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Zhejiang Wufangzhai Industry Co (603237) Fair Value & Analysis

Consumer Defensive · CN · Market cap 2.8B CNY

ZW Zhejiang Wufangzhai Industry Co 603237 · SHG
Price¥14.61
Fair Value¥13.03
Upside-10.8%
Quality67/100
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Mixed Growth
Thin margins · 5.0% net margin
Low debt · generates free cash flow
3.53% dividend yield
Trails peers (4/14)
Narrow moat 29/100
Evidence: High Range ¥9.77 – ¥16.29 Share as image

Fair value as of: Aug 10, 2026

From 24 valuation models · updated today

Fair value updated Aug 10, 2026, revised from ¥12.96 to ¥13.03 (+0.5%) since Jul 11, 2026. Share price +13.5% over the past month.

A solid business, but screening 11% overvalued on our models.

What matters now

  • Our model range runs from ¥9.77 (bear) to ¥16.29 (bull), base ¥13.03. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (4 years)

¥26.28 ¥12.38 Fair Value ¥13.03 Aug 2022 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

47‑month range ¥12.38 – ¥26.28 · fair‑value band ¥9.77 – ¥16.29 · the ¥14.61 price screens above the ¥13.03 fair value. Dashed = 300-day average. As of Aug 10, 2026.

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Analysis

Zhejiang Wufangzhai Industry Co (603237) currently trades at ¥14.61, while our model-based Fair Value estimate is ¥13.03, implying the stock looks roughly 10.8% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Defensive 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 Wufangzhai Industry Co generated revenue of 2.2B CNY at a net margin of 5.0%. Revenue declined 17.3% year over year. It earns a return on equity of 6.7%. The stock trades on a trailing P/E of 26.9. Fundamentals as of Aug 10, 2026

Our scenario range runs from ¥9.77 (bear case) to ¥16.29 (bull case); at ¥14.61, the current price sits within 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 23% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -11%, 603237 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 ¥10.70 ¥13.65 ¥18.54 80
Residual Income ¥6.95 ¥7.35 ¥7.82 76
Rev-Margin DCF ¥9.53 ¥13.05 ¥17.38 74
All 24 models by family
DCF Models
FCF DCF ¥10.34 ¥13.41 ¥18.90 38
Owner Earnings ¥9.50 ¥12.25 ¥17.20 31
5Y Revenue Exit ¥9.53 ¥12.85 ¥17.66 39
5Y EBITDA Exit ¥12.70 ¥18.32 ¥25.78 41
5Y P/E Exit ¥10.34 ¥14.24 ¥18.91 38
10Y Revenue Exit ¥9.61 ¥12.06 ¥14.68 36
10Y EBITDA Exit ¥11.68 ¥15.37 ¥19.34 37
10Y P/E Exit ¥10.28 ¥12.90 ¥15.39 35
Earnings-Based
Graham-Dodd ¥4.22 ¥5.16 ¥5.80 54
EPV ¥8.02 ¥8.97 ¥9.80 59
Dividend Discount
Gordon GGM ¥4.34 ¥4.73 ¥5.32 70
DDM Multi-Stage ¥4.34 ¥5.36 ¥6.75 61
Multiples
P/E Multiple ¥9.77 ¥13.03 ¥16.29 63
P/S Multiple ¥7.91 ¥10.55 ¥13.18 58
P/B Multiple ¥7.91 ¥10.55 ¥13.18 55
EV/EBIT ¥12.71 ¥16.29 ¥19.87 53
EV/EBITDA ¥16.33 ¥21.12 ¥25.90 54
EV/Revenue ¥9.63 ¥12.92 ¥16.20 43
Asset-Based
NCAV (Graham) ¥4.27 ¥5.73 ¥8.55 50
Growth DCF
Growth DCF ¥10.70 ¥13.65 ¥18.54 80
Rev-Margin DCF ¥9.53 ¥13.05 ¥17.38 74
Economic Profit
Residual Income ¥6.95 ¥7.35 ¥7.82 76
ROIC Compounder ¥8.02 ¥9.03 ¥10.15 72
Growth Earnings
Growth-Adj P/E ¥6.90 ¥9.86 ¥12.82 68

Widest divergence: Growth DCF (¥13.05) versus Dividend Discount (¥4.73). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.2B CNY
Revenue growth (YoY) -17.3%
Net margin 5.0%
Return on equity 6.7%
Free cash flow 177M CNY FY2025
P/E ratio 26.9
More key figures
Operating margin -28.2%
EPS (TTM) ¥0.5700
Dividend yield 3.5%
EPS growth (YoY) -21.5%

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 68 · Market factors (momentum, volatility) 43

Profitability 49
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 85
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 Wufangzhai Industry Co., Ltd. provides seasonal food products in China. The company offers rice dumplings, moon cakes, green rice balls, glutinous rice balls, green bean cakes, peach cakes, bread and other baked foods, steamed dumplings, wontons, rice balls and other quick-frozen foods, vegetarian meat, sausages and other casual braised foods, …

Full company description

Zhejiang Wufangzhai Industry Co., Ltd. provides seasonal food products in China. The company offers rice dumplings, moon cakes, green rice balls, glutinous rice balls, green bean cakes, peach cakes, bread and other baked foods, steamed dumplings, wontons, rice balls and other quick-frozen foods, vegetarian meat, sausages and other casual braised foods, semi-cooked pre-cooked dishes, egg products, and other rice products. It also operates through Food Manufacturing and Catering business. It sells its products through chain stores, supermarkets, and dealers, as well as e-commerce. Zhejiang Wufangzhai Industry Co., Ltd. was founded in 1921 and is headquartered in Jiaxing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Wufangzhai Industry Co reported revenue of ¥2.2B in FY2025 versus ¥2.9B in FY2021, a compound −6.2%/yr. Reported net income was ¥122M in FY2025, compounding −11.0%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.2B CNY
Latest YoY
−0.4%
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.
−3.1%
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.
−1.5%
Revenue −6.2%/yr
FY21 ¥2.9B
FY22 ¥2.5B
FY23 ¥2.6B
FY24 ¥2.3B
FY25 ¥2.2B
Net income −11.0%/yr
FY21 ¥194M
FY22 ¥138M
FY23 ¥166M
FY24 ¥142M
FY25 ¥122M

603237 screens 11% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Zhejiang Wufangzhai Industry Co Fair Value". https://www.fairvalue-calculator.com/stock/603237

Peer Group

Packaged Foods · 649 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 67 · Top 25%
Fair Value upside −11% · Below median
Return on equity (TTM) 7% · Below median
Return on assets 3% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) -28% · Bottom 25%
Revenue growth -17% · Bottom 25%
Dividend yield (TTM) 3.5% · Above median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 24.7× · Pricier than median
P/B 1.65× · Pricier than median
P/S (TTM) 1.25× · Pricier than median
P/FCF 2.3× · Pricier than median
EV/EBITDA 11.5× · Pricier than median

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 19 · sector 28
FUTURE 0 · sector 20
PAST 27 · sector 27
HEALTH 97 · sector 96
DIVIDEND 71 · sector 47

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 10, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Zhejiang Wufangzhai Industry Co (603237) overvalued or undervalued?
As of Aug 10, 2026, our model estimates a fair value of ¥13.03 versus a price of ¥14.61, about −11% (overvalued).
What is the fair value of 603237?
Our model-based fair value for Zhejiang Wufangzhai Industry Co is ¥13.03 (as of Aug 10, 2026), built from audited fundamentals. The current price is ¥14.61.
What is the quality score of 603237?
Zhejiang Wufangzhai Industry Co has a Quality Score of 67/100. 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 Wufangzhai Industry Co (603237)?
Zhejiang Wufangzhai Industry Co reported trailing-twelve-month revenue of about 2.2B CNY (latest available figure, as of Aug 10, 2026).
What is the net profit margin of 603237?
The net profit margin of Zhejiang Wufangzhai Industry Co is about 5.0%, meaning it keeps roughly 5.0% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Wufangzhai Industry Co pay a dividend?
Zhejiang Wufangzhai Industry Co currently shows a dividend yield of about 3.45% relative to its recent price (as of Aug 10, 2026).

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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