Focused Photonics (Hangzhou), Inc (300203) Fair Value & Analysis

Technology · CN · Market cap 5.9B CNY

Below-average quality, and screening another 69% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥5.94). The favourable scenario is already priced in.
• Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (¥2.97 to ¥5.94) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 9, 2026.

How to read this chart

60‑month range ¥9.38 – ¥41.44 · fair‑value band ¥2.97 – ¥5.94 · the ¥12.65 price screens above the ¥3.98 fair value. Dashed = 300-day average. As of Jul 9, 2026.

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Analysis

Focused Photonics (Hangzhou), Inc (300203) currently trades at ¥12.65, while our model-based Fair Value estimate is ¥3.98, implying the stock looks roughly 68.5% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology 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, Focused Photonics (Hangzhou), Inc generated revenue of 2.9B CNY at a net margin of -10.0%. Revenue declined 25.0% year over year. It earns a return on equity of -10.7%. Net debt stands at 1.5B CNY. Fundamentals as of Jul 9, 2026

Our scenario range runs from ¥2.97 (bear case) to ¥5.94 (bull case); at ¥12.65, 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 44% below its 52-week high and 6% above 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 -69%, 300203 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.

Widest divergence: Growth DCF (¥7.83) versus Multiples (¥0.8200). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Focused Photonics (Hangzhou), Inc. provides analytical instrument technology services in China and internationally. 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, …

Full company description

Focused Photonics (Hangzhou), Inc. provides analytical instrument technology services in China and internationally. 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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Focused Photonics (Hangzhou), Inc reported revenue of ¥3.0B in FY2025 versus ¥3.8B in FY2021, a compound −5.5%/yr. Reported net income was −¥233M in FY2025.

300203 screens 69% overvalued. Compare with Keysight Technologies, Inc →

Peer Group

Scientific & Technical Instruments · 161 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 Scientific & Technical Instruments 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.

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.

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

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Frequently asked questions

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.