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Zhejiang Golden Eagle Co (600232) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 2.2B CNY

ZG Zhejiang Golden Eagle Co 600232 · SHG
Price¥6.50
Fair Value¥1.33
Upside-79.5%
Quality55/100
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Healthy Growth
Thin margins · 2.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/14)
Narrow moat 28/100
Evidence: Medium Range ¥0.9400 – ¥1.57 Share as image

Fair value as of: Aug 7, 2026

From 24 valuation models · updated 3 days ago

Share price +8.5% over the past month.

A solid business, but screening 80% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥1.57). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥9.36 ¥3.37 Fair Value ¥1.33 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 7, 2026.

How to read this chart

60‑month range ¥3.37 – ¥9.36 · fair‑value band ¥0.9400 – ¥1.57 · the ¥6.50 price screens above the ¥1.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

Zhejiang Golden Eagle Co (600232) currently trades at ¥6.50, while our model-based Fair Value estimate is ¥1.33, implying the stock looks roughly 79.5% overvalued today. The Quality Score stands at 55/100 (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: medium).

Over the trailing twelve months, Zhejiang Golden Eagle Co generated revenue of 1.5B CNY at a net margin of 2.5%. Revenue grew 24.3% year over year. It earns a return on equity of 4.3%. Net debt stands at 57.0M CNY. Fundamentals as of Aug 7, 2026

Our scenario range runs from ¥0.9400 (bear case) to ¥1.57 (bull case); at ¥6.50, 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 33% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -27% fair-value upside, at -80%, 600232 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 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. Evidence
Highest evidence
Growth DCF ¥3.75 ¥4.74 ¥6.02 80
Residual Income ¥1.83 ¥1.77 ¥1.40 76
Rev-Margin DCF ¥2.99 ¥3.88 ¥4.82 74
All 24 models by family
DCF Models
FCF DCF ¥3.67 ¥4.73 ¥6.15 38
5Y Revenue Exit ¥2.99 ¥3.83 ¥4.84 39
5Y EBITDA Exit ¥3.37 ¥4.50 ¥5.74 41
5Y P/E Exit ¥2.48 ¥2.94 ¥3.39 38
10Y Revenue Exit ¥3.18 ¥3.97 ¥4.89 36
10Y EBITDA Exit ¥3.46 ¥4.40 ¥5.52 37
10Y P/E Exit ¥2.92 ¥3.38 ¥3.86 35
Earnings-Based
Graham-Dodd ¥0.3900 ¥0.8300 ¥1.06 54
PEG = 1.0 ¥0.1300 ¥0.1800 ¥0.2400 46
EPV ¥2.51 ¥2.76 ¥2.97 59
Dividend Discount
Gordon GGM ¥1.21 ¥1.82 ¥2.45 70
DDM Multi-Stage ¥1.21 ¥1.71 ¥2.25 61
Multiples
P/E Multiple ¥0.9400 ¥1.26 ¥1.57 63
P/S Multiple ¥0.7300 ¥0.9700 ¥1.21 58
P/B Multiple ¥0.7300 ¥0.9700 ¥1.21 55
EV/EBIT ¥3.53 ¥4.40 ¥5.27 53
EV/EBITDA ¥3.52 ¥4.38 ¥5.24 54
EV/Revenue ¥2.68 ¥3.44 ¥4.19 43
Asset-Based
NCAV (Graham) ¥1.30 ¥1.75 ¥2.60 50
Growth DCF
Growth DCF ¥3.75 ¥4.74 ¥6.02 80
Rev-Margin DCF ¥2.99 ¥3.88 ¥4.82 74
Economic Profit
Residual Income ¥1.83 ¥1.77 ¥1.40 76
ROIC Compounder ¥2.51 ¥2.80 ¥3.13 72
Growth Earnings
Growth-Adj P/E ¥0.6900 ¥0.9900 ¥1.29 68

Widest divergence: DCF Models (¥3.97) versus Earnings-Based (¥0.8300). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.5B CNY
Revenue growth (YoY) +24.3%
Net margin 2.5%
Return on equity 4.3%
Free cash flow 100M CNY FY2025
P/E ratio 61.3
More key figures
Operating margin 6.0%
EPS (TTM) ¥0.1000
EPS growth (YoY) +4.0%
Net debt 57.0M CNY FY2024

Figures from reported company fundamentals · as of Aug 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 36

Profitability 26
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 76
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

Zhejiang Golden Eagle Co.,Ltd. manufactures and sells textile machinery for hemp, silk, wool, and spun yarn in China. It offers textile machinery products, including flax, jute, sisal, and silk spinning equipment; ramie strip making equipment; automatic silk reeling equipment; wool spinning needle combing; and pre-spinning equipment.

Full company description

Zhejiang Golden Eagle Co.,Ltd. manufactures and sells textile machinery for hemp, silk, wool, and spun yarn in China. It offers textile machinery products, including flax, jute, sisal, and silk spinning equipment; ramie strip making equipment; automatic silk reeling equipment; wool spinning needle combing; and pre-spinning equipment. The company also provides textile and clothing products, such as mulberry, pressed, and cashmere silk; cashmere, fiber blended yarn, knitted, woven clothing, home textiles; flax, hemp yarn, hemp, cloth, fabrics, woven knitted clothing, home textiles, and other fiber blended yarn. In addition, it offers die-casting and food machinery series equipment; plastic PVC pipes, PE pipe belts, and irrigation water-saving engineering plastic products; and plastic machinery products. Further, the company develops real estate properties, such as garden houses, waterfront villas, landscaped low-rise buildings, and fashionable commercial streets. Additionally, it operates hotel and technical schools. Zhejiang Golden Eagle Co.,Ltd. was founded in 1966 and is based in Zhoushan, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Golden Eagle Co reported revenue of ¥1.4B in FY2025 versus ¥1.2B in FY2021, a compound +3.8%/yr. Reported net income was ¥20.8M in FY2025, compounding −19.3%/yr from FY2021.

Growth Quality 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.4B CNY
Latest YoY
+7.1%
Avg. growth/yr (3Y) 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.
+2.5%
Avg. growth/yr (5Y) 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.
+6.7%
Avg. growth/yr (28Y) 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.
+5.9%
Revenue +3.8%/yr
FY21 ¥1.2B
FY22 ¥1.3B
FY23 ¥1.4B
FY24 ¥1.3B
FY25 ¥1.4B
Net income −19.3%/yr
FY21 ¥49.1M
FY22 ¥49.5M
FY23 ¥35.3M
FY24 ¥22.4M
FY25 ¥20.8M
Character of growth · EPS growth decomposed (2013-2024) +5.9 % p.a.
Revenue per share +1.8 pp

of which total revenue +1.3 pp · buybacks/dilution +0.5 pp

EBIT margin +2.3 pp
Tax rate +3.6 pp
Residual (interest, one-offs) −1.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

600232 screens 80% overvalued. Compare with Shenzhou International Group →

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Cite: Fair Value Calculator (2026). "Zhejiang Golden Eagle Co Fair Value". https://www.fairvalue-calculator.com/stock/600232

Peer Group

Textile Manufacturing · 307 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 55 · Above median
Fair Value upside −80% · Bottom 25%
Return on equity (TTM) 4% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 24% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Textile Manufacturing median · lower = cheaper

P/E (TTM) 61.3× · Pricier than 75% of peers
P/B 2.35× · Pricier than 75% of peers
P/S (TTM) 1.53× · Pricier than median
P/FCF 3.3× · Pricier than 75% of peers
EV/EBITDA 16.8× · Pricier than 75% of peers

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 8
FUTURE 100 · sector 0
PAST 17 · sector 15
HEALTH 97 · sector 95
DIVIDEND 0 · sector 34

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 Textile Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 7, 2026).

Stock Price Fair Value vs Fair Value
Shenzhou International Group 2313 HK$44.40 HK$75.65 +70%
Tongkun Group 601233 ¥23.56 ¥14.53 -38%
Inner Mongolia ERDOS Resources Co 600295 ¥12.04 ¥14.35 +19%
HMT (Xiamen) New Technical Materials Co 603306 ¥91.75 ¥12.85 -86%
Far Eastern New Century Corporation 1402 27.55 TWD 28.72 TWD +4%
K.P.R. Mill Limited KPRMILL ₹1,083 ₹467.49 -57%
Zhejiang Orient Holdings 600120 ¥5.18 ¥2.21 -57%
Vardhman Textiles Limited VTL ₹602.20 ₹437.53 -27%
Isiklar Enerji ve Yapi Holding IEYHO 174.20 TRY 323.84 TRY +86%
Shandong Fiberglass Group 605006 ¥16.75 ¥6.42 -62%

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Frequently asked questions

Is Zhejiang Golden Eagle Co (600232) overvalued or undervalued?
As of Aug 7, 2026, our model estimates a fair value of ¥1.33 versus a price of ¥6.50, about −80% (overvalued).
What is the fair value of 600232?
Our model-based fair value for Zhejiang Golden Eagle Co is ¥1.33 (as of Aug 7, 2026), built from audited fundamentals. The current price is ¥6.50.
What is the quality score of 600232?
Zhejiang Golden Eagle Co has a Quality Score of 55/100. 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 Zhejiang Golden Eagle Co (600232)?
Zhejiang Golden Eagle Co reported trailing-twelve-month revenue of about 1.5B CNY (latest available figure, as of Aug 7, 2026).
What is the net profit margin of 600232?
The net profit margin of Zhejiang Golden Eagle Co is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.

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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