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Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. (603177) Fair Value & Analysis

Industrials · CN · Market cap 1.8B CNY

ZT Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. 603177 · SHG
Price¥9.35
Fair Value¥2.42
Upside-74.1%
Quality40/100
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Mixed Growth
Loss-making · -5.0% net margin
Moderate debt · generates free cash flow
Trails peers (3/13)
Narrow moat 17/100
Evidence: High Range ¥2.25 – ¥3.55 Share as image

Fair value as of: Aug 10, 2026

From 15 valuation models · updated today

Fair value updated Aug 10, 2026, revised from ¥2.48 to ¥2.42 (−2.4%) since Jul 11, 2026. Share price +8.1% over the past month.

Below-average quality, and screening another 74% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥3.55). The favourable scenario is already priced in.
  • Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

¥27.10 ¥6.61 Fair Value ¥2.42 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 ¥6.61 – ¥27.10 · fair‑value band ¥2.25 – ¥3.55 · the ¥9.35 price screens above the ¥2.42 fair value. Dashed = 300-day average. As of Aug 10, 2026.

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Analysis

Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. (603177) currently trades at ¥9.35, while our model-based Fair Value estimate is ¥2.42, implying the stock looks roughly 74.1% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Industrials 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 Tuna Environmental Science & TechnologyCo.,Ltd. generated revenue of 1.1B CNY at a net margin of -5.0%. Revenue declined 9.0% year over year. It earns a return on equity of -15.4%. Net debt stands at 534M CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥2.25 (bear case) to ¥3.55 (bull case); at ¥9.35, the current price sits above 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 47% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at -74%, 603177 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 Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ¥1.51 ¥2.21 ¥3.23 80
Rev-Margin DCF ¥2.14 ¥3.61 ¥5.54 74
ROIC Compounder ¥2.23 ¥2.76 ¥3.43 72
All 15 models by family
DCF Models
FCF DCF ¥1.53 ¥2.34 ¥3.60 38
5Y Revenue Exit ¥2.14 ¥3.67 ¥5.79 39
5Y EBITDA Exit ¥3.63 ¥6.78 ¥10.84 41
10Y Revenue Exit ¥1.82 ¥3.12 ¥5.19 36
10Y EBITDA Exit ¥2.80 ¥5.22 ¥9.10 37
Earnings-Based
EPV ¥2.08 ¥2.31 ¥2.51 59
Dividend Discount
Gordon GGM ¥1.34 ¥2.42 ¥3.33 70
DDM Multi-Stage ¥1.34 ¥2.21 ¥2.58 61
Multiples
EV/EBIT ¥3.39 ¥4.39 ¥5.39 53
EV/EBITDA ¥5.25 ¥6.88 ¥8.50 54
EV/Revenue ¥2.53 ¥3.45 ¥4.37 43
Asset-Based
NCAV (Graham) ¥0.8200 ¥1.10 ¥1.65 50
Growth DCF
Growth DCF ¥1.51 ¥2.21 ¥3.23 80
Rev-Margin DCF ¥2.14 ¥3.61 ¥5.54 74
Economic Profit
ROIC Compounder ¥2.23 ¥2.76 ¥3.43 72

Widest divergence: Multiples (¥4.39) versus Asset-Based (¥1.10). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.1B CNY
Revenue growth (YoY) -9.0%
Net margin -5.0%
Return on equity -15.4%
Free cash flow 21.7M CNY FY2025
Operating margin 4.4%
More key figures
EPS (TTM) ¥-0.2700
EPS growth (YoY) -8.6%
Net debt 534M CNY FY2025

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

Quality Score breakdown

Overall quality 40/100

Of which business quality 37 · Market factors (momentum, volatility) 32

Profitability 14
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 22
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 75
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 Tuna Environmental Science & TechnologyCo.,Ltd. engages in the technology development and engineering application of the environmental protection industry in China and internationally.

Full company description

Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. engages in the technology development and engineering application of the environmental protection industry in China and internationally. The company undertakes EPC projects, such as semi-dry and wet limestone-gypsum desulfurization, and NOx removal technology; offers FGD products, including TSP-I spray bank, TME mist eliminator, TLD single-shaft double louver series damper, TBF-DU belt type vacuum filter, rubber lined pipes, and MST series wet-type limestone ball mill; denitration products; and dedusting products, which include electric bag composite dust collectors, wet electro-static precipitators, and dry dust removers. It also offers wastewater reduction and recovery technology; flue gas heat exchange products, non-electrical field flue gas management, solid waste treatment technology, and ocean TUNA. Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. was founded in 2005 and is headquartered in Shaoxing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. reported revenue of ¥1.1B in FY2025 versus ¥621M in FY2021, a compound +14.7%/yr. Reported net income was −¥30.4M in FY2025.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.1B CNY
Latest YoY
+17.0%
Avg. growth/yr (3Y) 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.
+10.5%
Avg. growth/yr (5Y) 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.
+20.4%
Avg. growth/yr (14Y) 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.
+17.4%
Revenue +14.7%/yr
FY21 ¥621M
FY22 ¥797M
FY23 ¥796M
FY24 ¥919M
FY25 ¥1.1B
Net income
FY21 −¥80.8M
FY22 ¥9.3M
FY23 −¥48.4M
FY24 ¥22.9M
FY25 −¥30.4M
Character of growth · EPS growth decomposed (2013-2024) −21.3 % p.a.
Revenue per share −2.1 pp

of which total revenue +3.1 pp · buybacks/dilution −5.2 pp

EBIT margin −21.4 pp
Tax rate +2.1 pp
Residual (interest, one-offs) +0.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

603177 screens 74% overvalued. Compare with Veralto Corporation →

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Cite: Fair Value Calculator (2026). "Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/603177

Peer Group

Pollution & Treatment Controls · 91 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 40 · Below median
Fair Value upside −74% · Bottom 25%
Return on assets 0% · Below median
Net margin (TTM) -5% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.61× · Higher than 75% of peers

Valuation Multiples vs Pollution & Treatment Controls median · lower = cheaper

P/B 0.81× · Cheaper than median
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 12.6× · Pricier than 75% of peers
EV/EBITDA 3.9× · Cheaper 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 0
FUTURE 0 · sector 14
PAST 0 · sector 10
HEALTH 70 · sector 95
DIVIDEND 0 · sector 37

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 Pollution & Treatment Controls stocks, each showing price versus our Fair Value estimate (as of Aug 10, 2026).

Stock Price Fair Value vs Fair Value
Veralto Corporation VLTO $94.21 $69.11 -27%
Zurn Elkay Water Solutions Corporation ZWS $47.63 $24.92 -48%
Canmax Technologies Co 300390 ¥57.02 ¥10.41 -82%
CECO Environmental Corp CECO $83.63 $15.19 -82%
Fujian Longking Co 600388 ¥17.58 ¥15.59 -11%
Munters Group MTRS kr 166.60 kr 16.90 -90%
China Conch Venture Holdings 0586 HK$8.83 HK$14.14 +60%
Mega Union Technology Inc 6944 1,005 TWD 539.58 TWD -46%
MayAir Technology (China) Co 688376 ¥96.57 ¥18.80 -81%
Zhongyuan Environmental Protection Co 000544 ¥7.30 ¥15.46 +112%

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Frequently asked questions

Is Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. (603177) overvalued or undervalued?
As of Aug 10, 2026, our model estimates a fair value of ¥2.42 versus a price of ¥9.35, about −74% (overvalued).
What is the fair value of 603177?
Our model-based fair value for Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. is ¥2.42 (as of Aug 10, 2026), built from audited fundamentals. The current price is ¥9.35.
What is the quality score of 603177?
Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. has a Quality Score of 40/100. 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 Tuna Environmental Science & TechnologyCo.,Ltd. (603177)?
Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. reported trailing-twelve-month revenue of about 1.1B CNY (latest available figure, as of Aug 10, 2026).
What is the net profit margin of 603177?
The net profit margin of Zhejiang Tuna Environmental Science & TechnologyCo.,Ltd. is about -5.0%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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