 9.7B CNY at a net margin of 7.6%. Revenue declined 8.2% year over year. It earns a return on equity of 9.6%. The balance sheet holds a net cash position of 2.5B CNY. Fundamentals as of Jul 22, 2026
Our scenario range runs from ¥8.15 (bear case) to ¥13.58 (bull case); at ¥9.54, the current price sits within 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 43% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at 14%, 002096 screens cheaper 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.
All 24 models by family
Widest divergence: DCF Models (¥19.21) versus Asset-Based (¥4.31). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 30
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.
About the company
Explosive Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sale of civil blasting materials in China.
Full company description
Explosive Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sale of civil blasting materials in China. It provides energy integration solutions; general contractor; infrastructure investor; ecosystem restoration solutions; and building materials, industrial products, and equipment, as well as acts as an urban development operator. The company was formerly known as Hunan Nanling Industrial Explosive Materials Co., Ltd. and changed its name to Explosive Co., Ltd. in May 2023. Explosive Co., Ltd. was founded in 2001 and is headquartered in Changsha, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Explosive Co reported revenue of ¥9.8B in FY2025 versus ¥1.9B in FY2021, a compound +50.2%/yr. Reported net income was ¥793M in FY2025, compounding +100.6%/yr from FY2021.
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Peer Group
Specialty Chemicals · 676 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.
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Linde plc LIN | $489.98 | $222.03 | -55% |
| Nan Ya Plastics Corporation 1303 | 181.50 TWD | 255.83 TWD | +41% |
| Wanhua Chemical Group 600309 | ¥70.04 | ¥68.03 | -3% |
| Novozymes A/S NSISB | kr 428.20 | kr 179.66 | -58% |
| Asian Paints Limited ASIANPAINT | ₹2,689 | ₹668.81 | -75% |
| Solar Industries India Limited SOLARINDS | ₹18,236 | ₹2,793 | -85% |
| Pidilite Industries Limited PIDILITIND | ₹1,560 | ₹351.84 | -77% |
| PT Chandra Asri Pacific Tbk TPIA | 1,805 IDR | 2,888 IDR | +60% |
| Linde India Limited LINDEINDIA | ₹7,115 | ₹757.93 | -89% |
| Berger Paints India Limited BERGEPAINT | ₹493.70 | ₹164.29 | -67% |
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Frequently asked questions
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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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