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Zhende Medical Co Ltd (603301) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Zhende Medical Co Ltd ¥21.74, price ¥80.95, upside -73.1%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Healthcare · CN · ISIN CNE100003J31

ZM Broad data Sep 24, 2026

Zhende Medical Co Ltd

603301 · SHG

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value ¥21.74 · Strongly overvalued (−73%)
!Quality 55/100
!Weak Growth (revenue 5y −16.1 %/yr)
!Thin margins · 6.1% net margin (TTM)
!Low debt · negative free cash flow
·0.37% dividend yield
!Trails peers (1/13)
!Narrow moat 35/100
!Weak on future: 5 out of 100
!Weak on past: 18 out of 100
!Weak on dividend: 7 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥100.22 ¥16.89 Fair Value ¥21.74 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ¥16.89 – ¥100.22 · fair‑value band ¥16.44 – ¥27.18 · the ¥80.95 price screens above the ¥21.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Zhende Medical Co., Ltd. engages in the research and development, production, and sale of medical care and protective equipment in China and internationally.

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Zhende Medical Co., Ltd. engages in the research and development, production, and sale of medical care and protective equipment in China and internationally. The company offers gauze swab, lap sponge, and fluff gauze swab; non-woven swab; PBT bandage, elastic bandage, crepe bandage, crochet bandage, selvedge bandage, under-cast padding, and fluff gauze roll; dressing set; first aid kit; cotton pad and applicator; and gauze roll and abdominal pad. It also provides surgical gown, scrub suit, warm-up jacket, surgical headwear, and isolation gown; Surgical drape; standard surgical pack and custom procedure pack; equipment cover; OP Tape, hand towel, and fluid collection pouch; latex surgical glove; CSR wrap; and warming blanket system. In addition, the company offers isolation gown, surgical cap, shoe cover, medical mask, and particular respirator; compression bandage and compression stocking; wound care products; pre-filled flush syringes; and ostomy and accessories. Further, it provides respiratory health, home cleaning, IP collaboration, nasal care, protective gear and assistive devices, and personal beauty products. Zhende Medical Co., Ltd. was incorporated in 1994 and is headquartered in Shaoxing, China.

Stock analysis

Zhende Medical Co Ltd (603301) currently trades at ¥80.95, while our model-based Fair Value estimate is ¥21.74, implying the stock looks roughly 272.3% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ¥25.14 per share, and 0 of the 17 models we run sit above the ¥80.95 price.

Bear case: the DCF Models group reads lowest at ¥5.29, and 17 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: ¥16.44 (bear) to ¥27.18 (bull), the price of ¥80.95 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 55/100 (solid quality), in the Healthcare sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Zhende Medical Co Ltd reported revenue of 4.3B CNY in FY2025 versus 5.1B CNY in FY2021, a compound −4.0%/yr. Reported net income was 261M CNY in FY2025, compounding −18.7%/yr from FY2021.

Key figures

Market cap 21.5B CNY (≈ $3.2B) · P/E ratio 81.0 · P/S ratio 4.88 · EPS (TTM) ¥1.00 · Dividend yield 0.4% · Net margin 6.0% · Return on equity 4.6% · Return on assets (EBIT) 7.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 19% below its 52-week high and 99% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −12% fair-value upside, at −73%, 603301 screens richer than that median.

Fair Value models

Bear ¥16.44 Fair Value ¥21.74 Bull ¥27.18
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.5121 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. Evidence Evidence = 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.
Highest evidence
Residual Income ¥16.25 ¥16.42 ¥15.31 76
Owner Earnings ¥3.43 ¥5.29 ¥8.83 75
EPV ¥12.36 ¥14.04 ¥15.50 74
All 17 models by family
DCF Models
Owner Earnings ¥3.43 ¥5.29 ¥8.83 75
Earnings-Based
Graham-Dodd ¥6.72 ¥41.85 ¥58.43 63
Lynch FV ¥12.04 ¥17.20 ¥22.36 61
PEG = 1.0 ¥12.04 ¥17.20 ¥22.36 57
EPV ¥12.36 ¥14.04 ¥15.50 74
Dividend Discount
Gordon GGM ¥6.71 ¥13.36 ¥20.24 67
DDM Multi-Stage ¥6.71 ¥11.55 ¥14.11 67
Multiples
P/E Multiple ¥16.31 ¥21.74 ¥27.18 63
P/S Multiple ¥12.60 ¥16.80 ¥21.00 58
P/B Multiple ¥12.60 ¥16.80 ¥21.00 55
EV/EBIT ¥20.44 ¥26.69 ¥32.95 66
EV/EBITDA ¥28.96 ¥38.05 ¥47.15 67
EV/Revenue ¥15.07 ¥20.81 ¥26.54 54
Asset-Based
NCAV (Graham) ¥10.78 ¥14.44 ¥21.55 54
Economic Profit
Residual Income ¥16.25 ¥16.42 ¥15.31 76
ROIC Compounder ¥12.36 ¥14.04 ¥15.50 72
Growth Earnings
Growth-Adj P/E ¥17.60 ¥25.14 ¥32.68 67

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Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 64

Profitability 32
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)
Net Issuance 61
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 20/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.5%
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.
−11.0%
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.
−16.1%
Start year 2020 (pandemic). Over 10 years: +15.5% a year
Revenue growth 11 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.
+14.4%
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.
−17.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.9%
Dividend (yield on the price)0.4%
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.−18% vs 5%, slowing
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.34% → 9%
Start year 2020 (pandemic)

603301 screens 272% overvalued. Compare with Intuitive Surgical, Inc →

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Peer GroupHow 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.Medical Instruments & Supplies · 203 stocks

Beats the industry median on 1/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Below median
Fair Value upside −73% · Bottom 25%
Profitability
Return on equity (TTM) 5% · Below median
Return on assets 2% · Below median
Net margin (TTM) 6% · Below median
Operating margin (TTM) 8% · Below median
Growth and dividend
Revenue growth 1% · Below median
Dividend yield (TTM) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.07× · Below median

Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper

P/E (TTM) 81.0× · Priciest 25%
P/B 3.78× · Priciest 25%
P/S (TTM) 4.96× · Priciest 25%
EV/EBITDA 33.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 15
FUTURE (revenue growth)5 · sector 31
PAST (return on equity)18 · sector 25
HEALTH (low debt)97 · sector 96
DIVIDEND (yield)7 · sector 33

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $402.09 $353.38 −12%
EssilorLuxottica Société anonyme EL €144.50 €158.95 +10%
Medline Inc MDLN $34.43 $30.15 −12%
Becton, Dickinson and Company BDX $183.00 $103.53 −43%
Alcon Inc ALC $65.59 $39.78 −39%
ResMed Inc RMD A$31.61 A$34.77 +10%
West Pharmaceutical Services, Inc WST $371.09 $137.28 −63%
Sartorius Stedim Biotech S.A DIM €206.40 €54.82 −73%
Straumann Holding STMN CHF 97.86 CHF 45.50 −54%
Solventum Corporation SOLV $88.75 $130.51 +47%

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Cite: Fair Value Calculator (2026). "Zhende Medical Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603301

Frequently asked questions

Is Zhende Medical Co Ltd (603301) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥21.74 versus a price of ¥80.95, about −73% upside (overvalued).
What is the fair value of 603301?
Our model-based fair value for Zhende Medical Co Ltd is ¥21.74 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥80.95.
What is the quality score of 603301?
Zhende Medical Co Ltd has a Quality Score of 55/100. 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 Zhende Medical Co Ltd (603301)?
Our model-based price target is the fair value of ¥21.74 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ¥16.44, optimistic scenario ¥27.18. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhende Medical Co Ltd stock forecast for 2026?
Our models put fair value at ¥21.74, about −73% upside versus a price of ¥80.95 (overvalued). Cautious scenario ¥16.44, optimistic scenario ¥27.18. The calculation is refreshed regularly with new filings.
What is the revenue of Zhende Medical Co Ltd (603301)?
Zhende Medical Co Ltd reported trailing-twelve-month revenue of about 4.3B CNY (latest available figure, as of Sep 24, 2026).
Does Zhende Medical Co Ltd pay a dividend?
Zhende Medical Co Ltd currently shows a dividend yield of about 0.37% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Zhende Medical Co Ltd (603301)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhende Medical Co Ltd it is ¥21.74 per share (as of Sep 24, 2026), against a price of ¥80.95. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Zhende Medical Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 603301 trades above its calculated fair value: price ¥80.95, fair value ¥21.74, a gap of about −73% (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 603301?
No. The price is what the market pays today (¥80.95); the fair value is what the company's own numbers justify (¥21.74). For Zhende Medical Co Ltd the two are ¥59.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhende Medical Co Ltd worth?
The market values Zhende Medical Co Ltd at about 21.5B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥80.95; our models calculate a fair value of ¥21.74 per share.
What do the bullish and bearish scenarios say about 603301?
Our models span a range for Zhende Medical Co Ltd: cautious scenario ¥16.44, base ¥21.74, optimistic ¥27.18 per share (as of Sep 24, 2026, price ¥80.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603301?
Zhende Medical Co Ltd trades at a price-to-earnings ratio of 81.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥21.74 is built from several models across several years. Other multiples: P/B 3.8, P/S 5.0, EV/EBITDA 33.6.
How solid is the balance sheet of Zhende Medical Co Ltd (603301)?
Balance-sheet figures for Zhende Medical Co Ltd (as of Sep 24, 2026): return on equity 4.6%, debt of 0.07 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 603301 from its 52-week high?
Zhende Medical Co Ltd trades at ¥80.95, about 19% below its 52-week high of ¥100.22 and 99% above the low of ¥40.63 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥21.74 is for.
Which stocks are comparable to Zhende Medical Co Ltd?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, 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 Zhende Medical Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥80.95, calculated fair value ¥21.74 (−73%), Quality Score 55/100, from 17 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 603301 calculated?
We run Zhende Medical Co Ltd through 17 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 ¥21.74, 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 14.1 % above its aggregate fair value. Zhende Medical Co Ltd 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 Zhende Medical Co Ltd (603301)?
The closing price on Sep 23, 2026 was ¥80.95. Our model-based fair value is ¥21.74, about −73% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhende Medical Co Ltd right now?
The price sits above even our optimistic bull case (¥27.18). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Zhende Medical Co Ltd (603301) come from?
Earnings per share at Zhende Medical Co Ltd grew +12.6 % a year from 2014 to 2024. Broken into its drivers: revenue per share +5.5 %, EBIT margin +9.4 %, tax rate +0.0 %, residual (interest, one-offs) −2.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Zhende Medical Co Ltd

How large is the market capitalisation of Zhende Medical Co Ltd (603301)?
The market capitalisation of Zhende Medical Co Ltd 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 Zhende Medical Co Ltd (603301)?
The price-to-sales ratio of Zhende Medical Co Ltd is 4.88 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhende Medical Co Ltd (603301)?
Earnings per share at Zhende Medical Co Ltd are ¥1.00 (price ÷ EPS = P/E 81.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhende Medical Co Ltd (603301)?
The dividend yield of Zhende Medical Co Ltd is 0.4% (payout 30.0%). 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 Zhende Medical Co Ltd (603301)?
The net margin of Zhende Medical Co Ltd is 6.0% (fiscal year 2025). 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 Zhende Medical Co Ltd (603301)?
The return on equity (ROE) of Zhende Medical Co Ltd is 4.6% (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 Zhende Medical Co Ltd (603301)?
On an EBIT basis the return on assets of Zhende Medical Co Ltd is 7.5% (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 Zhende Medical Co Ltd (603301)?
The operating margin of Zhende Medical Co Ltd is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhende Medical Co Ltd (603301)?
Revenue at Zhende Medical Co Ltd is growing +0.9% versus a year earlier (3y avg −11.0%). 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 Zhende Medical Co Ltd (603301)?
Earnings per share at Zhende Medical Co Ltd are growing +5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zhende Medical Co Ltd (603301) generate?
The free cash flow of Zhende Medical Co Ltd is −11.7M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zhende Medical Co Ltd (603301) carry?
The net debt of Zhende Medical Co Ltd is 325M CNY (fiscal year 2025). 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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