Hengtong Logistics Co (603223) Fair Value & Analysis

Industrials · CN · Market cap 7.7B CNY

A solid business, but screening 52% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥6.60). 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.

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 ¥6.15 – ¥19.85 · fair‑value band ¥3.96 – ¥6.60 · the ¥10.94 price screens above the ¥5.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 10, 2026.

Full chart & analysis →

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Analysis

Hengtong Logistics Co (603223) currently trades at ¥10.94, while our model-based Fair Value estimate is ¥5.28, implying the stock looks roughly 51.7% overvalued today. The Quality Score stands at 57/100 (solid 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, Hengtong Logistics Co generated revenue of 1.4B CNY at a net margin of 22.9%. Revenue grew 7.8% year over year. It earns a return on equity of 7.9%. The balance sheet holds a net cash position of 1.0B CNY. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥3.96 (bear case) to ¥6.60 (bull case); at ¥10.94, 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 9% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -70% fair-value upside, at -52%, 603223 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 (¥5.26) versus Dividend Discount (¥1.36). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Hengtong Logistics Co., Ltd. engages in the logistics business in China. It is involved in road freight logistics, transportation, LNG energy trade logistics, and terminal leasing activities. The company also offers general cargo transportation, transportation vehicles, transportation fleet services, and hazardous chemicals transportation.

Full company description

Hengtong Logistics Co., Ltd. engages in the logistics business in China. It is involved in road freight logistics, transportation, LNG energy trade logistics, and terminal leasing activities. The company also offers general cargo transportation, transportation vehicles, transportation fleet services, and hazardous chemicals transportation. In addition, it provides oil and gas and bulk commodity trading; port construction and operation; clean energy solutions; full logistics services; and intelligent transportation system research and development. In addition, the company engages in liquefied natural gas (LNG) leasing; and provision of road transport, driver training, and petroleum gas services, as well as cargo warehousing, loading, unloading, and shipping agency services. Further, it provides information systems, hardware and software solutions, logistics agency, cargo transportation, dangerous goods transportation, tallying, motor vehicle maintenance and repair, technical, agency, leasing, enterprise management consulting, port investment and construction, dangerous chemicals transportation, and road general cargo transportation services; and engages in computer software and hardware development and sales, material sales, gas business, natural gas wholesale, gas stove assembly, trade, and investment activities. Additionally, the company engages in ship repair, leasing, road freight transportation, dangerous goods transportation, construction engineering, logistics business, mining investment business, and international trade business. The company was formerly known as Longkou Hengtong Transportation Co., Ltd. and changed its name to Hengtong Logistics Co., Ltd. in December 2011. Hengtong Logistics Co., Ltd. was founded in 2007 and is headquartered in Yantai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hengtong Logistics Co reported revenue of ¥1.4B in FY2025 versus ¥7.1B in FY2021, a compound −33.8%/yr. Reported net income was ¥266M in FY2025, compounding +28.0%/yr from FY2021.

603223 screens 52% overvalued. Compare with Old Dominion Freight Line, Inc →

Peer Group

Trucking · 47 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 Trucking 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.