Zhejiang Huangma Technology Co (603181) Fair Value & Analysis

Basic Materials · CN · Market cap 7.8B CNY

A solid business, but screening 45% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥11.98). The favourable scenario is already priced in.
• Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (¥5.36 to ¥11.98) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

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 ¥8.09 – ¥20.53 · fair‑value band ¥5.36 – ¥11.98 · the ¥13.21 price screens above the ¥7.23 fair value. Dashed = 300-day average. As of Aug 10, 2026.

Full chart & analysis →

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Analysis

Zhejiang Huangma Technology Co (603181) currently trades at ¥13.21, while our model-based Fair Value estimate is ¥7.23, implying the stock looks roughly 45.3% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials 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 Huangma Technology Co generated revenue of 2.5B CNY at a net margin of 18.2%. Revenue grew 8.9% year over year. It earns a return on equity of 13.1%. The balance sheet holds a net cash position of 241M CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥5.36 (bear case) to ¥11.98 (bull case); at ¥13.21, 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 37% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -45%, 603181 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: Multiples (¥10.86) versus Dividend Discount (¥3.00). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Zhejiang Huangma Technology Co.,Ltd researches, develops, produces, and sells surfactants in China and internationally. It offers its products for use in modification of organic silicon new materials; lubricants and metalworking fluids; coatings; environmental water treatment; polycarboxylate water reducers; textile, printing and dying additives; composite …

Full company description

Zhejiang Huangma Technology Co.,Ltd researches, develops, produces, and sells surfactants in China and internationally. It offers its products for use in modification of organic silicon new materials; lubricants and metalworking fluids; coatings; environmental water treatment; polycarboxylate water reducers; textile, printing and dying additives; composite materials; personal care; agrochemical additives; adhesives and sealants; paper chemicals; oilfield chemicals; high end electronic chemicals; C4 green synthetic derivatives; and aerospace sector ,as well as offers spinning oil for special fibers and polyetheramine. Zhejiang Huangma Technology Co.,Ltd was founded in 2003 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 Huangma Technology Co reported revenue of ¥2.4B in FY2025 versus ¥2.3B in FY2021, a compound +0.7%/yr. Reported net income was ¥437M in FY2025, compounding −0.7%/yr from FY2021.

603181 screens 45% overvalued. Compare with Linde plc →

Peer Group

Specialty Chemicals · 676 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 Specialty Chemicals 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.

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.

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.