Zhejiang Huazheng New Material (603186) fair value: what the stock is really worth
As of Nov 3, 2026: fair value (intrinsic value) of Zhejiang Huazheng New Material stock ¥24.67, price ¥132, that is 81.3% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.
How to read this chart
60‑month range ¥15.46 – ¥262.80 · fair‑value band ¥12.09 – ¥31.88 · the ¥132.02 price screens above the ¥24.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.
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Zhejiang Wazam New Materials Co.,LTD. engages in the research, development, design, production, and sale of copper clad plate , composite materials, and membrane materials.
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It provides copper clad laminates, aluminum-plastic films, bonded sheet, functional composite materials, and composite materials for transportation and logistics.
The company's products are used in 5G communications, servers, data centers, semiconductor packaging, new energy vehicles, smart home appliances, medical equipment, rail transit, green logistics, and other fields.
Zhejiang Wazam New Materials Co.,LTD. was founded in 2003 and is based in Hangzhou, China.
Stock analysis
Zhejiang Huazheng New Material (603186) currently trades at ¥132.02, while our model-based Fair Value estimate is ¥24.67, 81.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥42.59 per share, and 0 of the 24 models we run sit above the ¥132.02 price.
Bear case: the Dividend Discount group reads lowest at ¥3.51, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥12.09 (bear) to ¥31.88 (bull), the price of ¥132.02 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Zhejiang Huazheng New Material reported revenue of 4.4B CNY in FY2025 versus 3.6B CNY in FY2021, a compound +4.8%/yr. Reported net income was 277M CNY in FY2025, compounding +3.8%/yr from FY2021.
Key figures
Market cap 21.5B CNY (≈ $3.2B) Mid · P/E ratio 22.0 · P/S ratio 3.16 · EPS (TTM) ¥6.00 · Dividend yield 0.1% · Net margin 15.0% · Return on equity 43.7% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 244% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −16% fair-value upside, at −81%, 603186 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥1.14 to ¥61.95). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥12.09Fair Value ¥24.67Bull¥31.88
Price ¥132.02 · Downside -81.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥4.95 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF¥10.38¥20.34¥35.9277
Growth DCF¥10.04¥18.48¥30.7076
Residual Income¥10.50¥13.21¥19.7975
All 25 models by family
DCF Models
FCF DCF¥10.38¥20.34¥35.9277
Owner Earnings¥12.14¥23.37¥40.9573
5Y Revenue Exit¥5.84¥11.54¥19.1370
5Y EBITDA Exit¥17.13¥35.55¥59.3472
5Y P/E Exit¥23.05¥48.14¥77.8568
10Y Revenue Exit¥7.24¥13.01¥21.6565
10Y EBITDA Exit¥14.22¥29.02¥52.6665
10Y P/E Exit¥17.78¥37.42¥66.9461
Earnings-Based
Graham-Dodd¥12.00¥61.95¥85.6564
Lynch FV¥16.93¥24.18¥31.4361
PEG = 1.0¥16.93¥24.18¥31.4357
EPV¥0.6100¥1.14¥1.5771
Dividend Discount
Gordon GGM¥2.16¥3.79¥5.1068
DDM Multi-Stage¥2.16¥3.51¥4.0667
Multiples
P/E Multiple¥37.06¥49.42¥61.7763
P/S Multiple¥22.50¥30.00¥37.5058
P/B Multiple¥44.29¥59.06¥73.8255
EV/EBITn/an/a¥4.2161
EV/EBITDA¥8.95¥17.87¥26.8064
Asset-Based
NCAV (Graham)¥4.92¥6.59¥9.8454
Growth DCF
Growth DCF¥10.04¥18.48¥30.7076
Rev-Margin DCF¥5.84¥11.52¥19.1270
Economic Profit
Residual Income¥10.50¥13.21¥19.7975
ROIC Compounder¥0.6100¥1.14¥1.5770
Growth Earnings
Growth-Adj P/E¥29.81¥42.59¥55.3767
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
Start year 2020 (pandemic). Over 10 years: +17.2% a year
Revenue growth 14 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+14.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.2%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.2% vs 15.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+55.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +52.6% a year for the price.
Compare Zhejiang Huazheng New Material with another stock
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Peer Groupⓘ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.Electronic Components · 656 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside−81.3% · Bottom 25%
Profitability
Return on equity (12 months)43.7% · Top 25%
Return on assets4.4% · Above median
Net margin (12 months)15.0% · Top 25%
Operating margin (12 months)28.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)140.8% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.58× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)22.0× · Cheaper than median
P/B12.39× · Priciest 25%
P/S (12 months)3.16× · Pricier than median
Price / free cash flow142.2× · Priciest 25%
EV/EBITDA18.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 67
PAST (return on equity)100· sector 27
HEALTH (low debt)71· sector 95
DIVIDEND (yield)2· sector 26
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Zhejiang Huazheng New Material Fair Value". https://www.fairvalue-calculator.com/stock/603186
Frequently asked questions
Is Zhejiang Huazheng New Material (603186) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of ¥24.67 versus a price of ¥132.02, about 81% lower (overvalued).
What is the fair value of 603186?
Our model-based fair value for Zhejiang Huazheng New Material is ¥24.67 (as of Oct 30, 2026), built from audited fundamentals. The current price: ¥132.02.
What is the quality score of 603186?
Zhejiang Huazheng New Material has a Quality Score of 54/100. 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 price target for Zhejiang Huazheng New Material (603186)?
Our model-based price target is the fair value of ¥24.67 (as of Oct 30, 2026) from 25 valuation models. Cautious scenario ¥12.09, optimistic scenario ¥31.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhejiang Huazheng New Material stock forecast for 2026?
Our models put fair value at ¥24.67, about 81% lower versus a price of ¥132.02 (overvalued). Cautious scenario ¥12.09, optimistic scenario ¥31.88. The calculation is refreshed regularly with new filings.
What is the revenue of Zhejiang Huazheng New Material (603186)?
Zhejiang Huazheng New Material reported trailing-twelve-month revenue of about 6.8B CNY (latest available figure, as of Oct 30, 2026).
Does Zhejiang Huazheng New Material pay a dividend?
Zhejiang Huazheng New Material currently shows a dividend yield of 0.10% relative to its recent price (as of Oct 30, 2026).
What growth is priced into Zhejiang Huazheng New Material (603186)?
For today's price to be fair in a discounted-cash-flow model, Zhejiang Huazheng New Material would have to grow free cash flow by +55.2 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.8 % per year. As of Oct 30, 2026.
What discount rate (WACC) does the fair value of 603186 use?
Our models discount Zhejiang Huazheng New Material at 11.5 %: a base by market capitalisation (mid), damped by beta 1.41, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zhejiang Huazheng New Material that is +55.2 % per year a year over ten years, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Zhejiang Huazheng New Material (603186) delivered so far?
Over the past 5 years revenue at Zhejiang Huazheng New Material grew +13.8 % a year. The price currently implies +55.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zhejiang Huazheng New Material (603186) growing?
The median revenue growth in the sector is +11.1 % a year. That is the yardstick for the growth priced into Zhejiang Huazheng New Material (+55.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zhejiang Huazheng New Material (603186)?
The free-cash-flow yield on the price is 0.73 %: that much free cash flow Zhejiang Huazheng New Material produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zhejiang Huazheng New Material (603186)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhejiang Huazheng New Material it is ¥24.67 per share (as of Oct 30, 2026), against a price of ¥132.02. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Zhejiang Huazheng New Material stock overvalued or undervalued in 2026?
As of Oct 30, 2026, 603186 trades above its calculated fair value: price ¥132.02, fair value ¥24.67, a gap of about −81% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 603186?
No. The price is what the market pays today (¥132.02); the fair value is what the company's own numbers justify (¥24.67). For Zhejiang Huazheng New Material the two are ¥107.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhejiang Huazheng New Material worth?
The market values Zhejiang Huazheng New Material at about 21.5B CNY (market capitalisation, as of Oct 30, 2026). Per share that is ¥132.02; our models calculate a fair value of ¥24.67 per share.
What do the bullish and bearish scenarios say about 603186?
Our models span a range for Zhejiang Huazheng New Material: cautious scenario ¥12.09, base ¥24.67, optimistic ¥31.88 per share (as of Oct 30, 2026, price ¥132.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603186?
Zhejiang Huazheng New Material trades at a price-to-earnings ratio of 22.0 (as of Oct 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥24.67 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2017 to 2025), reported earnings: 33.3. Other multiples: P/B 12.4, P/S 3.2, EV/EBITDA 18.8.
How solid is the balance sheet of Zhejiang Huazheng New Material (603186)?
Balance-sheet figures for Zhejiang Huazheng New Material (as of Oct 30, 2026): return on equity 43.7%, debt of 0.58 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 603186 from its 52-week high?
Zhejiang Huazheng New Material trades at ¥132.02, about 50% below its 52-week high of ¥262.80 and 244% above the low of ¥38.43 (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of ¥24.67 is for.
Which stocks are comparable to Zhejiang Huazheng New Material?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zhejiang Huazheng New Material stock attractive at the current price?
The data as of Oct 30, 2026: price ¥132.02, calculated fair value ¥24.67 (−81%), Quality Score 54/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 603186 calculated?
We run Zhejiang Huazheng New Material through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥24.67, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Zhejiang Huazheng New Material itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zhejiang Huazheng New Material (603186)?
The closing price on Nov 3, 2026 was ¥132.02. Our model-based fair value is ¥24.67, about 81% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhejiang Huazheng New Material right now?
The price sits above even our optimistic bull case (¥31.88). The favourable scenario is already priced in. The model range is unusually wide (¥12.09 to ¥31.88). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Zhejiang Huazheng New Material
How large is the market capitalisation of Zhejiang Huazheng New Material (603186)?
The market capitalisation of Zhejiang Huazheng New Material is 21.5B CNY (≈ $3.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zhejiang Huazheng New Material (603186)?
The price-to-sales ratio of Zhejiang Huazheng New Material is 3.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhejiang Huazheng New Material (603186)?
Earnings per share at Zhejiang Huazheng New Material are ¥6.00 (price ÷ EPS = P/E 22.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhejiang Huazheng New Material (603186)?
The dividend yield of Zhejiang Huazheng New Material is 0.1% (payout 2.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zhejiang Huazheng New Material (603186)?
The net margin of Zhejiang Huazheng New Material is 15.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zhejiang Huazheng New Material (603186)?
The return on equity (ROE) of Zhejiang Huazheng New Material is 43.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zhejiang Huazheng New Material (603186)?
On an EBIT basis the return on assets of Zhejiang Huazheng New Material is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zhejiang Huazheng New Material (603186)?
The operating margin of Zhejiang Huazheng New Material is 28.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhejiang Huazheng New Material (603186)?
Revenue at Zhejiang Huazheng New Material is growing +141% versus a year earlier (3y avg +9.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zhejiang Huazheng New Material (603186)?
Earnings per share at Zhejiang Huazheng New Material are growing +27.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zhejiang Huazheng New Material (603186) carry?
The net debt of Zhejiang Huazheng New Material is 2.8B CNY (fiscal year 2025, ≈ 18.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 30, 2026