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Zhejiang Cfmoto Power Co (603129) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 45.0B CNY

ZC Zhejiang Cfmoto Power Co 603129 · SHG
Price¥293.01
Fair Value¥199.10
Upside-32.1%
Quality66/100
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Healthy Growth
Thin margins · 8.1% net margin
Low debt · generates free cash flow
1.43% dividend yield
Mixed vs. peers (8/14)
Moderate moat 56/100
Evidence: High Range ¥160.71 – ¥500.74 Share as image

Fair value as of: Aug 10, 2026

From 26 valuation models · updated today

Share price +13.5% over the past month.

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

What matters now

  • The model range is unusually wide (¥160.71 to ¥500.74). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥307.28 ¥81.10 Fair Value ¥199.10 Mar 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 ¥81.10 – ¥307.28 · fair‑value band ¥160.71 – ¥500.74 · the ¥293.01 price screens above the ¥199.10 fair value. Dashed = 300-day average. As of Aug 10, 2026.

Full chart & analysis →

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Analysis

Zhejiang Cfmoto Power Co (603129) currently trades at ¥293.01, while our model-based Fair Value estimate is ¥199.10, implying the stock looks roughly 32.1% overvalued today. The Quality Score stands at 66/100 (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: high).

Over the trailing twelve months, Zhejiang Cfmoto Power Co generated revenue of 20.9B CNY at a net margin of 8.1%. Revenue grew 26.1% year over year. It earns a return on equity of 23.0%. The balance sheet holds a net cash position of 7.0B CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥160.71 (bear case) to ¥500.74 (bull case); at ¥293.01, 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 4% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 33% fair-value upside, at -32%, 603129 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 ¥392.96 ¥718.70 ¥1,252 80
Residual Income ¥73.12 ¥96.49 ¥461.05 76
Rev-Margin DCF ¥253.70 ¥382.89 ¥647.33 74
All 26 models by family
DCF Models
FCF DCF ¥413.86 ¥615.54 ¥1,258 38
Owner Earnings ¥181.26 ¥333.14 ¥651.98 31
5Y Revenue Exit ¥240.79 ¥342.10 ¥551.72 39
5Y EBITDA Exit ¥245.45 ¥351.52 ¥558.20 41
5Y P/E Exit ¥294.48 ¥543.37 ¥876.06 38
10Y Revenue Exit ¥289.57 ¥493.56 ¥602.03 36
10Y EBITDA Exit ¥297.58 ¥503.59 ¥836.14 37
10Y P/E Exit ¥333.36 ¥609.18 ¥1,048 35
Earnings-Based
Graham-Dodd ¥74.23 ¥517.65 ¥726.44 54
Lynch FV ¥240.31 ¥343.30 ¥446.29 50
PEG = 1.0 ¥240.31 ¥343.30 ¥446.29 46
EPV ¥158.03 ¥174.01 ¥187.98 59
Dividend Discount
Gordon GGM ¥35.65 ¥74.13 ¥117.60 70
DDM Multi-Stage ¥35.65 ¥62.51 ¥77.80 61
Multiples
P/E Multiple ¥180.11 ¥240.15 ¥300.18 63
P/S Multiple ¥115.79 ¥154.38 ¥192.98 58
P/B Multiple ¥139.18 ¥185.57 ¥231.96 55
EV/EBIT ¥213.14 ¥263.45 ¥313.77 53
EV/EBITDA ¥177.38 ¥215.77 ¥254.16 54
EV/Revenue ¥163.94 ¥207.55 ¥251.15 43
Asset-Based
NCAV (Graham) ¥24.44 ¥32.75 ¥48.88 50
Growth DCF
Growth DCF ¥392.96 ¥718.70 ¥1,252 80
Rev-Margin DCF ¥253.70 ¥382.89 ¥647.33 74
Economic Profit
Residual Income ¥73.12 ¥96.49 ¥461.05 76
ROIC Compounder ¥158.03 ¥174.01 ¥187.98 72
Growth Earnings
Growth-Adj P/E ¥325.81 ¥465.45 ¥605.08 68

Widest divergence: DCF Models (¥493.56) versus Asset-Based (¥32.75). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 20.9B CNY
Revenue growth (YoY) +26.1%
Net margin 8.1%
Return on equity 23.0%
Free cash flow 3.2B CNY FY2025
P/E ratio 26.8
More key figures
Operating margin 11.5%
EPS (TTM) ¥10.93
Dividend yield 1.4%
EPS growth (YoY) +1.5%
Net cash 7.0B CNY FY2024

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

Quality Score breakdown

Overall quality 66/100

Of which business quality 69 · Market factors (momentum, volatility) 66

Profitability 61
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 78
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 Cfmoto Power Co.,Ltd, together with its subsidiaries, engages in research, development, manufacturing, and sales of motorcycles, all-terrain vehicles, new energy two-wheeled vehicles, and core components in China, rest of Asia, North America, Oceania, Africa, South America, and Europe.

Full company description

Zhejiang Cfmoto Power Co.,Ltd, together with its subsidiaries, engages in research, development, manufacturing, and sales of motorcycles, all-terrain vehicles, new energy two-wheeled vehicles, and core components in China, rest of Asia, North America, Oceania, Africa, South America, and Europe. It provides motorcycles, off-road vehicles, engines, frames, parts, apparel, accessories, lifestyle and gift products, and gear. Zhejiang Cfmoto Power Co.,Ltd was founded in 1989 and is based in Hangzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Cfmoto Power Co reported revenue of ¥19.7B in FY2025 versus ¥7.9B in FY2021, a compound +25.9%/yr. Reported net income was ¥1.7B in FY2025, compounding +42.0%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
19.7B CNY
Latest YoY
+31.3%
Avg. growth/yr (3Y)
+20.2%
Avg. growth/yr (5Y)
+34.3%
Avg. growth/yr (12Y)
+27.2%
Revenue +25.9%/yr
FY21 ¥7.9B
FY22 ¥11.4B
FY23 ¥12.1B
FY24 ¥15.0B
FY25 ¥19.7B
Net income +42.0%/yr
FY21 ¥412M
FY22 ¥701M
FY23 ¥1.0B
FY24 ¥1.5B
FY25 ¥1.7B

603129 screens 32% overvalued. Compare with Brunswick Corporation →

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Cite: Fair Value Calculator (2026). "Zhejiang Cfmoto Power Co Fair Value". https://www.fairvalue-calculator.com/stock/603129

Peer Group

Recreational Vehicles · 37 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 66 · Top 25%
Fair Value upside −32% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth 26% · Top 25%
Dividend yield (TTM) 1.4% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Recreational Vehicles median · lower = cheaper

P/E (TTM) 26.8× · Pricier than 75% of peers
P/B 5.99× · Pricier than 75% of peers
P/S (TTM) 2.16× · Pricier than 75% of peers
P/FCF 2.1× · Cheaper than 75% of peers
EV/EBITDA 17.9× · 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 33
FUTURE 100 · sector 15
PAST 92 · sector 18
HEALTH 100 · sector 88
DIVIDEND 29 · sector 57

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

Stock Price Fair Value vs Fair Value
Brunswick Corporation BC $80.45 $16.76 -79%
BRP Inc DOO C$85.96 C$86.81 +1%
Polaris Inc PII $67.40 $29.83 -56%
THOR Industries, Inc THO $72.86 $97.14 +33%
Trigano S.A TRI €149.60 €273.48 +83%
Patrick Industries, Inc PATK $82.70 $85.54 +3%
Harley-Davidson, Inc HOG $26.81 $64.09 +139%
LCI Industries, LCII $108.17 $156.35 +45%
Sanlorenzo S.p.A SL €38.30 €40.65 +6%
Ferretti S.p.A 9638 HK$36.00 HK$51.06 +42%

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Frequently asked questions

Is Zhejiang Cfmoto Power Co (603129) overvalued or undervalued?
As of Aug 10, 2026, our model estimates a fair value of ¥199.10 versus a price of ¥293.01, about −32% (overvalued).
What is the fair value of 603129?
Our model-based fair value for Zhejiang Cfmoto Power Co is ¥199.10 (as of Aug 10, 2026), built from audited fundamentals. The current price is ¥293.01.
What is the quality score of 603129?
Zhejiang Cfmoto Power Co has a Quality Score of 66/100. 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 Cfmoto Power Co (603129)?
Zhejiang Cfmoto Power Co reported trailing-twelve-month revenue of about 20.9B CNY (latest available figure, as of Aug 10, 2026).
What is the net profit margin of 603129?
The net profit margin of Zhejiang Cfmoto Power Co is about 8.1%, meaning it keeps roughly 8.1% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Cfmoto Power Co pay a dividend?
Zhejiang Cfmoto Power Co currently shows a dividend yield of about 1.87% 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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