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Fushun Special Steel Co Ltd (600399) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Fushun Special Steel Co Ltd stock ¥3.71, price ¥4.08, that is 9.1% below the price, quality 34 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Basic Materials CN · ISIN CNE0000016F7

FS Fushun Special Steel Co Ltd logo Thin data Nov 10, 2026

Fushun Special Steel Co Ltd

600399 · SHG
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Fair value ¥3.71 · Fairly valued
Expensive Growth (revenue 5y +4.4 %/yr in CNY)
Quality 34/100
Loss-making · -9.6% net margin (TTM)
Negative free cash flow
Trails peers (1/11)
Narrow moat 5/100 · thin data
Thin data
⟳ CyclicalEstimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

¥27.47 ¥3.80 Fair Value ¥3.71 Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range ¥3.80 – ¥27.47 · fair‑value band ¥2.78 – ¥4.64 · the ¥4.08 price screens above the ¥3.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Fushun Special Steel Co.,LTD., together with its subsidiaries, manufactures and sells steel products in China and internationally.

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The company provides alloy structural steel, tool and die steel, stainless steel, and high-temperature alloys; and bearing steel, titanium alloy, high strength steel, and superalloy products. It also provides dining and accommodation; and property services.

Its products are used in aviation, aerospace, weapons, nuclear power, petroleum and petrochemical, transportation, engineering machinery, medical, and other industries. Fushun Special Steel Co.,LTD. was founded in 1937 and is based in Fushun City, China.

Stock analysis

Fushun Special Steel Co Ltd (600399) currently trades at ¥4.08, while our estimate is ¥3.71, so the stock looks roughly fairly valued today (gap 10.0%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: ¥2.78 (bear) to ¥4.64 (bull), the price of ¥4.08 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 34/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Fushun Special Steel Co Ltd reported revenue of 7.8B CNY in FY2025 versus 7.4B CNY in FY2021, a compound +1.2%/yr. Reported net income was −805M CNY in FY2025.

Key figures

Market cap 8.0B CNY (≈ $1.2B) Small · P/S ratio 0.98 · EPS (TTM) ¥−0.3800 · Dividend yield 1.4% · Net margin −9.6% · Return on equity −13.8% · Return on assets (EBIT) 2.4% (5-year average) · Operating margin −4.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (low confidence).

What moves the price

The share trades about 48% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −36% fair-value upside, at −9%, 600399 screens cheaper than that median.

Fair Value

Bear ¥2.78 Fair Value ¥3.71 Bull ¥4.64
Price ¥4.08 · Downside -9.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 8
Are margins and returns getting better?
Cashflow 27
Do the profits arrive as real cash?
Financial strength 42
Debt, balance sheet and risk of trouble
Investment 92
Does it invest with discipline instead of growing at any price?
Low Volatility 71
How calm the share price moves, does not count
Price momentum 20
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 7
Distance to the 52-week high, does not count
New shares 52
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 15/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−8.3%
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.
−0.1%
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.
+4.4%
Start year 2020 (pandemic). Over 10 years: +5.5% a year
Revenue growth 28 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.
+6.7%
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.
9.4% (2020) → −6.8% (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

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Compare Fushun Special Steel Co Ltd with another stock

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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.Steel · 418 stocks

Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −10.2% · Below median
Profitability
Return on assets −6.4% · Bottom 25%
Net margin (12 months) −9.6% · Bottom 25%
Operating margin (12 months) −4.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.1% · Above median
Dividend yield (12 months) 1.4% · Below median
Balance sheet
Debt / equity 0.29× · Above median

Valuation Multiplesvs Steel median · lower = cheaper

P/B 1.48× · Pricier than median
P/S (12 months) 1.00× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)20 · sector 27
FUTURE (revenue growth)56 · sector 36
PAST (return on equity)0 · sector 19
HEALTH (low debt)86 · sector 95
DIVIDEND (yield)28 · sector 53

Context: sector, industry, market

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

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Baoshan Iron & Steel Co 600019 ¥6.15 ¥8.07 +31% vs 600399
POSCO Holdings 005490 259,000 KRW 240,001 KRW −7% vs 600399
Tata Steel Limited TATASTEEL ₹184.85 ₹148.08 −20% vs 600399
JSW Steel Limited JSWSTEEL ₹1,347 ₹1,029 −24% vs 600399
ArcelorMittal S.A MT €56.84 €36.18 −36% vs 600399
Reliance, Inc RS $421.07 $211.54 −50% vs 600399
Nucor Corporation NUE $249.24 $116.49 −53% vs 600399
Jindal Steel Limited JINDALSTEL ₹1,146 ₹516.03 −55% vs 600399
Steel Dynamics, Inc STLD $227.56 $89.54 −61% vs 600399
Inner Mongolia Baotou Steel Union Co 600010 ¥1.99 ¥0.5400 −73% vs 600399

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Fushun Special Steel Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Fushun Special Steel Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600399

Frequently asked questions

Is Fushun Special Steel Co Ltd (600399) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is ¥3.71 versus a price of ¥4.08, about 9% lower (fairly valued).
What is the fair value of 600399?
Our estimate for Fushun Special Steel Co Ltd is ¥3.71 (as of Nov 10, 2026), built from audited fundamentals. The current price: ¥4.08.
What is the quality score of 600399?
Fushun Special Steel Co Ltd has a Quality Score of 34/100. 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 Fushun Special Steel Co Ltd (600399)?
Our calculated price target is the estimate of ¥3.71 (as of Nov 10, 2026). Cautious scenario ¥2.78, optimistic scenario ¥4.64. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Fushun Special Steel Co Ltd stock forecast for 2026?
Our estimate puts fair value at ¥3.71, about 9% lower versus a price of ¥4.08 (fairly valued). Cautious scenario ¥2.78, optimistic scenario ¥4.64. The calculation is refreshed regularly with new filings.
What is the revenue of Fushun Special Steel Co Ltd (600399)?
Fushun Special Steel Co Ltd reported trailing-twelve-month revenue of about 8.2B CNY (latest available figure, as of Nov 10, 2026).
Does Fushun Special Steel Co Ltd pay a dividend?
Fushun Special Steel Co Ltd currently shows a dividend yield of 1.39% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Fushun Special Steel Co Ltd (600399)?
Fushun Special Steel Co Ltd has a dividend yield of 1.4%.
What is the intrinsic value of Fushun Special Steel Co Ltd (600399)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fushun Special Steel Co Ltd it is ¥3.71 per share (as of Nov 10, 2026), against a price of ¥4.08.
Is Fushun Special Steel Co Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 600399 trades above its calculated fair value: price ¥4.08, fair value ¥3.71, a gap of about −9% (fairly valued). 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 600399?
No. The price is what the market pays today (¥4.08); the fair value is what the company's own numbers justify (¥3.71). For Fushun Special Steel Co Ltd the two are ¥0.3700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fushun Special Steel Co Ltd worth?
The market values Fushun Special Steel Co Ltd at about 8.0B CNY (market capitalisation, as of Nov 10, 2026). Per share that is ¥4.08; our models calculate a fair value of ¥3.71 per share.
What do the bullish and bearish scenarios say about 600399?
Our models span a range for Fushun Special Steel Co Ltd: cautious scenario ¥2.78, base ¥3.71, optimistic ¥4.64 per share (as of Nov 10, 2026, price ¥4.08). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Fushun Special Steel Co Ltd (600399)?
Balance-sheet figures for Fushun Special Steel Co Ltd (as of Nov 10, 2026): return on equity −13.8%, debt of 0.29 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is 600399 from its 52-week high?
Fushun Special Steel Co Ltd trades at ¥4.08, about 48% below its 52-week high of ¥7.84 and 7% above the low of ¥3.80 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.71 is for.
Which stocks are comparable to Fushun Special Steel Co Ltd?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, 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 Fushun Special Steel Co Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price ¥4.08, calculated fair value ¥3.71 (−9%), Quality Score 34/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Fushun Special Steel Co Ltd 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 Fushun Special Steel Co Ltd (600399)?
The closing price on Nov 10, 2026 was ¥4.08. Our estimate is ¥3.71, about 9% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fushun Special Steel Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Fushun Special Steel Co Ltd (600399) come from?
Earnings per share at Fushun Special Steel Co Ltd grew +4.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share −0.1 %, EBIT margin +1.1 %, tax rate +0.9 %, residual (interest, one-offs) +3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Fushun Special Steel Co Ltd

How large is the market capitalisation of Fushun Special Steel Co Ltd (600399)?
The market capitalisation of Fushun Special Steel Co Ltd is 8.0B CNY (≈ $1.2B). 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 Fushun Special Steel Co Ltd (600399)?
The price-to-sales ratio of Fushun Special Steel Co Ltd is 0.98 (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 Fushun Special Steel Co Ltd (600399)?
Earnings per share at Fushun Special Steel Co Ltd are ¥−0.3800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fushun Special Steel Co Ltd (600399)?
The dividend yield of Fushun Special Steel Co Ltd is 1.4%. 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 Fushun Special Steel Co Ltd (600399)?
The net margin of Fushun Special Steel Co Ltd is −9.6% (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 Fushun Special Steel Co Ltd (600399)?
The return on equity (ROE) of Fushun Special Steel Co Ltd is −13.8% (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 Fushun Special Steel Co Ltd (600399)?
On an EBIT basis the return on assets of Fushun Special Steel Co Ltd is 2.4% (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 Fushun Special Steel Co Ltd (600399)?
The operating margin of Fushun Special Steel Co Ltd is −4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fushun Special Steel Co Ltd (600399)?
Revenue at Fushun Special Steel Co Ltd is growing +11.1% versus a year earlier (3y avg −0.1%). 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 Fushun Special Steel Co Ltd (600399)?
Earnings per share at Fushun Special Steel Co Ltd are growing −29.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fushun Special Steel Co Ltd (600399) generate?
The free cash flow of Fushun Special Steel Co Ltd is −1.7B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Fushun Special Steel Co Ltd (600399) carry?
The net debt of Fushun Special Steel Co Ltd is 1.9B CNY (fiscal year 2025). 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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