Focused Photonics Hangzhou Inc (300203) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Focused Photonics Hangzhou Inc stock ¥8.49, price ¥11.39, that is 25.5% below the price, quality 46 out of 100. Rating: overvalued. Calculated from audited financials with 10 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 ¥9.38 – ¥41.44 · fair‑value band ¥4.64 – ¥13.34 · the ¥11.39 price screens above the ¥8.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Focused Photonics (Hangzhou), Inc. provides analytical instrument technology services in China and internationally.
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The company offers products and services for project consulting, analytical instruments, information software, onsite customer training, and localized operation and maintenance services to oil and gas, thermal power, iron and steel, chemicals, cement, water resource and management, geology and mining, food and pharmaceutical, scientific research, and environmental protection industries.
It also provides environmental monitoring systems; scientific instruments; industrial process analyzers; and sensors. In addition, the company offers smart industry, laboratory, and environment services. Focused Photonics (Hangzhou), Inc. was founded in 2002 and is headquartered in Hangzhou, China.
Stock analysis
Focused Photonics Hangzhou Inc (300203) currently trades at ¥11.39, while our model-based Fair Value estimate is ¥8.49, 25% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ¥9.75 per share, and 1 of the 10 models we run sit above the ¥11.39 price.
Bear case: the Multiples group reads lowest at ¥2.86, and 9 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥4.64 (bear) to ¥13.34 (bull), the price of ¥11.39 sits inside 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 46/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Focused Photonics Hangzhou Inc reported revenue of 3.0B CNY in FY2025 versus 3.8B CNY in FY2021, a compound −5.5%/yr. Reported net income was −233M CNY in FY2025.
Key figures
Market cap 6.5B CNY (≈ $977M) Small · P/S ratio 2.16 · EPS (TTM) ¥−0.5200 · Dividend yield 3.6% · Net margin −8.1% · Return on equity −9.8% · Return on assets (EBIT) −1.8% (5-year average) · Operating margin 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −25%, 300203 screens cheaper than that median.
Fair Value models
Bear¥4.64Fair Value ¥8.49Bull¥13.34
Price ¥11.39 · Downside -25.5%
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.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.
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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−17.1%
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.
−4.6%
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.
−6.1%
Start year 2020 (pandemic). Over 10 years: +5.0% a year
Revenue growth 18 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.
+18.7%
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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.
13.9% (2020) → −1.9% (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
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).
+11.8%
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 +9.9% 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.Scientific & Technical Instruments · 161 stocks
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.
Is Focused Photonics Hangzhou Inc (300203) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥8.49 versus a price of ¥11.39, about 25% lower (overvalued).
What is the fair value of 300203?
Our model-based fair value for Focused Photonics Hangzhou Inc is ¥8.49 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥11.39.
What is the quality score of 300203?
Focused Photonics Hangzhou Inc has a Quality Score of 46/100. 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 Focused Photonics Hangzhou Inc (300203)?
Our model-based price target is the fair value of ¥8.49 (as of Nov 5, 2026) from 10 valuation models. Cautious scenario ¥4.64, optimistic scenario ¥13.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Focused Photonics Hangzhou Inc stock forecast for 2026?
Our models put fair value at ¥8.49, about 25% lower versus a price of ¥11.39 (overvalued). Cautious scenario ¥4.64, optimistic scenario ¥13.34. The calculation is refreshed regularly with new filings.
What is the revenue of Focused Photonics Hangzhou Inc (300203)?
Focused Photonics Hangzhou Inc reported trailing-twelve-month revenue of about 3.0B CNY (latest available figure, as of Nov 5, 2026).
Does Focused Photonics Hangzhou Inc pay a dividend?
Focused Photonics Hangzhou Inc currently shows a dividend yield of 3.61% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Focused Photonics Hangzhou Inc (300203)?
Focused Photonics Hangzhou Inc has a dividend yield of 3.6%.
What growth is priced into Focused Photonics Hangzhou Inc (300203)?
For today's price to be fair in a discounted-cash-flow model, Focused Photonics Hangzhou Inc would have to grow free cash flow by +11.8 % 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 -6.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 300203 use?
Our models discount Focused Photonics Hangzhou Inc at 10.4 %: a base by market capitalisation (small), damped by beta 0.04, 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 Focused Photonics Hangzhou Inc that is +11.8 % 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 Focused Photonics Hangzhou Inc (300203) delivered so far?
Over the past 5 years revenue at Focused Photonics Hangzhou Inc grew -6.1 % a year. The price currently implies free-cash-flow growth of +11.8 % 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 Focused Photonics Hangzhou Inc (300203) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Focused Photonics Hangzhou Inc (+11.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Focused Photonics Hangzhou Inc (300203)?
The free-cash-flow yield on the price is 6.13 %: that much free cash flow Focused Photonics Hangzhou Inc 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 Focused Photonics Hangzhou Inc (300203)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Focused Photonics Hangzhou Inc it is ¥8.49 per share (as of Nov 5, 2026), against a price of ¥11.39. It is the blended result of 10 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Focused Photonics Hangzhou Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 300203 trades above its calculated fair value: price ¥11.39, fair value ¥8.49, a gap of about −25% (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 300203?
No. The price is what the market pays today (¥11.39); the fair value is what the company's own numbers justify (¥8.49). For Focused Photonics Hangzhou Inc the two are ¥2.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Focused Photonics Hangzhou Inc worth?
The market values Focused Photonics Hangzhou Inc at about 6.5B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥11.39; our models calculate a fair value of ¥8.49 per share.
What do the bullish and bearish scenarios say about 300203?
Our models span a range for Focused Photonics Hangzhou Inc: cautious scenario ¥4.64, base ¥8.49, optimistic ¥13.34 per share (as of Nov 5, 2026, price ¥11.39). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 300203?
The PEG ratio of Focused Photonics Hangzhou Inc is 0.78 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Focused Photonics Hangzhou Inc (300203)?
Balance-sheet figures for Focused Photonics Hangzhou Inc (as of Nov 5, 2026): return on equity −9.8%, debt of 0.90 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 300203 from its 52-week high?
Focused Photonics Hangzhou Inc trades at ¥11.39, about 33% below its 52-week high of ¥16.90 and at the low of ¥11.39 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥8.49 is for.
Which stocks are comparable to Focused Photonics Hangzhou Inc?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, 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 Focused Photonics Hangzhou Inc stock attractive at the current price?
The data as of Nov 5, 2026: price ¥11.39, calculated fair value ¥8.49 (−25%), Quality Score 46/100, from 10 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 300203 calculated?
We run Focused Photonics Hangzhou Inc through 10 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of ¥8.49 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 13.0% above its aggregate fair value. Focused Photonics Hangzhou Inc 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 Focused Photonics Hangzhou Inc (300203)?
The closing price on Nov 6, 2026 was ¥11.39. Our model-based fair value is ¥8.49, about 25% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Focused Photonics Hangzhou Inc right now?
Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (¥4.64 to ¥13.34). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Focused Photonics Hangzhou Inc
How large is the market capitalisation of Focused Photonics Hangzhou Inc (300203)?
The market capitalisation of Focused Photonics Hangzhou Inc is 6.5B CNY (≈ $977M). 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 Focused Photonics Hangzhou Inc (300203)?
The price-to-sales ratio of Focused Photonics Hangzhou Inc is 2.16 (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 Focused Photonics Hangzhou Inc (300203)?
Earnings per share at Focused Photonics Hangzhou Inc are ¥−0.5200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Focused Photonics Hangzhou Inc (300203)?
The dividend yield of Focused Photonics Hangzhou Inc is 3.6%. 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 Focused Photonics Hangzhou Inc (300203)?
The net margin of Focused Photonics Hangzhou Inc is −8.1% (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 Focused Photonics Hangzhou Inc (300203)?
The return on equity (ROE) of Focused Photonics Hangzhou Inc is −9.8% (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 Focused Photonics Hangzhou Inc (300203)?
On an EBIT basis the return on assets of Focused Photonics Hangzhou Inc is −1.8% (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 Focused Photonics Hangzhou Inc (300203)?
The operating margin of Focused Photonics Hangzhou Inc is 8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Focused Photonics Hangzhou Inc (300203)?
Revenue at Focused Photonics Hangzhou Inc is growing +9.6% versus a year earlier (3y avg −4.6%). 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 Focused Photonics Hangzhou Inc (300203)?
Earnings per share at Focused Photonics Hangzhou Inc are growing +42.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Focused Photonics Hangzhou Inc (300203) carry?
The net debt of Focused Photonics Hangzhou Inc is 1.5B CNY (fiscal year 2025, ≈ 4.9 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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Nov 5, 2026