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Shanghai Emperor of Cleaning Hi-Tech Co (603200) Fair Value & Analysis

Industrials · CN · Market cap 8.4B CNY

SE Shanghai Emperor of Cleaning Hi-Tech Co 603200 · SHG
Price¥37.63
Fair Value¥5.73
Upside-84.8%
Quality43/100
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Weak Growth
Solidly profitable · 16.0% net margin
Low debt · negative free cash flow
Trails peers (3/11)
Narrow moat 38/100
Evidence: Medium Range ¥4.30 – ¥7.16 Share as image

Fair value as of: Jul 11, 2026

From 15 valuation models · updated 30 days ago

Share price −3.4% over the past month.

Below-average quality, and screening another 85% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥7.16). The favourable scenario is already priced in.
  • Weak quality (43/100) 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)

¥106.30 ¥11.52 Fair Value ¥5.73 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range ¥11.52 – ¥106.30 · fair‑value band ¥4.30 – ¥7.16 · the ¥37.63 price screens above the ¥5.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Shanghai Emperor of Cleaning Hi-Tech Co (603200) currently trades at ¥37.63, while our model-based Fair Value estimate is ¥5.73, implying the stock looks roughly 84.8% overvalued today. The Quality Score stands at 43/100 (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: medium).

Over the trailing twelve months, Shanghai Emperor of Cleaning Hi-Tech Co generated revenue of 512M CNY at a net margin of 16.0%. Revenue grew 8.7% year over year. It earns a return on equity of 6.1%. Net debt stands at 81.3M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥4.30 (bear case) to ¥7.16 (bull case); at ¥37.63, 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 66% below its 52-week high and 8% 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 -85%, 603200 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
Residual Income ¥5.16 ¥5.51 ¥6.17 76
ROIC Compounder ¥2.60 ¥2.83 ¥3.02 72
Gordon GGM ¥1.26 ¥1.87 ¥2.49 70
All 15 models by family
Earnings-Based
Graham-Dodd ¥3.49 ¥7.34 ¥9.29 54
PEG = 1.0 ¥1.10 ¥1.57 ¥2.05 46
EPV ¥2.60 ¥2.83 ¥3.02 59
Dividend Discount
Gordon GGM ¥1.26 ¥1.87 ¥2.49 70
DDM Multi-Stage ¥1.26 ¥1.77 ¥2.34 61
Multiples
P/E Multiple ¥8.07 ¥10.77 ¥13.46 63
P/S Multiple ¥4.30 ¥5.73 ¥7.16 58
P/B Multiple ¥6.54 ¥8.72 ¥10.89 55
EV/EBIT ¥3.49 ¥4.25 ¥5.02 53
EV/EBITDA ¥4.68 ¥5.84 ¥7.00 54
EV/Revenue ¥2.84 ¥3.54 ¥4.24 43
Asset-Based
NCAV (Graham) ¥3.13 ¥4.19 ¥6.26 50
Economic Profit
Residual Income ¥5.16 ¥5.51 ¥6.17 76
ROIC Compounder ¥2.60 ¥2.83 ¥3.02 72
Growth Earnings
Growth-Adj P/E ¥5.93 ¥8.47 ¥11.01 68

Widest divergence: Growth Earnings (¥8.47) versus Dividend Discount (¥1.77). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 512M CNY
Revenue growth (YoY) +8.7%
Net margin 16.0%
Return on equity 6.1%
Free cash flow −106M CNY FY2025
P/E ratio 101.7
More key figures
Operating margin 0.6%
EPS (TTM) ¥0.4700
EPS growth (YoY) -81.1%
Net debt 81.3M CNY FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 22

Profitability 36
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 7
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

Shanghai Emperor of Cleaning Hi-Tech Co., Ltd provides water treatment and air duct cleaning services in China. The company operates through water treatment specialty chemicals; advanced materials; and cloud data center air cooling and computing center liquid cooling services segment.

Full company description

Shanghai Emperor of Cleaning Hi-Tech Co., Ltd provides water treatment and air duct cleaning services in China. The company operates through water treatment specialty chemicals; advanced materials; and cloud data center air cooling and computing center liquid cooling services segment. It provides industrial waste treatment, civil building water, water environment ecological management, sponge city construction and aquaculture wastewater treatment, and hazardous waste disposal services.It serves various industries, including iron and steel, metallurgy, petroleum and petrochemical, pulp and paper, automobile manufacturing, electronic appliances, energy, materials, information, and other industries. Shanghai Emperor of Cleaning Hi-Tech Co., Ltd was founded in 1994 and is based in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Emperor of Cleaning Hi-Tech Co reported revenue of ¥503M in FY2025 versus ¥560M in FY2021, a compound −2.7%/yr. Reported net income was ¥90.0M in FY2025, compounding +21.7%/yr from FY2021.

Growth Quality 15/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
503M CNY
Latest YoY
−1.4%
Avg. growth/yr (3Y)
−6.0%
Avg. growth/yr (5Y)
−1.0%
Avg. growth/yr (13Y)
+9.1%
Revenue −2.7%/yr
FY21 ¥560M
FY22 ¥605M
FY23 ¥541M
FY24 ¥510M
FY25 ¥503M
Net income +21.7%/yr
FY21 ¥41.0M
FY22 ¥42.3M
FY23 ¥39.0M
FY24 ¥43.0M
FY25 ¥90.0M

603200 screens 85% overvalued. Compare with Veralto Corporation →

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Cite: Fair Value Calculator (2026). "Shanghai Emperor of Cleaning Hi-Tech Co Fair Value". https://www.fairvalue-calculator.com/stock/603200

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 43 · Below median
Fair Value upside −85% · Bottom 25%
Return on equity (TTM) 6% · Above median
Return on assets 0% · Below median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 1% · Below median
Revenue growth 9% · Above median
Debt / equity 0.11× · Higher than median

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

P/E (TTM) 101.7× · Pricier than 75% of peers
P/B 7.63× · Pricier than 75% of peers
P/S (TTM) 16.39× · 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 0
FUTURE 44 · sector 14
PAST 24 · sector 10
HEALTH 95 · 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 Jul 11, 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 Shanghai Emperor of Cleaning Hi-Tech Co (603200) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥5.73 versus a price of ¥37.63, about −85% (overvalued).
What is the fair value of 603200?
Our model-based fair value for Shanghai Emperor of Cleaning Hi-Tech Co is ¥5.73 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥37.63.
What is the quality score of 603200?
Shanghai Emperor of Cleaning Hi-Tech Co has a Quality Score of 43/100. 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 Shanghai Emperor of Cleaning Hi-Tech Co (603200)?
Shanghai Emperor of Cleaning Hi-Tech Co reported trailing-twelve-month revenue of about 512M CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603200?
The net profit margin of Shanghai Emperor of Cleaning Hi-Tech Co is about 16.0%, meaning it keeps roughly 16.0% of revenue as net income. 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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