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Zhejiang Sunoren Solar Technology Co (603105) Fair Value & Analysis

Technology · CN · Market cap 3.6B CNY

ZS Zhejiang Sunoren Solar Technology Co 603105 · SHG
Price¥7.20
Fair Value¥4.90
Upside-31.9%
Quality53/100
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Expensive Growth
Highly profitable · 24.4% net margin
Moderate debt · generates free cash flow
2.78% dividend yield
Ranks above peers (9/14)
Moderate moat 57/100
Evidence: High Range ¥3.89 – ¥7.99 Share as image

Fair value as of: Aug 10, 2026

From 25 valuation models · updated today

Fair value updated Aug 10, 2026, revised from ¥5.68 to ¥4.90 (−13.7%) since Jul 11, 2026. Share price +8.6% over the past month.

A solid business, but screening 32% overvalued on our models.

What matters now

  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥3.89 to ¥7.99) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥19.69 ¥6.63 Fair Value ¥4.90 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 10, 2026.

How to read this chart

60‑month range ¥6.63 – ¥19.69 · fair‑value band ¥3.89 – ¥7.99 · the ¥7.20 price screens above the ¥4.90 fair value. Dashed = 300-day average. As of Aug 10, 2026.

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Analysis

Zhejiang Sunoren Solar Technology Co (603105) currently trades at ¥7.20, while our model-based Fair Value estimate is ¥4.90, implying the stock looks roughly 31.9% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Technology 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, Zhejiang Sunoren Solar Technology Co generated revenue of 719M CNY at a net margin of 24.4%. Revenue declined 14.0% year over year. It earns a return on equity of 7.8%. Net debt stands at 1.3B CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥3.89 (bear case) to ¥7.99 (bull case); at ¥7.20, 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 50% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -7% fair-value upside, at -32%, 603105 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 BearBaseBull Evidence
Highest evidence
Growth DCF ¥0.2900 ¥1.28 ¥2.59 80
Residual Income ¥3.85 ¥4.17 ¥4.93 76
Rev-Margin DCF ¥0.2400 ¥1.58 ¥3.05 74
All 25 models by family
DCF Models
FCF DCF ¥0.2300 ¥1.32 ¥2.85 38
Owner Earnings ¥0.5900 ¥1.84 ¥3.59 31
5Y Revenue Exit ¥0.2400 ¥1.56 ¥3.21 39
5Y EBITDA Exit ¥4.62 ¥9.48 ¥15.04 41
5Y P/E Exit ¥2.04 ¥4.81 ¥7.64 38
10Y Revenue Exit ¥0.1400 ¥1.31 ¥2.80 36
10Y EBITDA Exit ¥2.91 ¥6.59 ¥11.35 37
10Y P/E Exit ¥1.32 ¥3.48 ¥6.00 35
Earnings-Based
Graham-Dodd ¥2.73 ¥7.10 ¥9.25 54
PEG = 1.0 ¥1.35 ¥1.92 ¥2.50 46
EPV ¥2.99 ¥3.80 ¥4.51 59
Dividend Discount
Gordon GGM ¥2.39 ¥4.59 ¥7.21 70
DDM Multi-Stage ¥2.39 ¥3.61 ¥4.86 61
Multiples
P/E Multiple ¥6.02 ¥8.03 ¥10.04 63
P/S Multiple ¥2.77 ¥3.69 ¥4.61 58
P/B Multiple ¥5.12 ¥6.83 ¥8.53 55
EV/EBIT ¥6.70 ¥9.67 ¥12.63 53
EV/EBITDA ¥8.50 ¥12.06 ¥15.63 54
EV/Revenue ¥0.3900 ¥1.50 ¥2.61 43
Asset-Based
NCAV (Graham) ¥2.28 ¥3.05 ¥4.55 50
Growth DCF
Growth DCF ¥0.2900 ¥1.28 ¥2.59 80
Rev-Margin DCF ¥0.2400 ¥1.58 ¥3.05 74
Economic Profit
Residual Income ¥3.85 ¥4.17 ¥4.93 76
ROIC Compounder ¥2.99 ¥3.80 ¥4.51 72
Growth Earnings
Growth-Adj P/E ¥4.72 ¥6.74 ¥8.76 68

Widest divergence: Multiples (¥6.83) versus Growth DCF (¥1.28). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 719M CNY
Revenue growth (YoY) -14.0%
Net margin 24.4%
Return on equity 7.8%
Free cash flow 117M CNY FY2025
P/E ratio 22.1
More key figures
Operating margin 20.2%
EPS (TTM) ¥0.3500
Dividend yield 2.6%
EPS growth (YoY) -91.7%
Net debt 1.3B CNY FY2025

Figures from reported company fundamentals · as of Aug 10, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 31

Profitability 40
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 79
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 Sunoren Solar Technology Co.,Ltd. engages in the investment, development, construction, operation, of distributed photovoltaic power stations in China.

Full company description

Zhejiang Sunoren Solar Technology Co.,Ltd. engages in the investment, development, construction, operation, of distributed photovoltaic power stations in China. The company operates distributed power and energy storage stations, smart electric vehicle charging stations, and energy cloud platform, as well as offers intelligent operation and maintenance services, module manufacturing services, and energy storage products. It also generates and distributes solar power. Zhejiang Sunoren Solar Technology Co.,Ltd. was founded in 2008 and is based in Haining, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Sunoren Solar Technology Co reported revenue of ¥738M in FY2025 versus ¥445M in FY2021, a compound +13.5%/yr. Reported net income was ¥201M in FY2025, compounding +16.2%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
738M CNY
Latest YoY
+7.2%
Avg. growth/yr (3Y)
+4.3%
Avg. growth/yr (5Y)
+11.6%
Avg. growth/yr (12Y)
+5.7%
Revenue +13.5%/yr
FY21 ¥445M
FY22 ¥650M
FY23 ¥686M
FY24 ¥689M
FY25 ¥738M
Net income +16.2%/yr
FY21 ¥110M
FY22 ¥191M
FY23 ¥220M
FY24 ¥194M
FY25 ¥201M

603105 screens 32% overvalued. Compare with First Solar, Inc →

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Cite: Fair Value Calculator (2026). "Zhejiang Sunoren Solar Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/603105

Peer Group

Solar · 119 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 53 · Top 25%
Fair Value upside −32% · Below median
Return on equity (TTM) 8% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth -14% · Below median
Dividend yield (TTM) 2.8% · Top 25%
Debt / equity 0.66× · Higher than median

Valuation Multiples vs Solar median · lower = cheaper

P/E (TTM) 20.6× · Cheaper than median
P/B 1.58× · Pricier than median
P/S (TTM) 5.01× · Pricier than 75% of peers
P/FCF 4.6× · Cheaper than median
EV/EBITDA 9.2× · 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 0 · sector 22
FUTURE 0 · sector 0
PAST 31 · sector 0
HEALTH 67 · sector 85
DIVIDEND 56 · sector 14

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 Solar stocks, each showing price versus our Fair Value estimate (as of Aug 10, 2026).

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $221.03 $284.45 +29%
Nextpower Inc NXT $111.50 $69.61 -38%
Waaree Energies Limited WAAREEENER ₹2,923 ₹3,613 +24%
Tongwei Co 600438 ¥13.08 ¥12.13 -7%
Jinko Solar Co 688223 ¥4.39 ¥4.75 +8%
Hengdian Group 002056 ¥21.64 ¥22.76 +5%
CSI Solar Co 688472 ¥10.11 ¥7.01 -31%
Enphase Energy, Inc ENPH $44.83 $22.20 -50%
Premier Energies Limited PREMIERENE ₹1,086 ₹912.32 -16%
Trina Solar Co 688599 ¥12.98 ¥7.97 -39%

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Frequently asked questions

Is Zhejiang Sunoren Solar Technology Co (603105) overvalued or undervalued?
As of Aug 10, 2026, our model estimates a fair value of ¥4.90 versus a price of ¥7.20, about −32% (overvalued).
What is the fair value of 603105?
Our model-based fair value for Zhejiang Sunoren Solar Technology Co is ¥4.90 (as of Aug 10, 2026), built from audited fundamentals. The current price is ¥7.20.
What is the quality score of 603105?
Zhejiang Sunoren Solar Technology Co has a Quality Score of 53/100. 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 Sunoren Solar Technology Co (603105)?
Zhejiang Sunoren Solar Technology Co reported trailing-twelve-month revenue of about 719M CNY (latest available figure, as of Aug 10, 2026).
What is the net profit margin of 603105?
The net profit margin of Zhejiang Sunoren Solar Technology Co is about 24.4%, meaning it keeps roughly 24.4% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Sunoren Solar Technology Co pay a dividend?
Zhejiang Sunoren Solar Technology Co currently shows a dividend yield of about 2.60% relative to its recent price (as of Aug 10, 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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