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Fuyao Glass Industry Group (600660) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 133B CNY

FG Fuyao Glass Industry Group 600660 · SHG
Price¥56.05
Fair Value¥64.86
Upside+15.7%
Quality64/100
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Healthy Growth
Solidly profitable · 19.4% net margin
Low debt · generates free cash flow
4.13% dividend yield
Ranks above peers (12/15)
Wide moat 74/100
Evidence: High Range ¥46.72 – ¥95.14 Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 15, 2026, revised from ¥61.60 to ¥64.86 (+5.3%) since Jul 5, 2026. Share price +5.6% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • A fairly wide model range (¥46.72 to ¥95.14) leaves room in how you read the outcome.
  • Our model range runs from ¥46.72 (bear) to ¥95.14 (bull), base ¥64.86. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 64/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

¥74.20 ¥28.53 Fair Value ¥64.86 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range ¥28.53 – ¥74.20 · fair‑value band ¥46.72 – ¥95.14 · the ¥56.05 price screens below the ¥64.86 fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Fuyao Glass Industry Group (600660) currently trades at ¥56.05, while our model-based Fair Value estimate is ¥64.86, implying the stock looks roughly 15.7% undervalued today. We read business quality at 64/100 (solid quality), in the Consumer Cyclical 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: high), always confirm before acting.

Over the trailing twelve months, Fuyao Glass Industry Group generated revenue of 46.3B CNY at a net margin of 19.4%. Revenue grew 5.1% year over year. It earns a return on equity of 23.4%. The balance sheet holds a net cash position of 7.6B CNY. Fundamentals as of Jul 15, 2026

Our scenario range runs from ¥46.72 (bear case) to ¥95.14 (bull case); at ¥56.05, 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 25% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 16%, 600660 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 ¥37.55 ¥70.56 ¥123.11 80
Residual Income ¥21.87 ¥26.26 ¥78.14 76
Rev-Margin DCF ¥37.70 ¥65.89 ¥105.52 74
All 26 models by family
DCF Models
FCF DCF ¥38.49 ¥65.79 ¥135.21 38
Owner Earnings ¥40.33 ¥76.71 ¥147.16 31
5Y Revenue Exit ¥37.70 ¥67.23 ¥109.67 39
5Y EBITDA Exit ¥49.35 ¥93.24 ¥152.13 41
5Y P/E Exit ¥51.51 ¥98.05 ¥155.37 38
10Y Revenue Exit ¥36.61 ¥65.76 ¥115.66 36
10Y EBITDA Exit ¥45.76 ¥85.73 ¥154.11 37
10Y P/E Exit ¥47.23 ¥89.42 ¥157.04 35
Earnings-Based
Graham-Dodd ¥24.28 ¥144.37 ¥201.13 54
Lynch FV ¥41.06 ¥58.66 ¥76.25 50
PEG = 1.0 ¥41.06 ¥58.66 ¥76.25 46
EPV ¥37.17 ¥42.37 ¥46.92 59
Dividend Discount
Gordon GGM ¥24.80 ¥51.57 ¥81.81 70
DDM Multi-Stage ¥24.80 ¥43.49 ¥54.12 61
Multiples
P/E Multiple ¥53.55 ¥71.40 ¥89.25 63
P/S Multiple ¥32.91 ¥43.88 ¥54.85 58
P/B Multiple ¥32.40 ¥43.19 ¥53.99 55
EV/EBIT ¥59.74 ¥77.66 ¥95.58 53
EV/EBITDA ¥56.31 ¥73.09 ¥89.87 54
EV/Revenue ¥36.70 ¥49.87 ¥63.03 43
Asset-Based
NCAV (Graham) ¥7.20 ¥9.65 ¥14.40 50
Growth DCF
Growth DCF ¥37.55 ¥70.56 ¥123.11 80
Rev-Margin DCF ¥37.70 ¥65.89 ¥105.52 74
Economic Profit
Residual Income ¥21.87 ¥26.26 ¥78.14 76
ROIC Compounder ¥42.22 ¥54.93 ¥71.33 72
Growth Earnings
Growth-Adj P/E ¥58.59 ¥83.70 ¥108.80 68

Widest divergence: Growth Earnings (¥83.70) versus Asset-Based (¥9.65). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 46.3B CNY
Revenue growth (YoY) +5.1%
Net margin 19.4%
Return on equity 23.4%
Free cash flow 5.9B CNY FY2025
P/E ratio 14.8
More key figures
Operating margin 21.9%
EPS (TTM) ¥3.45
Dividend yield 4.1%
EPS growth (YoY) -15.4%
Net cash 7.6B CNY FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 70 · Market factors (momentum, volatility) 46

Profitability 67
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 83
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

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides safety glass solutions and automotive accessories for various transportation vehicles in China and internationally. It designs, manufactures, sells, and services automotive float glass, automotive glass, locomotive glass, motorcycle glass, luggage racks, and window accessories.

Full company description

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides safety glass solutions and automotive accessories for various transportation vehicles in China and internationally. It designs, manufactures, sells, and services automotive float glass, automotive glass, locomotive glass, motorcycle glass, luggage racks, and window accessories. The company's glass products include smart and panoramic skylight glass, dimmable glass, head-up display glass, coated heatable glass, and flush mounted tempered laminated glass. It is also involved in property leasing; manufacture of machinery; exploitation and sale of minerals; production and sale of mold, automotive parts, fiber products, plastic products, automotive decoration, and refined aluminums; installation of automotive glass accessories; and technology transfer, technical services, and technology promotion. In addition, it offers warehousing and automotive glass logistics services. The company was formerly known as Fujian Yaohua Glass Industry Group Co., Ltd. and changed its name to Fuyao Glass Industry Group Co., Ltd. in June 1992. Fuyao Glass Industry Group Co., Ltd. was founded in 1987 and is headquartered in Fuqing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fuyao Glass Industry Group reported revenue of ¥45.8B in FY2025 versus ¥23.6B in FY2021, a compound +18.0%/yr. Reported net income was ¥9.3B in FY2025, compounding +31.2%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
45.8B CNY
Latest YoY
+16.7%
Avg. growth/yr (3Y)
+17.7%
Avg. growth/yr (5Y)
+18.1%
Avg. growth/yr (32Y)
+19.1%
Revenue +18.0%/yr
FY21 ¥23.6B
FY22 ¥28.1B
FY23 ¥33.2B
FY24 ¥39.3B
FY25 ¥45.8B
Net income +31.2%/yr
FY21 ¥3.1B
FY22 ¥4.8B
FY23 ¥5.6B
FY24 ¥7.5B
FY25 ¥9.3B

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Cite: Fair Value Calculator (2026). "Fuyao Glass Industry Group Fair Value". https://www.fairvalue-calculator.com/stock/600660

Peer Group

Auto Parts · 641 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 64 · Top 25%
Fair Value upside +16% · Above median
Return on equity (TTM) 23% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 3.54× · Pricier than 75% of peers
P/S (TTM) 2.88× · Pricier than 75% of peers
P/FCF 3.3× · Pricier than median
EV/EBITDA 9.1× · Cheaper than median
PEG 0.56× · 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 54 · sector 17
FUTURE 26 · sector 24
PAST 94 · sector 27
HEALTH 95 · sector 95
DIVIDEND 83 · sector 30

Insider activity: 40/100

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.

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Frequently asked questions

Is Fuyao Glass Industry Group (600660) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of ¥64.86 versus a price of ¥56.05, about +16% (undervalued).
What is the fair value of 600660?
Our model-based fair value for Fuyao Glass Industry Group is ¥64.86 (as of Jul 15, 2026), built from audited fundamentals. The current price is ¥56.05.
What is the quality score of 600660?
Fuyao Glass Industry Group has a Quality Score of 64/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Fuyao Glass Industry Group (600660)?
Fuyao Glass Industry Group reported trailing-twelve-month revenue of about 46.3B CNY (latest available figure, as of Jul 15, 2026).
What is the net profit margin of 600660?
The net profit margin of Fuyao Glass Industry Group is about 19.4%, meaning it keeps roughly 19.4% of revenue as net income. Based on the latest reported figures.
Does Fuyao Glass Industry Group pay a dividend?
Fuyao Glass Industry Group currently shows a dividend yield of about 3.93% relative to its recent price (as of Jul 15, 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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