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Qifeng New Material Co (002521) Fair Value & Analysis

Basic Materials · CN · Market cap 4.0B CNY

QN Qifeng New Material Co 002521 · SHE
Price¥6.85
Fair Value¥4.70
Upside-31.4%
Quality47/100
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Mixed Growth
Thin margins · 5.3% net margin
Low debt · generates free cash flow
3.80% dividend yield
Mixed vs. peers (6/14)
Narrow moat 33/100
Evidence: High Range ¥3.52 – ¥5.87 Share as image

Fair value as of: Jul 22, 2026

From 25 valuation models · updated 19 days ago

Share price −5.0% over the past month.

Below-average quality, and screening another 31% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥5.87). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥14.43 ¥4.18 Fair Value ¥4.70 Feb 2021 Aug 2026

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 ¥4.18 – ¥14.43 · fair‑value band ¥3.52 – ¥5.87 · the ¥6.85 price screens above the ¥4.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Qifeng New Material Co (002521) currently trades at ¥6.85, while our model-based Fair Value estimate is ¥4.70, implying the stock looks roughly 31.4% overvalued today. The Quality Score stands at 47/100 (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: high).

Over the trailing twelve months, Qifeng New Material Co generated revenue of 3.3B CNY at a net margin of 5.3%. Revenue declined 3.9% year over year. It earns a return on equity of 4.5%. Net debt stands at 174M CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥3.52 (bear case) to ¥5.87 (bull case); at ¥6.85, 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 31% below its 52-week high, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at -31%, 002521 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 BearBaseBull Evidence
Highest evidence
Growth DCF ¥4.88 ¥6.51 ¥8.66 80
Residual Income ¥5.22 ¥5.21 ¥4.67 76
Rev-Margin DCF ¥3.94 ¥5.51 ¥7.23 74
All 25 models by family
DCF Models
FCF DCF ¥4.78 ¥6.56 ¥9.02 38
Owner Earnings ¥6.18 ¥8.57 ¥11.86 31
5Y Revenue Exit ¥3.94 ¥5.46 ¥7.31 39
5Y EBITDA Exit ¥4.89 ¥7.16 ¥9.70 41
5Y P/E Exit ¥4.14 ¥5.81 ¥7.47 38
10Y Revenue Exit ¥4.15 ¥5.55 ¥7.27 36
10Y EBITDA Exit ¥4.81 ¥6.68 ¥8.98 37
10Y P/E Exit ¥4.35 ¥5.78 ¥7.38 35
Earnings-Based
Graham-Dodd ¥1.88 ¥4.63 ¥6.00 54
PEG = 1.0 ¥0.8400 ¥1.19 ¥1.55 46
EPV ¥3.32 ¥3.74 ¥4.10 59
Dividend Discount
Gordon GGM ¥3.77 ¥6.71 ¥10.35 70
DDM Multi-Stage ¥3.77 ¥5.59 ¥7.48 61
Multiples
P/E Multiple ¥3.52 ¥4.70 ¥5.87 63
P/S Multiple ¥3.52 ¥4.70 ¥5.87 58
P/B Multiple ¥3.52 ¥4.70 ¥5.87 55
EV/EBIT ¥4.07 ¥5.21 ¥6.35 53
EV/EBITDA ¥5.56 ¥7.19 ¥8.83 54
EV/Revenue ¥3.62 ¥4.89 ¥6.15 43
Asset-Based
NCAV (Graham) ¥3.52 ¥4.72 ¥7.05 50
Growth DCF
Growth DCF ¥4.88 ¥6.51 ¥8.66 80
Rev-Margin DCF ¥3.94 ¥5.51 ¥7.23 74
Economic Profit
Residual Income ¥5.22 ¥5.21 ¥4.67 76
ROIC Compounder ¥3.32 ¥3.74 ¥4.10 72
Growth Earnings
Growth-Adj P/E ¥2.75 ¥3.93 ¥5.11 68

Widest divergence: DCF Models (¥5.81) versus Earnings-Based (¥3.74). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.3B CNY
Revenue growth (YoY) -3.9%
Net margin 5.3%
Return on equity 4.5%
Free cash flow 226M CNY FY2025
P/E ratio 22.3
More key figures
Operating margin 5.5%
EPS (TTM) ¥0.3200
Dividend yield 3.8%
EPS growth (YoY) +133%
Net debt 174M CNY FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 49 · Market factors (momentum, volatility) 33

Profitability 29
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 0
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.

About the company

Qifeng New Material Co., Ltd. sells decorative base papers, overlay papers, and non-woven wallpaper base papers in China. The company also offers abrasive backing, surface wear resistant, wrapping, surface, flicker overlay, pre impregnated finishing base, sandpaper base, and leather papers, as well as decorative base papers for digital printing.

Full company description

Qifeng New Material Co., Ltd. sells decorative base papers, overlay papers, and non-woven wallpaper base papers in China. The company also offers abrasive backing, surface wear resistant, wrapping, surface, flicker overlay, pre impregnated finishing base, sandpaper base, and leather papers, as well as decorative base papers for digital printing. In addition, it exports its products to approximately 30 countries and regions. The company also engages in the production and sale of electricity, heat, and nonwoven materials; research and development, and sale of organic and microbial fertilizers; sewage treatment; sale of recycled water; and reuse of reclaimed water. The company was formerly known as Shandong Qifeng Special Paper Co., Ltd. and changed its name to Qifeng New Material Co., Ltd. in September 2013. Qifeng New Material Co., Ltd. was founded in 1976 and is headquartered in Zibo, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Qifeng New Material Co reported revenue of ¥3.4B in FY2025 versus ¥3.7B in FY2021, a compound −2.4%/yr. Reported net income was ¥155M in FY2025, compounding −1.6%/yr from FY2021.

Growth Quality 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.4B CNY
Latest YoY
−1.0%
Avg. growth/yr (3Y)
+2.5%
Avg. growth/yr (5Y)
+3.6%
Avg. growth/yr (18Y)
+7.6%
Revenue −2.4%/yr
FY21 ¥3.7B
FY22 ¥3.1B
FY23 ¥3.7B
FY24 ¥3.4B
FY25 ¥3.4B
Net income −1.6%/yr
FY21 ¥165M
FY22 ¥8.5M
FY23 ¥237M
FY24 ¥112M
FY25 ¥155M

002521 screens 31% overvalued. Compare with Klabin S.A →

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Cite: Fair Value Calculator (2026). "Qifeng New Material Co Fair Value". https://www.fairvalue-calculator.com/stock/002521

Peer Group

Paper & Paper Products · 113 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 47 · Below median
Fair Value upside −31% · Below median
Return on equity (TTM) 4% · Above median
Return on assets 2% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 3.8% · Top 25%
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 22.3× · Pricier than median
P/B 1.01× · Pricier than median
P/S (TTM) 1.20× · Pricier than 75% of peers
P/FCF 2.6× · Pricier than median
EV/EBITDA 10.0× · 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.

VALUE 0 · sector 20
FUTURE 0 · sector 7
PAST 18 · sector 12
HEALTH 99 · sector 91
DIVIDEND 76 · 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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Klabin S.A KLBN11 R$17.58 R$3.89 -78%
UPM-Kymmene Oyj UPM €23.45 €15.47 -34%
Suzano S.A SUZB3 R$41.70 R$138.01 +231%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 103.00 kr 49.40 -52%
Shandong Sunpaper Co 002078 ¥14.13 ¥17.29 +22%
Holmen AB HOLMB kr 305.40 kr 217.72 -29%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.55 HK$8.73 +16%
Empresas CMPC S.A CMPC 1,078 CLP 1,269 CLP +18%
Xianhe Co 603733 ¥22.05 ¥24.32 +10%
Billerud AB BILL kr 68.70 kr 48.60 -29%

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Frequently asked questions

Is Qifeng New Material Co (002521) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥4.70 versus a price of ¥6.85, about −31% (overvalued).
What is the fair value of 002521?
Our model-based fair value for Qifeng New Material Co is ¥4.70 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥6.85.
What is the quality score of 002521?
Qifeng New Material Co has a Quality Score of 47/100. 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 Qifeng New Material Co (002521)?
Qifeng New Material Co reported trailing-twelve-month revenue of about 3.3B CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002521?
The net profit margin of Qifeng New Material Co is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.
Does Qifeng New Material Co pay a dividend?
Qifeng New Material Co currently shows a dividend yield of about 3.80% relative to its recent price (as of Jul 22, 2026).

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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