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Zhangjiagang Furui Special Equipment Co (300228) Fair Value & Analysis

Industrials · CN · Market cap 4.9B CNY

ZF Zhangjiagang Furui Special Equipment Co 300228 · SHE
Price¥7.40
Fair Value¥8.47
Upside+14.5%
Quality67/100
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Mixed Growth
Thin margins · 7.7% net margin
Low debt · generates free cash flow
1.50% dividend yield
Ranks above peers (15/15)
Moderate moat 49/100
Evidence: Medium Range ¥6.36 – ¥10.59 Share as image

Fair value as of: Jul 9, 2026

From 26 valuation models · updated 32 days ago

Fair value updated Jul 9, 2026, revised from ¥10.25 to ¥8.47 (−17.4%) since Jun 24, 2026. Share price −8.6% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • Our model range runs from ¥6.36 (bear) to ¥10.59 (bull), base ¥8.47. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥12.66 ¥4.81 Fair Value ¥8.47 Feb 2021 Aug 2026

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 ¥4.81 – ¥12.66 · fair‑value band ¥6.36 – ¥10.59 · the ¥7.40 price screens below the ¥8.47 fair value. Dashed = 300-day average. As of Jul 9, 2026.

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Analysis

Zhangjiagang Furui Special Equipment Co (300228) currently trades at ¥7.40, while our model-based Fair Value estimate is ¥8.47, implying the stock looks roughly 14.5% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Industrials 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, Zhangjiagang Furui Special Equipment Co generated revenue of 3.2B CNY at a net margin of 7.7%. Revenue grew 11.3% year over year. It earns a return on equity of 12.0%. The balance sheet holds a net cash position of 663M CNY. Fundamentals as of Jul 9, 2026

Our scenario range runs from ¥6.36 (bear case) to ¥10.59 (bull case); at ¥7.40, 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 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 14%, 300228 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥11.79 ¥18.83 ¥30.16 80
Residual Income ¥3.55 ¥3.91 ¥5.69 76
Rev-Margin DCF ¥9.38 ¥14.41 ¥20.94 74
All 26 models by family
DCF Models
FCF DCF ¥11.89 ¥19.68 ¥32.74 38
Owner Earnings ¥8.00 ¥12.78 ¥20.79 31
5Y Revenue Exit ¥9.38 ¥14.48 ¥21.32 39
5Y EBITDA Exit ¥11.10 ¥18.04 ¥26.71 41
5Y P/E Exit ¥9.07 ¥13.85 ¥19.24 38
10Y Revenue Exit ¥9.95 ¥15.03 ¥22.65 36
10Y EBITDA Exit ¥11.28 ¥17.59 ¥27.07 37
10Y P/E Exit ¥9.96 ¥14.58 ¥20.95 35
Earnings-Based
Graham-Dodd ¥2.74 ¥12.81 ¥17.60 54
Lynch FV ¥3.38 ¥4.83 ¥6.29 50
PEG = 1.0 ¥3.38 ¥4.83 ¥6.29 46
EPV ¥7.35 ¥8.23 ¥8.98 59
Dividend Discount
Gordon GGM ¥0.7400 ¥1.47 ¥2.23 70
DDM Multi-Stage ¥0.7400 ¥1.27 ¥1.55 61
Multiples
P/E Multiple ¥6.36 ¥8.47 ¥10.59 63
P/S Multiple ¥5.15 ¥6.86 ¥8.58 58
P/B Multiple ¥5.15 ¥6.86 ¥8.58 55
EV/EBIT ¥10.78 ¥13.76 ¥16.75 53
EV/EBITDA ¥11.48 ¥14.70 ¥17.92 54
EV/Revenue ¥8.21 ¥10.95 ¥13.69 43
Asset-Based
NCAV (Graham) ¥2.07 ¥2.78 ¥4.14 50
Growth DCF
Growth DCF ¥11.79 ¥18.83 ¥30.16 80
Rev-Margin DCF ¥9.38 ¥14.41 ¥20.94 74
Economic Profit
Residual Income ¥3.55 ¥3.91 ¥5.69 76
ROIC Compounder ¥8.06 ¥10.00 ¥12.40 72
Growth Earnings
Growth-Adj P/E ¥5.38 ¥7.68 ¥9.99 68

Widest divergence: DCF Models (¥14.58) versus Dividend Discount (¥1.27). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.2B CNY
Revenue growth (YoY) +11.3%
Net margin 7.7%
Return on equity 12.0%
Free cash flow 491M CNY FY2025
P/E ratio 19.9
More key figures
Operating margin 11.0%
EPS (TTM) ¥0.4100
Dividend yield 1.5%
EPS growth (YoY) +11.5%
Net cash 663M CNY FY2024

Figures from reported company fundamentals · as of Jul 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 68 · Market factors (momentum, volatility) 33

Profitability 42
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 70
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

Zhangjiagang Furui Special Equipment Co., Ltd. provides solutions to the LNG industry in China and internationally. The company's products include LNG liquefaction skid, marine loading arm, LNG marine loading arm, LNG truck loading skid, truck loading arm, gangway, quick release hook, cryogenic storage tank, cryogenic ISO tank container, cryogenic road …

Full company description

Zhangjiagang Furui Special Equipment Co., Ltd. provides solutions to the LNG industry in China and internationally. The company's products include LNG liquefaction skid, marine loading arm, LNG marine loading arm, LNG truck loading skid, truck loading arm, gangway, quick release hook, cryogenic storage tank, cryogenic ISO tank container, cryogenic road tanker, LNG regasification station, LNG refuelling station, cryogenic marine tank, intelligent gas supply system, LNG vehicle cylinder, cryogenic liquid cylinder, marine offshore module, speed tank system, LNG cryogenic valve, cryogenic globe valve, LNG loading and unloading control system, I-BOX intelligent box, HMI display and control unit, batch controller, hydrogen test platform, IOT + intelligent system, and DCS system. It also provides skid and module, pressure vessel and tank, bullet tank, reactor, heat exchanger, and column and tower equipment for energy sector; and mounded bullet tank. In addition, the company offers gas recovery and processing, LNG processing, mobile LNG trailer selling, LNG plant remote supervisory control and maintenance, LNG selling, EPC works and maintenance, and LNG project services, as well as medium and heavy trucks/test services for LNG cylinder of bus. Further, it offers hydrogen test center and liquefaction plant, fuel cell core components, hydrogen marine tank, LH2 gas supply system for vehicles, hydrogen ISO container and dispenser, LH2 loading/unloading skid, LH2 marine loading/Unloading arm, Liquid hydrogen valve, and High-pressure valve equipment. Zhangjiagang Furui Special Equipment Co., Ltd. was founded in 2003 and is headquartered in Zhangjiagang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhangjiagang Furui Special Equipment Co reported revenue of ¥3.1B in FY2025 versus ¥1.6B in FY2021, a compound +18.7%/yr. Reported net income was ¥241M in FY2025, compounding +54.6%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.1B CNY
Latest YoY
−5.2%
Avg. growth/yr (3Y)
+25.2%
Avg. growth/yr (5Y)
+11.8%
Avg. growth/yr (17Y)
+12.9%
Revenue +18.7%/yr
FY21 ¥1.6B
FY22 ¥1.6B
FY23 ¥3.0B
FY24 ¥3.3B
FY25 ¥3.1B
Net income +54.6%/yr
FY21 ¥42.2M
FY22 −¥223M
FY23 ¥147M
FY24 ¥219M
FY25 ¥241M

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Cite: Fair Value Calculator (2026). "Zhangjiagang Furui Special Equipment Co Fair Value". https://www.fairvalue-calculator.com/stock/300228

Peer Group

Specialty Industrial Machinery · 809 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 67 · Top 25%
Fair Value upside +15% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 1.5% · Above median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 19.9× · Cheaper than median
P/B 1.97× · Cheaper than median
P/S (TTM) 1.51× · Cheaper than median
P/FCF 1.5× · Cheaper than median
EV/EBITDA 6.8× · Cheaper than 75% of peers
PEG 1.53× · Cheaper 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 53 · sector 0
FUTURE 57 · sector 23
PAST 48 · sector 28
HEALTH 100 · sector 96
DIVIDEND 30 · sector 24

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 9, 2026).

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Doosan Enerbility Co 034020 76,400 KRW 7,938 KRW -90%
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Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
NARI Technology Co 600406 ¥22.19 ¥18.71 -16%

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Frequently asked questions

Is Zhangjiagang Furui Special Equipment Co (300228) overvalued or undervalued?
As of Jul 9, 2026, our model estimates a fair value of ¥8.47 versus a price of ¥7.40, about +14% (undervalued).
What is the fair value of 300228?
Our model-based fair value for Zhangjiagang Furui Special Equipment Co is ¥8.47 (as of Jul 9, 2026), built from audited fundamentals. The current price is ¥7.40.
What is the quality score of 300228?
Zhangjiagang Furui Special Equipment Co has a Quality Score of 67/100. 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 Zhangjiagang Furui Special Equipment Co (300228)?
Zhangjiagang Furui Special Equipment Co reported trailing-twelve-month revenue of about 3.2B CNY (latest available figure, as of Jul 9, 2026).
What is the net profit margin of 300228?
The net profit margin of Zhangjiagang Furui Special Equipment Co is about 7.7%, meaning it keeps roughly 7.7% of revenue as net income. Based on the latest reported figures.
Does Zhangjiagang Furui Special Equipment Co pay a dividend?
Zhangjiagang Furui Special Equipment Co currently shows a dividend yield of about 1.50% relative to its recent price (as of Jul 9, 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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