Zhongce Rubber Group (603049) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 42.6B CNY

Below-average quality, screening 15% undervalued on our models.

What matters now

• A fairly wide model range (¥39.16 to ¥72.73) leaves room in how you read the outcome.
• Our model range runs from ¥39.16 (bear) to ¥72.73 (bull), base ¥55.95. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 41/100 (below-average quality) with high evidence: the data supports the verdict.

Price vs Fair Value (14 months)

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

How to read this chart

14‑month range ¥40.98 – ¥59.02 · fair‑value band ¥39.16 – ¥72.73 · the ¥48.76 price screens below the ¥55.95 fair value. As of Aug 10, 2026.

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Analysis

Zhongce Rubber Group (603049) currently trades at ¥48.76, while our model-based Fair Value estimate is ¥55.95, implying the stock looks roughly 14.8% undervalued today. The Quality Score stands at 41/100 (below-average 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, Zhongce Rubber Group generated revenue of 45.5B CNY at a net margin of 9.3%. Revenue grew 5.2% year over year. It earns a return on equity of 19.6%. Net debt stands at 5.5B CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥39.16 (bear case) to ¥72.73 (bull case); at ¥48.76, 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 21% below its 52-week high and 17% 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 15%, 603049 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.

Widest divergence: Growth Earnings (¥86.36) versus Asset-Based (¥19.01). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Zhongce Rubber Group Co., Ltd. engages in the research and development, production, and sale of tire products in China. The company offers all-steel tires used in heavy-duty trucks, long-distance passenger vehicles, and engineering machinery vehicle; semi-steel tires mainly used in passenger cars such as sedans, SUVs, and commercial vehicles; bias tires, …

Full company description

Zhongce Rubber Group Co., Ltd. engages in the research and development, production, and sale of tire products in China. The company offers all-steel tires used in heavy-duty trucks, long-distance passenger vehicles, and engineering machinery vehicle; semi-steel tires mainly used in passenger cars such as sedans, SUVs, and commercial vehicles; bias tires, including agricultural and pneumatic tires for industrial vehicles; and solid tires for industrial vehicle. It also provides agricultural tires, industrial vehicle pneumatic tires, Industrial vehicle solid tires, suitable for agricultural machinery, loading Machine, mining dump truck, small excavator, and port machinery vehicle; and motorcycle tires, bicycle tires, and rickshaw tires, which are suitable for two-wheeled vehicles, such as motorcycles, electric vehicles, and bicycles. The company sells its products under the CHAOYANG, GOODYNKEN, WEISHI, QIANNUO, YADU, GOODRIDE, CHAOYANG. and TRAZANO brands. It also exports its products to Europe, America, Africa, Oceania, Southeast Asia, and the Middle East. Zhongce Rubber Group Co., Ltd. was founded in 1958 and is based in Hangzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhongce Rubber Group reported revenue of ¥45.0B in FY2025 versus ¥30.6B in FY2021, a compound +10.1%/yr. Reported net income was ¥4.1B in FY2025, compounding +31.8%/yr from FY2021.

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Peer Group

Auto Parts · 642 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.

Valuation Multiples vs Auto Parts median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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

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.