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ZRP Printing Group (301223) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 3.2B CNY

ZP ZRP Printing Group 301223 · SHE
Price¥16.32
Fair Value¥13.50
Upside-17.3%
Quality67/100
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Healthy Growth
Thin margins · 4.8% net margin
Low debt · generates free cash flow
2.14% dividend yield
Ranks above peers (10/14)
Narrow moat 36/100
Evidence: High Range ¥10.13 – ¥16.88 Share as image

Fair value as of: Jul 9, 2026

From 24 valuation models · updated 32 days ago

Fair value updated Jul 9, 2026, revised from ¥15.39 to ¥13.50 (−12.3%) since Jun 24, 2026. Share price +3.2% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from ¥10.13 (bear) to ¥16.88 (bull), base ¥13.50. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (4 years)

¥22.77 ¥12.12 Fair Value ¥13.50 Oct 2022 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

45‑month range ¥12.12 – ¥22.77 · fair‑value band ¥10.13 – ¥16.88 · the ¥16.32 price screens above the ¥13.50 fair value. Dashed = 300-day average. As of Jul 9, 2026.

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Analysis

ZRP Printing Group (301223) currently trades at ¥16.32, while our model-based Fair Value estimate is ¥13.50, implying the stock looks roughly 17.3% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical 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, ZRP Printing Group generated revenue of 3.3B CNY at a net margin of 4.8%. Revenue grew 15.4% year over year. It earns a return on equity of 5.2%. Net debt stands at 6.9M CNY. Fundamentals as of Jul 9, 2026

Our scenario range runs from ¥10.13 (bear case) to ¥16.88 (bull case); at ¥16.32, 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 22% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at -17%, 301223 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 ¥17.46 ¥24.42 ¥34.22 80
Residual Income ¥11.71 ¥11.80 ¥11.16 76
Rev-Margin DCF ¥15.07 ¥21.89 ¥30.01 74
All 24 models by family
DCF Models
FCF DCF ¥17.35 ¥25.44 ¥37.69 38
Owner Earnings ¥18.59 ¥27.40 ¥40.74 31
5Y Revenue Exit ¥15.07 ¥21.87 ¥30.59 39
5Y EBITDA Exit ¥18.18 ¥27.83 ¥39.25 41
5Y P/E Exit ¥14.23 ¥20.27 ¥26.66 38
10Y Revenue Exit ¥15.45 ¥21.85 ¥30.59 36
10Y EBITDA Exit ¥17.73 ¥25.95 ¥37.20 37
10Y P/E Exit ¥15.25 ¥20.75 ¥27.59 35
Earnings-Based
Graham-Dodd ¥5.40 ¥18.87 ¥25.37 54
Lynch FV ¥4.39 ¥6.27 ¥8.16 50
PEG = 1.0 ¥4.39 ¥6.27 ¥8.16 46
EPV ¥11.97 ¥13.31 ¥14.47 59
Multiples
P/E Multiple ¥10.13 ¥13.50 ¥16.88 63
P/S Multiple ¥10.13 ¥13.50 ¥16.88 58
P/B Multiple ¥10.13 ¥13.50 ¥16.88 55
EV/EBIT ¥15.91 ¥20.06 ¥24.21 53
EV/EBITDA ¥20.39 ¥26.04 ¥31.69 54
EV/Revenue ¥14.24 ¥18.87 ¥23.50 43
Asset-Based
NCAV (Graham) ¥7.73 ¥10.36 ¥15.46 50
Growth DCF
Growth DCF ¥17.46 ¥24.42 ¥34.22 80
Rev-Margin DCF ¥15.07 ¥21.89 ¥30.01 74
Economic Profit
Residual Income ¥11.71 ¥11.80 ¥11.16 76
ROIC Compounder ¥11.97 ¥13.31 ¥14.47 72
Growth Earnings
Growth-Adj P/E ¥8.98 ¥12.83 ¥16.68 68

Widest divergence: Growth DCF (¥21.89) versus Earnings-Based (¥6.27). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.3B CNY
Revenue growth (YoY) +15.4%
Net margin 4.8%
Return on equity 5.2%
Free cash flow 241M CNY FY2025
P/E ratio 20.1
More key figures
Operating margin 8.2%
EPS (TTM) ¥0.8200
Dividend yield 2.1%
EPS growth (YoY) +10.0%
Net debt 6.9M CNY FY2020

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 66 · Market factors (momentum, volatility) 44

Profitability 33
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 82
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

ZRP Printing Group Co., Ltd, together with its subsidiaries, engages in the research, development, production, and sale of paper printing and packaging products in China.

Full company description

ZRP Printing Group Co., Ltd, together with its subsidiaries, engages in the research, development, production, and sale of paper printing and packaging products in China. The company offers packaging products, such as folding cartons, rigid boxes, corrugated boxes, molded pulps, paper containers, fiber-based flexible packaging, folding color boxes, gift boxes, e-commerce packaging boxes, and paper bags, as well as promotional display tools and label solutions. It also provides industrial packaging solutions for personal care, food and beverage, consumer electronics, healthcare, tobacco, and wine and spirits industries. In addition, the company offers research and development, creative design, intelligent manufacturing, supply chain management, and marketing services for point of sales. It exports its products. The company was founded in 1978 and is headquartered in Zhongshan, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ZRP Printing Group reported revenue of ¥3.2B in FY2025 versus ¥2.5B in FY2021, a compound +5.6%/yr. Reported net income was ¥153M in FY2025, compounding −7.8%/yr from FY2021.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.2B CNY
Latest YoY
+13.8%
Avg. growth/yr (3Y)
+8.6%
Avg. growth/yr (5Y)
+7.8%
Revenue +5.6%/yr
FY21 ¥2.5B
FY22 ¥2.5B
FY23 ¥2.6B
FY24 ¥2.8B
FY25 ¥3.2B
Net income −7.8%/yr
FY21 ¥212M
FY22 ¥213M
FY23 ¥204M
FY24 ¥144M
FY25 ¥153M

301223 screens 17% overvalued. Compare with Stora Enso Oyj →

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Cite: Fair Value Calculator (2026). "ZRP Printing Group Fair Value". https://www.fairvalue-calculator.com/stock/301223

Peer Group

Packaging & Containers · 273 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 −17% · Above median
Return on equity (TTM) 5% · Above median
Return on assets 3% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 15% · Top 25%
Dividend yield (TTM) 2.1% · Above median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 20.1× · Pricier than median
P/B 1.07× · Cheaper than median
P/S (TTM) 0.97× · Pricier than median
P/FCF 2.0× · Pricier than median
EV/EBITDA 6.3× · 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 10 · sector 9
FUTURE 77 · sector 1
PAST 21 · sector 21
HEALTH 99 · sector 92
DIVIDEND 43 · sector 42

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 Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 9, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Ton Yi Industrial Corp 9907 15.15 TWD 23.17 TWD +53%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%

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Frequently asked questions

Is ZRP Printing Group (301223) overvalued or undervalued?
As of Jul 9, 2026, our model estimates a fair value of ¥13.50 versus a price of ¥16.32, about −17% (overvalued).
What is the fair value of 301223?
Our model-based fair value for ZRP Printing Group is ¥13.50 (as of Jul 9, 2026), built from audited fundamentals. The current price is ¥16.32.
What is the quality score of 301223?
ZRP Printing Group 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 ZRP Printing Group (301223)?
ZRP Printing Group reported trailing-twelve-month revenue of about 3.3B CNY (latest available figure, as of Jul 9, 2026).
What is the net profit margin of 301223?
The net profit margin of ZRP Printing Group is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.
Does ZRP Printing Group pay a dividend?
ZRP Printing Group currently shows a dividend yield of about 2.14% 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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